# EDGAR Filing Document

**Accession Number:** 0002096300
**File Stem:** 0001193125-26-119150
**Filing Date:** 2026-3
**Character Count:** 7848155
**Document Hash:** f976a5c9e177e0beafa1098e9a777600
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-119150.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001193125-26-119150

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 72

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEVEX Corp.
- **CENTRAL INDEX KEY:** 0002096300
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294524
- **FILM NUMBER:** 26781214

**BUSINESS ADDRESS:**
- **STREET 1:** 440 STEVENS AVE #150
- **CITY:** SOLANA BEACH
- **STATE:** CA
- **ZIP:** 92075
- **BUSINESS PHONE:** 858-704-4125

**MAIL ADDRESS:**
- **STREET 1:** 440 STEVENS AVE #150
- **CITY:** SOLANA BEACH
- **STATE:** CA
- **ZIP:** 92075

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aevex Corp.
- **DATE OF NAME CHANGE:** 20251110

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on March 23, 2026.** 

**No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## AEVEX Corp.
**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **3721** | **41-2460652** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**440 Stevens Ave #150** 

**Solana Beach, California 92075** 

**Telephone: (858) 704-4125** 

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

**Roger Wells** 

**Chief Executive Officer** 

**440 Stevens Ave #150** 

**Solana Beach, California 92075** 

**Telephone: (858) 704-4125** 

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

***Copies of all communications, including communications sent to agent for service, should be sent to:***

---

| | |
|:---|:---|
| **Robert M. Hayward, P.C.**<br> **Michael P. Keeley, P.C.**<br> **Kevin M. Frank**<br> **Kirkland & Ellis LLP**<br> **333 West Wolf Point Plaza**<br> **Chicago, Illinois 60654**<br> **(312) 862-2000** | **Michael Benjamin**<br> **Sandy Kugbei**<br> **Latham & Watkins LLP**<br> **1271 Avenue of the Americas**<br> **New York, New York 10020**<br> **(212) 906-1200** |

---

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

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

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

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

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

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

---

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

---

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

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

------

##### [**Table of Contents**](#toc)
**THE INFORMATION IN THIS PRELIMINARY PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. THESE SECURITIES MAY NOT BE SOLD UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PRELIMINARY PROSPECTUS IS NOT AN OFFER TO SELL NOR DOES IT SEEK AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.** 

**Subject to Completion, dated , 2026** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**![LOGO](g22113g96g75.jpg)

**Class A Common Stock** 

This is the initial public offering of shares of Class A common stock of AEVEX Corp., par value $0.0001 per share. AEVEX Corp. is offering shares of its Class A common stock and the selling stockholders identified in this prospectus are offering shares of Class A common stock to be sold in the offering. We will not receive any of the proceeds from the sale of shares by the selling stockholders. Prior to this offering, there has been no public market for the Class A common stock of AEVEX Corp. It is currently estimated that the initial public offering price per share will be between $ and $. We have applied to list our Class A common stock on The New York Stock Exchange, or NYSE, under the symbol "AVEX." However, no assurance can be given that our listing application will be approved. If our listing application is not approved by NYSE, we will not be able to consummate this offering.

This offering is being conducted through what is commonly referred to as an "Up-C" structure, which is often used by partnerships and limited liability companies undertaking an initial public offering. The Up-C structure allows certain existing owners of Athena Technology Solutions Holdings, LLC ("Holdings LLC") to continue to own interests in a pass-through structure and provides potential future tax benefits for both the public company and the existing owners when they ultimately exchange their pass-through interests, which is expected to result in tax basis adjustments in the assets of Holdings LLC and produce favorable tax attributes for us. In connection with this offering, we will enter into a Tax Receivable Agreement (as defined herein), which will require AEVEX Corp. to make cash payments to the TRA Rights Holders (as defined herein) in respect of certain tax benefits to which AEVEX Corp. may become entitled and confers significant economic benefits the TRA Rights Holders. We expect that the payments AEVEX Corp. will be required to make under the Tax Receivable Agreement will be substantial and could materially affect our liquidity. See "Organizational Structure," "Risk Factors—Risks Related to Our Organizational Structure" and "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Following the completion of this offering, AEVEX Corp. will have two authorized classes of common stock: Class A and Class B (together, the "common stock"). Holders of the Class A common stock and Class B common stock will be entitled to one vote per share. All holders of Class A common stock and Class B common stock will vote together as a single class except as otherwise required by applicable law. Holders of Class B common stock will not have any right to receive dividends or distributions upon the liquidation or winding up of AEVEX Corp.

AEVEX Corp. will use the net proceeds from this offering to purchase newly-issued units ("LLC Units") in Holdings LLC and to purchase LLC Units and Class A common stock from certain direct and indirect equityholders of Holdings LLC. The purchase price for the LLC Units or shares, as applicable, will be equal to the initial public offering price of the shares of Class A common stock less the underwriting discounts and commissions referred to below. Holdings LLC will use the net proceeds it receives from AEVEX Corp. in connection with this offering as described under "Use of Proceeds." Upon completion of this offering, AEVEX Corp. will have LLC Units representing a % economic interest in Holdings LLC and, although AEVEX Corp. will initially have a minority economic interest in Holdings LLC, it will be the sole managing member of Holdings LLC and will operate and control its business. The LLC Unitholders will hold the remaining LLC Units representing a % economic interest in Holdings LLC. Each LLC Unit, together with one share of our Class B common stock, is, from time to time, exchangeable for one share of Class A common stock or, at our election, for cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). AEVEX Corp. will be a holding company, and upon consummation of this offering and the application of the net proceeds therefrom, its sole asset will be LLC Units of Holdings LLC. Immediately following this offering, the holders of Class A common stock will collectively own % of the economic interests in AEVEX Corp. and have % of the voting power of AEVEX Corp. The LLC Unitholders, through ownership of our Class B common stock, will have the remaining % of the voting power of AEVEX Corp.

AEVEX Corp. is an "emerging growth company" as defined under the federal securities laws, and as such, we have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings. See "Prospectus Summary—Implications of Being an Emerging Growth Company."

Immediately after this offering, assuming an offering size as set forth above, funds and investment vehicles managed or controlled by our principal stockholder, Madison Dearborn Partners, LLC (our "Principal Stockholder"), will control approximately % of the combined voting power of our outstanding shares of Class A common stock and Class B common stock (or % if the underwriters' option to purchase additional shares is exercised in full). As a result, we expect to be a "controlled company" within the meaning of the corporate governance standards of the NYSE. See "Management—Corporate Governance—Controlled Company Status."

***Investing in our Class A common stock involves risks. See "[Risk Factors](#rom22113_2)" beginning on page 38 to read about factors you should consider before buying shares of our Class A common stock.***

***Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.***

---

| | | |
|:---|:---|:---|
|  | **Per share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $|
|  Proceeds, before expenses, to AEVEX Corp. | $| $|
|  Proceeds, before expenses, to selling stockholders | $| $|

---

(1) See "Underwriters" for additional information regarding underwriting compensation.

The underwriters have the option to purchase up to an additional shares of Class A common stock from us at the initial public offering price less the underwriting discounts and commissions for a period of 30 days after the date of this prospectus.

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

---

| | | |
|:---|:---|:---|
|  *GOLDMAN SACHS & CO. LLC* | *BOFA SECURITIES* | *JEFFERIES* |
|  *J.P. MORGAN* | *RBC CAPITAL MARKETS* | *BAIRD* |
|  *WILLIAM BLAIR* | *RAYMOND JAMES* | *NEEDHAM & COMPANY* |
|  *ACADEMY SECURITIES* | *CAPITAL ONE SECURITIES* | *PNC CAPITAL MARKETS LLC* |

---

*Prospectus dated , 2026.* 

------

##### [**Table of Contents**](#toc)
![LOGO](g22113g01g04.jpg)

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#rom22113_1) | 1 |
|  [RISK FACTORS](#rom22113_2) | 38 |
|  [FORWARD-LOOKING STATEMENTS](#rom22113_3) | 89 |
|  [USE OF PROCEEDS](#rom22113_4) | 91 |
|  [DIVIDEND POLICY](#rom22113_5) | 92 |
|  [CAPITALIZATION](#rom22113_6) | 93 |
|  [DILUTION](#rom22113_7) | 95 |
|  [UNAUDITED CONSOLIDATED PRO FORMA FINANCIAL INFORMATION](#rom22113_8) | 97 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#rom22113_9) | 106 |
|  [BUSINESS](#rom22113_10) | 130 |
|  [ORGANIZATIONAL STRUCTURE](#rom22113_11) | 156 |
|  [MANAGEMENT](#rom22113_12) | 166 |
|  [EXECUTIVE COMPENSATION](#rom22113_13) | 173 |
|  [PRINCIPAL STOCKHOLDERS AND SELLING STOCKHOLDERS](#rom22113_14) | 180 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#rom22113_15) | 182 |
|  [DESCRIPTION OF CERTAIN INDEBTEDNESS](#rom22113_16) | 186 |
|  [DESCRIPTION OF CAPITAL STOCK](#rom22113_17) | 191 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#rom22113_18) | 199 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS](#rom22113_19) | 202 |
|  [UNDERWRITING](#rom22113_20) | 207 |
|  [LEGAL MATTERS](#rom22113_21) | 214 |
|  [EXPERTS](#rom22113_22) | 215 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#rom22113_23) | 216 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#rom22113_24) | F-1 |

---

Neither we, the selling stockholders nor any of the underwriters have authorized anyone to provide any information or make any representations other than those contained in this prospectus or in any free writing prospectus filed with the Securities and Exchange Commission (the "SEC"). Neither we, the selling stockholders nor any of the underwriters take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. We and the selling stockholders are offering to sell, and seeking offers to buy, shares of Class A common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Class A common stock. Our business, financial condition, results of operations, and prospects may have changed since such date.

For investors outside of the United States, neither we, the selling stockholders nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about, and to observe any restrictions relating to, this offering and the distribution of this prospectus outside of the United States.

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

i

------

##### [**Table of Contents**](#toc)
**BASIS OF PRESENTATION** 

In connection with the consummation of this offering, we will effect certain organizational transactions. Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the organizational transactions and this offering, which we refer to collectively as the "Organizational Transactions." See "Organizational Structure" for a description of the Organizational Transactions and a diagram depicting our anticipated structure after giving effect to the Organizational Transactions, including this offering.

Unless we state otherwise or the context otherwise requires, the terms "we," "us," "our," "our business," "the Company," "AEVEX" and "AEVEX Aerospace" refer to and similar references refer: (1) on or following the consummation of the Organizational Transactions, including this offering, to AEVEX Corp. and its consolidated subsidiaries, including Holdings LLC, and (2) prior to the consummation of the Organizational Transactions, including this offering, to Holdings LLC and its consolidated subsidiaries. The term "MDP" refers to Madison Dearborn Partners, LLC, our equity sponsor, and the term "Holdings LLC" refers to Athena Technology Solutions Holdings, LLC.

We will be a holding company and the sole managing member of Holdings LLC and, upon consummation of this offering and the application of net proceeds therefrom, our sole asset will be LLC Units of Holdings LLC. Holdings LLC is the predecessor of the issuer, AEVEX Corp., for financial reporting purposes. AEVEX Corp. will be the reporting entity following this offering.

Accordingly, this prospectus contains the historical financial statements of Holdings LLC and its consolidated subsidiaries. The unaudited consolidated pro forma financial data of AEVEX Corp. presented in this prospectus has been derived from the application of pro forma adjustments to the historical consolidated financial statements of Holdings LLC and its subsidiaries included elsewhere in this prospectus. These pro forma adjustments give effect to the Organizational Transactions as described in "Organizational Structure," including the consummation of this offering and other related transactions. See "Unaudited Consolidated Pro Forma Financial Information" for a complete description of the adjustments and assumptions underlying the unaudited consolidated pro forma financial data included in this prospectus.

ii

------

##### [**Table of Contents**](#toc)
**MARKET AND INDUSTRY DATA** 

Unless otherwise indicated, information in this prospectus concerning economic conditions, our industry, our markets and our competitive position is based on a variety of sources, including information from independent industry analysts and publications, as well as our own estimates and research.

Our estimates are derived from publicly available information released by third-party sources, as well as data from our internal research, and are based on such data and our knowledge of our industry, which we believe to be reasonable. We have not had this information verified by any independent sources. The independent industry publications used in this prospectus were not prepared on our behalf. While we are not aware of any misstatements regarding any information presented in this prospectus, forecasts, assumptions, expectations, beliefs, estimates and projects involve risk and uncertainties and are subject to change based on various factors, including those described under the headings "Forward-Looking Statements" and "Risk Factors."

iii

------

##### [**Table of Contents**](#toc)
**TRADEMARKS AND TRADENAMES** 

This prospectus includes our trademarks and service marks, "AEVEX" and "DroneConfigurator," which are protected under applicable intellectual property laws and are the property of AEVEX Corp. or its subsidiaries. This prospectus also contains trademarks, service marks, trade names and copyrights of other companies which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the <sup>®</sup> or <sup>™</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names.

iv

------

##### [**Table of Contents**](#toc)
**PROSPECTUS SUMMARY** 

*The following summary contains selected information contained elsewhere in this prospectus about us and about this offering. It does not contain all of the information that is important to you and your investment decision. Before you make an investment decision, you should review this prospectus in its entirety, including matters set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our Consolidated Financial Statements and the related notes included elsewhere in this prospectus. Some of the statements in the following summary constitute forward-looking statements. See "Forward-Looking Statements." Unless the context otherwise requires, all references in this prospectus to "AEVEX," "AEVEX Aerospace," the "Company," "we," "us," "our," or similar terms refer to AEVEX and its consolidated subsidiaries.* 

**Our Company** 

We believe that we are a leading defense technology prime contractor and critical enabler of U.S. Unmanned Aerial Systems ("UAS") dominance strategy missions. We are highly differentiated by our proven track record of securing and successfully executing on critical strategic programs of record ("Programs of Record"), with over 10,200 systems delivered and committed through the end of 2026 to operational environments that validate our battlefield effectiveness. Today, we are positioned as a recognized global leader in Unmanned Systems ("UxS"). Through our advanced autonomous, artificial intelligence ("AI")-enabled, and attritable UxS, we play a central role in defining next-generation warfighting capabilities, including key areas such as precision strike launched effects, loitering munitions, and full-scope intelligence, surveillance, and reconnaissance ("ISR").

Our solutions are primarily sold to agencies and organizations within the United States Department of War ("DoW"), Special Operations Forces ("SOF"), Intelligence Community ("IC"), and allied international partners. For more than 18 years, we have delivered mission critical capabilities for a broad spectrum of operational use cases to over 30 unique active customers and have developed and deployed 35 unique UxS platforms in the last 3 years alone. Our UxS portfolio is underpinned by our proprietary AI-based CompassX sensor-fusion engine, which delivers assured positioning, navigation, and timing ("APNT") and advanced onboard autonomy in GPS-denied environments. Our capabilities are unified across a software and data-science framework that allows our systems to communicate and operate synchronously in GPS-denied environments. We maintain our leadership in mission capabilities by rapidly innovating through constant customer feedback and in-theater experience, enabling the warfighter with the cutting-edge technology and capability to meet the ever-changing threat environment. This trusted partnership with our customers has been critical in informing our product development pipeline and has resulted in us earning a prime contractor position on 84.0% of all programs.

We deliver technology-led products and solutions through two complementary business segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tactical Systems:** Designs and manufactures battle-tested, autonomous, modular, and attritable UxS,
including UAS and Unmanned Surface Vehicles ("USV"), along with other mission critical products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Global Solutions:** Provides bespoke mission solutions, including AI-enabled full-spectrum airborne ISR, counter-unmanned aerial systems ("C-UAS"), additive manufacturing, and specialized mission aircraft engineering,
modification, and testing.

We believe the demand for our UxS products and capabilities is present and pervasive, with the U.S. and global addressable UxS opportunity expected to reach annual levels of approximately $11.0 billion and $26.0 billion, respectively, by 2030. In response to this considerable appetite for autonomous solutions, we have invested in building world-class facilities across the U.S. to deliver for customer missions reliably and at scale. With approximately 100,000 square feet of dedicated production space, we have the capacity to produce over 1,000 UxS per month and have successfully delivered at high volumes for years. Our operating footprint enables vertically integrated engineering and testing capabilities, driving rapid innovation cycles and customer intimacy.

------

##### [**Table of Contents**](#toc)
Our innovation lab has been a cornerstone for our technological innovation, including advanced on-board autonomy and proprietary software packages delivering APNT. Additionally, ForgeX is our highly innovative, deployable, additive manufacturing solution, which enables resiliency on the frontlines of the battlefield by manufacturing mission-ready UxS at the point of need. Collectively, our world-class production facilities, innovation lab, and ForgeX solution strengthen supply chains and enable customer missions worldwide.

Software enablement is a key driver of success across our portfolio of UxS. CompassX delivers onboard autonomy, APNT, real-time situational awareness, and precision targeting, enabling our UxS to navigate complex battlespaces and accurately reach their targets, even in GPS-denied environments. Our software adheres to the Modular Open Systems Approach ("MOSA") standards, allowing for rapid adaptation to new threats, reduced development cycles, easier and more cost-effective upgrades, and better interoperability between systems.

Today, we are an established leader in the global market for UxS and ISR solutions, backed by our track record of past performance with over 30 unique active customers. We have delivered over 6,200 UxS and have over 3,900 more systems committed through the end of 2026. We have successfully developed, produced, and deployed 35 unique UxS platforms delivering multi-mission capabilities for customers in demanding mission environments. We believe our combination of mission expertise, battle-tested family of technologies, innovative end-to-end mission autonomy, and state-of-the-art production capacity positions us as a key provider to the DoW, SOF, and IC and positions us to capture growth opportunities in our $8.1 billion identified pipeline as of December 2025.

![LOGO](g22113g99g99.jpg)

**Our Strategy & Mission** 

We partner closely with our customers to develop solutions for their most challenging operational problems, delivering reliable, affordable, and operationally relevant solutions on time and at scale. We are conflict-proven and front-line-ready. We engineer based on need and deliver at speed. Our mission is to develop capabilities and solutions that allow our customers to win the fight on the battlefields of the future. We provide our customers with the capabilities needed to overcome denial and overwhelm the adversary in contested environments. Since our first contract in 2007, our veteran-founded company has focused on U.S. national security missions with a simple aim: field systems that work when and where they are needed most. Our focus is rooted in sustained mission support across global theaters and a continuous battlefield-to-production feedback loop, which guides how we design, build,

------

##### [**Table of Contents**](#toc)
and deliver reliable UxS, advanced autonomy software, and mission services for our customers. Our operational strategy and technological capabilities are engineered to deliver advanced, mission-specific autonomous systems for our customers operating in complex and time-critical security, defense, and wartime environments. Our approach relies on our deep customer collaboration, a forward-looking and customer-aligned technology roadmap, and a proven ability to execute with speed and at scale. Our business model is distinguished by our close interaction with end-users, primarily within the DoW, SOF, and IC. This "mission partner" DNA allows us to translate urgent, real-world requirements into resilient, reliable, and affordable capabilities. Our strategy combines sustained internal research and development ("IRAD") with customer-funded initiatives to accelerate innovation. This is supported by our world class talent as well as our agile and scalable manufacturing processes, including deployable additive manufacturing, which facilitate rapid solutions on the frontlines of the conflict.

![LOGO](g22113g13a01.jpg)

**Technology & Capabilities** 

Technology is the core foundation of our strategy and our mission, enabling us to deliver mission-critical, AI-enabled systems that provide a decisive advantage on the modern battlefield. Our approach is centered on rapid innovation and close customer collaboration, ensuring our solutions meet the immediate and evolving needs of our partners. Our technology portfolio delivers a differentiated value proposition across five key pillars that combine to create an autonomous engine that provides the framework to deliver modular capabilities for battlefield superiority in GPS-denied, jammed, and spoofed environments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proprietary AI-Driven Autonomy:** Our Navigation and Autonomy Center
("NAC") is the "innovation lab" that spearheads the CompassX software ecosystem to deliver mission-critical solutions. Our core sensor fusion engine provides multi-domain autonomy, collaboration, and resilience in Global
Navigation Satellite System ("GNSS")-denied and heavily contested environments.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **MOSA Aligned Software and Platforms:** We engineer our software and platforms with a MOSA, which enables the
rapid and cost-effective integration of new sensors and third-party technologies to adapt to evolving threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Rapid Innovation and Development Cycles:** Informed by on-the-ground experience in active deployments, we utilize agile approaches to define, develop, and deliver specialized, mission- tailored solutions, shortening development cycles to as little as a few weeks
while leveraging real-time insights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Hardware Integration and Flight Engineering:** Our deep expertise in aircraft structures and avionics allows
for the seamless integration of complex software and modular payloads into unified unmanned systems, delivering superior performance in flight range and payload capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reliable, Dynamic Production at Scale and at the Edge:** Our state-of-the-art, ISO 9001:2015 and AS9100D-certified facilities have the capacity to manufacture over 1,000 UxS per month, while each of our additive manufacturing
ForgeX Mobile Production Units ("MPUs") can be positioned close to the point of need and produce up to 1,080 systems per year as currently configured. Our UxS solutions are designed and developed with a focus on supply chain resilience
and scalability. We excel at providing affordable solutions on time and at scale.

Our portfolio of UxS benefits from shared resources across our core technologies. By the end of 2026, 100.0% of our UxS are expected to be underpinned by our NAC ecosystem and CompassX autonomy suite. This approach to our portfolio strategy delivers a cohesive, multi-domain suite of autonomous unmanned systems while enabling rapid innovation and development cycles across systems and mission sets. Our hardware is built to modular open systems standards, leveraging proprietary intellectual property and enabling rapid payload swaps, algorithm insertion, and cross-platform reuse for time-sensitive missions. This combination of advanced software, expert engineering, and rapid manufacturing allows us to move from concept to deployment with exceptional speed, delivering a significant operational advantage to our customers.

![LOGO](g22113g14a01.jpg)

------

##### [**Table of Contents**](#toc)
To drive continued innovation, we prioritize investments in research and development ("R&D"). Since the beginning of 2024, we have made substantial investments in our technology, represented by a cumulative investment of approximately $104.2 million in combined internal and customer-funded R&D as of December 31, 2025. Through our IRAD program, we continuously advance technologies that are strategically relevant for next generation capabilities. We further leverage customer-funded research and development ("CRAD") initiatives that allow us to tailor these capabilities for specific missions, ensuring direct applicability and strong customer buy-in. CRAD initiatives create a virtuous cycle of innovation, informed by active deployments and deep partnerships with the DoW, SOF, and the IC.

This investment strategy has driven highly visible growth, illustrated by 181% growth in our funded backlog from $179.2 million as of December 31, 2024, to $503.1 million as of December 31, 2025. By leveraging a disciplined investment process with a targeted IRR of over 30.0% and payback period of approximately 2 years, our approach to innovation has yielded strong returns on investments. Our discipline in our investment philosophy is complemented by a measured degree of flexibility, as we occasionally accept lower hurdle rates for core investments that we have strong conviction will yield operational, financial, and strategic value. We believe our structured, methodical framework for evaluating investments aligns our innovation with customer priorities, de-risks future development, and maximizes our probability of winning contracts within our pipeline.

![LOGO](g22113g15v01.jpg)

**Our Competitive Strengths**![LOGO](g22113g88a16.jpg)

------

##### [**Table of Contents**](#toc)
We are well positioned in the market due to our integrated suite of technology-enabled autonomous UxS, long-standing relationships with hard-to-access customers, battle-proven mission heritage, and purpose-built platforms designed for multi-domain operations. Our AI-enabled autonomy solutions offer seamlessly integrated capabilities supported by a robust portfolio of intellectual property. Additionally, our Global Solutions teams, our experience operating our UxS, and the thousands of deliveries that we have completed drive product development and our deep knowledge of our customers' operational needs. We believe our proven ability to rapidly design, develop, demonstrate, and deploy disruptive systems at an appropriate cost sets us apart from both established and emerging competitors, delivering a superior "price per effect" and a lower total lifecycle ownership cost.

***Proven Battlefield Heritage with Exceptional Track Record of Performance***

We are conflict-proven and front-line-ready. We have over 6,200 autonomous systems delivered and an additional 3,900 committed through the end of 2026 across 35 unique platform deployments to over 30 unique active customers, and we have demonstrated order-to-delivery timelines as short as nine days on critical programs. These results demonstrate our status as a reliable partner with embedded, long-standing relationships with key customers integral to this market. Through the landmark sole-sourced Phoenix Ghost program, we delivered over 4,400 units across seven different UxS, establishing our role as a key partner in supporting critical national security objectives. This success led to the sequential, sole-source award for the ongoing EUCOM AOR Deep Strike program, a groundbreaking initiative with over 4,800 planned deliveries across seven different UAS that drives close cooperation between U.S. and international manufacturing bases. Our continuation from Phoenix Ghost to the follow-on EUCOM AOR Deep Strike program underscores our ability to execute at scale. We believe our performance creates a self-sustaining feedback loop as we learn at a higher pace, innovate at a faster rate, and our successes for our customers snowball and compound.

***Purpose-Built Portfolio Positioned to Enable Next-Generation Warfare and ISR Operations***

We field a mission-tailored portfolio engineered for the next-generation of conflict across all domains. With a portfolio spanning UAS Groups I through V and a growing set of USV capabilities, our innovative battle-tested systems are well positioned to help our customers succeed in contested environments and on the modern battlefield against peer and near-peer adversaries. We harden navigation and communications across our systems with mesh radios and APNT, enabling persistent, high-quality reconnaissance aligned to evolving multi-domain strike and ISR requirements. We stand ready to support our customers across all mediums of the modern battlefield.

***Differentiated Technology Stack Delivering Autonomy and Seamless Integration into Common Architectures at Scale***

We anchor autonomy with our NAC and CompassX suite, fusing AI, deep neural networks, and multi-sensor inputs with multi-vehicle collaborative autonomy across our UxS portfolio. Brought together, this holistic ecosystem provides resilient and all-domain visual-based navigation capabilities by combining dual wide field-of-view ("FOV") cameras with visual odometry to deliver GPS-independent positioning, day or night, in contested environments. As validated by our U.S. Government customers through awards and during testing, our technology stack results in faster deployment, seamless interoperability, and scalable autonomy across air, land, and sea, making us a one-stop-shop for UxS across the battlefield.

***Intellectual Property-Rich Portfolio with Innovation Roadmap Aligned to Customer Priorities***

We maintain a robust intellectual property base, including 9 issued patents, with expiration dates ranging from November 2038, through June 2043, 8 pending patent applications as of December 31, 2025, and extensive

------

##### [**Table of Contents**](#toc)
proprietary software, in addition to leveraging a deep set of innovative trade secrets. Our innovation engine is fueled by a combined IRAD and CRAD of approximately $68.8 million for the last twelve months ended December 31, 2025. This integrated development approach accelerates payload integration and capability expansion in areas such as visual-based navigation, resilient long-range communications, and precision navigation. Our innovation strategy extends beyond technology and includes industry leading practices and methods for advanced engineering and manufacturing. We complement this strategy with our ForgeX MPUs that enable low-cost mass production of mission-tailored UAS at the edge, significantly improving mission efficiency by reducing the overall burden, amount of logistics, and sustainment costs.

***Highly Modular and Integrated Suite of Multi-Domain UxS***

We focus on designing and building solutions that are relevant and tailored to the needs of our customers. We have built a diversified portfolio of systems spanning UAS Groups I through V and USVs, designed around modular open architectures to enable rapid payload integration, mission tailoring, and cross-platform autonomy and collaboration. Each is designed to integrate seamlessly and scale for the modern battlefield. Enabled by our NAC framework and CompassX suite, our platforms share common elements (e.g., software, avionics, APNT, etc.), making them easier to train, sustain, and scale. Together, we deliver an integrated family of systems capable of multi-domain ISR and mission effects across the modern battlespace, while remaining adaptable to emerging requirements.

***Well-Invested Manufacturing Footprint Capable of Delivering Over 1,000 UxS per Month, with Room to Grow***

We operate approximately 100,000 square feet of UxS production facilities with the capacity to deliver affordable systems at scale, supporting over 1,000 UxS per month, anchored by a state-of-the-art Florida manufacturing site. The more than 120-acre FAA-approved test range enables rapid prototyping, flight demonstration, and an iterative feedback loop with onsite engineering support capabilities. We have additional locations in the United States where our engineering teams work collaboratively with production teams to continuously refine and enhance our solutions. Proximity to key customers, including DoW, SOF, and IC stakeholders, compresses development cycles and improves mission alignment. We support surge capacity and responsiveness with our additive manufacturing ForgeX MPUs, which provide reliable production in austere environments to deliver scalable, mission-tailored output at the tactical edge.

***Experienced Leadership Team with Track Record of Mission Execution and Customer Trust***

We bring over 150 years of combined industry, operational, and technical experience across unmanned systems and ISR mission solutions, with leaders who have served in various branches of the military, led SOF-focused programs, and worked at major defense primes.

------

##### [**Table of Contents**](#toc)
![LOGO](g22113g17v01.jpg)

**Growth Strategies** 

Our growth strategy is enabled by our current and past performance on marquee programs, delivering thousands of autonomous systems to highly demanding customers for urgent operational needs across the globe. Collectively, our Phoenix Ghost and EUCOM AOR Deep Strike programs alone represent over 9,300 systems, delivered and committed through the end of 2026, and more than $1.2 billion in total contract value ("TCV"). We believe our performance on historical and current contracts is a key differentiator and driver of our growth strategy.

![LOGO](g22113g20g20.jpg)

------

##### [**Table of Contents**](#toc)
Our strategy has driven historical growth, illustrated by 181% growth in our funded backlog from $179.2 million as of December 31, 2024, to over $503.1 million as of December 31, 2025. Additionally, our growth outlook remains robust, evidenced by an approximately 98.0% increase in our pipeline of identified growth opportunities from $4.1 billion as of December 2024 to $8.1 billion as of December 2025. We believe we are well-positioned to capture these identified growth opportunities given our established track record in winning business. From January 2025 to December 2025, our value-weighted win rate on new "full and open" competitive pursuits was approximately 28.4%, with a greater than 99.0% value-weighted win rate on options, sole-source follow-ons and recompetes with existing contracts.

![LOGO](g22113g22g22.jpg)

------

##### [**Table of Contents**](#toc)
***Capture Share of Rapidly Expanding UxS Procurement Budgets***

We are capitalizing on the significant growth in our addressable markets, which is driven by structural shifts in defense procurement and the rapid acceleration of autonomous systems adoption. The U.S. 2030 total addressable market for UASs, launched effects, loitering munitions, one-way attack systems and USVs is expected to reach approximately $11.0 billion annually, and the total global addressable market in 2030 for these systems is expected to contribute approximately $26.0 billion in total annual opportunities. This represents our core addressable market opportunity where we believe our technology and capabilities are well-positioned to continue winning new contracts. Additionally, the UAS collaborative combat aircraft ("CCA"), low-cost cruise missile, uncrewed underwater vehicle ("UUV"), defense cargo & logistics UxS, and C-UAS electronic warfare ("EW") system adjacent market addressable opportunity is expected to reach approximately $19.0 billion annually by 2030 for the U.S. and approximately $23.0 billion annually by 2030 worldwide. Combined, the complete addressable annual opportunity for the U.S is expected to reach approximately $31.0 billion by 2030, with the global opportunity reaching approximately $49.0 billion. There is further demand growth potential from key procurement agencies, such as the U.S. Army, which has stated its intent to acquire several million drones over the next two to three years. These developments, coupled with offshoots of demand across all autonomous platform types, signal an unprecedented procurement cycle from which we are poised to benefit.

To best capture global demand tailwinds, we are executing a multi-pronged growth strategy to expand our customer base across all U.S. military branches and deepen our penetration into allied forces. We are actively converting dialogues with multiple countries into high-value foreign military sales ("FMS") and direct commercial sales opportunities, with key pursuits underway in strategic markets like Taiwan, the United Kingdom, and Finland. We are further leveraging our core competencies to expand into adjacent markets, including larger USVs, fast-moving precision strike UAS, and advanced EW solutions, with the goal of unlocking significant new revenue streams from increasing DoW and allied budgets.

***Expand Our Customer Base Across the U.S. Military and Allied Forces***

Our long-standing relationships with coveted defense customers position us to expand across the broader defense, technology, and government services markets. Our decades-long partnerships with organizations like the USAF, SOCOM, and the IC serve as strategic entry points into major U.S. military branches such as the Army, Navy, and Marine Corps.

A recent notable example of our success is our contract award for the Army's Launched Effects–Short Range ("LE-SR") program. Our Atlas platform's win of the LE-SR award results from our proven performance on the Phoenix Ghost and EUCOM AOR Deep Strike programs as well as our adaptability in meeting the Army's specific mission requirements. Unlike competitors who attempted to retrofit legacy systems to new mission profiles, we delivered a new technology and configuration purpose-built for the LE-SR mission. Our alignment with the specific operational needs was a key differentiator in securing the LE-SR award and solidifies our reputation for designing systems under pressure and at scale to meet specific mission requirements.

***International Expansion Across Allied Nations***

We are actively converting initial engagements with allied nations into sustained, high-potential dialogues. Recent progress with 55 allied country engagements helps position us for significant international expansion. Our proven history supporting U.S. operations and select foreign defense programs serves as a powerful validator and creates a ripple effect of demand, all while reducing perceived risk for new buyers and reinforcing confidence in our ability to deliver mission-tailored, battle-tested solutions.

------

##### [**Table of Contents**](#toc)
We are actively pursuing opportunities in key regions and administrations leveraging both FMS and commercial military sales, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **NATO and the EU:** Member states, especially the Nordic countries, are ramping up defense spending and
rearmament in response to near-peer conflicts. Several members and countries in the region are situated on coastlines, driving interest in USVs to maintain dominance in contested maritime environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **APAC:** Nations across the region, including Taiwan and the Philippines, are investing heavily in autonomous
systems for the air, land, and sea domains to counter regional threats. Emphasis is on large quantities of cost-effective platforms that can succeed in contested environments to support asymmetric warfare and deterrence strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **MENA:** Continuing unrest and instability in the region is expected to drive spending for years to come with
increased use of unmanned and autonomous systems to counter threats and deter adversarial aggression.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **South America:** Expanding economies like Chile are prioritizing defense modernization and technological
advancement to address both internal and external security challenges.

***Drive Strategic Expansion into Adjacent Markets Leveraging Core Competencies***

We are well positioned to expand into adjacent domains by leveraging our proven capabilities, trusted customer relationships, and operational familiarity. Our innovation framework naturally extends into new, lower-cost UxS variants that build on our existing platforms and technologies, ensuring continued relevance and scalability in evolving mission environments.

We see significant upside in entering the larger USV market, particularly for operations in complex sea states. Our Mako and Mako Lite platforms already contain the intellectual property needed to accelerate an expansion that aligns us to global naval modernization trends. Similarly, we intend to introduce new UAS variants that capitalize on higher operational speeds to counter a wider range of threats and C-UAS solutions that meet the growing demand for layered aerial threat protection.

We are in the early stages of expanding into the high-growth EW market as we move from engineering design and initial production phases into larger production runs in the future. While many of our current programs remain classified and in early stages, we are confident in our ability to convert emerging opportunities into meaningful revenue streams.

***Accelerate Capability Growth Through Next-Generation Solutions Development***

We have an extensive track record of developing mission-tailored defense technologies for marquee agencies. By leveraging our deep heritage for innovation and unique insights earned through our customer intimacy, we are well-positioned to continue deploying new technologies through our NAC and CompassX ecosystem. Today, we are focused on developing UxS solutions that prioritize alignment with the future of warfare. We are in active development of numerous UxS capabilities that prioritize multi-domain connectivity across the battlefield for tactical and C-UAS applications. Our battlefield experience, combined with an open-source architecture platform, enables rapid development and integration of customized UxS capability sets. This approach to innovation enhances our ability to maintain our tactical edge amongst competitors and positions us for future program wins.

***Leverage Proven M&A Success to Drive Strategic Portfolio Expansion***

Our disciplined acquisition strategy is a proven growth engine, driven by our proactive pursuit of high-impact opportunities that align with our M&A framework. We aim to acquire businesses that do one or more

------

##### [**Table of Contents**](#toc)
of: augmenting our core market position, uniquely expanding our technological competitive edge, effectively integrating into our existing technology stack, solidifying or winning key customer relationships, or helping create adjacent market opportunities. To this end, we have continued to invest in inorganic growth opportunities to evolve our offerings and expand our customer base. A few key acquisitions we have completed in recent years include Matrix in 2021, which expanded our processing, exploitation, and dissemination ("PED") capabilities with classified IC customers; Spark and Tribe in 2022, which enabled the production of cost-effective UAS products and intellectual property; and Veth Research Associates in 2024, which enhanced our autonomous technology for UAS operating in GPS-contested environments. These investments have significantly broadened our solutions portfolio and strengthened our ability to deliver advanced mission capabilities to our customers. Our aim for M&A is to accelerate our differentiated capabilities and innovation, enhance margin, add scale, and support our long-term vision, all while being opportunistic and disciplined in our approach.

We have a successful track record of integrating companies with transformative technologies that deliver immediate operational benefits, which also better positions us for future strategic priorities.

**Our Industry** 

We operate at the intersection of several large and rapidly growing defense markets, including autonomous UxS, EW, C-UAS and ISR capabilities and mission support, across major global geographies.

***U.S. and Global National Security and Defense Markets***

Global defense spending is accelerating, fueled by rising budgets, modernization initiatives, and the urgent demand for next-generation advanced systems to counter peer and near-peer adversaries. The surge is driven by active conflicts in the Middle East, Africa, and Eastern Europe along with the need to support U.S. and allied deterrence efforts in the Pacific. Recent conflicts have revealed that legacy defense systems are increasingly outmoded and insufficient to counter adversary tactics. As a result, U.S. and allied militaries are seeking to replenish munitions exhausted from prior and ongoing conflicts, rearm for emerging or potential future conflicts, and modernize systems and tactics to keep pace with the evolving needs of the modern battlefield.

Defense spending in the United States has continued to receive bipartisan support, with spending toward total national defense surging from around $740.0 billion in 2021 to over $1.0 trillion requested for 2026, an approximately 13.0% increase from the prior year's budget. In response to rising global tensions and the evolving nature of warfare, the U.S. President has requested significant increases to the DoW budget, with multi-year commitments aimed at modernizing the U.S. military across domains. These increases reflect a growing emphasis on technological superiority, rapid deployment capabilities and resilience in contested environments. The current administration has also placed strategic emphasis on high-tech unmanned systems, particularly aerial platforms like those developed by AEVEX, signaling a shift towards more agile, scalable, cost-effective, and technologically advanced defense capabilities. Despite its technological leadership, the DoW has faced challenges in scaling the mass production of low-cost, expendable drones, creating a potential strategic vulnerability in modern warfare. In response, the DoW is actively investing in scalable unmanned systems manufacturing to meet the urgent demand for rapid, sustainable, and mission-ready drone deployment across global theaters.

The 2026 budget request and One Big Beautiful Bill ("OBBB") allocations for loitering munitions, UAS, and USVs reflect triple-digit growth over prior year levels, underscoring the urgency to field mission-ready systems at scale. These investments mark a decisive pivot from expensive legacy systems to high-volume, low-cost solutions that can be rapidly deployed across global theaters. According to estimates from Renaissance Strategic Advisors, the 2030 annual U.S. addressable core opportunity for offensive systems (UASs, launched

------

##### [**Table of Contents**](#toc)
effects, loitering munitions, one-way attack systems and USVs) is expected to reach approximately $11.0 billion, with the 2030 annual global addressable core opportunity reaching approximately $26.0 billion. Additionally, AEVEX's adjacent addressable market, that is related to UAS CCAs, low-cost cruise missiles, UUVs, defense cargo & logistics UxS, and C-UAS EW systems, is expected to reach approximately $19.0 billion by 2030 for the U.S. and approximately $23.0 billion by 2030 worldwide. Combined, the complete addressable annual opportunity for the U.S is expected to reach approximately $31.0 billion by 2030, with the global opportunity reaching approximately $49.0 billion.

![LOGO](g22113g22a01.jpg)

Meanwhile, defense spending across the North Atlantic Treaty Organization ("NATO") member states is undergoing a significant transformation, marked by a shift from the long-standing benchmark of 2.5% of national GDP toward targets approaching 5.0% by 2035, following recent strategic agreements and increased collaboration with the United States. As European NATO members and allied nations increase defense budgets to targets of 5.0% of GDP by 2035, the potential increase in defense investment could exceed $1.0 trillion in aggregate. This budgetary expansion reflects a broader recognition of evolving security threats and the need for more agile, technology-driven defense capabilities. The reallocation of resources is not only increasing overall defense budgets, but is also specifically prioritizing investment in unmanned systems, ISR capabilities, and next-generation battlefield technologies.

![LOGO](g22113g23a01.jpg)

Beyond the United States and NATO, defense spending across the Asia-Pacific region is also accelerating as allied nations respond to rising tensions and the growing need for asymmetric capabilities. Taiwan has emerged

------

##### [**Table of Contents**](#toc)
as a critical market, with the country's 2026 expected total defense spending increasing by 23.0% stemming from strategic investments in unmanned systems and loitering munitions. Broader Indo-Pacific defense modernization efforts are being shaped by increased collaboration with the United States and a shared emphasis on interoperability, rapid deployment, and cost-effective solutions. The increased focus on defense spending has resulted in worldwide military spending jumping by approximately 9.0% since 2024, the highest growth rate since the end of the Cold War. AEVEX is well-positioned to support these initiatives through its entrenched relationships with U.S. Indo-Pacific Command (INDOPACOM), and its portfolio of modular, mission-tailored platforms designed for contested environments. As APAC allies expand procurement of next-generation ISR and autonomous systems, demand is expected to grow for scalable, field-ready technologies that can be deployed across air and maritime domains.

***Unmanned Systems***

We have a diversified portfolio of unmanned systems across domains that deliver munitions, explosive payloads, guided strikes against targets, and ISR capabilities. The war in Ukraine has underscored the decisive role of UAS, with an estimated 4 million drones being produced in Ukraine alone in 2025. These platforms have been deployed at unprecedented scale for surveillance, strike, and interdiction missions, proving their value in contested environments. USVs have also emerged as critical tools in naval warfare, demonstrating both offensive and defensive utility. These developments signal a paradigm shift: UxS warfare is no longer a niche capability but a central pillar of modern defense strategy.

In response, the DoW is significantly increasing investment in UxS. The trillion-dollar 2026 defense budget calls for $1.4 billion of funding toward loitering munitions (up 135.0% over 2025), $4.1 billion of funding toward UAS (up 215.0% over 2025), $2.8 billion of funding toward C-UAS (up 273.0% over 2025), and $5.2 billion of funding toward USV (up 952.0% over 2025), for a total weighted-average increase of 332.0% over 2025. To acclimate, the DoW has turned its attention to programs to enhance U.S. capabilities such as the Defense-in-Depth Experiment, focused on C-UAS technologies in dense urban environments, USV naval expansion targeting medium- and large-sized USV fleet integration, and the Blue UAS program, focused on tactical ISR and National Defense Authorization Act ("NDAA")-compliant military drones. Several major loitering munition programs of record are also emerging, focused on finding mass produced solutions with the best capabilities and performance histories. To meet the accelerating demand for autonomous systems, the defense industrial base is focused on expanding production capacity to support high-volume, low-cost manufacturing. Scalable throughput and domestic manufacturing infrastructure are increasingly viewed as critical enablers for participation in emerging drone programs of record.

***Intelligence, Surveillance, Reconnaissance and Counter-UAS***

The defense industry is also experiencing a surge in demand for ISR and intelligence analysis capabilities, driven by both geopolitical instability and increased defense spending. The One Big Beautiful Bill Act allocated $16.0 billion to innovation and $12.0 billion to Pacific deterrence, with additional funding directed toward enhancing military readiness, nuclear deterrence, and rapid innovation. ISR priorities include support for Combatant Commands, border monitoring, and countering transnational threats. These missions require persistent surveillance, real-time data fusion, and multi-domain coordination, capabilities that our airborne ISR platforms and CompassX-powered autonomy suite are purpose-built to deliver.

Simultaneously, the proliferation of UAS has introduced new vulnerabilities, fueling rapid growth in C-UAS technologies. The DoW is investing heavily in systems that can detect, track, and neutralize rogue drones in both combat and civilian airspaces. Our red team UAS platforms are actively used to simulate adversarial threats in training environments, supporting the development and validation of next-generation C-UAS. Our platforms are integrated into key DoW initiatives, including urban C-UAS experimentation and layered defense architectures, positioning us as a critical enabler of national and allied airspace security.

------

##### [**Table of Contents**](#toc)
***Electronic Warfare***

EW is rapidly emerging as a strategic priority across global defense budgets, driven by the need to counter increasingly sophisticated threats in contested environments. Governments are investing heavily in EW capabilities that enable resilient communications, signal disruption, and spectrum dominance, particularly in GPS-denied environments. Many of AEVEX's platforms are engineered to support ISR and EW missions with AI-enabled navigation. As demand grows for scalable, forward-deployable EW solutions, AEVEX is expanding its footprint in classified and emerging programs, positioning itself as a differentiated provider of next-generation EW technologies*.*

**Our Segments** 

We operate through two complementary segments that deliver autonomous mission systems and full-spectrum operational support to defense and national security customers. Our Tactical Systems segment, anchored by a battle-tested portfolio of autonomous systems, accounted for approximately 74.4% of 2025 total revenue of $432.9 million and 76.0% of 2024 total revenue of $392.2 million, while our Global Solutions segment, leveraging deep ISR expertise, engineering services and operational support to enable mission execution across domains, accounted for the remaining 25.6% in 2025 and 24.0% in 2024. Together, these segments form a tightly integrated offering that allows AEVEX to deliver end-to-end, mission-critical solutions to our customers.

**Tactical Systems** 

Our Tactical Systems segment designs, develops, and manufactures autonomous systems and technologies for defense and national security customers. Built for multi-mission capability, integrated operations and scalability, our attritable platforms deliver a high capability-to-cost value proposition, offering advanced ISR, EW, and kinetic strike capabilities at a fraction of the cost of legacy systems. With vertically integrated engineering, rapid prototyping, and scalable production, including the deployable ForgeX MPU, we enable mission-ready solutions optimized for contested, GPS-denied, and high-threat environments. Modular payload configurations and open architecture designs allow for rapid customization across mission sets, while our proprietary CompassX powers resilient, intelligent operations across air and maritime domains through AI, visual-based navigation, and multi-vehicle autonomy. In addition to product revenues, the Tactical Systems segment includes some services revenue from Forge-X, C-UAS, and engineering, training, and support tied to product deliveries.

Our Tactical Systems customers include the DoW, the IC, the Program Executive Office for Intelligence, Surveillance, and Reconnaissance / SOF, the United States Special Operations Command, and allied foreign militaries. We are the sole provider on the EUCOM AOR Deep Strike program, an over $645.7 million contract to deliver over 4,800 UAS across seven platforms and have approximately $5.0 billion in UxS-specific pipeline as of December 2025.

------

##### [**Table of Contents**](#toc)
Tactical Systems offers a broad portfolio of unmanned platforms and supporting technologies, including:

![LOGO](g22113g30g30.jpg)

***Navigation and Autonomy Center***

Our NAC is the "innovation lab" underpinning our UxS product line. As the central hub for autonomous systems development, NAC focuses on delivering advanced capabilities for battlefield superiority in GPS-denied and spoofed environments. Our CompassX sensor fusion engine directly supports our offerings for navigation and autonomy, providing the framework that powers solutions such as optical seeker guidance, multi-vehicle collaborative autonomy, visual-based navigation, and AI-aided target recognition.

The CompassX software suite, together with its enabled hardware modules, is an ecosystem leveraging a differentiated modular architecture that provides tools for assured navigation, real-time situational awareness, and precision targeting, among other advanced solutions. It provides the building blocks used by the NAC and the autonomous backbone for our systems. Deployed across a growing number of platforms, these next-generation capabilities enable our solutions to operate autonomously and intelligently in the most demanding conditions to serve clients' most critical needs.

All platforms are designed for rapid fielding and scalable production, supported by our over 94,000 square foot manufacturing facility in Tampa, Florida. Our additive manufacturing capabilities, including ForgeX, also enable in-theater production of up to 1,080 systems per year per factory as currently configured.

---

| | |
|:---|:---|
|  ![LOGO](g22113g25a02.jpg)  | **Group I UAS**<br>Compact, hand-launched or VTOL quadcopters (e.g., X-Frame, Sicario) designed for tactical ISR and precision strike missions. These systems offer low acoustic signatures, rapid deployment, and modular payloads for close-range operations in covert or urban environments. |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g22113g00a26.jpg) | **Group II UAS**<br>Portable, modular platforms (e.g., Atlas, Dagger, Vandal) supporting ISR, launched effects, loitering munitions, and EW. Atlas is a multi-launched swing-wing UAS with Scout and Attack ("Strike") variants. Dagger is a fully autonomous precision strike loitering munition, while Vandal is a 3D-printed, electric-powered UAS optimized for rapid deployment and mission-specific customization. |
| ![LOGO](g22113g00b26.jpg) | **Group III UAS**<br>Larger, high-endurance systems (e.g., Disruptor, Raker, Dominator, Onyx) engineered for deep strike, persistent ISR, and EW missions. These platforms offer modular architecture, aerodynamic designs, and scalable production. Co-manufactured systems (M, R, S1, S2) expand mission flexibility and interoperability. |
| ![LOGO](g22113g00c26.jpg) | **Group IV & V UAS**<br>Strategic-level Long Endurance Aircraft (e.g., Nathusius, with 90 hours of flight time) designed for persistent ISR. These platforms offer internal and external payload/sensor options, with redundant communications providing cost-effective alternatives to legacy systems like the MQ-9 Reaper and MQ-1C Gray Eagle. |
| ![LOGO](g22113g00d26.jpg) | **Threat Replicators**<br>High-fidelity threat replicator systems emulate adversary unmanned aircraft to support C-UAS testing and training. These turnkey solutions enable realistic red teaming and rapid response to evolving aerial threats, enhancing defense readiness across domestic and international operations. |
| ![LOGO](g22113g00e26.jpg) | **ForgeX**<br>The ForgeX MPU is our "drone factory of the future." ForgeX enables forward deployed, in-theater additive manufacturing of up to 1,080 systems per year per factory as currently configured. These containerized systems support rapid, scalable production in austere environments, including aboard ships and at forward operating bases. |
|  ![LOGO](g22113g00f26.jpg)  | **USV**<br>Modular maritime platforms (e.g., Mako, Mako Lite) equipped for ISR, mine clearance, object detection/avoidance, communications relay, EW, and kinetic strike missions. Integrated with our autonomy software and sensor fusion, these vessels operate effectively in littoral and open-water environments. |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  ![LOGO](g22113g00d26.jpg)  | **Electronic Warfare Solutions**<br>Advanced EW Capabilities designed to provide a strategic advantage through a cutting edge, family of systems in the high order fight with peer and near-peer adversaries. |
|  ![LOGO](g22113g27v01.jpg)  | **AEVEX Autonomous Rapid Container ("ARC")**<br>ARC is a containerized launch system built on an ISO 20 ft platform with actuated side doors and angled racks for 40 launch positions. It integrates Ground Control Station ("GCS") and control systems in a sealed rack, supports communication capabilities with UxS, and leverages Hydra launcher heritage for scalable design and rapid fielding. |

---

**Global Solutions** 

Our Global Solutions segment delivers full-spectrum mission solutions, aircraft modification, and engineering support across manned and unmanned platforms. With nearly two decades of operational experience, we provide turnkey solutions that integrate advanced ISR systems, enable rapid deployment, and support mission execution in both classified and unclassified environments. Our capabilities span the full lifecycle, from design and modification to flight operations and intelligence analysis, making us a trusted partner for the U.S. Government, allied nations, and commercial defense customers.

Our Global Solutions customers include the DoW, the IC, SOCOM, COCOMs, and multiple allied foreign governments. We also serve civil agencies such as the U.S. Forest Service and California Fire Office of Emergency Services ("CalOES"), providing ISR software, equipment, and skilled technicians for disaster response command and control, leading to more effective deployment of emergency resources.

![LOGO](g22113g27v02.jpg)

**Operational Footprint** 

Our ability to rapidly scale production and drive innovation through vertically integrated capabilities is another key differentiator. Headquartered in San Diego, CA, we operate state of the art-manufacturing facilities

------

##### [**Table of Contents**](#toc)
across the continental United States, spanning from California to Florida, allowing us to produce at strategic locations near our customers. Our operating footprint delivers approximately 100,000 square feet of operating space with capacity to produce more than 1,000 UxS per month.

![LOGO](g22113g00s35.jpg)

With over 150 multi-disciplined engineers, we can develop, modify, and enhance any solution for our customers through a vertically integrated design and development process. Of our over 150 engineers, over 50 are design hardware, 30 are dedicated solely to software and autonomy, and over 70 are focused on advanced systems, integration and operations, illustrating commitment to continued innovation across our technology stack. Our integrated business model combines engineering expertise, methodical IRAD investments, rapid prototyping, and an on-site test range, accelerating innovation and shortening development cycles. Strategic investments in advanced manufacturing, automation, and leadership talent enable us to meet the rigorous requirements of emerging programs of record.

------

##### [**Table of Contents**](#toc)
As a trusted supplier to the U.S. Government, we take pride in the fact that approximately 30.0% of our team are veterans, bringing invaluable experience and mission alignment to our operations. Our culture attracts top talent, enabling us to secure key executive leadership and employees necessary to drive business operations. Our operations are strategically placed in locations with robust talent pools and allow us to hire a deep and highly capable support staff comprised of over 150 engineers, who specialize in helping us deliver leading software, products, and mission excellence for our customers. Our technical acumen is further bolstered by a well-credentialed workforce, further supporting our entrenched position as a trusted partner to the DoW, SOF, and IC.

![LOGO](g22113g29k29.jpg)

------

##### [**Table of Contents**](#toc)
![LOGO](g22113g30k30.jpg)

From high-volume production facilities and vertically integrated engineering to our forward-deployed ForgeX MPU, our operations provide a decisive strategic advantage. This integrated infrastructure gives us the differentiated ability to rapidly innovate, develop, and deploy multi-mission capabilities at scale.

**Recent Developments** 

**New Credit Facilities** 

We currently anticipate entering into (i) a senior secured term loan facility with an expected initial aggregate principal amount of approximately $100.0 million (the "Term Loan Facility"), (ii) a senior secured delayed draw term loan facility with an expected initial aggregate principal amount of approximately $75.0 million (the "Delayed Draw Term Loan Facility") and (iii) a senior secured revolving credit facility with an expected aggregate principal amount of approximately $200.0 million (the "Revolving Credit Facility"; collectively with the Term Loan Facility and the Delayed Draw Term Loan Facility, the "New Credit Facilities"), which is expected to include a sublimit for the issuance of letters of credit in an amount up to $40.0 million and a sublimit for swingline loans in an amount up to $30.0 million, pursuant to a new credit agreement (the "New Credit Agreement") shortly after the closing of this offering. The New Credit Facilities are not committed and there is no guarantee that the New Credit Facilities will be made available. The closing of the New Credit Agreement, if it occurs, is expected to be subject to the consummation of this offering, repayment of the obligations under the Credit Agreement (as defined herein) and certain other conditions set forth in the New Credit Agreement. We expect that the New Credit Agreement will contain customary covenants and conditions that will, among other things, limit our ability to incur additional indebtedness, incur liens on assets, enter into agreements related to mergers and acquisitions, dispose of assets or pay dividends and make distributions.

Borrowings under the Revolving Credit Facility and the Delayed Draw Term Loan Facility may vary significantly from time to time depending on our cash needs at any given time. The Revolving Credit Facility is expected to be undrawn at the closing of this offering. The Delayed Draw Term Loan Facility is not expected to be borrowed at the closing of this offering. The borrowing under the Term Loan Facility is expected to occur on the date on which the Term Loan Facility is established and amounts borrowed under the Term Loan Facility cannot be reborrowed. See "Description of Certain Indebtedness."

------

##### [**Table of Contents**](#toc)
**Risk Factor Summary** 

There are a number of risks related to our business, this offering and our Class A common stock that you should consider before you decide to participate in this offering. You should carefully consider all the information presented in the section entitled "Risk Factors" in this prospectus. Some of the principal risks related to our business include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on a limited number of major customers, including the U.S. Government and its agencies, particularly
the DoW, for a substantial portion of our revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential for reductions, delays, or changes in U.S. and foreign government budgets, spending priorities,
procurement processes, or military transformation initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on government contracts, which are subject to competitive bidding, extensive regulation, the risk
of termination, modification, audit, unfavorable terms and the possibility that some contracts are classified, limiting transparency for investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the challenges of operating in evolving and highly competitive markets, including the risk that we may not be
able to expand our customer base, achieve broad market acceptance, or compete effectively against larger or better-resourced competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our markets may not grow as expected, or that our efforts to expand into new markets or introduce new offerings
may not succeed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to manage increasing technological complexity, scale manufacturing capacity, achieve cost
reductions or realize projected economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our complex products and services may contain unknown defects or errors, leading to claims against us,
reputational harm, or diversion of resources from other business priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scarcity, unavailability, or increased cost of critical components or raw materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our exposure to risks associated with international operations, including compliance with export controls,
sanctions and other regulations, as well as political, economic and regulatory instability in foreign markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on senior management, key employees and our ability to recruit and retain highly skilled personnel
in a competitive labor market, which is essential to our success and customer relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rapid pace of technological change in our markets, and the risk that we may not successfully develop,
commercialize or achieve market acceptance for new products, services or enhancements, particularly those involving artificial intelligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shortfalls in available external R&D funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, trade policies, tariffs, inflation, recession and other macroeconomic or market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience difficulties in integrating the operations, technologies, products, existing contracts,
accounting and personnel of the companies we acquire and realizing the anticipated synergies of the combined businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pandemics, public health crises and other events that could disrupt our business, supply chain or customer
demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience technological failures, cybersecurity breaches, or unauthorized access to our, our
customers', or our suppliers' information and systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to adequately protect our intellectual property and proprietary rights;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issues managing inventory, including the potential for supply imbalances, obsolescence or losses that could harm
our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operations depend on our facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have identified material weaknesses in our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have substantial indebtedness, and we may not be able to generate sufficient cash to service all of such
indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will incur increased costs and devote substantial management time as a result of operating as a public company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are a "controlled company" under NYSE rules and, as a result, qualify for and intend to rely on
exemptions from certain corporate governance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as an emerging growth company, we are able to avail ourselves of reduced disclosure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our sole material asset after completion of this offering will be our ownership interest in Holdings LLC, and we
are accordingly reliant on distributions from Holdings LLC to pay taxes, make payments under the Tax Receivable Agreement and cover our corporate and overhead expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be required to make payments under the Tax Receivable Agreement for certain tax benefits that we may
claim and the amount of such payments could be substantial; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions in our corporate governance documents, including exclusive forum provisions and renunciation of
certain corporate opportunities, could limit stockholder rights or make it more difficult to replace management or pursue litigation.

These and other risks are more fully described in the section entitled "Risk Factors" in this prospectus. If any of these risks actually occurs, or if we are unable to adequately address these or other risks we face, our business, financial condition, results of operations, cash flows and prospects could be materially and adversely affected. As a result, you could lose all or part of your investment in our Class A common stock.

**Our Principal Stockholder** 

We have a valuable relationship with our equity sponsor, MDP. MDP manages several private equity funds that own an interest in us (the "MDP Funds"). Unless otherwise noted or the context otherwise requires, as used in this prospectus, "MDP" refers to Madison Dearborn Partners, LLC, the ultimate general partner of the MDP Funds, and its affiliated entities, including the MDP Funds. In connection with this offering, we will enter into a director designation agreement (the "Director Designation Agreement") with MDP that provides MDP the right to designate nominees to our board of directors (the "Board"), subject to certain conditions. See "Certain Relationships and Related Party Transactions—Director Designation Agreement" for more details with respect to the Director Designation Agreement.

Madison Dearborn Partners, LLC is a leading private equity investment firm based in Chicago. Since MDP's formation in 1992, the firm has raised aggregate capital of approximately $36 billion and has completed investments in more than 160 companies. MDP invests across several dedicated industry verticals, including Technology & Government; Financial Services; and Healthcare. MDP's objective is to invest in companies in partnership with outstanding management teams to achieve significant long-term appreciation in equity value.

------

##### [**Table of Contents**](#toc)
**Status as a Controlled Company** 

Because MDP will control approximately % of the voting power of our company following the completion of this offering (or % if the underwriters' option to purchase additional shares of Class A common stock is exercised in full), we will be a "controlled company" as of the completion of the offering under the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"), and the rules of NYSE. As a controlled company, we will not be required to have a majority of independent directors or to form an independent compensation committee or nominating and corporate governance committee. As a controlled company, we will remain subject to the rules of the Sarbanes-Oxley Act and be required to have an audit committee composed entirely of independent directors. Under these rules, we must have at least one independent director on our audit committee by the date our common stock is listed on NYSE, at least two independent directors on our audit committee within 90 days of the listing date, and at least three directors, all of whom must be independent, on our audit committee within one year of the listing date. We expect to have five independent directors upon the closing of this offering, of whom Bradley Feldmann and Matthew Klein will qualify as independent for audit committee purposes.

If at any time we cease to be a controlled company, we will take all action necessary to comply with the Sarbanes-Oxley Act and the rules of NYSE, including by having a majority of independent directors and ensuring we have a compensation committee and a nominating and corporate governance committee, each composed entirely of independent directors, subject to a permitted "phase-in" period. See "Management—Corporate Governance—Controlled Company Status."

**General Corporate Information** 

Our principal executive offices are located at 440 Stevens Ave #150, Solana Beach, California, 92075. Our telephone number is (858) 704-4125. Our website address is www.aevex.com. The information contained on, or that can be accessed through, our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our Class A common stock. We are a holding company and all of our business operations are conducted through, and substantially all of our assets are held by, our subsidiaries.

**Implications of Being an Emerging Growth Company** 

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"). We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year following the fifth anniversary of the completion of this offering, (2) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (3) the date on which we are deemed to be a large accelerated filer (meaning the market value of common stock that is held by non-affiliates exceeds $700.0 million as of the end of the second quarter of that fiscal year), or (4) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

An emerging growth company may take advantage of reduced reporting and certain other requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the independent registered public accounting firm attestation requirements of
Section 404 of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• only being required to present two years of audited financial statements, plus unaudited condensed financial
statements for any interim period, and related management's discussion and analysis of financial condition and results of operations;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and
registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved.

We have elected to take advantage of certain of the reduced disclosure obligations regarding financial statements and executive compensation in this prospectus and expect to elect to take advantage of other reduced burdens in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We are electing to take advantage of this extended transition period for complying with new or revised accounting standards provided for by the JOBS Act. We will therefore comply with new or revised accounting standards when they apply to private companies. As a result, our financial statements may not be comparable with companies that comply with public company effective dates for accounting standards.

**Ownership and Organizational Structure** 

AEVEX Corp. is a Delaware corporation formed to serve as a holding company that will hold an interest in Holdings LLC. AEVEX Corp. has not engaged in any business or other activities other than in connection with its formation and this offering. Upon consummation of this offering and the application of the proceeds therefrom, we will be a holding company, our sole asset will be an equity interest in Holdings LLC and we will operate and control all of the business and affairs and consolidate the financial results of Holdings LLC.

In connection with the Organizational Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will amend and restate the existing operating agreement of Holdings LLC (the "LLC Operating
Agreement") to, among other things, (i) modify the capital structure of Holdings LLC by replacing the current membership interests with a new class of common membership interests consisting of Series A Units and Series B Units
(collectively, "LLC Units") and (ii) appoint AEVEX Corp. as the sole managing member of Holdings LLC. See "Organizational Structure—Amended and Restated Operating Agreement of Holdings LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Principal Stockholder and certain other holders of indirect interests in Holdings LLC will engage in a series
of transactions, which may include one or more contributions, mergers or otherwise, that will result in (i) certain of the existing owners of Holdings LLC exchanging their membership interests in Holdings LLC for membership interests in ATS
Investment Holdings, LLC ("ATS Investment Holdings"), (ii) the formation of ATS Pubco Holdings, LLC ("ATS Pubco Holdings"), (iii) a subsidiary of AEVEX Corp. merging with and into the entity through which our Principal
Stockholder holds a portion of its ownership interests in Holdings LLC (the "Blocker Entity"), with the Blocker Entity remaining as the surviving corporation followed by the Blocker Entity merging with and into AEVEX Corp. (or a
subsidiary of AEVEX Corp.) with AEVEX Corp. (or such subsidiary of AEVEX Corp.) surviving and all of the equity interests of the Blocker Entity being exchanged for shares of Class A common stock (the "Blocker Merger") and then being
contributed directly or indirectly to ATS Pubco Holdings in exchange for a direct or indirect interest in ATS Pubco Holdings, and (iv) certain holders of an indirect interest in Holdings LLC exchanging a portion of such interest in Holdings LLC
for a direct or indirect interest in ATS Pubco Holdings, which in turn will contribute such interests in Holdings LLC into AEVEX Corp. in exchange for shares of Class A common stock.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will enter into an exchange agreement (the "Exchange Agreement") with ATS Investment Holdings
pursuant to which ATS Investment Holdings (or certain permitted transferees thereof) will be entitled to exchange Series B Units of Holdings LLC, together with an equal number of shares of Class B common stock, for shares of Class A common
stock on a one-for-one basis or, at our election, for cash, from a substantially concurrent public offering or private sale (based on the price of our Class A
common stock in such public offering or private sale). See "Organizational Structure—Exchange Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Series A Preferred Units will convert into Class A common stock at a conversion price based on 80% of the
initial public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will enter into a tax receivable agreement (the "Tax Receivable Agreement") with certain of our
existing direct and indirect owners, including ATS Investment Holdings, ATS Pubco Holdings, and certain entities controlled by our Principal Stockholder, and permitted transferees thereof (collectively, the TRA Rights Holders") that will
require the payment by AEVEX Corp. to such persons collectively 85% of certain tax savings (calculated using certain assumptions), if any, in U.S. federal, state and local income taxes we actually realize (or, under certain circumstances are deemed
to realize) as a result of (i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and
the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis and
(iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. We retain the benefit of the remaining 15% of these tax
savings, if any. If the Tax Receivable Agreement terminates early, we could be required to make a substantial, immediate lump-sum payment. See "Organizational Structure—Tax Receivable Agreement and "Certain Relationships and
Related Party Transactions—Tax Receivable Agreement."

We estimate that the net proceeds to us from the sale of our Class A common stock in this offering, after deducting estimated underwriting discounts and commissions and estimated expenses payable by us, will be approximately $ million ($ million if the underwriters exercise their option to purchase additional shares in full), based on an assumed initial public offering price of $ per share (the midpoint of the estimated public offering price range set forth on the cover page of this prospectus). We intend to use such net proceeds to acquire newly issued Series A Units of Holdings LLC, to purchase Series B Units of Holdings LLC from certain direct and indirect members of ATS Investment Holdings and to purchase shares of Class A common stock from certain direct and indirect partners of ATS Pubco Holdings, in each case at a purchase price equal to the initial offering price per share of Class A common stock in this offering, less underwriting discounts and commissions.

In turn, Holdings LLC intends to apply the balance of the net proceeds it receives from us (including any additional proceeds it may receive from us if the underwriters exercise their option to purchase additional shares) (i) to repay $ million of outstanding borrowings under our Credit Agreement, under which we had $259 million outstanding under the Term Loan and $0 outstanding under the Revolving Credit Facility and which had an interest rate of 9.92% and 9.75%, respectively, as of December 31, 2025, (ii) to pay expenses incurred in connection with this offering and the Organizational Transactions and (iii) for general corporate purposes. See "Use of Proceeds." The diagram below depicts our historical organizational structure prior to the completion of

------

##### [**Table of Contents**](#toc)
the Organizational Transactions. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

![LOGO](g22113g11l93.jpg)

The diagram below depicts our expected organizational structure immediately following completion of the Organizational Transactions. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

![LOGO](g22113g35b60.jpg)

(1) Upon completion of this offering, our Principal Stockholder will control the voting power in AEVEX Corp. as
follows: (i) approximately    % (or approximately     % if the underwriters exercise their option to purchase additional shares in full) through its control of ATS Investment Holdings and
(ii) approximately    % through its control of ATS Pubco Holdings, LLC.

------

##### [**Table of Contents**](#toc)
(2) Shares of Class A common stock and Class B common stock will vote as a single class. Each outstanding
share of Class A common stock and Class B Common stock will be entitled to one vote on all matters to be voted on by stockholders generally. The Class B common stock will not have any right to receive dividends or distributions upon
the liquidation or winding up of AEVEX Corp. In accordance with the Exchange Agreement to be entered into in connection with the Organizational Transactions, ATS Investment Holdings will be entitled to exchange its Series B Units of Holdings LLC,
together with an equal number of shares of Class B common stock, for shares of Class A common stock determined in accordance with the Exchange Agreement or, at our election, for cash from a substantially concurrent public offering or
private sale (based on the price of our Class A common stock in such public offering or private sale).

(3) Assumes no exercise of the underwriters' option to purchase additional shares. If the underwriters
exercise their option to purchase additional shares in full, (i) the holders of Class A common stock will have    % of the voting power in AEVEX Corp., with    % held indirectly by our
Principal Stockholder, (ii) ATS Investment Holdings, through ownership of the Class B common stock, will have    % of the voting power of AEVEX Corp., with    % held indirectly by our
Principal Stockholder, (iii) ATS Investment Holdings will own    % of the LLC Units and (iv) AEVEX Corp. will own    % of the LLC Units.

Our corporate structure following the offering, as described above, is commonly referred to as an "Up-C" structure, which is commonly used by partnerships and limited liability companies when they undertake an initial public offering of their business. Our Up-C structure together with the Tax Receivable Agreement will allow certain existing direct and indirect owners of Holdings LLC to continue to realize tax benefits associated with owning interests in an entity that is treated as a partnership, or "pass-through" entity, for income tax purposes following the offering. One of these benefits is that future taxable income of Holdings LLC that is allocated to such owners will be taxed on a flow-through basis and therefore will generally not be subject to corporate U.S. federal income taxes at the entity level. Additionally, because the Series B Units of Holdings LLC that ATS Investment Holdings will continue to hold are exchangeable, the Up-C structure also provides certain existing direct and indirect owners of Holdings LLC with potential liquidity that holders of non-publicly traded limited liability companies are not typically afforded. See "Organizational Structure" and "Description of Capital Stock."

Following this offering, ATS Investment Holdings will hold a number of shares of our Class B common stock equal to the number of Series B Units of Holdings LLC that it owns. Holders of our Class A common stock and Class B common stock will each be entitled to one vote per share on all matters on which stockholders are entitled to vote.

AEVEX Corp. will also hold LLC Units and therefore receive benefits on account of its ownership in an entity treated as a partnership, or "passthrough" entity, for income tax purposes. As AEVEX Corp. acquires Series B Units of Holdings LLC from ATS Investment Holdings (or any of its transferees) under the exchange mechanism described above, it will obtain a step-up in tax basis in its share of the assets of Holdings LLC and its flow-through subsidiaries. This step-up in tax basis will provide AEVEX Corp. with certain tax benefits, such as future depreciation and amortization deductions that can reduce the taxable income allocable to AEVEX Corp. In connection with the consummation of this offering, we will enter into a Tax Receivable Agreement with the TRA Rights Holders under which AEVEX Corp. will agree to pay the TRA Rights Holders, collectively, 85% of the value of certain tax benefits that AEVEX Corp. realized, or is deemed to realize (calculated using certain assumptions), as a result of (i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. We retain the benefit of the remaining 15% of these cash savings, if any. If the Tax Receivable Agreement

------

##### [**Table of Contents**](#toc)
terminates early, we could be required to make a substantial, immediate lump-sum payment. We expect that the payments we may make under the Tax Receivable Agreement will be substantial. For example, if we acquire all of the Class B Units held by the TRA Rights Holders in taxable transactions as of this offering, based on an initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) and on certain assumptions, including that (i) there are no material changes in relevant tax law and (ii) we earn sufficient taxable income in each year to realize on a current basis all tax benefits that are subject to the Tax Receivable Agreement, we would expect that the resulting reduction in tax payments for us, as determined for purposes of the Tax Receivable Agreement, would aggregate to approximately $ million, substantially all of which would be realized over the next 15 years, and we would be required to pay to the TRA Rights Holders 85% of such amount, or $ million, over the same period. These amounts have been prepared for informational purposes only. The actual increases in tax basis with respect to future exchanges or purchases of LLC Units may differ materially from the amounts set forth above because the potential future reductions in our tax payments, as determined for purposes of the Tax Receivable Agreement, and the payment we will be required to make under the Tax Receivable Agreement, will each depend on a number of factors, including the market value of our Class A common stock at the time of the exchange or purchase, the prevailing federal tax rates applicable to us over the life of the Tax Receivable Agreement (as well as the assumed combined state and local tax rate), the amount and timing of the taxable income that we generate in the future and the extent to which future exchanges or purchases of LLC Units are taxable transactions. See "Organizational Structure—Tax Receivable Agreement and "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

As a result of the Organizational Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investors in this offering will collectively own    shares of our Class A common
stock and we will hold     Series A Units of Holdings LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ATS Investment Holdings will own     Series B Units of Holdings LLC
and     shares of Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ATS Pubco Holdings will own    shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders of Holdings LLC Series A Preferred Units will own    shares of our Class A
common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class A common stock will collectively represent approximately    % of the
voting power in us, with shares of Class A common stock held by the public representing approximately     % of the voting power in us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class B common stock will collectively represent approximately     % of the
voting power in us.

------

##### [**Table of Contents**](#toc)
**THE OFFERING** 

---

| | |
|:---|:---|
| **Issuer**  | AEVEX Corp. |

---

---

| | |
|:---|:---|
| **Class A common stock offered by us**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares. |

---

---

| | |
|:---|:---|
| **Class A common stock offered by the selling stockholders**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares. |

---

---

| | |
|:---|:---|
| **Underwriters' option to purchase additional shares of Class A common stock**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares. |

---

---

| | |
|:---|:---|
| **Class A common stock to be outstanding immediately after this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (or shares if the underwriters' option is exercised in full). If all outstanding LLC Units held by the LLC Unitholders were exchanged for newly-issued shares of Class A common stock on a one-for-one basis, shares of Class A common stock would be outstanding. |

---

---

| | |
|:---|:---|
| **Class B common stock to be outstanding immediately after this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares. Immediately after this offering, the LLC Unitholders will own 100% of the outstanding shares of our Class B common stock. |

---

---

| | |
|:---|:---|
| **Ratio of shares of Class A common stock to LLC Units**  | Our amended and restated certificate of incorporation and the amended and restated operating agreement of Holdings LLC will require that we and Holdings LLC at all times maintain a one-to-one ratio between the number of shares of Class A common stock issued by us and the number of LLC Units owned by us (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities). |

---

---

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

---

Each share of our Class B common stock entitles its holder to one vote on all matters to be voted on by stockholders generally.

After this offering, each LLC Unitholder will hold a number of shares of Class B common stock equal to the number of LLC Units it owns. See "Description of Capital Stock—Class B Common Stock."

Holders of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Voting power held by holders of Class A common stock**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% (or 100% if all outstanding LLC Units were exchanged for newly-issued shares of Class A common stock on a one-for-one basis). |

---

---

| | |
|:---|:---|
| **Voting power held by holders of Class B common stock**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% (or 0% if all outstanding LLC Units were exchanged for newly-issued shares of Class A common stock on a one-for-one basis). |

---

---

| | |
|:---|:---|
| **Use of proceeds**  | We estimate, based upon an assumed initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus), we will receive net proceeds from this offering of approximately $ million (or $ million if the underwriters exercise their option to purchase additional shares in full), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of the shares of common stock being offered by the selling stockholders. |

---

We intend to use the net proceeds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $ million to acquire    newly-issued Series A Units in Holdings LLC
(or $ million to acquire    Series A Units if the underwriters exercise their option to purchase additional shares in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $ million to purchase     Series B Units (or
$ million to purchase Series B Units if the underwriters exercise their option to purchase additional shares in full) from certain direct and indirect members of ATS Investment Holdings, including entities controlled by our
Principal Stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $ million to purchase     shares of Class A common stock
(or $ million to repurchase     shares of Class A common stock if the underwriters exercise their option to purchase additional shares in full) from certain direct and indirect partners of ATS Pubco
Holdings, including entities controlled by our Principal Stockholder.

In each case the LLC Units of Holdings LLC or Class A common stock of the Company, as applicable, will be acquired by us at a purchase price per unit or share equal to the initial public offering price per share of Class A common stock in this offering, less underwriting discounts and commissions.

In turn, Holdings LLC intends to use the proceeds received in respect of the newly-issued Series A Units to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repay $ million of outstanding borrowings under our Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• apply the balance of the net proceeds it receives from us (including any additional proceeds it may receive from
us if the underwriters exercise their option to purchase additional shares)

------

##### [**Table of Contents**](#toc)
to pay expenses incurred in connection with this offering and the Organizational Transactions and for general corporate purposes.

See "Use of Proceeds" and "Organizational Structure."

---

| | |
|:---|:---|
| **Controlled company**  | After this offering, assuming an offering size as set forth in this section, MDP will control approximately % of the voting power (or % if the underwriters' option to purchase additional shares is exercised in full) in us. As a result, we expect to be a controlled company within the meaning of the corporate governance standards of NYSE. See "Management—Corporate Governance—Controlled Company Status." |

---

---

| | |
|:---|:---|
| **Dividend policy**  | We currently intend to retain any future earnings for investment in our business and do not expect to pay any dividends in the foreseeable future. The declaration and payment of all future dividends, if any, will be at the discretion of our "Board" and will depend upon our financial condition, earnings, contractual conditions or applicable laws and other factors that our Board may deem relevant. See "Dividend Policy." |

---

---

| | |
|:---|:---|
| **Exchange rights of holders of the LLC Units**  | Prior to this offering, we will enter into the Exchange Agreement with the LLC Unitholders, including ATS Investment Holdings, so that ATS Investment Holdings (and any permitted transferee thereof) may exchange LLC Units, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or, at our election, for cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). Any shares of Class B common stock so delivered will be cancelled. See "Organizational Structure—Exchange Agreement." |

---

---

| | |
|:---|:---|
| **Tax Receivable Agreement**  | We will enter into a Tax Receivable Agreement with the TRA Rights Holders that will provide for the payment by us to such persons of 85% of the amount of certain tax savings (calculated using certain assumptions), if any, that AEVEX Corp. actually realizes (or in some circumstances is deemed to realize) as a result of (i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. See "Organizational Structure—Tax Receivable Agreement and "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Registration Rights Agreement**  | We intend to enter into a registration rights agreement (the "Registration Rights Agreement") with our Principal Stockholder in connection with this offering. The Registration Rights Agreement will provide our Principal Stockholder certain registration rights whereby, following our initial public offering and the expiration of any related lock-up period, our Principal Stockholder can require us to register under the Securities Act of 1933, as amended (the "Securities Act") shares of Class A common stock, (including shares issuable to the LLC Unitholders upon exchange of their LLC Units). The Registration Rights Agreement will also provide for piggyback registration rights for our Principal Stockholder. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement." |

---

---

| | |
|:---|:---|
| **Reserved Share Program**  | At our request, an affiliate of BofA Securities, Inc., a participating Underwriter, has reserved for sale, at the initial public offering price, up to 5% of the shares offered by this prospectus for sale to some of our directors, officers, employees, distributors, dealers, business associates and related persons. If these persons purchase reserved shares it will reduce the number of shares available for sale to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered by this prospectus. See "Underwriting—Reserved Share Program." |

---

---

| | |
|:---|:---|
| **Risk factors**  | Investing in our Class A common stock involves a high degree of risk. See "Risk Factors" elsewhere in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A common stock. |

---

---

| | |
|:---|:---|
| **Symbol for trading on NYSE**  | "AVEX." |

---

Unless otherwise indicated, all information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes the effectiveness of the Organizational Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes an initial public offering price of $ per share, which is the midpoint of the
estimated public offering price range set forth on the cover of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes that the underwriters' option to purchase additional shares of Class A common stock is not
exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes the shares of Class A common stock that may be issuable upon exercise of exchange rights held by
the LLC Unitholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes     shares of Class A common stock reserved for future issuance under the
2026 Omnibus Incentive Plan (the "2026 Plan").

------

##### [**Table of Contents**](#toc)
**SUMMARY HISTORICAL FINANCIAL AND OTHER DATA** 

The following tables present, as of the dates and for the periods indicated: (1) the summary historical consolidated financial information of Holdings LLC and its subsidiaries and (2) the summary unaudited pro forma financial data for AEVEX Corp. and its consolidated subsidiaries, including Holdings LLC. Holdings LLC is the predecessor of AEVEX Corp. for financial reporting purposes.

The summary historical consolidated statements of operations data and summary historical consolidated statements of cash flow data presented below for the years ended December 31, 2025 and 2024 and the consolidated balance sheet data as of December 31, 2025 and 2024 have been derived from, and should be read together with, our audited consolidated historical financial statements and the accompanying notes included elsewhere in this prospectus. Our historical results are not necessarily indicative of results to be expected in future periods.

The summary historical consolidated financial information of AEVEX Corp. has not been presented. AEVEX Corp. is a newly incorporated entity, has had no business transactions or activities to date and had no material assets or liabilities during the periods presented in this section.

This information is a summary only and should be read in conjunction with "Risk Factors," "Capitalization," "Dilution," "Unaudited Consolidated Pro Forma Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the accompanying notes included elsewhere in this prospectus.

The summary unaudited consolidated pro forma financial information of AEVEX Corp. presented below has been derived from the unaudited consolidated pro forma financial statements and notes included elsewhere in this prospectus. The summary unaudited consolidated pro forma financial information as of and for the year ended December 31, 2025, gives effect to the Organizational Transactions as described in "Organizational Structure," including the consummation of this offering, the use of the net proceeds therefrom and related transactions, as described in "Use of Proceeds" and "Unaudited Consolidated Pro Forma Financial Information," as if all such transactions had occurred on January 1, 2025, with respect to the consolidated statement of operations data, and December 31, 2025, with respect to the consolidated balance sheet data. The unaudited consolidated pro forma financial information includes various estimates that are subject to material change and may not be indicative of what our results of operations or financial position would have been had this offering and related transactions taken place on the dates indicated, or that may be expected to occur in the future. See

------

##### [**Table of Contents**](#toc)
"Unaudited Consolidated Pro Forma Financial Information" for a complete description of the adjustments and assumptions underlying the summary unaudited consolidated pro forma financial information.

---

| | | | |
|:---|:---|:---|:---|
|  | **Historical Holdings LLC** | **Historical Holdings LLC** | **Pro Forma AEVEX<br>Corp.** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** |
|  **(in thousands, except unit and share amounts)** |  |  |  |
|  Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Products | $319351 | $292429 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 113582 | 99763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenue** | **432933** | **392192** |  |
|  Cost of revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Products | 244735 | 199920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 93895 | 82000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total cost of revenue** | **338630** | **281920** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross profit** | **94303** | **110272** |  |
|  Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative | 41626 | 33780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 25439 | 12997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 16606 | 18119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in contingent consideration | 2435 | (61599) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **86106** | **3297** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income from operations** | **8197** | **106975** |  |
|  Other income (expense), net: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (32346) | (29584) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 699 | 1436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 6841 | 129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other expense, net** | **(24806)** | **(28019)** |  |
| (Loss) income before income taxes | (16609) | 78956 |  |
|  Provision for income taxes | 171 | 363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net (loss) income** | **(16780)** | **78593** |  |
|  Net income attributable to noncontrolling interest | 106 | 44 |  |
|  Net (loss) income attributable to Athena Technology Solutions Holdings, LLC | $(16886) | $78549 |  |
|  Net (Loss) income per Class A unit: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.20) | $0.98 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.20) | $0.38 | $|
|  Weighted average Class A units outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 88532824 | 80432217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 88532824 | 88219168 |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **Historical Holdings LLC** | **Historical Holdings LLC** | **Pro Forma AEVEX<br>Corp.** |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** |
|  **(In thousands)** |  |  |  |
|  ***Consolidated balance sheets data:*** |  |  |  |
|  Cash and cash equivalents | $27908 | $45603 | $|
|  Total assets | 626995 | 556631 |  |
|  Total liabilities | 343027 | 392357 |  |
|  Debt, including current portion | 258500 | 260417 |  |
|  Mezzanine equity | 80371 |  |  |
|  Total members' equity | 199016 | 159529 |  |
|  Noncontrolling interest | 4581 | 4745 |  |
|  Total equity | 203597 | 164274 |  |

---

---

| | | |
|:---|:---|:---|
|  | **Historical Holdings<br>LLC** | **Historical Holdings<br>LLC** |
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** |
|  **(In thousands)** |  |  |
|  ***Consolidated statements of cash flows data:*** |  |  |
|  Net cash (used in) provided by operating activities | $(97639) | $64912 |
|  Net cash used in investing activities | (10544) | (11177) |
|  Net cash provided by (used in) financing activities | 90488 | (58934) |
|  Net decrease in cash | (17695) | (5199) |
|  Cash at beginning of period | 45603 | 50802 |
|  Cash at end of period | 27908 | 45603 |

---

---

| | | |
|:---|:---|:---|
|  | **Historical Holdings LLC** | **Historical Holdings LLC** |
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **(In thousands)** |  |  |
|  ***Other Data:*<sup>(1)</sup>** |  |  |
|  Tactical Systems Segment Adjusted EBITDA<sup>(2)</sup> | $38208 | $84446 |
|  Global Solutions Segment Adjusted EBITDA<sup>(2)</sup> | 8172 | (2703) |
|  Adjusted EBITDA<sup>(3)</sup> | 37578 | 77012 |
|  Net income (loss) margin | (3.9)% | 20.0% |
|  Adjusted EBITDA Margin<sup>(4)</sup> | 8.7% | 19.6% |
|  Free cash flow<sup>(5)</sup> | $(105118) | $56434 |

---

(1) In addition to our operating results calculated in accordance with GAAP, we use, and plan to continue using
certain non-GAAP financial measures when monitoring and evaluating operating performance, including all of the measures presented in this table. The non-GAAP financial measures presented in this prospectus are supplemental measures of our
performance that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding GAAP financial
measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our core operating results and the overall health of our company. Please refer to "Management's
Discussion and Analysis of

------

##### [**Table of Contents**](#toc)
Financial Condition and Results of Operations—Non-GAAP Financial Measures" for an explanation on why we use these non-GAAP financial measures, their definitions, their limitations and reconciliations to their nearest GAAP financial measure.

(2) Segment Adjusted EBITDA is our segment measure of profit or loss as defined by ASC 280. We define Segment
Adjusted EBITDA as net income (loss) before certain unallocated Corporate expenses, interest income and expense, income tax expense (benefit), depreciation and amortization expense, other income (expense), changes in the fair value of contingent
consideration liabilities, IPO-related costs, asset impairments, business acquisition costs, and restructuring costs, as well as certain non-recurring items. For additional information regarding Segment
Adjusted EBITDA, see Note 15, "Segment Information" to our audited consolidated financial statements included elsewhere in this prospectus.

(3) We define Adjusted EBITDA as net income (loss) before interest income and expense, income tax expense
(benefit), depreciation and amortization expense, other income (expense), changes in the fair value of contingent consideration liabilities, IPO-related costs, asset impairments, business acquisition costs, and restructuring costs, as well as
certain non-recurring items. We believe that Adjusted EBITDA is an important metric for management and investors as it removes the impact of items that we do not believe are indicative of our core operating
results or the overall health of our company and allows for consistent comparison of our operating results over time and relative to our peers.

(4) We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA
Margin is an important metric for management and investors as it removes the impact of items that we do not believe are indicative of our core operating results or the overall health of our company and allows for consistent comparison of our
operating results over time and relative to our peers.

(5) We define free cash flow as the sum of our net cash provided by (used in) operating activities less our capital
expenditures. We consider free cash flow to be a useful, supplemental measure of our ability to generate cash on a normalized basis. We use free cash flow to supplement GAAP measures in evaluating our flexibility to allocate capital and pursue
opportunities that may enhance shareholder value and the effectiveness of our strategies, to make budgeting decisions and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.

------

##### [**Table of Contents**](#toc)
**RISK FACTORS** 

*This offering and an investment in our Class A common stock involve a high degree of risk. You should carefully consider the risks and uncertainties described below, together with the financial and other information contained in this prospectus, including our consolidated financial statements and the related notes thereto, before making a decision to invest in our Class A common stock. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that affect us. If any of the following risks actually occur, our business, financial condition, results of operations, cash flows and prospects could be materially and adversely affected. As a result, the trading price of our Class A common stock could decline, and you could lose all or part of your investment.* 

*Because of the following factors, as well as other factors affecting our business, financial condition, operating results and prospectus, past financial performance should not be considered a reliable indicator of future performance, and investors should not rely on historical trends to anticipate trends or results in the future.* 

**Risks Related to Our Business and Industry** 

***We rely heavily on sales to certain customers, including the U.S. Government, particularly to agencies of the DoW.***

Historically, we have derived a significant portion of our total sales from the U.S. Government and its agencies. Revenue from the U.S. Government and agencies of the U.S. Government, when they are direct customers of the Company, represented 78% and 81% of total revenue for the year ended December 31, 2025 and 2024, respectively. We believe that the success and growth of our business for the foreseeable future will continue to depend to a significant degree on our ability to win government contracts, in particular from the DoW. Many of our government customers are subject to budgetary constraints and our continued performance under these contracts, or award of additional contracts from these agencies, could be jeopardized by spending reductions or budget cutbacks at these agencies. Recently, the reduction of government spending has been a primary focus of the federal government. In January 2025, President Trump announced an executive order establishing the Department of Government Efficiency ("DOGE") to maximize government efficiency and productivity. In February 2025, President Trump stated that he has directed DOGE to review Pentagon spending for potential waste and fraud. As a result of these recent developments and other factors, the funding of U.S. Government programs is uncertain. We are dependent on continued congressional appropriations and administrative allotment of funds based on an annual budgeting process. We cannot assure you that current levels of congressional funding for our products and services will continue and that our business will not decline.

The U.S. military funds a portion of our contracts through operational needs statements, and to a lesser extent, through programs of record, which provides us with less visibility and certainty on future funding allocations for our contracts. Furthermore, all of our contracts with the U.S. Government are terminable by the U.S. Government at will, and the increasing government spending reviews may result in revocation of previously awarded contracts. A significant decline in government expenditures generally, or with respect to programs for which we provide products and/or services, could adversely affect our business and prospects. Our operating results may also be negatively impacted by other developments that affect these government programs generally, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in government programs that are related to our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adoption of new laws or regulations relating to government contracting or changes to existing laws or
regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political or public support for security and defense programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or changes in the government appropriations and budget process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties associated with the current global threat environment and other geo-political matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in the payment of our invoices by government payment offices.

------

##### [**Table of Contents**](#toc)
These developments and other factors could cause governmental agencies to reduce their purchases under existing contracts, to exercise their rights to terminate contracts at-will or to abstain from renewing contracts or entering into new contracts, any of which would cause our revenue to decline and could otherwise harm our business, financial condition and results of operations.

***A decline in the U.S. and other government budgets, changes in spending or budgetary priorities, delays in contract awards or in the release of approved funds may significantly and adversely affect our future revenue.***

Because we generate a significant portion of our total sales from the U.S. Government and its agencies and from foreign governments, our results of operations could be adversely affected by government spending caps, delays in the government budget process, program starts, the award of contracts or orders under existing contracts, or delays in release of funds by the federal government. Delays in the formalization of a contract could result in delayed funding, billing and payment. Our business may be adversely impacted due to shifts in the political environment and resulting changes in the government and agency leadership positions and priorities for funding. We cannot assure you that current levels of congressional funding for our products and services will continue and that our business will not decline, or that such funding will be accessible or consistent with previously realized timelines due to federal budgetary review activities and potential freezes on or cancellation of various governmental programs from time to time. If annual budget appropriations or continuing resolutions are not enacted timely, we could face U.S. Government shutdowns, which could adversely impact our programs and contracts with the U.S. Government, our ability to receive timely payment from U.S. Government entities and our ability to timely obtain export licenses for our products and services to fulfill contracts with our international customers. A prolonged U.S. Government shutdown, or the adoption of a "continuing resolution" requiring the government to operate on funding levels equivalent to its prior fiscal year, could have an adverse impact on our results and growth plans.

Further, there is a possibility that political decisions made by the U.S. Government, such as the establishment of DOGE and the related probes into and reductions in government spending, policy changes regarding prior military commitments by the second Trump administration, including those regarding ongoing conflicts, including between Russia and Ukraine, Israel and Hamas, or an impasse on policy issues between the executive branch and Congress, could impact future spending and program authorizations, which may not increase or may decrease or shift to programs in areas in which we do not provide products or services or are less likely to be awarded contracts. Such changes in spending authorizations and budgetary priorities may occur as a result of shifts in spending priorities from defense-related and other programs due to, among other factors, competing demands for federal funds and the number and intensity of military conflicts. In addition, we may receive stop work orders and/or contract cancellations for existing U.S. Government contracts due to shifting foreign military aid priorities, and we cannot project the aggregate negative impact on our results of operations due to any future stop work orders and/or contract cancellations.

***Military transformation and changes in overseas operational levels may affect future procurement priorities and existing programs, which could limit demand for our products and services and have an adverse effect on our business, financial condition and results of operations.***

While current world tensions—including the conflict between Russia and Ukraine—are driving short-term defense spending increases, we cannot predict whether and when a reduction in overseas operational levels will occur, how future procurement priorities related to defense transformation will be impacted, including by future events, or how changes in the threat environment will impact opportunities and competition for our products, for existing, additional or replacement programs. Government contracts, and associated revenue, particularly those with the DoW, can be episodic in nature and difficult to predict from period to period and any adverse change in political relations between the U.S. and other countries or regions where our overseas customers are located could negatively impact demand for our product and services. Unsatisfactory performance of our products resulting from the environments in which drones operate, including in combat or other areas where wars and hostilities may occur, may cause the demand for our products and technologies to decline or be subject to variation. For example, for the year ended December 31, 2025, our total revenue attributable to end-users in the

------

##### [**Table of Contents**](#toc)
Ukraine accounted for a substantial portion of our total revenues, although the proportion of our revenues attributable to such end-users is expected to decrease in the future. As such, any reduction to operational levels related to the conflict between Russia and Ukraine could lead to volatility in our revenues and could have an adverse impact on our business, financial condition and results of operations. While historically we have strategically diversified our portfolio in an effort to mitigate the susceptibility of our business to reductions in overseas operational levels, and we intend to continue this effort, particularly by aiming to grow our non-Ukraine-related total revenue, we cannot be certain that such actions have mitigated or will mitigate the risk of our business to such reductions.

***We operate in evolving markets, which makes it difficult to evaluate our business and future prospects.***

One of our key strategies is to invest in R&D to drive innovation and spur growth. Our innovative solutions are often sold in new and rapidly evolving markets. Accordingly, our business and future prospects may be difficult to evaluate. We cannot accurately predict the extent to which demand for our products and services will increase, if at all. The challenges, risks and uncertainties frequently encountered by companies in rapidly evolving markets could impact our ability to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generate sufficient revenue to maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire and maintain market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• achieve or manage growth in our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and renew contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract and retain additional engineers and other highly-qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully develop and commercially market new products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adapt to new or changing policies and spending priorities of governments and government agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access additional capital when required and on reasonable terms, including capital to refinance our substantial
indebtedness.

If we fail to address these and other challenges, risks and uncertainties successfully, our business, results of operations and financial condition would be materially harmed.

***We face competition from other firms, many of which have substantially greater resources.***

The defense industry is highly competitive and generally characterized by intense competition to win contracts. Additionally, our markets are facing increasing industry consolidation, resulting in larger competitors who have more market share putting more downward pressure on prices and offering a more robust portfolio of products and services.

Our competitors may be able to provide customers with different or greater capabilities or benefits than we can provide in areas such as technical qualifications, past contract performance, geographic presence, price and the availability of key professional personnel, including those with security clearances. Furthermore, many of our competitors may be able to use their substantially greater resources and economies of scale to develop competing products and technologies, manufacture in high volumes more efficiently, divert sales from us by winning broader contracts or hire away our employees by offering more lucrative compensation packages. Small business competitors may be able to offer more cost-competitive solutions, due to their lower overhead costs, and take advantage of small business incentive and set aside programs for which we are ineligible. Foreign competitors may also be able to offer more cost-competitive solutions as compared to our products and services. The markets in which our products and services are sold are expanding, and competition is intensifying as additional competitors enter such markets and current competitors expand their product lines. In order to secure contracts successfully when competing with larger, well-financed companies, we may need to agree to contractual terms that provide for lower aggregate payments to us over the life of the contract, which could adversely affect our margins. In addition, larger diversified competitors serving as prime contractors may be able to supply underlying products and services

------

##### [**Table of Contents**](#toc)
from affiliated entities, which would prevent us from competing for subcontracting opportunities on these contracts. Our failure to compete effectively with respect to any of these or other factors could have a material adverse effect on our business, prospects, financial condition or operating results.

***If the markets for our products do not grow as expected, if we cannot expand our customer base or if our products and services do not achieve broad acceptance, then we may not be able to achieve our anticipated level of growth.***

We cannot accurately predict the future growth rates or sizes of the markets for our products and services. Demand for our products and services may not increase, or may decrease, either generally or in specific markets, for particular types of products and services or during particular time periods. Despite expanding our customer base to include international clients and non-military domestic agencies and making initial export breakthroughs, sustained increases in sales to international customers are not guaranteed. Historically, a large portion of our revenue has been with the U.S. Government. An increase of international sales of our product and services may not occur as anticipated. The expansion of the markets for our products in general, and the market for our products and services in particular, depends on several factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer satisfaction with these types of systems as solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost, performance and reliability of our products and products offered by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer perceptions regarding the effectiveness and value of these types of systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on our ability to market our products and services internationally due to U.S. Government laws and
regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securing necessary regulatory approvals, including access to airspace and wireless spectrum for our uncrewed
systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing efforts and publicity regarding these types of systems and services.

***If we are unable to manage the increasing technological complexity of our business, or achieve or manage our expected growth, our business could be adversely affected.***

The technological complexity of our business has increased significantly over the last several years. Our growth has placed, and our expected growth will continue to place, a strain on our management and our administrative, operational and financial infrastructure. We anticipate further growth of headcount and facilities will be required to address expansion in our product and service offerings and the geographic scope of our customer base. However, if we are unsuccessful in our efforts, our business could decline. Our success will depend in part upon the ability of our senior management to manage our increased complexity and expected growth effectively. To do so, we must continue to hire, train, manage and integrate a significant number of qualified managers and engineers, as well as an adequate support structure. If our new employees perform poorly, or if we are unsuccessful in hiring, training, managing and integrating these new employees, or retaining these or our existing employees, then our business may experience declines.

To support our expected growth, we must continue to improve our operational, financial and management information systems. If we are unable to manage our growth while maintaining our quality of service, or if new systems that we implement to assist in managing our growth do not produce the expected benefits, then our business, prospects, financial condition or operating results could be adversely affected.

***Any efforts to expand our offerings beyond our current markets may not succeed, which could negatively impact our operating results.***

The U.S. military represents our largest source of revenue. Our efforts to expand our product and service offerings beyond our traditional markets may divert management resources from existing operations and require us to commit significant financial resources to unproven businesses that may not generate additional sales, either of which could significantly impair our operating results.

------

##### [**Table of Contents**](#toc)
***The markets in which we compete are characterized by rapid technological change, requiring us to develop new products and product enhancements, and could render our existing products obsolete.***

Continuing technological changes in the market for our products could make our products and services less competitive or obsolete, either generally or for particular applications. The length and severity of the cycles in the commercial and defense industries are difficult to predict. Our future success will depend upon our ability to develop and introduce a variety of new capabilities and enhancements to our existing product offerings, as well as introduce a variety of new product offerings to address the changing needs of the markets in which we offer our products. Delays in introducing new products and enhancements, the failure to choose correctly among technical alternatives or the failure to offer innovative products or enhancements at competitive prices may cause existing and potential customers to purchase our competitors' products.

If we are unable to devote adequate resources to develop new products or cannot otherwise successfully develop new products or enhancements that meet customer requirements on a timely basis, our products could lose market share, our revenue and profits could decline, and we could experience operating losses.

***We expect to incur substantial R&D costs and devote significant resources to identifying and commercializing new products and services, which could significantly reduce our profitability and may never result in revenue.***

Our future growth depends on penetrating new markets, adapting existing products to new applications, and introducing new products and services that achieve market acceptance. We have incurred, and expect to continue to incur, substantial R&D costs as part of our efforts to design, develop and commercialize new products and services and enhance existing products. We incurred $25.4 million and $13.0 million of expense, or 6% and 3% of our revenue, in our years ended December 31, 2025 and 2024, respectively, on internal R&D activities. We believe that there are significant investment opportunities in a number of business areas and adjacent markets. Because we account for internal R&D as an operating expense, these expenditures will adversely affect our earnings in the future. Further, our R&D programs may not produce successful results, and our new products and services may not achieve market acceptance, create additional revenue or become profitable, which could materially harm our business, prospects, financial results and liquidity.

***Our international business poses potentially greater risks than our domestic business, particularly if we continue to expand outside of the United States.***

International sales, both our direct sales and indirect sales to allied nations, are subject to a number of material risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the unavailability of, or difficulties in obtaining any, necessary U.S. Governmental authorizations for the
export of our products and services to certain foreign jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory requirements that may adversely affect our ability to sell certain products and services or repatriate
profits to the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the complexity and necessity of using foreign third-party agents, representatives and consultants, and delays in
and difficulty of conducting due diligence on and validating foreign third-party agents, representatives and consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the complexity of shipping our products internationally through multiple jurisdictions with varying legal
requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in enforcing agreements and collecting receivables through foreign legal systems and other relevant
legal issues, including fewer legal protections for intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential fluctuations in foreign economies and in the value of foreign currencies and interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential preferences by prospective customers to purchase from local (non-U.S.) sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and political conditions in the geographic markets in which we operate;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws or regulations relating to non-U.S. military contracts that favor
purchases from non-U.S. manufacturers over U.S. manufacturers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the imposition of in-country production and manufacturing requirements by
international customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the imposition of tariffs, embargoes, export controls and other trade restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• different and changing legal and regulatory requirements, including those pertaining to anti-corruption,
anti-boycott, data protection and privacy, employment law, intellectual property, contracts and tax in the jurisdictions in which we currently operate or may operate in the future.

Negative developments in any of these areas in one or more countries in which we operate could result in a reduction in demand for our products, the cancellation or delay of orders already placed, threats to our intellectual property, destabilization of performance, difficulty in collecting receivables and a higher cost of doing business, any of which could negatively impact our business, financial condition or results of operations. While we have adopted policies and procedures to facilitate compliance with laws and regulations applicable to our international operations and sales, our failure, or the failure by our employees or others working on our behalf, to comply with such laws and regulations may result in administrative, civil or criminal liabilities, including fines, suspension or debarment from government contracts or suspension of our export privileges. Moreover, our sales, including sales to customers outside the United States, substantially all are denominated in U.S. dollars, and downward fluctuations in the value of foreign currencies relative to the U.S. dollar may make our products more expensive than other products, which could harm our business.

***Our products and services are complex and could have unknown defects or errors, which may give rise to claims against us, diminish our brand or divert our resources from other purposes.***

Our products rely on complex engineering and the implementation of advanced technology. Despite extensive testing, our products have contained defects and errors and may in the future contain defects, errors or performance problems when first introduced, when new versions or enhancements are released, or even after these products have been used by our customers for a period of time. In addition, we often rely on subcontractors to manufacture some components that are embedded in our systems that may not operate as intended. These problems could result in expensive and time-consuming design modifications or warranty charges, delays in the introduction of new products or enhancements, significant increases in our service and maintenance costs, exposure to liability for damages, damaged customer relationships and harm to our reputation, any of which could materially harm our results of operations and our ability to achieve market acceptance. In addition, increased development and warranty costs could be substantial and could reduce our operating margins.

The existence of any defects, errors, or failures in our products or the misuse of our products could also lead to product liability claims or lawsuits against us. A defect, error or failure in one of our products could result in injury, death or property damage and significantly damage our reputation and support for our products in general.

Although we maintain insurance policies, we cannot be certain that this insurance will be adequate to protect us from all material judgments and expenses related to potential future claims or that these levels of insurance will be available in the future at economical prices or at all. A successful product liability claim could result in substantial cost to us. Even if we are fully insured as it relates to a claim, the claim could nevertheless diminish our brand and divert management's attention and resources, which could have a negative impact on our business, prospects, financial condition and results of operations.

***If critical components or raw materials used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business.***

Our ability to meet customers' demands depends, in part, on our ability to obtain timely and adequate delivery of high quality materials, components and subsystems, many of which are obtained from a select group

------

##### [**Table of Contents**](#toc)
of specialized suppliers, including some sole-source providers. We do not have long-term agreements with all suppliers that obligate them to continue to sell components, products required to build our systems or products to us. Our reliance on suppliers without long-term binding contracts involves significant risks and uncertainties, including whether our suppliers will provide an adequate supply of required components or products of sufficient quality, will increase prices for the components or products and will perform their obligations on a timely basis.

If any of our supplier's face capacity constraints, financial instability, or an unwillingness to provide raw materials or components to us, we may need to seek alternative suppliers or revise our designs, particularly because some of our components are sourced from foreign countries. Locating alternative sources may take significant time, and even then, we may encounter significant delays in manufacturing and shipping. Additionally, credit constraints among key suppliers could impact our cash flow. We have also experienced rising costs for components, shipping, tariffs, warehousing, and inventory. Our domestic suppliers have experienced increased demand for their products due to tariffs, which could impact the availability or price of our components. The permanence of these cost increases remains uncertain, and obtaining replacement components within our required time frames may prove challenging. Shortages could lead to excess inventory and potential obsolescence risks.

In addition, certain raw materials and components used in the manufacture of our products and in our development programs are periodically subject to supply shortages, and our business is subject to the risks of price increases and periodic delays in delivery. The prices for these raw materials fluctuate depending on market conditions and global demand for these materials. For example, due to the potential volatility of supply and increase in demand, lead times and prices for certain components, such as semiconductors and memory related microprocessors, may experience supply and price uncertainty. Particularly, the market for electronic components may experience increased demand and a global shortage of semiconductors, which may create substantial uncertainty regarding our suppliers' continued production of key components for our products, and the supply for certain subcomponents and parts is impacting our Command, Control, Computing, Communications, Cyber and ISR business. As a result, shortages in components for our products and delays in obtaining components for our products could cause customers to terminate their contracts with us, delay orders from us or cause us to delay accepting orders, negatively impact our ability to win new programs and/or contracts, negatively impact and disrupt our development programs, increase our costs and could adversely affect our business, results of operations, prospects and financial condition.

Our products include a variety of components, motors, batteries, and other advanced components, that rely on rare earth metals for their manufacturing. This may require sourcing of these components and required materials from foreign entities. Any disruption in the supply of these metals could adversely affect our ability to produce and deliver our products. Factors that might lead to such disruptions include geopolitical tensions, trade restrictions, supply chain bottlenecks, and environmental regulations affecting mining operations. A limited supply or increased cost of rare earth metals could lead to higher production costs, delays in manufacturing schedules, and potential inability to meet customer demand, thereby impacting our revenue and growth plans. Managing these risks necessitates close monitoring of supply chains, diversification of suppliers, and the pursuit of alternative materials or technologies where possible.

Escalating restrictions between the U.S. and foreign countries contribute to supply chain complexities. For instance, in January 2025, China imposed sanctions on AEVEX in response to sales of military equipment by the U.S. Government to Taiwan. These sanctions by China's Ministry of Commerce (MOFCOM) prohibit AEVEX from engaging in import or export activities related to China. In addition, China has subjected the Company to certain export- and import-related prohibitions and new investment bans by placing the Company on the "Unreliable Entity List" maintained by China's Ministry of Commerce. Also, our Executive Chairman, Brian Raduenz, was one of 200 U.S. Nationals personally sanctioned by the Russian Ministry of Foreign Affairs in November 2022 and placed on its permanent "stop list"; these sanctions, which now encompass a larger number of U.S. officials, include a lifetime ban which prohibits him from entering Russia. While we have not experienced, and do not expect to experience, a material negative impact on our business as a result of any such sanctions and export restrictions, we cannot be certain that a material negative effect will not occur in the future

------

##### [**Table of Contents**](#toc)
as a result of these sanctions and restrictions or future sanctions or restrictions that may be imposed on us. Some of our components sourced from foreign countries are at risk of sanctions and other trade restrictive actions, and any escalation in global trade tensions or trade restrictions may hinder our ability to obtain these components from new suppliers. Restrictions on semiconductor manufacturing equipment and raw materials could lead to higher material costs, material unavailability and transportation uncertainty.

***Our earnings and profit margins may decrease based on the mix of our contracts and programs and other factors related to our contracts.***

In general, we perform our work under multiple contract pricing structures including, including fixed-price type contracts and cost-plus-fee type contracts. Under fixed-price contracts, we deliver products or perform services under a contract at a stipulated price. Under cost-plus-fee contracts, which are subject to a contract ceiling amount, we are reimbursed for allowable costs and paid a fee, which may be fixed or performance based. We typically experience lower profit margins under cost-plus-fee contracts than under fixed-price contracts, though fixed-price contracts involve higher risks. In general, if the volume of services we perform under cost-plus-fee contracts increases relative to the volume of services we perform under fixed-price contracts, we expect that our operating margin will decline. In addition, our earnings and margins may decrease depending on the costs we incur in contract performance, our achievement of other contract performance objectives and the stage of our performance at which our right to receive fees, particularly under incentive and award fee contracts, is finally determined.

***We must recruit and retain highly-skilled employees to succeed in our competitive business.***

We depend on our ability to recruit and retain employees who have advanced engineering and technical services skills and who work well with our customers. Historically, substantial competition for skilled personnel in our industry has existed. These employees are in great demand and are likely to remain a limited resource in the foreseeable future. Our ability to recruit and retain qualified, technical personnel, such as engineers, has been adversely impacted by the labor market. Increased restrictions on the import of foreign labor may also increase demand for engineering personnel and adversely impact our ability to hire and retain qualified personnel. If we are unable to recruit, train and retain a sufficient number of these employees, then our ability to maintain our competitiveness and grow our business could be negatively affected. In addition, because of the highly technical nature of our products, the loss of any significant number of our existing engineering personnel could have an adverse effect on our business and operating results. Moreover, some of our U.S. Government contracts contain provisions requiring us to staff a program with certain personnel the customer considers key to our successful performance under the contract. In the event we are unable to provide these key personnel or acceptable substitutes, the customer may terminate the contract. Certain of our programs also require staffing by employees who hold high-level security clearances, the market for which is extremely competitive and not limited to the aerospace & defense industry. We cannot predict the extent to which these shortages will continue or the extent to which they could negatively impact our development programs and results of operations in future periods.

***Our ability to stay competitive within our markets may be dependent upon increasing manufacturing capacity to support anticipated growth and achieving cost reductions and projected economies of scale from increasing manufacturing quantities of our products. Failing to adequately increase production capacity and achieve such reductions in manufacturing costs and projected economies of scale could adversely affect our business.***

Our future growth depends on increasing manufacturing capacity of our products, and our failure to adequately increase such capacity could have an adverse effect on our business and financial results. We do not know whether or when we will be able to develop efficient, low-cost manufacturing capabilities and processes that will enable us to manufacture (or contract for the manufacture of) our products in commercial quantities while meeting the volume, speed, quality, price, engineering, design and production standards required to successfully market our products. Our failure to develop such manufacturing processes and capabilities in locations that can efficiently service our clients and markets could have an adverse effect on our business, financial condition, results of operations and prospects. Our ability to remain competitive is, in part, dependent upon achieving increased savings from volume purchases of raw materials and component parts, achieving

------

##### [**Table of Contents**](#toc)
acceptable manufacturing yield and capitalizing on machinery efficiencies. Constraints in the global supply chain may impact our ability to have reliable access to supplies that we require or affect our ability to purchase such materials or components at cost effective prices. There is no assurance that we will be in a position to realize any material, labor and machinery cost reductions associated with higher purchasing power and higher production levels. Failure to achieve these cost reductions could adversely impact our business and financial results.

***There are difficult issues to navigate in the development and use of AI, which may result in reputational harm or liability, and failure to introduce new and innovative products that have AI capabilities could put us at a competitive disadvantage.***

We currently incorporate machine learning and AI capabilities into certain of our products and solutions and may seek to expand the use of AI in our offerings in the future. As with many innovations, AI presents risks, challenges, and unintended consequences that could affect our business. AI algorithms and training methodologies may be flawed and the outputs of AI tools may produce inaccurate results or hallucinations. The algorithms and models utilized in AI systems may have limitations, including biases, errors, or inability to handle certain data types or scenarios or to render explainable outputs. These deficiencies and other failures of AI systems could subject us to competitive harm, regulatory action, legal liability, and brand or reputational harm. Further, incorporating AI could give rise to litigation risk and risk of non-compliance and unknown cost of compliance, as AI is an emerging technology for which the legal and regulatory landscape is not fully developed (including potential liability for infringing intellectual property or violating privacy rights or laws). While new AI initiatives, laws, and regulations are emerging and evolving, what they ultimately will look like remains uncertain, and our obligation to comply with them could entail significant costs, negatively affect our business, or entirely limit our ability to incorporate certain AI capabilities into our offerings.

Additionally, leveraging AI capabilities to potentially improve internal functions and operations presents further risks and challenges. The use of AI to support business operations carries inherent risks related to data privacy and security, such as intended, unintended, or inadvertent transmission of proprietary, sensitive or export-controlled information, potential intellectual property infringement from the use of data to train AI tools or from outputs generated by AI tools, as well as challenges related to implementing and maintaining AI tools. Additionally, our competitors might move faster than us to gain efficiencies by incorporating AI into their design and development processes, and our products and/or cost structure could become less competitive as a result. The rapid evolution of AI will require the application of resources by us to develop, test and maintain our products, services and operations to help ensure that AI is implemented ethically in order to minimize unintended, harmful impact.

Furthermore, there are risks associated with the fact that the platforms providing AI models are in many cases owned and operated by emerging companies with less contractual and compliance sophistication. These factors may undermine our ability to effectively utilize AI and our competitors may be faster or more successful than we are in incorporating AI and other disruptive technology into their offerings, which would impair our ability to compete successfully.

***Our leases may be terminated or we may be unable to renew our leases on acceptable terms and if we wish to relocate, we may incur additional costs if we terminate a lease.***

We have made significant capital expenditures to improve several of our leased facilities in order to make them suitable for our purposes as well as to meet requirements that we are subject to as a U.S. Government contractor and to obtain facility security clearances. However, at the end of the lease term and during any renewal period for a facility, we may be unable to renew our leases without substantial additional cost, if at all. If we are unable to renew our facility leases, we may close or relocate a facility, which could subject us to construction and other costs and risks, which in turn could have an adverse effect on our business, results of operations, prospects and financial condition, including significant capital expenses that may materially impact our results of operations and our ability to meet certain contractual schedule commitments. Additionally, we may have to seek qualification of any new facilities in order to meet customer or contractual requirements. We would

------

##### [**Table of Contents**](#toc)
also have to obtain facility security clearances for the new facility in order to continue to perform on classified contracts. Further, we may not be able to secure a replacement facility in a location that is as commercially viable as that of the lease we are unable to renew, due to contracts that may require us to have facilities in certain locations. Having to close a facility, even briefly to relocate, would reduce the sales that such facility would be able to contribute to our revenues. Additionally, a relocated facility may generate less revenue and profit, if any, than the facility it was established to replace. Many of our facilities are located on leased premises subject to non-cancellable leases. Typically, our leases have initial terms ranging from two to five years, with options to renew for specified periods of time. We believe that our future leases will likely also be long-term and non-cancellable and have similar renewal options. If we close or stop fully utilizing a facility, we will most likely remain obligated to perform under the applicable lease, which would include, among other things, making the base rent payments, and paying insurance, taxes and other expenses on the leased property for the remainder of the lease term. Our inability to terminate a lease when we stop fully utilizing a facility could adversely impact our business, results of operations, prospects and financial condition.

***Earnings and cash flows can be impacted by changes in tax laws.***

As a U.S.-based company with foreign business interests, we are subject to income tax in the U.S. and numerous jurisdictions outside the U.S. The relevant tax rules and regulations are complex, often changing and, in some cases, are interdependent. If these or other tax rules and regulations should change, our earnings and cash flows could be negatively impacted. Our worldwide provision for income taxes is determined, in part, through the use of significant estimates and judgments. Numerous transactions arise in the ordinary course of business where the ultimate tax determination is uncertain. We undergo tax examinations by tax authorities on a regular basis. While we believe our estimates of our tax obligations are reasonable, the final outcome after the conclusion of any tax examinations and any litigation could be materially different from what has been reflected in our historical financial statements. Also, due to the U.S. Internal Revenue Service tax capitalization rules, Section 174, which requires R&D expenditures to be capitalized and amortized over a 5-year period for tax purposes, we expect an increase in cash paid for U.S. federal income taxes in future fiscal years relative to prior periods. The One Big Beautiful Bill Act features several tax reforms including suspending the capitalization and amortization of domestic R&D expenditures for amounts paid or incurred in tax years beginning after December 31, 2024, and before January 1, 2030.

***Changes in trade policies, including the recently-announced tariff regime, could cause adverse impacts to our business.***

In the first half of 2025, we observed a significant shift in U.S. trade policy, with increased tariffs and the imposition of significant new tariffs that could have an adverse impact our supply chain and business operation. Changes in trade policies, such as new tariffs or increases in tariffs, or reactionary measures including retaliatory tariffs, legal challenges, or currency manipulation, could have an adverse effect on our business.

Additionally, retaliatory measures, or prolonged uncertainty in trade relationships could result in supply chain disruptions, delayed shipments, or increased operational complexity, which could also adversely affect our business, results of operations and cash flows. While we intend to take steps to mitigate any impacts of tariffs or other impacts resulting from changes in trade policy, our ability to do so may be limited by operational and supply chain constraints, especially in the short term.

***We use estimates in accounting for many of our programs and changes in our estimates could adversely affect our future financial results.***

Contract accounting requires judgments relative to assessing risks, including risks associated with estimating contract transaction prices and costs, definitization of certain contract prices, assumptions for schedule and technical issues, customer-directed delays and reductions in scheduled deliveries, and unfavorable resolutions of claims and contractual matters. Due to the size and nature of many of our contracts, the estimation of total costs at completion is complicated and subject to many variables. For example, we must make assumptions regarding the length of time

------

##### [**Table of Contents**](#toc)
to complete the contract because costs also include expected increases in wages and prices for materials; and consider incentives or penalties related to performance on contracts and include them in the variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the related uncertainty is resolved. Because of the significance of the judgments and estimation processes described above, it is likely that materially different amounts could be recorded if we used different assumptions or if the underlying circumstances were to change. Changes in underlying assumptions, circumstances or estimates may adversely affect our future results of operations and financial condition.

***Cost overruns on our contracts could subject us to losses, decrease our operating margins and adversely affect our future business.***

If we fail to anticipate technical problems, estimate costs accurately or control costs during our performance of fixed-price contracts, then we may incur losses on these contracts because we absorb any costs in excess of the fixed price. Under cost-plus-fee contracts, if costs exceed the contract ceiling or are not allowable under the provisions of the contract or applicable regulations, then we may not be able to obtain reimbursement for all such costs. Under time and materials contracts, we are paid for labor at negotiated hourly billing rates and for certain expenses. Because many of our contracts involve advanced designs and innovative technologies, we may experience unforeseen technological difficulties and cost overruns. Under each type of contract, if we are unable to control the costs we incur in performing under the contract, then our financial condition and results of operations could be adversely affected. Cost overruns also may adversely affect our ability to sustain existing programs and obtain future contract awards.

***We have undergone, and may continue to experience, changes to our executive leadership team and senior management, and if we are unable to integrate new members of our executive leadership team or senior management, or if we fail to retain members of our executive leadership team and senior management, our business and operations may be adversely affected.***

Our success is substantially dependent on the continued service of certain members of our senior management, including Roger Wells, our Chief Executive Officer. Our executives have been primarily responsible for determining the strategic direction of our business and for executing our growth strategy and are integral to our brand, culture and the reputation we enjoy with suppliers, distributors and customers. The loss of the services of any of these executives could have a material adverse effect on our business and prospects, as we may not be able to find suitable individuals to replace them on a timely basis, if at all. In addition, any such departure could be viewed in a negative light by investors and analysts, which may cause the price of our common stock to decline.

From time to time, there may be changes in our executive leadership team and senior management as a result of the hiring, departure or realignment of key personnel, and such changes may impact our business. Any significant leadership change or senior management transition involves inherent risk and any failure to ensure the timely and suitable replacement and a smooth transition could hinder our strategic planning, business execution and future performance. In particular, these or any future leadership transitions may result in a loss of personnel with deep institutional or technical knowledge and changes in business strategy or objectives and have the potential to disrupt our operations and relationships with employees and customers due to added costs, operational inefficiencies, changes in strategy, decreased employee morale and productivity and increased turnover. If we are unable to successfully integrate new executive leadership team members and senior management, our operations may be adversely affected and we may not be able to achieve our operating objectives.

***Our Executive Chairman, senior management and key employees are important to our customer relationships and overall business.***

We believe that our success depends in part on the continued contributions of our senior management and key employees, including our founder and Executive Chairman, Mr. Raduenz, and our Chief Executive Officer, Mr. Wells. We rely on our Executive Chairman, executive officers, senior management and key employees to generate business and execute programs successfully. In addition, the relationships and reputation that members of our management team and key employees have established and maintain with government defense personnel

------

##### [**Table of Contents**](#toc)
contribute to our ability to maintain good customer relations and to identify new business opportunities. The loss of any of our continuing executive officers, Executive Chairman, members of our senior management team or key employees could significantly delay or prevent the achievement of our business objectives and could materially harm our business and customer relationships and impair our ability to identify and secure new contracts and otherwise manage our business.

***We face significant risks in the management of our inventory, and failure to effectively manage our inventory levels may result in supply imbalances that could harm our business.***

We maintain a variety of parts and components in inventory to allow us to produce and customize our products for specific customer requirements, which parts are potentially subject to obsolescence and expiration. Due to the long-lead time for obtaining certain product components, including in response to procurement issues caused by shortages in the supply chain for such components, and the manufacturing cycles, we need to make forecasts of demand and commit significant resources towards manufacturing our products. As such, we are subject to risks in managing the inventory needs of our business during the year, including estimating the appropriate demand for our products. Should design changes be required in our products, we may be adversely affected. Should orders and market conditions differ significantly from our estimates, our future results of operations could be adversely affected. In the future, we may be required to record write-downs of finished products and materials on-hand and/or additional charges for excess purchase commitments as a result of future changes in our sales forecasts or customer orders. We may hold material amounts of inventory at third parties which are subject to separate management processes. Additionally, our failure to manage inventory effectively, including in response to the effects of shortages of our components, could expose us to losses.

Additionally, shortages of components may result in increased inventory of unfinished products and significant quantities of other unused components remaining in inventory, which could expose us to increased risks of obsolescence and losses which may not be covered by insurance.

***Shortfalls in available external R&D funding could adversely affect us.***

We depend on our R&D activities to develop the core technologies used in our products and for the development of our future products. A portion of our R&D activities depends on funding the U.S. Government. U.S. Government spending levels can be impacted by a number of variables, including budgeting policies and changes in government oversight, general economic conditions and competition for U.S. Government funding with other U.S. Government-sponsored programs in the budget formulation and appropriation processes. To the extent that these external sources of funding are reduced or eliminated, company funding for R&D could be reduced. Any reductions in available R&D funding could harm our business, financial condition and operating results.

***Technological failures or cybersecurity breaches or other unauthorized access to our, our customers' and/or our suppliers' information and systems could negatively impact our business.***

We utilize and depend on (i) operational systems, including business, financial, accounting, product development, data processing or production processes, owned by us or our third-party vendors or suppliers and (ii) facility security systems, owned by us or our third-party vendors or suppliers to process, transmit and store electronic information. Our operations rely on the proper functioning of information technology systems and infrastructure, including both systems and infrastructure that we operate for ourselves and systems or infrastructure that we license, lease or purchase from third-parties, to process, transmit, store and protect electronic information, including sensitive and proprietary information. These systems could fail or be interrupted due to conditions beyond our control, including security incidents, cyber-attacks and agreement terminations with third-party service providers. A failure of or interruption to our systems could disrupt our business operations, result in loss of intellectual property, trade secrets or other proprietary or competitively sensitive information, compromise certain information of customers, employees, suppliers or others, jeopardize the security of our facilities or affect the performance of our products and services.

------

##### [**Table of Contents**](#toc)
We face various ongoing security threats to the confidentiality, integrity and availability of our information technology infrastructure and the information processed, transmitted, stored and protected thereon and thereby, including cyber security attacks on our information technology infrastructure, which may include attempts to gain access to our proprietary, financial, banking or classified information, disrupt use of our systems or otherwise compromise the integrity of our operations. Our intellectual property, trade secrets, and confidential business information are stored in electronic formats that could be leaked to competitors or the public due to cybersecurity incidents if they occur, which may result in the loss of our competitive advantages and market share. The threats we face vary from those common to most industries, such as malware (including ransomware), to attacks by more advanced and persistent, highly organized adversaries, including nation state actors, which target us for the national security information in our possession, for our role in developing advanced technological systems or with the goal of committing fraudulent activity. Third parties, including activist, criminal, nation-state or terrorist actors, may attempt to fraudulently induce us or our personnel to disclose sensitive information (including passwords) in order to gain access to data, accounts, funds or other assets, or otherwise to inflict harm. Our customers, suppliers and subcontractors are likewise targeted, while to date no incidents have had a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. We expect such attacks to continue and attack methods continue to evolve. Some cyberattacks depend on human error or manipulation, including phishing attacks or schemes that use social engineering or AI to gain access to systems or carry out disbursement of funds or other frauds. Developments in AI and machine learning provide threat actors with the capability to use more sophisticated means to attack our systems and may exacerbate cybersecurity risk. Although we have implemented a variety of security measures, including multiple procedures and controls to monitor and mitigate these threats, there can be no assurance that these measures or that the measures of our third-party vendors will be sufficient or effective to prevent current or future security threats, physical or cyber access or system disruptions, including the unauthorized release of confidential technical, financial or banking information or corruption of data. For example, we may have limited insight into the data privacy or cybersecurity practices of third-party service providers and vendors. Even if our own security measures remain intact, cyber-attacks, data breaches, security incidents, malicious internet-based activities or other incidents or failures at one of our third-party service providers or our vendors could compromise our systems and data. Further, in such a circumstance, we may not receive timely notice of, or sufficient information about, the breach or other incident or failure, or be able to exert any meaningful control of or influence over how and when the breach or other incident or failure is addressed. Accordingly, any significant operational delays, or any destruction, manipulation or improper use of our data, information systems or networks could adversely affect our financial results and damage our reputation with customers, suppliers and stockholders, and the reputation of our products and services. Further, the costs of mitigating cybersecurity risks may be significant, including, but not limited to, retaining the services of cybersecurity providers; compliance costs arising out of existing and future cybersecurity, data protection and privacy laws and regulations; and costs related to maintaining redundant networks, data backups and other damage-mitigation measures. Moreover, the mere perception of a security breach involving us or any part of the broader aerospace industry, whether or not true, could also damage our business, operations or reputation.

The occurrence of some of these risks may be increased due to the increase in remote working by our employees, suppliers, contractors and other third parties. The impact of cyber-attacks cannot be predicted due to the constantly evolving nature and complexity of such incidents. If we or our partners are subject to data security breaches, whether cyber or due to a failure in physical security protocols, we may lose existing sales and new business opportunities, see increased costs arising from remediation of the breach and the restoration or implementation of additional security measures, be subject to regulatory investigations or enforcement actions and litigation (such as class actions), including fines and penalties, and face increased insurance or audit requirements in our third-party contracts, any of which could materially and adversely affect our business and financial results. Additionally, expenses resulting from cyber security attacks and other security risks may not be fully insured or otherwise mitigated, which could harm our financial results.

Threat actors, nation-states and nation-state supported actors now engage, and are expected to continue to engage, in cyber-attacks, including for geopolitical reasons and in connection with military conflicts and

------

##### [**Table of Contents**](#toc)
operations. During times of war and other major conflicts, we and our third-party vendors or suppliers may be vulnerable to heightened risk of these attacks. Our systems, networks and physical facilities could be breached, or confidential or personal information could otherwise be compromised due to employee error or malfeasance, if, for example, third parties attempt to fraudulently induce our employees or our customers to disclose information or usernames and/or passwords. Third parties may also exploit vulnerabilities in, or obtain unauthorized access to, platforms, systems, networks and/or physical facilities utilized by our third-party service providers and vendors. If a compromise of data were to occur, we may become liable under our contracts with other parties and under applicable law for damages, incur penalties and be responsible for other costs to respond to such an incident.

From time to time, we may also implement new information technology systems or replace and/or upgrade our current information technology systems. These upgrades or replacements may not improve our productivity to the levels anticipated and may subject us to inherent costs and risks associated with implementing, replacing, and updating these systems, including potential disruption of our internal control structure, substantial capital expenditures, demands on management time and other risks of delays or difficulties in transitioning to new systems or of integrating new systems into other existing systems.

***Our employees or others acting on our behalf may engage in misconduct or other improper activities, which could cause us to lose contracts or cause us to incur costs.***

We are exposed to the risk that employee fraud or other misconduct from our employees or others acting on our behalf could occur. Misconduct by employees or others could include intentional failures to comply with our policies or procedures or with federal, state or local government procurement regulations, regulations regarding the use and safeguarding of classified or other protected information, legislation regarding the pricing of labor and other costs in government contracts, laws and regulations relating to environmental, health or safety matters, bribery of foreign government officials, import-export control, lobbying or similar activity and any other applicable laws or regulations. Misconduct by our employees or others acting on our behalf could also involve the improper use or disclosure of sensitive or classified information, which could result in claims, remediation costs, regulatory investigations or sanctions against us, corruption of disruption of our systems or those of our customers, impairment of our ability to provide services to our customers, loss of current and future contracts, indemnity obligations, serious harm to our reputation and other potential liabilities. We may also be subject to claims of or relating to wrongful termination, violation of employment rights related to employment screening or privacy issues; misclassification of workers as employees or independent contractors; violation of wage and hour requirements and other labor laws; employment of undocumented noncitizens; criminal activity; torts; breach of contract; failure to protect confidential personal information; intentional criminal misconduct; misuse or misappropriation of client intellectual property; employee benefits; or other claims. It is not always possible to deter misconduct, and the precautions we take to prevent and detect this activity may not be effective in controlling unknown or unmanaged risks or losses, which could cause us to lose contracts or cause a reduction in revenues. In addition, alleged or actual misconduct by employees or others acting on our behalf could result in investigations or prosecutions of persons engaged in the subject activities, which could result in unanticipated consequences or expenses and management distraction for us regardless of whether we are alleged to have any responsibility.

We may in the future experience such misconduct, despite our various compliance programs. Misconduct or improper actions by our employees, agents, subcontractors, suppliers, business partners and/or joint ventures could subject us to administrative, civil or criminal investigations and enforcement actions; monetary and non-monetary penalties; liabilities; and the loss of privileges and other sanctions, including suspension and debarment, which could negatively impact our reputation and ability to conduct business and could have an adverse effect on our financial position, results of operations and/or cash flows.

***Our work for the U.S. Government and international governments may expose us to increased security risks.***

As a government contractor, given the enhanced sensitivity of the information to which we have access and the nature of our products and services, we are at increased risk of being targeted for cyber and other security

------

##### [**Table of Contents**](#toc)
attacks, including threats to the physical security of our facilities and employees. In addition, we work in international locations where there are high security risks, which could result in harm to our employees, contractors, and remote assets, and substantial protection or recovery costs. Some of our services are performed in or adjacent to high-risk locations where the country or location is experiencing political, social or economic issues, or war or civil unrest. In those locations where we have employees or operations, we may incur substantial costs to maintain the safety of our personnel, our remote assets and our information. As such international locations and the risks associated with them change rapidly, such precautions may be insufficient to avoid such risks including possible possession of our remote assets and related access to our intellectual property by unintended third parties and the possible loss of our personnel in these locations, which could harm our business and operating results.

***Our cash may be subject to a risk of loss, and we may be exposed to fluctuations in the market values of our portfolio investments and in interest rates.***

Our assets include a significant amount of cash and investments. Nearly all of our cash and bank deposits are not insured by the Federal Deposit Insurance Corporation. Therefore, our cash and any bank deposits that we now hold or may acquire in the future may be subject to risks, including the risk of loss or of reduced value or liquidity.

***Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.***

Global credit and financial markets have experienced extreme disruptions in recent years, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability and a potential recession. There can be no assurance that renewed deterioration in credit and financial markets and confidence in economic conditions will not occur. Our general business strategy may be adversely affected by any economic downturn, volatile business environment or continued unpredictable and unstable market conditions. If the current equity and credit markets deteriorate, or do not improve, it may make any necessary debt or equity financing more difficult, costlier and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable terms could have an adverse effect on our growth strategy, financial performance and stock price and could require us to delay or abandon implementing business initiatives. These events and the continuing market upheavals could adversely affect our business in a number of ways, including:

*Potential Deferment of Purchases and Orders by Customers:* Uncertainty about current and future global economic conditions may cause governments, including the U.S. Government, which is our largest customer, other customers and businesses to modify, defer or cancel purchases in response to tighter credit, decreased cash availability and declining consumer confidence. Accordingly, future demand for our products could differ materially from our current expectations. Additionally, if customers are not successful in generating sufficient revenue or are precluded from securing financing, they may not be able to pay, or may delay payment of, accounts receivable that are owed to us. Any inability of current and/or potential customers to pay us for our products may adversely affect our earnings and cash flow.

*Negative Impact from Increased Financial Pressures on Key Suppliers:* Our ability to meet customers' demands depends, in part, on our ability to obtain timely and adequate delivery of quality materials, parts and components from our suppliers. If certain key suppliers were to become capacity constrained or insolvent as a result of a market downturn or disruption, then we may have to find new suppliers, which can result in significant delays in manufacturing and shipping our products to customers and additional costs. See "—If critical components or raw materials used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business," for more detail on risks related to our supply chain.

------

##### [**Table of Contents**](#toc)
*Customers' Inability to Obtain Financing to Make Purchases from Us and/or Maintain Their Business:* Some of our customers may require substantial financing in order to fund their operations and make purchases from us. The inability of these customers to obtain sufficient credit to finance purchases of our products or services, or otherwise meet their payment obligations to us could adversely impact our financial condition and results of operations. In addition, if a market downturn results in insolvencies for our customers, it could adversely impact our financial condition and results of operations.

***Acquisitions could be difficult to integrate, divert the attention of key personnel, disrupt our business, dilute stockholder value and impair our financial results.***

From time to time we make equity or asset acquisitions and investments in companies and technology ventures. Such acquisitions generally are intended to achieve various strategic initiatives including the expansion of our product or service offerings, technical capabilities or customer base. These acquisitions involve numerous risks, any of which could harm our business, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our pre-acquisition due diligence may fail to identify material risks or
we may fail to accurately estimate the commercial and technical value of the acquired assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating the operations, technologies, products, existing contracts, accounting and personnel
of the companies we acquire and realizing the anticipated synergies of the combined businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining existing agreements with customers, suppliers, distributors and vendors, avoiding delays in entering
into new agreements with prospective customers, suppliers, distributors and vendors, and leveraging relationships with such third parties for the benefit of the post-acquisition combined company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of financial and management resources from existing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price we pay or other resources that we devote may exceed the value we realize, or the value we could have
realized if we had allocated the purchase price or other resources to another opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of entering new markets in which we have limited or no experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the technologies acquired may not prove to be leading technologies in our markets, may be less mature or less
relevant than anticipated, may not have adequate intellectual property rights protection or may infringe proprietary rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the complexities of managing a workforce under foreign labor and employment law and related organizational
requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential loss of key employees, customers and strategic alliances from either our current business or the
acquired company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumption of unanticipated problems or latent liabilities, such as problems with the quality of the acquired
company's products or its regulatory compliance, including compliance related to U.S. Government contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanded regulatory compliance complexity and risk, including compliance with regulations of foreign
jurisdictions.

Acquisitions also frequently result in the recording of goodwill and other intangible assets that are subject to potential impairments in the future that could harm our financial results. In addition, if we finance acquisitions by issuing equity, or securities convertible into equity, then our existing stockholders may be diluted, which could lower the market price of our common stock. Further, as lock-up and other restrictions on such consideration shares lapse, we could experience heightened trading activity that could disrupt the market price for our common stock. If we finance acquisitions through debt, then such future debt financing may contain covenants or other provisions that limit our operational or financial flexibility and represent default risk if we are unable to maintain certain financial performance metrics while the debt remains outstanding.

------

##### [**Table of Contents**](#toc)
It is possible that following an acquisition, the integration process could result in the loss of key employees, the loss of customers, the disruption of either or both of our and the acquired company's ongoing businesses, inconsistencies in standards, controls, procedures and policies, unexpected integration issues including the integration of IT systems, higher than expected integration costs and an overall post-completion integration process that takes longer than originally anticipated. In addition, the actual integration may result in additional and unforeseen expenses. If we are not able to adequately address integration challenges, we may be unable to successfully integrate operations, and the anticipated benefits of the acquisition may not be realized.

In addition, we must achieve the anticipated growth and cost savings without adversely affecting current revenues and investments in future growth. If we are not able to successfully achieve these objectives, the anticipated synergies and other benefits of the acquisition may not be realized fully, or at all, or may take longer to realize than expected. Additionally, we may inherit from acquired companies legal, regulatory, and other risks that occurred prior to the acquisition, whether known or unknown to us, which may be material.

Actual growth, cost and capital expenditure synergies and other cost savings, if achieved, may be lower than what we expect and may take longer to achieve than anticipated. Moreover, at times the attention of the management and resources may be focused on the business integration and diverted from day-to-day business operations or other opportunities that may have been beneficial to us, which may disrupt our ongoing business.

If we fail to properly evaluate acquisitions or investments, we may not achieve the anticipated benefits of any such acquisitions, and we may incur costs in excess of what we anticipate. The failure to successfully evaluate and execute acquisitions or investments or otherwise adequately address these risks could materially harm our business and financial results.

***Our financial results of operations could be affected by impairment of our goodwill or other intangible assets.***

Goodwill and other intangible assets that have indefinite useful lives must be evaluated at least annually for impairment. The specific guidance for testing goodwill and other non-amortized intangible assets for impairment requires management to make certain estimates and assumptions when determining the fair value of reporting unit net assets and liabilities, including, among other things, an assessment of market conditions, projected cash flows, investment rates, cost of capital and growth rates, which could significantly impact the reported value of goodwill and other intangible assets. Changes in our estimates and assumptions could impact projected cash flows and the fair value of reporting units. Fair value is generally determined using a combination of the discounted cashflow, market multiple and market capitalization valuation approaches. Absent any impairment indicators, we generally perform our evaluations annually in the fourth quarter, using available forecast information.

Fair value determinations utilized in the quantitative goodwill impairment test require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax rates, discount rates, growth rates, and other market factors. Estimated future annual net cash flows based in part upon our ability to obtain contracts from the DoW and foreign allied nations and negotiate the estimated pricing are considered the most significant, sensitive assumptions. Actual results can be materially different from the estimates and assumptions. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates, income tax rates, or inflation, change, or if management's expectations or plans otherwise change, including updates to long-term operating plans, then we could recognize future impairment charges, the amount of which could be material.

------

##### [**Table of Contents**](#toc)
***We have identified material weaknesses in our internal control over financial reporting. If we do not successfully remediate these material weaknesses, or if we identify additional material weaknesses in the future, our ability to accurately report our financial results and comply with our reporting obligations could be adversely affected, which may negatively impact investor confidence and the value of our securities.***

In connection with the preparation of our consolidated financial statements as of December 31, 2024, we identified material weaknesses in our internal control over financial reporting, which remain unremediated as of December 31, 2025. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

We did not design and maintain an effective control environment as we lacked a sufficient complement of personnel with an appropriate level of internal controls and accounting knowledge, training and experience commensurate with our financial reporting requirements. The limited personnel resulted in our inability to consistently establish appropriate authorities and responsibilities to support of our financial reporting objectives, as demonstrated by, among other things, insufficient segregation of duties in our finance and accounting functions. Further, due to rapid business growth, the design and implementation of controls have not been sufficient to respond to changes to the risks of material misstatement to financial reporting. These material weaknesses contributed to the following additional material weaknesses: We did not design and maintain formal accounting policies, procedures, and controls to achieve complete, accurate, and timely financial accounting, reporting and disclosures, including controls over the preparation and review of account reconciliations and journal entries, and control activities related to all significant accounts and disclosures. These material weaknesses resulted in audit adjustments to substantially all account balances, certain of which were material.

In addition to the foregoing, we did not design and maintain effective controls over information technology ("IT") general controls for information systems that are relevant to the preparation of our consolidated financial statements, specifically, with respect to: (i) program change management controls for financial systems to ensure that IT program and data changes affecting financial IT applications and underlying accounting records are identified, tested, authorized, and implemented appropriately; (ii) user access controls to ensure appropriate segregation of duties and that adequately restrict user and privileged access to financial applications, programs, and data to appropriate company personnel; (iii) computer operations controls to ensure that critical batch jobs are monitored and data backups are authorized and monitored; and (iv) testing and approval controls for program development to ensure that new software development is aligned with business and IT requirements. These IT deficiencies did not result in a misstatement to the financial statements; however, the deficiencies, when aggregated, could impact maintaining effective segregation of duties, as well as the effectiveness of IT-dependent controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT controls and underlying data that support the effectiveness of system-generated data and reports) that could result in misstatements potentially impacting all financial statement accounts and disclosures that would not be prevented or detected. Accordingly, management has determined these deficiencies in the aggregate constitute a material weakness.

Additionally, these above material weaknesses could result in misstatements of substantially all account balances and disclosures that would result in a material misstatement to our financial statements that would not be prevented or detected.

We have begun, and are continuing, to take steps intended to remediate these material weaknesses and to strengthen our internal control over financial reporting. These actions include, among other things, (i) hiring additional personnel with appropriate technical accounting, financial reporting and internal control expertise; (ii) engaging a third-party advisory firm to assist in the design and implementation of control activities across the business processes that support the Company's significant accounts and disclosures; (iii) with the assistance of a third-party advisory firm, designing and implementing a formal financial statement risk assessment in order to identify material financial statement line items for which key controls are needed in order to ensure complete and

------

##### [**Table of Contents**](#toc)
accurate financial reporting; (iv) designing and implementing training procedures within the Company's accounting and finance functions to enhance knowledge and understanding of internal control over financial reporting; and (v) developing a detailed remediation plan which includes activities related to creating and maintaining formal accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures; designing and implementing controls related to the preparation and review of journal entries and account reconciliations to ensure proper segregation of duties; and information technology general controls for all relevant information systems, including controls over program change management, the review, approval and update of user access rights and privileges, controls over batch jobs and data backups, and program development approvals and testing for new systems.

As a public company, the Company will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of its internal control over financial reporting in our future annual reports on Form 10-K to be filed with the SEC beginning with the second annual report following our initial public offering. Failure to comply with the Sarbanes-Oxley Act could potentially subject us to sanctions or investigations by the SEC, or other regulatory authorities, which would require additional financial and management resources.

These remediation efforts are ongoing, and the actions we will continue to take may not be sufficient to remediate the material weaknesses we have identified or avoid potential future material weaknesses. If we are unable to remediate these material weaknesses in a timely manner, or if we identify additional material weaknesses, there could be a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements would not be prevented or detected on a timely basis. In that event, we could be required to restate our financial statements, may be unable to assert that our internal control over financial reporting is effective or to obtain, when required, an unqualified opinion from our independent registered public accounting firm regarding the effectiveness of our internal control over financial reporting, and could fail to meet our reporting obligations. Any of these outcomes could adversely affect investor confidence in our financial reporting, our business, financial condition and results of operations, and the market price of our securities.

***We face various risks related to pandemics and similar public health crises, which may adversely impact our business.***

We cannot predict the effect of future public health crises on our business and operations. The emergence of pandemics and other public health crises may require the adoption of work from home protocols, social distancing measures in the workplace, international travel restrictions, vaccine mandates and other responsive actions and other changes to our operations. Public health crises may result in travel disruptions, quarantine requirements or other similar logistics restrictions, may further reduce our and our customers' capabilities to travel, domestically and internationally, which may impact our ability to perform certain contracts, develop and renew contracts, or market our products, or could otherwise disrupt portions of our business and have an adverse effect on our business, financial condition and results of operations.

***Our business and operations are subject to physical and other risks that could disrupt production.***

Our operations and those of our customers and suppliers have been and may again be subject to natural disasters, climate change-related events, pandemics or other business disruptions, which could have an adverse effect on our results of operations. Some of our manufacturing facilities are located in regions that experience seismic activity and wildfires, and in other areas prone to natural disasters. In addition, due to the volatile and flammable nature of certain components of our products and equipment, fires or explosions may disrupt our business or cause significant injuries, which could adversely affect our financial results. While we maintain insurance coverage to cover certain risks of losses for damage or destruction to facilities and property and for interruption of our business, such insurance may not cover specific losses and the amount of our insurance coverage may not be adequate to cover all of our losses. A significant natural disaster, such as an earthquake, fire or other catastrophic event, could severely affect our ability to conduct normal business operations, and as a

------

##### [**Table of Contents**](#toc)
result, our future operating results could be materially and adversely affected, including if our losses are not adequately or timely covered by our insurance.

We are also vulnerable to damage from other types of disasters, including power loss, fire, explosions, floods, communications failures, terrorist attacks and similar events. From time to time, these activities may result in incidents that could cause us to temporarily shut down or otherwise disrupt some manufacturing processes, which could cause production delays, and could result in liability for workplace injuries and/or fatalities. Should insurance or other risk transfer mechanisms, such as our existing disaster recovery and business continuity plans, be insufficient to recover all costs, we could experience an adverse effect on our business, results of operations, prospects and financial condition.

***We self-insure a portion of our health insurance program, which may expose us to unexpected costs and negatively affect our results of operations.***

We are self-insured for the majority of our employee medical claims, subject to individual and aggregate stop loss insurance policies. We estimate liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period between the occurrence of a claim and the time it is reported to and paid by us. However, unanticipated changes in assumptions and management estimates underlying our recorded liabilities for medical claims could result in materially different amounts of expense than expected under our health insurance program, which could have an adverse material impact on our financial condition and results of operations.

Additionally, as we have a self-insured health plan, we are considered a "covered entity" under the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, and regulations implemented thereunder (collectively, "HIPAA"). HIPAA requires covered entities and business associates to develop and maintain policies with respect to the protection of, use and disclosure of protected health information, including the adoption of administrative, physical and technical safeguards to protect such information, and certain notification requirements in the event of a breach of unsecured protected health information. Entities that are found to be in violation of HIPAA as the result of a breach of unsecured protected health information, a complaint about privacy practices or an audit by the U.S. Department of Health and Human Services ("HHS") may be subject to significant civil, criminal and administrative fines and penalties and/or additional reporting and oversight obligations if required to enter into a resolution agreement and corrective action plan with HHS to settle allegations of HIPAA non-compliance.

***Recession, financial and credit market disruptions may adversely affect us.***

If a global recession emerges, we may experience declines in revenues, profitability and cash flows from reduced orders, payment delays, collection difficulties, increased price pressures for our products, increased risk of excess and obsolete inventories or other factors caused by the economic problems of our customers. If negative conditions in the global credit markets prevent our customers from having access to credit or render them insolvent, orders for our products may decrease, which would result in lower revenue. Likewise, if our suppliers face challenges in obtaining credit, selling their products, or otherwise in operating their businesses or remaining solvent, they may become unable to offer the materials we use to manufacture our products. An economic or credit crisis could also have an impact on our ability to raise capital when needed. These events could adversely impact our ability to manufacture affected products and could also result in reductions in our revenue, increased price competition, and increased operating costs, which could adversely affect our business, financial condition, operational results, and cash flows.

------

##### [**Table of Contents**](#toc)
**Risks Related to Our Government Contracts** 

***If we fail to establish and maintain important relationships with government agencies and prime contractors, our ability to successfully maintain and develop new business may be adversely affected.***

Our reputation and relationship with the U.S. Government, and in particular with the agencies of the DoW and the IC, are key factors in maintaining and developing new business opportunities. In addition, we often act as a subcontractor or in arrangements in which we and other contractors bid together on particular contracts or programs for the U.S. Government or government agencies. We expect to continue to depend on relationships with other prime contractors for a portion of our revenue for the foreseeable future. Negative press reports regarding conflicts of interest, poor contract performance, employee misconduct, information security breaches or other aspects of our business, regardless of accuracy, could harm our reputation. Additionally, as a subcontractor or team member, we often lack control over the fulfillment of a contract, and poor performance on the contract could tarnish our reputation, even when we perform as required. As a result, we may be unable to successfully maintain our relationships with government agencies or prime contractors, and any failure to do so could adversely affect our ability to maintain our existing business and compete successfully for new business.

***U.S. Government contracts are generally not fully funded at inception, contain certain provisions that may be unfavorable to us and may be undefinitized at the time of the start of performance, which could prevent us from realizing our contract backlog and materially harm our business and results of operations.***

U.S. Government contracts typically involve long lead times for design and development and are subject to significant changes in contract scheduling. Congress generally appropriates funds on a fiscal year basis, even though a program may continue for several years. Consequently, programs are often only partially funded initially, and additional funds are committed only as Congress makes further appropriations. The termination or reduction of funding for a government program would result in a loss of anticipated future revenue attributable to that program. In addition, the annual appropriations process may be delayed or disrupted. If Congress fails to approve an annual budget, portions of the U.S. Government can shut down or operate under a continuing resolution that maintains spending at prior-year levels, which can impact funding for our programs or the timing of new awards.

The actual receipt of revenue on awards included in backlog may never occur or may change because a program schedule could change or the program could be canceled, or a contract could be reduced, modified or terminated early.

In addition, U.S. Government contracts generally contain provisions permitting termination, in whole or in part, at the government's convenience or for contractor default. Since a substantial majority of our revenue is dependent on the procurement, performance and payment under our U.S. Government contracts, the termination of one or more critical government contracts could have a negative impact on our results of operations and financial condition. Termination arising out of our default could result in damage to our reputation, expose us to liability and have an adverse effect on our ability to re-compete for future contracts and orders. Moreover, several of our contracts with the U.S. Government do not contain a limitation of liability provision, creating a risk of responsibility for indirect, incidental damages and consequential damages. These provisions could cause substantial liability for us, especially given the use to which our products may be put.

Furthermore, we may operate from time to time under Undefinitized Contract Actions ("UCAs") or Uncommitted Obligations ("UCOs"), under which we may begin performance at the direction of the U.S. Government prior to completing contract negotiations regarding pricing, specifications and other terms. Under a UCA, the U.S. Government has the ability to unilaterally definitize contracts and, absent a successful appeal of such action, the unilateral definitization of the contract would obligate us to perform under terms and conditions imposed by the U.S. Government. Such unilaterally imposed contract terms could include less favorable pricing and/or terms and conditions more burdensome than those negotiated in other circumstances, which could negatively affect our expected profitability under such contract and could negatively affect our results of operations.

------

##### [**Table of Contents**](#toc)
***We are subject to extensive government regulation, and our failure to comply with applicable regulations could subject us to penalties that may restrict our ability to conduct our business.***

As a contractor to the U.S. Government, we are subject to and must comply with various government regulations that impact our revenue, operating costs, profit margins and the internal organization and operation of our business. The most significant regulations and regulatory authorities affecting our business include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Federal Acquisition Regulations and supplemental agency regulations, which comprehensively regulate the
formation and administration of, and performance under, U.S. Government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Truthful Cost or Pricing Data Act (formerly known as the Truth in Negotiations Act), which requires
certification and disclosure of all factual cost and pricing data in connection with contract negotiations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Federal cost accounting rules including the Federal Acquisition Regulation's Cost Principles, which
impose accounting requirements that govern our right to reimburse under cost-based government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the False Claims Act and the False Statements Act, which impose penalties for payments made on the basis of false
facts provided to the government and on the basis of false statements made to the government, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Foreign Corrupt Practices Act, which prohibits U.S. companies from providing anything of value to a foreign
official to help obtain, retain or direct business, or obtain any unfair advantage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the National Telecommunications and Information Administration and the Federal Communications Commission, which
regulate the wireless spectrum allocations upon which UAS depend for operation and data transmission in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Federal Aviation Administration, which regulates the use of airspace for all aircraft, including UAS
operation in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws and regulations related to supply chain, country of origin and domestic preference requirements, including
the Trade Agreements Act, Buy American Act, Buy America Act, and the Berry Amendment, which may require us to use or avoid certain suppliers or purchase or manufacture certain products domestically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controls to protect U.S. Government controlled unclassified information ("CUI"), which our suppliers
have access to in order to comply with cyber security regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the International Traffic in Arms Regulations and Export Administration Regulations, which regulate the export of
sensitive technology and hardware, including controlled technical data, defense articles and defense services and restrict the countries from which we may purchase materials and services used in the production of certain of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws, regulations and orders related to the Defense Priorities and Allocations System, which may require us to
prioritize the completion of certain government work over other contracts or orders, including commercial contracts or orders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws, regulations and executive orders restricting the use and dissemination of information classified for
national security purposes or determined to be CUI and the exportation of certain products and technical data.

Also, we need security clearances and regulatory approvals to continue working on certain of our projects with the U.S. Government. Classified programs generally require that we comply with various executive orders, federal laws and regulations and customer security requirements that may include restrictions on how we develop, store, protect and share information, and may require our employees and facilities to obtain government

------

##### [**Table of Contents**](#toc)
security clearances. We also must implement controls to protect U.S. Government CUI. Failure to implement such controls to protect CUI could jeopardize our ability to continue receiving U.S. Government contracts. Additionally, certain of our products are sold to the U.S. Government as commercial items. If the U.S. Government were to dispute the commercial designation of such items, and absent a successful appeal by us of such designation, the profitability of sales of such items could be negatively affected.

Our failure to comply with applicable regulations, rules and approvals; changes in the government's interpretation of such regulations, rules and approvals as have been and are applied to our contracts, proposals or business; or misconduct by any of our employees could result in the imposition of fines and civil, criminal, or administrative penalties, the loss of security clearances, a decrease in profitability, the loss of our government contracts or our suspension or debarment from contracting with the U.S. Government generally. In addition, over the last several years we have acquired other businesses that also hold or previously held U.S. Government contracts, including contracts awarded on the basis of the acquired company's small size or other preferential status. If these contracts were not properly awarded on the basis of preferential status, or if the acquired company previously failed to comply with laws, rules, and regulations applicable to government contractors, we could be subject to the liability described above.

If any of the forgoing were to occur, it could materially harm our business, financial condition and results of operations. We are also subject to certain regulations of comparable government agencies in other countries, and our failure to comply with these non-U.S. regulations could also materially harm our business, financial condition or results of operations.

***Our business could be adversely affected by a negative audit or investigation by the U.S. Government.***

Government contractors are highly regulated, and U.S. Government agencies, primarily the DCAA and the DCMA, routinely audit and investigate government contractors. These agencies review a contractor's performance under its contracts, cost structure and compliance with applicable laws, regulations and standards. These agencies also may review the adequacy of, and a contractor's compliance with, its internal control systems and policies, including the contractor's purchasing, quality, accounting, property, estimating, compensation and management information systems.

Like most government contractors, our contracts are audited and reviewed on a continual basis by the DCMA and the DCAA. The indirect costs we incur in performing government contracts have been audited or have been subject to audit on an annual basis. As of December 31, 2025 and 2024, we had approximately $0.4 million reserved for open incurred cost claim audits. In addition, non-audit reviews or investigations by the government may still be conducted on all our government contracts.

Any costs found to be improperly allocated to a specific cost reimbursement contract will not be reimbursed, while such costs already reimbursed must be refunded. If an audit or investigation of our business were to uncover improper or illegal activities, we could be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, suspension of payments, fines and suspension or debarment from doing business with the U.S. Government. We could experience serious harm to our reputation if allegations of impropriety or illegal acts were made against us, even if the allegations were inaccurate. In addition, responding to governmental audits or investigations may involve significant expense and divert management attention. In some cases, audits or investigations may result in disputes with the respective government agency that can result in arbitration, litigation, or negotiated settlements. If any of the foregoing were to occur, our financial condition and operating results could be adversely affected.

Moreover, if any of our administrative processes and business systems are found not to comply with the applicable requirements, we may be subjected to increased government scrutiny or required to obtain additional governmental approvals that could delay or otherwise adversely affect our ability to compete for or perform contracts. An unfavorable outcome to such an audit or investigation by the DCAA, U.S. Department of Justice ("DOJ"), or other government agency, could adversely affect our competitive position, affect our ability to obtain

------

##### [**Table of Contents**](#toc)
new government business, and obtain the maximum price for our products and services, and result in a substantial reduction of our revenues.

If we were suspended or debarred from contracting with the federal government generally, or any specific agency, if our reputation or relationship with government agencies were impaired, or if the government otherwise ceased doing business with us or significantly decreased the amount of business it does with us, our revenue and operating results could be materially harmed.

***Some of our contracts with the U.S. Government allow it to use inventions developed under the contracts and to disclose technical data to third parties, which could harm our ability to compete.***

Some of our contracts allow the U.S. Government to use, royalty-free, or have others use, inventions or intellectual property developed under those contracts on behalf of the government. Some of the contracts allow the federal government to disclose technical data or computer software developed in performance of the agreement or delivered to the government during the performance of the agreement without constraining the recipient on how that technical data or computer software is used. The ability of third parties to use patents and technical data or computer software creates the possibility that the government could attempt to establish alternative suppliers or to negotiate with us to reduce our prices. The potential that the government may release some of the technical data or computer software without constraint creates the possibility that third parties may be able to use this technical data or computer software to compete with us, which could have an adverse effect on our business, results of operations or financial condition.

***U.S. Government contracts are subject to a competitive bidding process that can consume significant resources without generating any revenue.***

U.S. Government contracts are frequently awarded only after formal, protracted competitive bidding processes and, in many cases, unsuccessful bidders for U.S. Government contracts are provided the opportunity to protest contract awards through various agency, administrative and judicial channels. We derive significant revenue from U.S. Government contracts that were awarded through a competitive bidding process. Much of the business that we expect to seek in the foreseeable future will likely be awarded through competitive bidding. Competitive bidding presents a number of risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need to bid on programs in advance of the completion of their design, which may result in unforeseen
technological difficulties and cost overruns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the substantial cost and managerial time and effort that must be spent to prepare bids and proposals for
contracts that may not be awarded to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need to estimate accurately the resources and cost structure that will be required to service any contract we
are awarded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expense and delay that may arise if our competitors protest or challenge contract awards made to us pursuant
to competitive bidding, and the risk that any such protest or challenge could result in the delay of our contract performance, the distraction of management, the resubmission of bids on modified specifications, or in termination, reduction or
modification of the awarded contract.

We may not be provided the opportunity to bid on contracts that are held by other companies and are scheduled to expire if the government extends the existing contract. If we are unable to win particular contracts that are awarded through a competitive bidding process, then we may not be able to operate for a number of years in the market for goods and services that are provided under those contracts. If we are unable to win new contract awards over any extended period consistently, then our business and prospects will be adversely affected.

------

##### [**Table of Contents**](#toc)
***We are subject to procurement rules and regulations, which increase our performance and compliance costs under our U.S. Government contracts.***

We must comply with, and are affected by, laws and regulations relating to the formation, administration and performance of U.S. Government contracts. These laws and regulations, among other things, require certification and disclosure of all cost and pricing data in connection with contract negotiation, define allowable and unallowable costs and otherwise govern our right to reimbursement under certain cost-based U.S. Government contracts, and restrict the use and dissemination of classified information and the exportation of certain products and technical data. These requirements, although customary in U.S. Government contracts, increase our performance and compliance costs. These costs might increase in the future, reducing our margins, which could have a negative effect on our financial condition. Although we believe we have implemented procedures to comply with these regulations and requirements, the regulations and requirements are complex and change frequently. Our or our agents' failure to comply with these regulations and requirements under certain circumstances could lead to suspension or debarment from U.S. Government contracting or subcontracting for a period of time and could have a negative effect on our reputation and ability to receive other U.S. Government contract awards in the future.

***Some of our contracts with the U.S. Government are classified, which may limit investor insight into portions of our business.***

We derive a portion of our revenues from programs with the U.S. Government that are subject to security restrictions (e.g., contracts involving classified information and classified programs) that preclude the dissemination of information and technology that is classified for national security purposes under applicable law and regulation. We are limited in our ability to provide details about these classified programs, their risks or any disputes or claims relating to such programs. As a result, investors and others might have less insight into our classified programs than our other businesses and, therefore, less ability to fully evaluate the risks related to our classified business.

***We hold contracts with state and/or local governments, which may likewise subject us to significant regulatory and procurement regulations.***

In addition to our federal U.S. Government contracts, we also hold a limited number of contracts with state and/or local governments, which may be subject to state and/or local procurement rules, regulations, and requirements, and may carry similar risks to our federal U.S. Government contracts. Our failure to comply with applicable regulations, rules and approvals; changes in the government's interpretation of such regulations, rules and approvals as have been and are applied to our contracts, proposals or business; or misconduct by any of our employees could result in the imposition of fines and civil, criminal, or administrative penalties, a decrease in profitability, the loss of our government contracts with that state or local entity or our suspension or debarment from contracting with that entity generally.

***Our performance on contracts with the DoW may result in restrictions on our ability to repurchase our common stock or may affect our eligibility for Foreign Military Sales or Government assistance with international direct commercial sales.***

On January 7, 2026, the President of the United States signed an Executive Order titled "Prioritizing the Warfighter in Defense Contracting" (the "Executive Order"), which directs the Secretary of War to identify certain defense contractors providing critical weapons, supplies and equipment that have engaged in stock repurchases or dividend distributions and are underperforming on their contracts, not investing capital into necessary production capacity, not prioritizing contract performance or whose production speed is insufficient (collectively, "Underperformance").

Defense contractors that do not address Underperformance may be subject to enforcement actions under the Defense Production Act or applicable contract law. Future defense contract awards are expected to include

------

##### [**Table of Contents**](#toc)
provisions prohibiting stock repurchases or dividend distributions and capping executive base salaries during periods of Underperformance, as determined by the Secretary of War. These contracts will also require that executive incentive compensation be linked to on-time delivery of work under defense contracts, increased production and facilitation of investments and operating improvements. The Secretary of War may also deny new advocacy cases for Foreign Military Sales or discontinue ongoing advocacy efforts for international direct commercial sales for contractors determined to be underperforming.

If we do not sufficiently perform and prioritize our U.S. Government defense contracts, invest capital into production capacity or meet required production timelines, we could be subject to restrictions, including our ability to compete for Foreign Military Sales or international direct commercial sales contracts. In addition, the U.S. Government could terminate our existing defense contracts or withhold payment for completed work due to Underperformance. The U.S. Government could also cap the base salaries of our executives based on a finding of Underperformance by the Secretary of War.

Given the recent issuance of the Executive Order, it is unclear how the U.S. Government will implement its enforcement provisions or what specific metrics or conditions the Secretary of War will use to identify Underperforming defense contractors. In the event that our performance of defense contracts resulted in the Secretary of War determining the same to the Underperformance under such future metrics or conditions, it could materially harm our business, result in reduced revenue and profitability, damage our reputation and customer relationships or adversely affect our stock price and increase its volatility.

**Risks Related to Legal and Regulatory Requirements** 

***Failure to obtain necessary regulatory approvals from the FAA or other governmental agencies, or limitations put on the use of SUAS, MUAS and C-UAS in response to public privacy concerns, may prevent us from expanding the sales of our SUAS, MUAS and C-UAS to non-military customers in the United States.***

The regulation of SUAS, MUAS and C-UAS for commercial use in the United States is undergoing substantial change and the ultimate treatment is uncertain. The FAA's COA approval process requires that the public operator certify the airworthiness of the aircraft for its intended purpose, that a collision with another aircraft or other airspace user is extremely improbable, that the small uncrewed aircraft system complies with appropriate cloud and terrain clearances and that the operator or spotter of the small uncrewed aircraft system is generally within one half mile laterally and 400 feet vertically of the small uncrewed aircraft system while in operation. Furthermore, the FAA's clarification of existing policy stated that the rules for radio-controlled hobby aircraft do not apply to public or commercial use of SUAS and MUAS.

The FAA has also introduced proposed rules for a new policy regarding the airworthiness certification of a newly created special class of UAS, which rules are not yet in effect. It is unclear when, if ever, the FAA will create a new class of UAS and what the final rules regarding the certification of such new class of UAS will state. We cannot assure you that any final rules enacted in furtherance on the FAA's announced proposals will result in the expanded use of our SUAS and MUAS by law enforcement or other non-military government agencies and we may not be able to expand our sales of SUAS and MUAS beyond our military customers, which could harm our business prospects.

In addition, there exists public concern regarding the privacy implications of U.S. commercial and law enforcement use of SUAS. This concern has included calls to develop explicit written policies and procedures establishing usage limitations. We cannot assure you that the response from regulatory agencies, customers and privacy advocates to these concerns will not delay or restrict the adoption of SUAS, MUAS and C-UAS by non-military customers.

The deployment of C-UAS that utilize RF and directed energy is subject to stringent regulatory scrutiny, which could limit the sales and operational deployment of these technologies. Non-compliance with these evolving regulations could lead to fines, operational restrictions, or other penalties that may adversely affect our business.

------

##### [**Table of Contents**](#toc)
***We could be prohibited from shipping our products to certain countries if we are unable to obtain U.S. Government authorization regarding the export of our products and services, or if current or future economic sanctions or export control laws limit or otherwise restrict our business. In addition, failure to comply with economic sanctions or export control laws could result in fines, export restrictions and other sanctions and penalties.***

We must comply with U.S. and other economic sanctions and export control laws regulating the export of our products and services, such as those administered and enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council, and other relevant sanctions and export controls authorities.

Pursuant to these laws and regulations, we are required, among other things, to (i) maintain a registration under the International Traffic in Arms Regulations (which controls the export of defense-related items and services), (ii) determine the proper licensing jurisdiction and export classification of products, software, and technology under U.S., EU and other applicable laws, and (iii) obtain licenses or other forms of government authorization to engage in the conduct of our business, including in connection with the export of certain of our products and technical data as well as to provide technical services to foreign persons related to such products and technical data. The sanctions and export regulations and the governing policies applicable to our business are subject to change. We cannot provide assurance that such authorizations or licenses will be available for our products and services in the future. Compliance with these laws has not significantly limited our operations or our sales in the recent past but could significantly limit them in the future. We maintain a sanctions and export controls compliance program but there are risks that our compliance controls may be ineffective. We may from time to time identify inadvertent violations of sanctions or export controls laws.

Any failure to comply with the sanctions or export laws and regulations in the future can subject us to additional fines, penalties, criminal proceedings and sanctions, including suspension of export privileges, which could have an adverse impact on our business, operations and financial condition and limit or prevent us from being able to sell our products in certain international jurisdictions.

***We may become subject to government investigations, which could have an adverse effect on our business, financial condition, results of operations, cash flow and equity.***

U.S. Government contractors are subject to extensive legal and regulatory requirements, including those export controls and sanctions discussed above, as well as the U.S. Foreign Corrupt Practices Act ("FCPA") and similar applicable anti-corruption/anti-bribery laws, and from time-to-time agencies of the U.S. Government investigate whether we have been and are operating in accordance with these requirements. Under U.S. Government regulations, an indictment of the Company by a federal grand jury, or an administrative finding against us as to our present responsibility to be a U.S. Government contractor or subcontractor, could result in us being suspended for a period of time from eligibility for awards of new government contracts or task orders or in a loss of export privileges, which could have an adverse effect on our business, financial condition, results of operations, cash flows and equity. A conviction, or an administrative finding against us that satisfies the requisite level of seriousness, could result in debarment from contracting with the U.S. Government for a specific term, which could have an adverse effect on our business, financial condition, results of operations, cash flows and equity.

***We could be adversely affected by violations of the FCPA and other applicable anti-bribery laws of various jurisdictions and any investigation, and the outcome of any investigation, by government agencies of possible violations by us, our employees, and our business partners of the FCPA and other applicable anti-bribery laws could have an adverse effect on our business.***

We have direct and indirect interactions with officials and employees of non-U.S. Government agencies or state-owned or affiliated entities, including state-owned entity customers and non-U.S. Government contractors

------

##### [**Table of Contents**](#toc)
and are participants in a highly regulated industry. We are subject to the FCPA and other applicable anti-bribery laws, which prohibit companies and their intermediaries from corruptly providing, offering, promising, or authorizing, directly or indirectly, anything of value to non-U.S. Government officials, political parties, or political candidates for the purposes of obtaining or retaining business or securing any improper business advantage. In addition, the U.K. Bribery Act of 2010, or the Bribery Act, prohibits both domestic and international bribery, as well as bribery across both private and public sectors.

U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have an adequate system of internal accounting controls. We have implemented internal controls, policies, procedures, and training designed to ensure compliance by us and our directors, officers, employees, representatives, consultants and agents with the FCPA, the Bribery Act and other applicable anti-bribery laws and regulations. We cannot assure you that our internal controls, policies, and procedures will effectively detect and prevent all violations of the applicable anti-bribery laws committed by our employees or agents, nor can we assure you that our business partners have not engaged and will not engage in conduct that could materially affect their ability to perform their contractual obligations to us or even result in our being held liable for such conduct. Violations of these laws, or allegations of such violations, could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. Government contracts, any of which could have an adverse effect on our reputation, business, operating results, prospects and financial condition. In addition, responding to any enforcement action or internal investigation related to alleged misconduct may result in significant diversion of management's attention and resources and significant defense costs and other professional fees.

***Our business may be dependent upon our employees obtaining and maintaining required security clearances, as well as our ability to obtain security clearances for the facilities in which we perform sensitive government work.***

Certain of our U.S. Government contracts require our employees to maintain various levels of security clearances, and we are required to maintain certain facility security clearances complying with DoW requirements. The DoW has strict security clearance requirements for personnel who work on classified programs. Obtaining and maintaining security clearances for employees involves a lengthy process, and it is difficult to identify, recruit and retain employees who already hold security clearances. If our employees are unable to obtain security clearances in a timely manner, or at all, or if our employees, over 87.0% of whom hold security clearances as of December 31, 2025, are unable to maintain the clearances or terminate employment with us, then a customer requiring classified work could terminate the contract or decide not to renew it upon its expiration. In addition, we expect that many of the contracts on which we will bid will require us to demonstrate our ability to obtain facility security clearances and employ personnel with specified types of security clearances. To the extent that we are not able to obtain facility security clearances or engage employees with the required security clearances for a particular contract, we may not be able to bid on or win new contracts, or effectively rebid on expiring contracts.

***We may be subject to pending legal proceedings that may disrupt our business, cause us to incur substantial costs, expose us to significant legal liabilities and could have an adverse impact on our financial performance.***

From time to time, we may be subject to various legal proceedings and claims, and additional lawsuits may arise in the future. Occasionally we are also involved in governmental inquiries and investigations and administrative and regulatory proceedings. Our activities relating to defending and responding to any such proceedings may result in substantial legal expenses, may disrupt our sales and marketing or other business activities, including our relationships with our customers, suppliers, employees and other third parties, and divert management's and our employees' attention from our day-to-day operations, which may have an adverse impact on our financial performance. The results of any such proceedings are unpredictable. We record accruals for liabilities where we believe a loss is probable and reasonably estimable, including when negotiating settlement where appropriate in response to such claims, however, our actual losses may differ significantly from our

------

##### [**Table of Contents**](#toc)
interim estimates. An adverse or unfavorable resolution of any proceedings against us could have a material impact on our financial position, cash flows and results of operations.

***Our business is subject to federal, state and international Privacy Laws regarding data protection, privacy, and information security, as well as confidentiality obligations under various agreements, and our actual or perceived failure to comply with such Privacy Laws could damage our reputation, expose us to litigation risk and adversely affect our business and operating results.***

In connection with our business, we currently do, and expect to continue to, receive, collect, use, disclose, process and retain certain information related to our customers, employees and others as part of our business and operations, which may include personal, confidential, proprietary, or other sensitive information. As a result, we are subject to increasingly rigorous federal, state and international laws, regulations, and industry standards in the jurisdictions in which we do business regarding data privacy, protection, cybersecurity and information security ("Privacy Laws"). Personal privacy, data protection and information security are significant issues in the United States and the other jurisdictions where we offer our products and services. The regulatory framework for privacy and security issues worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future. Our handling of data is subject to a variety of Privacy Laws, including regulation by various government agencies, including the United States Federal Trade Commission ("FTC") and various state, local and foreign bodies and agencies. We also execute confidentiality agreements with various parties under which we are required to protect their confidential information.

The United States federal and various state and foreign governments have adopted or proposed Privacy Laws which impose obligations in relation to the collection, distribution, disclosure, use and storage of personal information of individuals, including providing end-customers and employees with certain rights to access, correct, delete, and restrict the processing of their personal information. In the United States, the FTC and many state attorneys general are applying federal and state consumer protection laws to the online collection, use and dissemination of data. The Privacy Laws imposed by non-U.S. countries and governmental bodies in the foreign jurisdictions in which we operate or conduct our business often are more restrictive than those in the United States. Such Privacy Laws may require companies to implement new privacy and security policies, inform individuals of security breaches that affect their personal information, and, in some cases, obtain individuals' consent to use personal information for certain purposes.

We also expect that there will continue to be new proposed laws, regulations and industry standards concerning privacy, data protection and information security in the United States, the European Union and other jurisdictions in which we operate and do business, and we cannot yet determine the impact of such future laws, regulations and standards may have on our business. For example, the California Consumer Privacy Act, which became effective in 2020, provides California residents certain data privacy rights for consumers and employees (*e.g.*, the right to access and request the deletion of their personal information and receive detailed reports of how their personal information is processed), new operational requirements for companies and a private right of action for certain data breaches. Additionally, we expect that existing laws, regulations and standards may be interpreted differently in the future. There remains significant uncertainty surrounding the regulatory framework for the future of personal data transfers from the European Union to the United States with regulations such as the General Data Protection Regulation ("GDPR"), which imposes stringent E.U. data protection requirements, provides an enforcement authority, and imposes large penalties for noncompliance, including for the transfer of personal data. Future laws, regulations, standards and other obligations, including the adoption of the GDPR, as well as changes in the interpretation of existing laws, regulations, standards and other obligations could impair our ability to collect, use or disclose information relating to individuals, which could decrease demand for our products, require us to restrict our business operations, increase our costs and impair our ability to maintain and grow our customer base and increase our revenue.

Our business operations are subject to the evolving requirements of the U.S. DoW Cybersecurity Maturity Model Certification ("CMMC") program. CMMC mandates third-party assessments for companies working with

------

##### [**Table of Contents**](#toc)
the U.S. DoW, verifying such companies' adherence to specific cybersecurity standards. These certifications are essential for eligibility in new contract awards. We have completed a basic assessment and have reported a score in the System Security Plan system. We expect to conduct the required third party CMMC 2.0 level 2 audit in the first quarter of 2026.

Our ongoing compliance with the CMMC framework is critical, particularly as the National Institute of Standards and Technology ("NIST") Special Publication 800-171 requirements, designed to enhance protection for controlled unclassified information, have not yet appeared in any government Requests for Proposals we have bid but are expected. Until November 2026, the only requirement from the U.S. Government for CMMC compliance is to report a System Security Plan score in the Procurement Integrated Enterprise Environment system. We are actively preparing to meet the more stringent requirements of CMMC Level 2. There's a potential risk of not achieving Level 2 certification before upcoming contract awards or failing to attain the level required for a specific contract. Such a scenario could restrict us from bidding on those contracts, including follow-on awards for existing DoW work. Such limitations could negatively impact our revenue, profitability, and cash flow. Furthermore, compliance with CMMC may extend to our subcontractors and certain vendors, potentially requiring their certification as well. Their non-compliance could also pose challenges for our business.

Although we endeavor to comply with those federal, state and foreign laws and regulations, industry standards, contractual obligations and other legal obligations that apply to us, such laws, regulations, standards and obligations are evolving and may be modified, interpreted and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another, other requirements or legal obligations, our practices or the features of our products. As such, we cannot assure ongoing compliance with all such laws or regulations, industry standards, contractual obligations and other legal obligations, and our efforts to do so may cause us to incur significant costs or require changes to our business practices, which could adversely affect our business and operating results. Any failure or perceived failure by us to comply with federal, state or foreign laws or regulations, industry standards, contractual obligations or other legal obligations, or any actual or suspected security incident, whether or not resulting in unauthorized access to, or acquisition, release or transfer of personal information or other data, may result in limited ability or the inability to operate our business or offer our products and services, costly governmental investigations, enforcement actions, prosecutions and other proceedings, private litigation (including class actions), fines and civil or criminal penalties or adverse publicity and could cause our customers to lose trust in us, which could result in potentially significant liability or other costs and have an adverse effect on our brand, reputation and business. Any inability to adequately address privacy and security concerns, even if unfounded, or comply with applicable laws, regulations, policies, industry standards, contractual obligations or other legal obligations could result in additional cost and liability to us, damage our reputation, inhibit sales, and adversely affect our business and operating results.

***Environmental laws and regulations and unforeseen costs, including in response to climate change, could impact our future earnings.***

The manufacture and sale of our products in certain states and countries may subject us to environmental and other regulations. Over time, the countries where these companies are located may adopt more stringent environmental regulations, resulting in an increase in our manufacturing costs. Given the increasing focus on environmental compliance by regulators and the general public, any incidence of non-compliance could result in damage to our reputation beyond the fines and other sanctions that could be imposed. Furthermore, certain environmental laws, including the U.S. Comprehensive, Environmental Response, Compensation and Liability Act of 1980, impose strict, joint and several liability on current and previous owners or operators of real property for the cost of removal or remediation of hazardous substances and impose liability for damages to natural resources. These laws often impose liability even if the owner or operator did not know of, or was not responsible for, the release of such hazardous substances. These environmental laws also assess liability on persons who arrange for hazardous substances to be sent to disposal or treatment facilities when such facilities are later found to be contaminated. Such persons can be held responsible for cleanup costs even if they never owned or operated

------

##### [**Table of Contents**](#toc)
the contaminated facility. Although we have never been named a responsible party at a contaminated site, we could potentially be named a responsible party in the future.

The increasing global focus on climate change, including greenhouse gas ("GHG") emissions, has resulted in legislative and regulatory efforts to address the causes and impacts of climate change. New and more strict laws and regulations to reduce GHG emissions and address other aspects of climate change, including carbon taxes, cap and trade programs, GHG reduction requirements, requirements for the use of green energy, and changes in procurement requirements, may result in increased operational and compliance obligations, which could adversely affect our financial condition and results of operations. Such laws and regulations could result in increased energy costs and costs to upgrade our facilities or change our manufacturing processes. Additionally, our suppliers may also face similar increased costs, which could result in them increasing the costs of components for our products and development programs. Changes to government procurement laws, including changes to the Federal Acquisition Regulations, designed to require climate risk and GHG emissions to be taken into account in the procurement process could result in increased costs to change our operations and manufacturing processes to ensure we remain competitive in the bidding process. We cannot predict the materiality of any potential additional costs associated with complying with such laws and regulations or whether we could raise prices to account for any such additional costs. Any non-compliance could negatively affect our reputation, our ability to compete in competitive bidding processes, including with the U.S. Government, and our ability to sell our products and services. We cannot assure you that such existing laws or future laws addressing environmental concerns, including climate change, will not have a material effect on our future earnings or results of operations.

***Compliance with the SEC's conflict minerals regulations may increase our costs and adversely impact the supply-chain for our UAS products.***

In August 2012, the SEC adopted disclosure rules regarding a company's use of conflict minerals in its products with substantial supply chain verification requirements in the event that the conflict minerals come from, or could have come from, the Democratic Republic of the Congo or adjoining countries. These rules and verification requirements have imposed additional costs on us and on our suppliers, including costs related to determining the source of conflict minerals used in our products, which may adversely affect our results of operations. We are dependent on information supplied by our first-tier suppliers in conducting due diligence into the origins of conflict minerals in our products, which will be necessary to comply with our SEC reporting obligations. To the extent that information we receive from our suppliers is inaccurate or inadequate, we may not be able to determine whether our products are conflict mineral-free. We may face challenges in satisfying our customers who may require that our products be certified as conflict mineral-free, which could place us at a competitive disadvantage and could harm our business. These regulations could also have the effect of limiting the pool of suppliers from which we source items containing conflict minerals, and we may be unable to obtain conflict-free minerals at competitive prices, if at all, which could increase our costs and adversely affect our results of operations.

**Risks Related to Our Intellectual Property** 

***If we fail to protect, or incur significant costs in defending or enforcing our intellectual property and other proprietary rights, our business, financial condition and results of operations could be materially harmed.***

Our success depends, in large part, on our ability to seek, obtain, maintain, protect, defend and enforce our intellectual property and other proprietary rights. We rely primarily on patent, trade secret, trademark and other intellectual property laws, as well as contractual rights, to establish, protect and enforce our intellectual property, know-how, technology and other proprietary rights.

While we have applied for patents to protect some of our technology, our patent applications may not result in issued patents, and any patents issued may not be of sufficient scope or strength to provide us with any

------

##### [**Table of Contents**](#toc)
meaningful protection or commercial advantage. We may be required to narrow our claims in our patent applications and our issued patents may be challenged, invalidated, circumvented or rendered unenforceable. If we fail to obtain issuance of patents, or our patent claims or other intellectual property rights are rendered invalid or unenforceable, or narrowed in scope, the patent protections afforded our technology could be impaired. Such impairment could negatively affect our competitive position, including by requiring us to re-design our affected products. Our software is also subject to certain protections under copyright law, though it may also be protected as a trade secret. However, a significant portion of our technology is not patented, and we may be unable or may not seek to obtain patent protection for this technology. Moreover, existing U.S. legal standards relating to the validity, enforceability and scope of protection of intellectual property rights offer only limited protection, may not provide us with any competitive advantages, and our rights may be challenged by third parties. These laws are subject to change at any time, which could restrict our ability to protect our intellectual property rights. In addition, effective patent, trademark and trade secret protection may be unavailable or limited for some of our intellectual property, including our proprietary technology and know-how. The laws of countries other than the U.S. may be even less protective of our intellectual property rights.

Although we seek to enter into agreements, including confidentiality, non-disclosure and intellectual property assignment agreements, with parties who have access to our intellectual property and proprietary technology, such as our employees, contractors, consultants, and other third parties, no assurance can be given that these agreements will be effective in controlling access to and distribution of our technology and proprietary information. In addition, such agreements may be breached, may not be self-executing, may be difficult to enforce, or we may fail to enter into such agreements with all relevant individuals and entities. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon or misappropriating our intellectual property or otherwise gaining access to our technology. Unauthorized third parties may try to copy or reverse engineer our products or portions of our products or otherwise obtain and use our intellectual property. Despite our efforts to protect our intellectual property and proprietary technology, if one or more of these employees leaves our employment to work for one of our competitors, then they may intentionally or unintentionally disseminate this proprietary information Such dissemination may damage our competitive position, and we may become subject to claims challenging the inventorship or ownership of our intellectual property, or claims that former employees, collaborators or other third parties have an ownership interest in our intellectual property. Additionally, we may become subject to claims that current or former employees, contractors, consultants and other third parties engaged by us for development of intellectual property misappropriated intellectual property rights from their previous employers. Accordingly, we cannot guarantee that the steps we have taken to protect our intellectual property will be adequate to prevent infringement of our rights or misappropriation of our trade secrets, or that we will be able to secure appropriate permissions or protections for all of the intellectual property rights we use or claim rights to.

Further, third parties may create new products, processes or other technologies that achieve similar or better results without infringing upon patents we own, which could have an adverse effect on our sales or market position. Accordingly, even if we successfully maintain the confidentiality of our trade secrets, technology and other proprietary information, competitors may independently develop products, technologies or processes that are substantially equivalent or superior to our own. Therefore, we cannot be sure that the actions we have taken to establish and protect our trade secrets and other intellectual property rights will adequately protect us.

If we fail to protect our intellectual property and other proprietary rights, then our business, results of operations or financial condition could be materially harmed. From time to time, we may initiate lawsuits to protect our intellectual property and other proprietary technology. Pursuing these claims may be time consuming and expensive and could adversely impact our results of operations.

In addition, affirmatively defending our intellectual property rights and investigating whether any of our products or services violate the rights of others may entail significant expense. Our intellectual property rights may be challenged by others or invalidated through administrative processes or litigation. If we resort to legal proceedings to enforce our intellectual property rights or to determine the validity and scope of the intellectual

------

##### [**Table of Contents**](#toc)
property or other proprietary rights of others, then the proceedings could result in significant expense to us and divert the attention and efforts of our management and technical employees, even if we prevail.

Further, obtaining and maintaining patent, trademark, and copyright protection can be costly. We may choose not to, or may fail to, pursue or maintain such forms of protection for our technology in the United States or foreign jurisdictions, which could harm our ability to maintain our competitive advantage in such jurisdictions. It is also possible that we will fail to identify patentable aspects of our technology before it is too late to obtain patent protection, that we will be unable to devote the resources to file and prosecute all patent applications for such technology or that we will lose protection for failing to comply with all procedural, documentary, payment and other obligations during the patent prosecution process.

***We license certain technology and intellectual property from third parties, and these agreements may be terminated by our licensors, which could materially harm our ability to continue offering our technologies.***

We have licensed, and may license in the future, patents and other intellectual property rights from third parties, and the licenses we receive to such intellectual property rights may not provide exclusive or unrestricted rights in all fields of use and in all territories in which we may wish to develop or commercialize our products in the future, and may restrict our rights to offer certain products in certain markets or impose other obligations on us in exchange for our rights to the licensed intellectual property. If we violate the terms of any of our license agreements, a licensor may have the right to terminate our license. Even if we comply with all the terms of a license agreement, we cannot guarantee that we will be able to renew an agreement when it expires even if we desire to do so. The failure to maintain or renew our material license agreements could result in a loss of revenue and negatively impact our results of operations. We also grant licenses to third parties which allow third parties the right to use certain of our intellectual property rights. While we attempt to ensure that our intellectual property rights are protected when entering into business relationships, third parties may take actions that could materially and adversely affect our rights in or the value of our intellectual property rights.

***We may be sued by third parties for alleged infringement of their proprietary rights, which could be costly, time consuming and limit our ability to use certain technologies in the future.***

We may become subject to claims or legal proceedings alleging our business or intellectual property infringes, misappropriates or otherwise violates the intellectual property rights of third parties. Defending against, or otherwise addressing, any such claims, regardless of their merit, could be time-consuming and expensive, and could divert our management's attention away from the execution of our business plan. Moreover, any settlement or adverse judgment resulting from such claims could require us to pay substantial amounts or cross-license or otherwise obtain a license to continue to use the disputed technology, or otherwise restrict or prohibit our use of the technology. We cannot assure you that we would be able to: obtain from the third party asserting the claim a license on commercially reasonable terms, if at all; modify, redesign, undertake workarounds or substantial reengineering or develop alternative technology on a timely or cost-effective basis, if at all; or obtain a license to use a suitable alternative technology to permit us to continue offering, and our customers to continue using, our affected product. These risks have been amplified by the increase in third parties whose sole or primary businesses are to assert such claims. An adverse determination could prevent us from offering our products to others. Infringement claims asserted against us may have an adverse effect on our business, results of operations or financial condition.

***Our use of open-source software could compromise the proprietary nature of our software and expose us to other legal liabilities and technological risks.***

Part of our proprietary software incorporates open-source software, and we expect to continue to incorporate open-source software in our business in the future. Few of the licenses applicable to open-source software have been interpreted by courts, and there is a risk that these licenses could be construed in a manner that could impose unanticipated conditions or restrictions on our ability to commercialize our products. Certain open-source

------

##### [**Table of Contents**](#toc)
licenses may give rise to requirements to disclose or license our proprietary source code or make available any derivative works or modifications of the open source software on unfavorable terms or at no cost, and we may be subject to such terms if such open source software is combined, linked, or otherwise integrated with our proprietary software in certain ways. We have implemented policies relating to our use of open-source software that are designed to mitigate the risk of subjecting our proprietary code to these restrictions. However, we cannot be certain that we use open-source software in a manner that is consistent with such policies. If we fail to comply with our policies, or if our policies are flawed, we may be subject to certain requirements, including requirements that we offer our software that incorporates or links to the open-source software at a reduced cost or for free, or that we make available the proprietary source code for such software to the general public. If a third party were to allege that we had not complied with the conditions of one or more of these licenses, we could be required to incur significant legal expenses defending against such allegations and could be subject to significant damages and required to comply with onerous conditions or restrictions on the use of our proprietary software. In any of these events, we could be required to seek licenses from third parties and pay royalties in order to continue using the open source software necessary to operate our business or we could be required to discontinue use of our services and other software in the event re-engineering cannot be accomplished on a timely basis. Any of the foregoing could require us to devote additional R&D resources to re-engineer our services, could result in customer dissatisfaction, could allow our competitors to create similar platforms with lower development effort and time and may adversely affect our business, financial condition, and results of operations.

In addition, the use of open source software may entail greater risks than the use of third-party commercial software, as open source licensors generally do not provide support, warranties, controls on origin of the software, indemnification, or other contractual protections regarding infringement claims or the quality of the code. We cannot ensure that the authors of such open source software will implement or push updates to address security risks or will not abandon further development and maintenance. Many of the risks associated with usage of open-source software, such as the lack of warranties or assurance of title, cannot be eliminated and could, if not properly addressed, negatively affect our business. To the extent that our proprietary software depends upon the successful and secure operation of the open source software we use, any undetected errors or defects in this open source software could prevent the deployment or impair the functionality of our software, delay the introduction of new technological capabilities, result in a failure of our technologies, and injure our reputation. For example, undetected errors or defects in open source software could render it vulnerable to breaches or security attacks and make our systems more vulnerable to data breaches or security attacks. In addition, the public availability of such software may make it easier for others to compromise our platform. Any of the foregoing would have a negative effect on our business, financial condition, and results of operations.

***Intellectual property rights do not necessarily address all potential threats.***

The degree of future protection afforded by our intellectual property and other proprietary rights is uncertain because intellectual property rights have limitations and may not adequately protect our business or permit us to maintain our competitive advantage. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we might not have been the first to invent the inventions covered by our patent portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we might not have been the first to file the patent applications covering our patent portfolio or future patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is possible that any patent applications we may file in the future will not lead to issued patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others may have access to intellectual property rights which have been licensed to us on a non-exclusive basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of AI may result in the loss of intellectual property rights and raise complex compliance, intellectual
property and other issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our competitors might conduct R&D activities in countries where we do not have patent rights, or in countries
where R&D safe harbor laws exist, and then use the information learned from such activities to develop competitive products for sale in our major commercial markets;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may choose not to file a patent for certain inventions, instead choosing to rely on trade secret protection or know-how, and a third party may independently develop such invention and subsequently file a patent covering such invention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the patents of third parties or pending or future applications of third parties, if issued, may have an adverse
effect on our business.

Should any of these events occur, it could significantly harm our business, financial condition and results of operations.

**Risks Relating to Securities Markets and Investment in Our Stock** 

***We may not be able to obtain capital when desired on favorable terms, if at all, or without dilution to our stockholders.***

We operate in emerging and rapidly evolving markets, which makes our prospects difficult to evaluate. It is possible that we may not generate sufficient cash flow from operations or otherwise have the capital resources to meet our future capital needs. If this occurs, then we may need additional financing to pursue our business strategies, including to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hire additional engineers and other critical personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop new or enhance existing products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhance our operating infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund working capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire complementary businesses or technologies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise respond to competitive pressures.

If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our stockholders could be significantly diluted, and these newly-issued securities may have rights, preferences or privileges senior to those of existing stockholders. We have obtained capital from our Credit Facilities. We cannot assure you that additional financing will be available on terms favorable to us, or at all. Our current Credit Facilities contain, and future debt financing may contain, covenants or other provisions that limit our operational or financial flexibility. In addition, certain of our customers require that we obtain letters of credit to support our obligations under some of our contracts.

***Significant inflation could adversely affect our business and financial results.***

Although historically our operations have not been materially affected by inflation and we have been successful in adjusting prices to our customers to reflect changes in our material and labor costs, the rate of current inflation and resulting pressures on our costs and pricing could adversely impact our business and financial results. Inflation can adversely affect us by increasing our operating costs, including our materials, freight and labor costs, which are already under pressure due to supply chain constraints. As interest rates rise to address inflation, such increases will also impact the base rates applicable in our credit arrangements and will result in borrowed funds becoming more expensive to us over time; similar financing pressures from inflation also can have a negative impact on customers' willingness to purchase our products in the same volumes and at the same rates as previously anticipated. In a highly inflationary environment, we may be unable to raise the sales prices of our products at or above the rate of inflation, which could reduce our profit margins having an adverse effect on our financial performance.

------

##### [**Table of Contents**](#toc)
**Risks Related to Our Indebtedness** 

***Our substantial indebtedness could adversely affect our financial condition.***

We have, and after this offering we expect that we will continue to have, a significant amount of indebtedness. As of December 31, 2025, we had $259 million outstanding under the Term Loan and $0 outstanding under the Revolving Credit Facility. We intend to use a portion of the net proceeds received by us from this offering to repay $ million of outstanding borrowings under our Credit Agreement. See "Use of Proceeds." We may also incur additional indebtedness in connection with this offering. After giving effect to this offering and the use of proceeds therefrom, on an as adjusted basis, as of December 31, 2025, our total indebtedness would have been approximately $.

Our substantial indebtedness under the Credit Agreement, and any future indebtedness we may incur, including under the New Credit Agreement, could have important consequences to the holders of our common stock, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult for us to satisfy our obligations with respect to our and our subsidiaries' other
debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our and our subsidiaries' ability to obtain additional financing to fund future working capital,
capital expenditures, acquisitions, or other general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to dedicate a substantial portion of our cash flows to debt service payments, thereby reducing the
amount of cash flows available for working capital, capital expenditures, acquisitions, and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposing us to the risk of increased interest rates, to the extent any of our borrowings are at variable rates of
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a disadvantage compared to other, less leveraged competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our cost of borrowing.

In addition, the Credit Agreement contains, our New Credit Agreement is expected to contain, and agreements governing our future borrowing may contain restrictive covenants that limit our and certain of our subsidiaries' ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all our debt. See "Description of Certain Indebtedness."

We and our subsidiaries may be able to incur significant additional indebtedness in the future. Although the Credit Agreement contains, and our New Credit Agreement is expected to contain, restrictions on the incurrence of additional indebtedness, these restrictions are, or are expected to be, subject to a number of qualifications and exceptions, and the amount of additional indebtedness incurred in compliance with these restrictions could be substantial. These restrictions also will not prevent us from incurring obligations that do not constitute "indebtedness" under the Credit Agreement or the New Credit Agreement.

We may need to refinance all or a portion of our indebtedness on or before the maturity thereof. Depending on market conditions, we may not be able to obtain such financing on commercially reasonable terms or at all. Failure to refinance our indebtedness could have an adverse effect on us.

***We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.***

Our ability to make scheduled principal and interest payments on or refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive

------

##### [**Table of Contents**](#toc)
conditions and to financial, business, legislative, regulatory, and other factors, some of which are beyond our control. We cannot be sure that our business will generate sufficient cash flows from operating activities, or that future borrowings will be available, to permit us to pay the principal and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow us to meet our scheduled debt service obligations. The Credit Agreement restricts, and any agreement governing any debt we incur in the future may restrict, our ability to dispose of assets and use the proceeds from those dispositions and also limits our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. See "Description of Certain Indebtedness."

Additionally, if we cannot make scheduled payments on our debt, we will be in default, and the outstanding principal amount of indebtedness thereunder may be accelerated, commitments to loan money may be terminated and/or assets securing such borrowings may be foreclosed against, as applicable in the relevant debt instrument, and we could be forced into bankruptcy or liquidation. Any of these events could result in you losing all or a portion of your investment in the common stock.

***Agreements governing our current and future indebtedness will contain covenants that restrict our current and future operations, including our ability to respond to changes or to take certain actions.***

The Credit Agreement contains, and any future indebtedness agreements we enter into will likely contain, a number of restrictive covenants that impose significant operating and financial restrictions on us and our subsidiaries and may limit our and our subsidiaries' abilities to engage in acts that may be in our long-term best interest. See "Description of Certain Indebtedness." These covenants may include restrictions on our and our subsidiaries abilities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness and guarantee indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or make other distributions or repurchase or redeem our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepay, redeem, amend or repurchase junior debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue certain preferred stock or similar equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make loans and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell assets or property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell or license intellectual property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dispose of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into agreements restricting our subsidiaries' ability to pay dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make fundamental changes in our business, corporate structure, or capital structure, including, among other
things, entering into mergers, acquisitions, consolidations, and other business combinations or selling all or substantially all of our assets.

As a result of these restrictions, we may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited in how we conduct our business;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unable to raise additional debt or equity financing to operate during general economic or business downturns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unable to compete effectively or to take advantage of new business opportunities.

These restrictions may affect our ability to grow in accordance with our strategy. If we incur indebtedness provided or guaranteed by the U.S. Government, we may be subject to additional restrictions on our operations, including limitations on employee headcount and compensation reductions and other cost reduction activities.

***Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.***

Borrowings under the Credit Agreement are at a variable rate of interest and expose us to interest rate risk. If interest rates were to increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly decrease. Based on amounts outstanding as of December 31, 2025, each 100 basis point change in interest rates would result in a $2.6 million net change in annual interest expense on our indebtedness under the credit facilities. Based on amounts outstanding as of December 31, 2024, each 100 basis point change in interest rates would result in a $2.5 million net change in annual interest expense on our indebtedness under the credit facilities. See "Description of Certain Indebtedness."

**Risks Related to Our Organizational Structure** 

***Our principal asset is our interest in Holdings LLC, and, accordingly, we depend on distributions from Holdings LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement. Holdings LLC's ability to make such distributions may be subject to various limitations and restrictions.***

We are a holding company and have no material assets other than our ownership of equity interests in Holdings LLC. As such, we have no independent means of generating revenue or cash flow, and our ability to pay our taxes, satisfy our obligations under the Tax Receivable Agreement and pay operating expenses or declare and pay dividends, if any, in the future depends on the financial results and cash flows of Holdings LLC and its subsidiaries and distributions we receive from Holdings LLC. There can be no assurance that Holdings LLC and its subsidiaries will generate sufficient cash flow to distribute funds to us or that applicable state law and contractual restrictions, including negative covenants in debt instruments of Holdings LLC and its subsidiaries, will permit such distributions.

Holdings LLC is treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to any entity-level U.S. federal income tax. For U.S. federal income tax purposes, taxable income of Holdings LLC is allocated to the LLC Unitholders, including us. Accordingly, we incur income taxes on our distributive share of any net taxable income of Holdings LLC. Under the terms of the LLC Operating Agreement and subject to limited exceptions, Holdings LLC is obligated to make tax distributions to the LLC Unitholders, including us. In addition to tax and dividend payments, we also incur expenses related to our operations, including obligations to make payments under the Tax Receivable Agreement.

To the extent that Holdings LLC has available cash, we intend to cause Holdings LLC to make cash distributions to the owners of LLC Units, including us, in amounts at least sufficient to (1) fund all or part of their tax obligations and (2) cover our operating expenses, including payments under the Tax Receivable Agreement. Funds used by Holdings LLC to satisfy its tax distribution obligations will not be available for reinvestment in our business. Moreover, these tax distributions in certain periods are likely to exceed AEVEX Corp.'s tax liabilities and obligations to make payments under the Tax Receivable Agreement. Our Board will determine the appropriate uses for any excess cash so accumulated, which may include, among other uses, dividends, repurchases of our Class A common stock and the payment of other expenses. We will have no obligation to distribute such cash (or other available cash other than any declared dividend) to our stockholders. No adjustments to the redemption or exchange ratio of LLC Units for shares of Class A common stock will be

------

##### [**Table of Contents**](#toc)
made as a result of either (i) any cash distribution by us or (ii) any cash that we retain and do not distribute to stockholders. To the extent that we do not distribute such excess cash as dividends on our Class A common stock and instead, for example, hold such cash balances or lend them to Holdings LLC, holders of LLC Units would benefit from any value attributable to such cash balances as a result of their ownership of Class A common stock following an exchange of their LLC Units.

However, Holdings LLC's ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on distributions that would violate either any contract or agreement to which Holdings LLC or its subsidiaries is then a party, including debt agreements, or any applicable law, or that would have the effect of rendering Holdings LLC or its subsidiaries insolvent. In addition, pursuant to the Bipartisan Budget Act of 2015, effective for taxable years beginning after December 31, 2017, the IRS may impute liability for adjustments to a partnership's tax return on the partnership itself in certain circumstances, absent an election to the contrary. Holdings LLC may be subject to material liabilities pursuant to this legislation and related guidance if, for example, its calculations of taxable income are incorrect. To the extent that we are unable to make payments under the Tax Receivable Agreement, such payments generally will be deferred and will accrue interest until paid.

***Conflicts of interest could arise between our stockholders and the LLC Unitholders, which may impede business decisions that could benefit our stockholders.***

The LLC Unitholders, who will be the only holders of LLC Units other than us upon consummation of this offering, have the right to consent to certain amendments to the LLC Operating Agreement, as well as to certain other matters. The LLC Unitholders will have significant rights and interests that may not align with those of our stockholders, including the right to receive substantial payments under the Tax Receivable Agreement, the ability to cause Holdings LLC to make tax distributions that may exceed their actual tax liabilities and the right to exchange LLC Units for Class A common stock, potentially resulting in dilution to our stockholders. In addition, the LLC Unitholders, through their ownership of Class B common stock and rights under the Director Designation Agreement, will have significant voting power and influence over our corporate governance and major transactions. The LLC Unitholders may exercise these voting rights in a manner that conflicts with the interests of our stockholders. Circumstances may arise in the future when the interests of the LLC Unitholders conflict with the interests of our stockholders. As we control Holdings LLC, we have certain obligations to the LLC Unitholders that may conflict with fiduciary duties our officers and directors owe to our stockholders. These conflicts may result in decisions that are not in the best interests of stockholders.

***Our dual class structure has the effect of concentrating economic and voting power.***

Immediately following this offering, we will have two classes of authorized and outstanding common stock: shares of Class A common stock, par value $0.0001 per share; and shares of Class B common stock, par value $0.0001 per share.

Shares of Class A common stock and Class B common stock will vote as a single class except as otherwise required by law or our certificate of incorporation. Each outstanding share of Class A common stock and Class B common stock will be entitled to one vote on all matters to be voted on by stockholders generally. See "Description of Capital Stock."

Upon the completion of this offering, MDP will own % of the total outstanding LLC Units of Holdings LLC, will possess voting and dispositive power over % of all shares of Class B common stock, will own % of all shares of Class A common stock and will control approximately % (or approximately % if the underwriters exercise their option to purchase additional shares of Class A common stock in full) of the voting power in AEVEX Corp. through its ownership of our Class A common stock and Class B common stock. The remaining LLC Unitholders will collectively own the remaining % of the total outstanding LLC Units of Holdings LP (including vested and unvested Class B Units) not held directly or indirectly by Holdings LLC. This means that, based on its percentage voting power controlled after the offering, MDP will control the vote of all matters submitted to a vote of our stockholders, including the election of

------

##### [**Table of Contents**](#toc)
members to our Board. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of Class A common stock as part of a sale of us and ultimately might affect the market price of our Class A common stock. See "—Risks Related to Our Organizational Structure—MDP controls us, and its interests may conflict with ours or yours in the future."

Further, LLC Unitholders have the right to consent to certain amendments to the LLC Operating Agreement, as well as to certain other matters. Holders of these voting rights may exercise them in a manner that conflicts with the interests of our stockholders. These conflicts may result in decisions that are not in the best interests of stockholders. See "—Conflicts of interest could arise between our stockholders and the LLC Unitholders, which may impede business decisions that could benefit our stockholders."

***The Tax Receivable Agreement requires us to make cash payments to the LLC Unitholders in respect of certain tax benefits to which we may become entitled, and we expect that the payments we will be required to make will be substantial.***

Pursuant to the Tax Receivable Agreement, we will be required to make cash payments to the TRA Rights Holders equal to 85% of certain tax savings (calculated using certain assumptions), if any, that we actually realize, or, in some circumstances, are deemed to realize, as a result of (i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. We retain the benefit of the remaining 15% of these cash savings, if any. If the Tax Receivable Agreement terminates early, we could be required to make a substantial, immediate lump-sum payment.

We expect that the payments we may make under the Tax Receivable Agreement could be substantial. For example, if we acquire all of the Class B Units held by the TRA Rights Holders in taxable transactions as of this offering, based on an initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) and on certain assumptions, including that (i) there are no material changes in relevant tax law and (ii) we earn sufficient taxable income in each year to realize on a current basis all tax benefits that are subject to the Tax Receivable Agreement, we would expect that the resulting reduction in tax payments for us, as determined for purposes of the Tax Receivable Agreement, would aggregate to approximately $ million, substantially all of which would be realized over the next 15 years, and we would be required to pay to the TRA Rights Holders 85% of such amount, or $ million, over the same period. These amounts have been prepared for informational purposes only. The actual amounts may differ materially from the amounts set forth above because the potential future reductions in our tax payments, as determined for purposes of the Tax Receivable Agreement, and the payment we will be required to make under the Tax Receivable Agreement, will each depend on a number of factors, including the market value of our Class A common stock at the time of the exchange or purchase, the prevailing federal tax rates applicable to us over the life of the Tax Receivable Agreement (as well as the assumed combined state and local tax rate), the amount and timing of the taxable income that we generate in the future and the extent to which future exchanges or purchases of LLC Units are taxable transactions. See "Organizational Structure—Tax Receivable Agreement and "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, which tax reporting positions will be based on the advice of our tax advisors. Any payments made by us to the TRA Rights Holders under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make payments under the Tax Receivable Agreement, such payments generally will be deferred and will accrue interest until paid. Furthermore, our future obligation to make payments under the Tax Receivable Agreement could make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that may be deemed realized under the Tax Receivable Agreement. The payments under the Tax

------

##### [**Table of Contents**](#toc)
Receivable Agreement are not conditioned upon the TRA Rights Holders maintaining a continued ownership interest in Holdings LLC or us. There is no maximum term for the Tax Receivable Agreement, and the obligation to make payments to the TRA Rights Holders will terminate when all tax benefits payable to the TRA Rights Holders under the Tax Receivable Agreement have been paid in full.

In addition, the TRA Rights Holders will not reimburse us for any payments previously made if such tax basis increases or other tax benefits are subsequently disallowed by the IRS. Such amounts may reduce our future obligations, if any, under the Tax Receivable Agreement; however, a challenge to any tax benefits initially claimed by us may not arise for a number of years following the initial time of such payment or, even if challenged early, such excess cash payment may be greater than the amount of future cash payments, if any, we might otherwise be required to make under the terms of the Tax Receivable Agreement and, as a result, there might not be future cash payments from which to net against. As a result, in such circumstances we could make payments to the TRA Rights Holders under the Tax Receivable Agreement that are greater than our actual cash tax savings and may not be able to recoup those payments, which could negatively impact our liquidity.

Finally, because we are a holding company with no operations of our own, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of Holdings LLC to make distributions to us. We currently anticipate that Holdings LLC will use cash flows generated from our operations to fund tax distributions to us to enable us to make any required payments under the Tax Receivable Agreement. Our obligations under the Tax Receivable Agreement will also apply with respect to any person that becomes a party to the Tax Receivable Agreement in the future.

***The amounts that we may be required to pay to certain of our existing direct and indirect owners under the Tax Receivable Agreement may be accelerated in certain circumstances and may also significantly exceed the actual tax benefits that we ultimately realize.***

If the Tax Receivable Agreement terminates early, we could be required to make a substantial, immediate lump-sum payment. The Tax Receivable Agreement provides that (1) in the event that we breach any of our material obligations under the Tax Receivable Agreement, (2) upon certain changes of control or (3) if, with the written approval of a majority of our independent directors, we elect an early termination of the Tax Receivable Agreement, our obligations under the Tax Receivable Agreement (whether or not all LLC Units have been exchanged or acquired before or after such transaction) would accelerate and become payable in a lump sum amount equal to the present value of the anticipated future tax benefits calculated based on certain assumptions, including that we would have sufficient taxable income to fully utilize the deductions arising from the tax attributes subject to the Tax Receivable Agreement. These provisions in the Tax Receivable Agreement may result in situations where the TRA Rights Holders have interests that differ from or are in addition to those of our other stockholders. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control. There can be no assurance that we will be able to fund our obligations under the Tax Receivable Agreement.

***We may not be able to realize all or a portion of the tax benefits that are currently expected to result from the tax attributes covered by the Tax Receivable Agreement and from payments made under the Tax Receivable Agreement.***

Our ability to realize the tax benefits that we currently expect to be available as a result of the attributes covered by the Tax Receivable Agreement, the payments made pursuant to the Tax Receivable Agreement, and the interest deductions imputed under the Tax Receivable Agreement all depend on a number of assumptions, including that we earn sufficient taxable income each year during the period over which such deductions are available and that there are no adverse changes in applicable law or regulations. Additionally, if our actual taxable income were insufficient or there were additional adverse changes in applicable law or regulations, we may be unable to realize all or a portion of the expected tax benefits and our cash flows and stockholders' equity could be negatively affected. See "Organizational Structure—Tax Receivable Agreement."

------

##### [**Table of Contents**](#toc)
***In certain circumstances, Holdings LLC will be required to make distributions to us and the LLC Unitholders and the distributions may be substantial.***

Holdings LLC is treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to U.S. federal income tax. Instead, taxable income is allocated to its members, including us. To the extent Holdings LLC has available cash, we intend to cause Holdings LLC to make tax distributions to the LLC Unitholders (including us), generally on a pro rata basis, at certain assumed rates. Funds used by Holdings LLC to satisfy its tax distribution obligations will not be available for reinvestment in our business. Moreover, these tax distributions may be substantial, and will likely exceed (as a percentage of Holdings LLC's income) the overall effective tax rate applicable to a similarly situated corporate taxpayer. As a result, it is possible that we will receive distributions significantly in excess of our tax liabilities and obligations to make payments under the Tax Receivable Agreement. While our Board may choose to distribute such cash balances as dividends on our Class A common stock, they will not be required to do so, and may in their sole discretion choose to use such excess cash for any purpose depending upon the facts and circumstances at the time of determination. See "Dividend Policy."

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our operating results and financial condition.***

We are subject to income taxes in various jurisdictions. Our tax liabilities will be subject to the allocation of expenses in differing jurisdictions. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expiration of, or detrimental changes in, R&D tax credit laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, regulations or interpretations thereof.

In addition, we may be subject to audits of our income, sales and other transaction taxes by U.S. federal, state, local and foreign authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

***If we were deemed to be an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), applicable restrictions could make it impractical for us to continue our business as contemplated and could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.***

Under Sections 3(a)(1)(A) and (C) of the 1940 Act, a company generally will be deemed to be an "investment company" for purposes of the 1940 Act if it (1) is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities or (2) is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. Government securities and cash items) on an unconsolidated basis. We do not believe that we are an "investment company," as such term is defined in either of those sections of the 1940 Act.

As the sole managing member of Holdings LLC, we will control and manage Holdings LLC. On that basis, we believe that our interest in Holdings LLC is not an "investment security" under the 1940 Act. Therefore, we have less than 40% of the value of our total assets (exclusive of U.S. Government securities and cash items) in "investment securities." However, if we were to lose the right to manage and control Holdings LLC, interests in Holdings LLC could be deemed to be "investment securities" under the 1940 Act.

We intend to conduct our operations so that we will not be deemed to be an investment company. However, if we were deemed to be an investment company, restrictions imposed by the 1940 Act, including limitations on

------

##### [**Table of Contents**](#toc)
our capital structure and our ability to transact with affiliates, could make it impractical for us to continue our business as contemplated and could have a material effect on our business, financial condition, results of operations, cash flows and prospects.

**Risks Related to Our Class A Common Stock and This Offering** 

***The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business, particularly after we are no longer an "emerging growth company."***

As a public company, we will incur incremental legal, governance, accounting and other expenses. We will become subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Sarbanes-Oxley Act, the listing requirements of NYSE and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an "emerging growth company." The Exchange Act requires that we file annual, quarterly and current reports with respect to our business, financial condition, results of operations, cash flows and prospects. The Sarbanes-Oxley Act requires, among other things, that we establish and maintain effective internal controls and procedures for financial reporting. Furthermore, the need to establish the corporate infrastructure demanded of a public company may divert our management's attention from implementing our growth strategy, which could prevent us from improving our business, financial condition, results of operations, cash flows and prospects. We have made, and will continue to make, changes to our internal controls and procedures for financial reporting and accounting systems to meet our reporting obligations as a public company. However, the measures we take may not be sufficient to satisfy our obligations as a public company. In addition, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to incur substantial costs to maintain the same or similar coverage. These additional obligations could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of our management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us, which could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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

Immediately following this offering, investment entities affiliated with MDP will control approximately % of the voting power of our outstanding common stock, or % if the underwriters exercise in full their option to purchase additional shares, which means that, based on its percentage voting power controlled after the offering, MDP will control the vote of all matters submitted to a vote of our stockholders. This control will enable MDP to control the election of the members of the Board and all other corporate decisions. Even when MDP ceases to control a majority of the total voting power, for so long as MDP

------

##### [**Table of Contents**](#toc)
continues to own a significant percentage of our common stock, MDP will still be able to significantly influence the composition of our Board and the approval of actions requiring stockholder approval. Accordingly, for such period of time, MDP will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers, decisions on whether to raise future capital and amending our charter and bylaws, which govern the rights attached to our common stock. In particular, for so long as MDP continues to own a significant percentage of our common stock, MDP will be able to cause or prevent a change of control of us or a change in the composition of our Board and could preclude any unsolicited acquisition of us. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of Class A common stock as part of a sale of us and ultimately might affect the market price of our Class A common stock.

In addition, in connection with this offering, we will enter into a Director Designation Agreement with MDP that provides MDP the right to designate to the Board a number of designees equal to at least: (i) 100% of the total number of directors comprising the Board, so long as MDP beneficially owns shares of Class A common stock representing at least 40% of the total amount of shares of Class A common stock it beneficially owns as of the date of this offering, (ii) 40% of the total number of directors, in the event that MDP beneficially owns shares of Class A common stock representing at least 30% but less than 40% of the total amount of shares of Class A common stock it owns as of the date of this offering, (iii) 30% of the total number of directors, in the event that MDP beneficially owns shares of Class A common stock representing at least 20% but less than 30% of the total amount of shares of Class A common stock it owns as of the date of this offering, (iv) 20% of the total number of directors, in the event that MDP beneficially owns shares of Class A common stock representing at least 10% but less than 20% of the total amount of shares of Class A common stock and Class B common stock it owns as of the date of this offering and (v) one director, in the event that MDP beneficially owns shares of Class A common stock representing at least 5% of the total amount of shares of Class A common stock it owns as of the date of this offering. The Director Designation Agreement will also provide that MDP may assign such right to an MDP affiliate. The Director Designation Agreement will prohibit us from increasing or decreasing the size of our Board without the prior written consent of MDP. See "Certain Relationships and Related Party Transactions—Director Designation Agreement" for more details with respect to the Director Designation Agreement.

MDP and its affiliates engage in a broad spectrum of activities, including investments in our industry generally. In the ordinary course of their business activities, MDP and its affiliates may engage in activities where their interests conflict with our interests or those of our other stockholders, such as investing in or advising businesses that directly or indirectly compete with certain portions of our business or are suppliers or customers of ours. Our certificate of incorporation to be effective at or prior to the consummation of this offering will provide that none of MDP, any of its affiliates or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his or her director and officer capacities) or its affiliates will have any duty to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which we operate. MDP also may pursue acquisition opportunities that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. In addition, MDP may have an interest in pursuing acquisitions, divestitures and other transactions that, in its judgment, could enhance its investment, even though such transactions might involve risks to you or may not prove beneficial.

***Upon listing of our shares of Class A common stock on NYSE, we will be a "controlled company" within the meaning of the rules of NYSE and, as a result, we will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements.***

After completion of this offering, MDP will continue to control a majority of the voting power of our outstanding common stock. As a result, we will be a "controlled company" within the meaning of the corporate

------

##### [**Table of Contents**](#toc)
governance standards of NYSE. Under these rules, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a majority of our Board consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that we have a nominating and corporate governance committee that is composed entirely of
independent directors with a written charter addressing the committee's purpose and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that we have a compensation committee that is composed entirely of independent directors with a
written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement for an annual performance evaluation of the nominating and corporate governance and compensation
committees.

We do not intend to utilize this exemption immediately following this offering but may do so in the future. As a result, we may not have a majority of independent directors on our Board. In addition, our Compensation and Nominating Committee may not consist entirely of independent directors or be subject to annual performance evaluations. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements.

***We may allocate the net proceeds from this offering in ways that you and other stockholders may not approve.***

Our management will have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in the section titled "Use of Proceeds." Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management might not apply our net proceeds in ways that ultimately increase the value of your investment, and the failure by our management to apply these funds effectively could harm our business. Pending their use, we may invest the net proceeds from this offering in short- and intermediate-term interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the United States government. These investments may not yield a favorable return to our stockholders. If we do not invest or apply the net proceeds from this offering in ways that enhance stockholder value, we may fail to achieve expected results, which could cause our stock price to decline.

***If we fail to maintain an effective system of internal control over financial reporting in the future, we may not be able to accurately or timely report our financial condition or results of operations. If our internal control over financial reporting is not effective, it may adversely affect investor confidence in us and the price of our common stock.***

As a public company, we are required to maintain internal control over financial reporting and to report any material weaknesses in such internal control. Section 404 of the Sarbanes-Oxley Act requires that we evaluate and determine the effectiveness of our internal control over financial reporting and provide a management report on our internal control over financial reporting.

Additionally, the existence of any material weakness in internal control over financial reporting may require management to devote significant time and incur significant expense to remediate any such material weaknesses and management may not be able to remediate any such material weaknesses in a timely manner. The existence of any material weakness in our internal control over financial reporting could also result in errors in our financial statements that could require us to restate our financial statements and cause us to fail to meet our reporting obligations, and may cause stockholders to lose confidence in our reported financial information, all of which could materially and adversely affect our business and the price of our Class A common stock. To comply with the requirements of being a public company, we may need to undertake various costly and time-consuming actions, such as implementing new internal controls and procedures and hiring accounting or internal audit staff which may adversely affect our business, financial position and results of operations.

------

##### [**Table of Contents**](#toc)
We regularly make improvements to our platform to maintain and enhance our competitive position. In the future, we may implement new offerings and engage in business transactions, such as acquisitions, reorganizations or implementation of new information systems. These factors require us to develop and maintain our internal controls, processes and reporting systems, and we expect to incur ongoing costs in this effort. We may not be successful in developing and maintaining effective internal controls, and any failure to develop or maintain effective controls, or any difficulties encountered in their implementation or improvement, could harm our operating results or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods.

***We are an "emerging growth company," and we expect to elect to comply with reduced public company reporting requirements, which could make our Class A common stock less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we are eligible for certain exemptions from various public company reporting requirements. These exemptions include, but are not limited to, (i) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (ii) reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements and (iii) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years after the first sale of our Class A common stock pursuant to an effective registration statement under the Securities Act. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenue exceeds $1.235 billion or we issue more than $1.0 billion of non-convertible debt in any three-year period, we would cease to be an emerging growth company prior to the end of such five-year period. We have made certain elections with regard to the reduced disclosure obligations regarding executive compensation in this prospectus and may elect to take advantage of other reduced disclosure obligations in future filings. As a result, the information that we provide to holders of our common stock may be different than you might receive from other public reporting companies in which you hold equity interests. We cannot predict if investors will find our Class A common stock less attractive as a result of reliance on these exemptions. If some investors find our Class A common stock less attractive as a result of any choice we make to reduce disclosure, there may be a less active trading market for our Class A common stock and the market price for our Class A common stock may be more volatile.

The JOBS Act also permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We are electing to take advantage of this extended transition period for complying with new or revised accounting standards provided for by the JOBS Act. We will therefore comply with new or revised accounting standards when they apply to private companies. As a result, our financial statements may not be comparable with companies that comply with public company effective dates for accounting standards.

***Provisions of our corporate governance documents could make an acquisition of us more difficult and may prevent attempts by our stockholders to replace or remove our current management, even if beneficial to our stockholders.***

In addition to MDP's beneficial ownership of % of our common stock after this offering (or %, if the underwriters exercise in full their option to purchase additional shares), our certificate of incorporation and bylaws to be effective at or prior to the consummation of this offering and the Delaware General Corporation Law (the "DGCL") contain provisions that could make it more difficult for a third party to acquire us, even if doing so might be beneficial to our stockholders. Among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these provisions allow us to authorize the issuance of undesignated preferred stock, the terms of which may be
established and the shares of which may be issued without stockholder approval, and which may include supermajority voting, special approval, dividend, or other rights or preferences superior to the rights of stockholders;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these provisions provide for a classified board of directors with staggered three-year terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these provisions provide that, at any time when MDP controls, in the aggregate, less than 40% of the outstanding
shares of our Class A common stock, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of our stock entitled to vote thereon, voting
together as a single class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these provisions prohibit stockholder action by written consent from and after the date on which MDP controls, in
the aggregate, less than 35% in voting power of our stock entitled to vote generally in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these provisions provide that for as long as MDP controls, in the aggregate, at least 40% in voting power of our
stock entitled to vote generally in the election of directors, any amendment, alteration, rescission or repeal of our bylaws by our stockholders will require the affirmative vote of a majority in voting power of the outstanding shares of our capital
stock and at any time when MDP controls, in the aggregate, less than 40% in voting power of all outstanding shares of our stock entitled to vote generally in the election of directors, any amendment, alteration, rescission or repeal of our bylaws by
our stockholders will require the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of our stock entitled to vote thereon, voting together as a single class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these provisions establish advance notice requirements for nominations for elections to our Board or for
proposing matters that can be acted upon by stockholders at stockholder meetings; provided, however, at any time when MDP controls, in the aggregate, at least 10% in voting power of our stock entitled to vote generally in the election of directors,
such advance notice procedure will not apply to MDP.

We will opt out of Section 203 of the DGCL ("Section 203"), which generally prohibits a Delaware corporation from engaging in any of a broad range of business combinations with any interested stockholder for a period of three years following the date on which the stockholder became an interested stockholder. However, our certificate of incorporation to be effective in connection with the closing of this offering will contain a provision that provides us with protections similar to Section 203, and will prevent us from engaging in a business combination with a person (excluding MDP and any of its direct or indirect transferees and any group as to which such persons are a party) who acquires at least 85% of our common stock for a period of three years from the date such person acquired such common stock, unless board or stockholder approval is obtained prior to the acquisition. See "Description of Capital Stock—Anti-Takeover Provisions." These provisions could discourage, delay or prevent a transaction involving a change in control of our company. These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and cause us to take other corporate actions you desire, including actions that you may deem advantageous, or negatively affect the trading price of our Class A common stock. In addition, because our Board is responsible for appointing the members of our management team, these provisions could in turn affect any attempt by our stockholders to replace current members of our management team.

These and other provisions in our certificate of incorporation, bylaws and Delaware law could make it more difficult for stockholders or potential acquirers to obtain control of our Board or initiate actions that are opposed by our then-current Board, including actions to delay or impede a merger, tender offer or proxy contest involving our company. The existence of these provisions could negatively affect the price of our Class A common stock and limit opportunities for you to realize value in a corporate transaction.

For information regarding these and other provisions, see "Description of Capital Stock."

------

##### [**Table of Contents**](#toc)
***Our certificate of incorporation will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us.***

***If you purchase shares of Class A common stock in this offering, you will suffer immediate and substantial dilution of your investment.***

The initial public offering price of our Class A common stock is substantially higher than the net tangible book value per share of our Class A common stock. Therefore, if you purchase shares of our Class A common stock in this offering, you will pay a price per share that substantially exceeds our net tangible book value per share after this offering. Based on an assumed initial public offering price of $ per share, the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, you will experience immediate dilution of $ per share, representing the difference between our pro forma net tangible book value per share at December 31, 2025 after giving effect to this offering and the initial public offering price. In addition, purchasers of Class A common stock in this offering will have contributed % of the aggregate price paid by all purchasers of our Class A common stock but will own only approximately % of our Class A common stock outstanding after this offering. See "Dilution" for more detail.

------

##### [**Table of Contents**](#toc)
***An active, liquid trading market for our Class A common stock may not develop, which may limit your ability to sell your shares.***

Prior to this offering, there was no public market for our Class A common stock. Although we have applied to list our Class A common stock on NYSE under the trading symbol "AVEX," an active trading market for our Class A common stock may never develop or, if developed, be sustained following this offering. The initial public offering price will be determined by negotiations between us and the underwriters and may not be indicative of market prices of our Class A common stock that will prevail in the open market after the offering. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers and sellers over which neither we nor any market maker has control. The failure of an active and liquid trading market to develop and continue would likely have an adverse effect on the value of our Class A common stock. The market price of our Class A common stock may decline below the initial public offering price, and you may not be able to sell your shares of our Class A common stock at or above the price you paid in this offering, or at all. An inactive market may also impair our ability to raise capital to continue to fund operations by issuing additional shares of our Class A common stock or other equity or equity-linked securities and may impair our ability to acquire other companies or technologies by using any such securities as consideration.

***Our operating results and stock price may be volatile, and the market price of our Class A common stock after this offering may drop below the price you pay.***

Our quarterly operating results are likely to fluctuate in the future. In addition, securities markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions, could subject the market price of our Class A common stock to wide price fluctuations regardless of our operating performance. Our operating results and the trading price of our Class A common stock may fluctuate in response to various factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions in our industry or the broader stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly financial and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• introduction of new products or services by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of new or changed securities analysts' reports or recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales, or anticipated sales, of large blocks of our stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory or political developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation and governmental investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors' perception of us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events beyond our control such as weather, war and health crises such as the COVID-19 pandemic; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any default on our indebtedness.

These and other factors, many of which are beyond our control, may cause our operating results and the market price and demand for our Class A common stock to fluctuate substantially. Fluctuations in our quarterly operating results could limit or prevent investors from readily selling their shares of Class A common stock and may otherwise negatively affect the market price and liquidity of our shares of Class A common stock. In addition, in the past, when the market price of a stock has been volatile, holders of that stock have sometimes instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business, which could significantly harm our profitability and reputation.

------

##### [**Table of Contents**](#toc)
***A significant portion of our total outstanding shares of Class A common stock are restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of our Class A common stock to drop significantly, even if our business is doing well.***

Sales of a substantial number of shares of our Class A common stock in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares of Class A common stock intend to sell shares, could reduce the market price of our Class A common stock. After this offering, we will have outstanding shares of Class A common stock based on the number of shares outstanding as of , 2026. This includes shares of Class A common stock that we and the selling stockholders are selling in this offering, which may be resold in the public market immediately. Following the consummation of this offering, shares that are not being sold in this offering will be subject to a 180-day lock-up period provided under lock-up agreements executed in connection with this offering described in "Underwriters" and restricted from immediate resale under the federal securities laws as described in "Shares Eligible for Future Sale." All of these shares of Class A common stock will, however, be able to be resold after the expiration of the lock-up period, as well as pursuant to customary exceptions thereto or upon the waiver of the lock-up agreement by on behalf of the underwriters. We also intend to register shares of Class A common stock that we may issue under our equity compensation plans. Once we register these shares, they can be freely sold in the public market upon issuance, subject to the lock-up agreements. As restrictions on resale end, the market price of our stock could decline if the holders of currently restricted shares of Class A common stock sell them or are perceived by the market as intending to sell them.

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

We do not anticipate paying any regular cash dividends on our Class A common stock following this offering. Any decision to declare and pay dividends in the future will be made at the discretion of our Board and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions and other factors that our Board may deem relevant. In addition, our ability to pay dividends is, and may be, limited by covenants of existing and any future outstanding indebtedness we or our subsidiaries incur, including under our Credit Agreement. Therefore, any return on investment in our Class A common stock is solely dependent upon the appreciation of the price of our Class A common stock on the open market, which may not occur. See "Dividend Policy" for more detail.

***If securities or industry analysts do not publish research or reports about our business, if they publish unfavorable research or reports, or if they adversely change their recommendations regarding our Class A common stock or if our results of operations do not meet their expectations, our stock price and trading volume could decline.***

The trading market for our Class A common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. The analysis' estimates are based upon their own opinions and are often different from our estimates or expectations. We do not have any control over these analysts. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysis who cover us downgrade our stock or otherwise publish unfavorable research or reports, or if our results of operations do not meet their expectations, our stock price could decline.

***We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.***

Our certificate of incorporation will authorize us to issue one or more series of preferred stock. Our Board will have the authority to determine the preferences, limitations and relative rights of the shares of preferred

------

##### [**Table of Contents**](#toc)
stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our Class A common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our Class A common stock at a premium to the market price, and adversely affect the market price and the voting and other rights of the holders of our Class A common stock.

***Our certificate of incorporation will contain a provision renouncing our interest and expectancy in certain corporate opportunities.***

Under our certificate of incorporation, neither MDP nor any of its respective portfolio companies, funds or other affiliates, nor any of its officers, directors, employees, agents, stockholders, members or partners will have any duty to refrain from engaging, directly or indirectly, in the same business activities, similar business activities or lines of business in which we operate. In addition, our certificate of incorporation provides that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, employee, agent, stockholder, member, partner or affiliate of MDP will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to MDP, instead of to us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, agent, stockholder, member, partner or affiliate has directed to MDP. For example, a director of our Company who also serves as an officer, director, employee, agent, stockholder, member, partner or affiliate of MDP, or any of its respective portfolio companies, funds or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us. These potential conflicts of interest could have an adverse effect on our business, financial condition, results of operations or prospects if attractive corporate opportunities are allocated by MDP to itself or its respective portfolio companies, funds or other affiliates instead of to us. A description of our obligations related to corporate opportunities under our certificate of incorporation are more fully described in "Description of Capital Stock—Corporate Opportunity Doctrine."

------

##### [**Table of Contents**](#toc)
**FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this prospectus are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on a limited number of major customers for a substantial portion of our revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential for reductions, delays, or changes in U.S. and foreign government budgets, spending priorities,
procurement processes, or military transformation initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing competitive pressures in our industry, including the risk that we are not be able to expand our
customer base, achieve broad market acceptance, or compete effectively against larger or better-resourced competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the markets into which we sell our products and services decline or do not grow as expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our efforts to expand into new markets or introduce new offerings does not succeed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to manage increasing technological complexity, scale manufacturing capacity, achieve cost
reductions or realize projected economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claims that our complex products and services may contain unknown defects or errors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scarcity, unavailability, or increased cost of critical components or raw materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations of export controls, sanctions and other regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political, economic and regulatory instability in foreign markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on senior management and key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges in recruiting and retaining highly skilled personnel in a competitive labor market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges developing, commercializing or achieving market acceptance for new products, services or enhancements,
particularly those involving artificial intelligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, trade policies, tariffs, inflation, recession and other macroeconomic or market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties executing, integrating or realizing expected benefits from acquisitions, and exposure to unexpected
liabilities from such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pandemics, public health crises and other events that could disrupt our business, supply chain or customer
demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological failures, cybersecurity breaches or unauthorized access to our, our customers' or our
suppliers' information and systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to protect, defend or enforce our intellectual property and proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dependence on our facilities;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to generate sufficient cash to service all of our indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors set forth under "Risk Factors" and elsewhere in this prospectus.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this prospectus. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this prospectus in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this prospectus are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

------

##### [**Table of Contents**](#toc)
**USE OF PROCEEDS** 

We estimate, based upon an assumed initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus), we will receive net proceeds from this offering of approximately $ million (or $ million if the underwriters exercise their option to purchase additional shares in full), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any of the proceeds from the sale of the shares being offered by the selling stockholders.

We intend to use such net proceeds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $ million to acquire    newly-issued Series A Units in
Holdings LLC (or $ million to acquire    Series A Units if the underwriters exercise their option to purchase additional shares in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $ million to purchase     Series B Units in Holdings LLC (or
$ million to purchase     Series B Units if the underwriters exercise their option to purchase additional shares in full) from certain direct and indirect members of ATS Investment Holdings,
including entities controlled by our Principal Stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $ million to purchase     shares of Class A common stock (or
$ million to repurchase     shares of Class A common stock if the underwriters exercise their option to purchase additional shares in full) from certain direct and indirect partners of ATS Pubco
Holdings, including entities controlled by our Principal Stockholder.

In each case the LLC Units of Holdings LLC or Class A common stock of the Company, as applicable, will be acquired by us at a purchase price per unit or share equal to the initial public offering price per share of Class A common stock in this offering, less underwriting discounts and commissions.

In turn, Holdings LLC intends to apply the balance of the proceeds it receives from us (including any additional proceeds it may receive from us if the underwriters exercise their option to purchase additional shares of Class A common stock) (i) to repay $ million of outstanding borrowings under our Credit Agreement, (ii) to pay expenses incurred in connection with this offering and the Organizational Transactions and (iii) for general corporate purposes. As of December 31, 2025, we had $259 million outstanding under the Term Loan and $0 outstanding under the Revolving Credit Facility. The interest rate under our Credit Agreement for the Term Loan and the Revolving Credit Facility was 9.92% and 9.75%, respectively, as of December 31, 2025. The maturity date of the Credit Agreement is March 18, 2028.

Pending use of the net proceeds from this offering described above, we may invest the net proceeds in short- and intermediate-term interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the United States government.

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds to us from this offering by approximately $ million, assuming the number of shares of Class A common stock offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discount and estimated offering expenses payable by us.

Each 1,000,000 increase or decrease in the number of shares of Class A common stock offered in this offering would increase or decrease the net proceeds to us from this offering by approximately $ million, based on the assumed initial public offering price per share for the offering of $, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, and after deducting the underwriting discount and estimated offering expenses payable by us.

------

##### [**Table of Contents**](#toc)
**DIVIDEND POLICY** 

We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay indebtedness and, therefore, we do not anticipate paying any cash dividends in the foreseeable future. Additionally, because we are a holding company, our ability to pay dividends on our Class A common stock is limited by restrictions on the ability of our subsidiaries to pay dividends or make distributions to us. Any future determination to pay dividends will be at the discretion of our Board, subject to compliance with requirements under Delaware law and covenants in current and future agreements governing our and our subsidiaries' indebtedness, including our Credit Agreement and the New Credit Agreement, and will depend on our results of operations, financial condition, capital requirements and other factors that our Board may deem relevant. Additionally, our Credit Agreement places restrictions on the ability of our subsidiaries to pay cash dividends or make distributions to us. See "Description of Certain Indebtedness." Because we have no current plans to pay regular cash dividends on our Class A common stock following this offering, you may not receive any return on investment unless you sell your Class A common stock for a price greater than what you paid for it.

------

##### [**Table of Contents**](#toc)
**CAPITALIZATION** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of Holdings LLC and its subsidiaries on an actual historical basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of AEVEX Corp. on a pro forma basis, after giving effect to the Organizational Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of AEVEX Corp. on a pro forma as adjusted basis, after giving effect to the Organizational Transactions, our sale
of    shares of Class A common stock in this offering at an assumed initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this
prospectus) after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us (assuming no exercise of the underwriters' option to purchase additional shares), the application of the net
proceeds of the offering as set forth in "Use of Proceeds" and the financing transactions associated with the New Credit Facilities as described in "Description of Certain Indebtedness."

The capitalization in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table in conjunction with the audited consolidated financial statements and the related notes, "Use of Proceeds," "Organizational Structure," "Unaudited Consolidated Pro Forma Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Description of Certain Indebtedness" included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **(In thousands, except unit and share amounts)** | **Historical<br>Holdings<br>LLC** | **Pro Forma** | **Pro Forma<br>As Adjusted** |
|  Cash and cash equivalents | $27908 | $| $|
|  Indebtedness (including current maturities): |  |  |  |
|  Notes payable<sup>(1)</sup> | 258500 |  |  |
|  Revolving credit facility<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total indebtedness (including current maturities) | 258500 |  |  |
|  Mezzanine equity: |  |  |  |
|  Series A preferred units, no par value, 100,000 authorized, issued and outstanding, on an actual basis; no units authorized, issued or outstanding, on a pro forma and pro forma as adjusted basis | 80371 |  |  |
|  Members' / Stockholders' equity: |  |  |  |
|  Class A common units, no par value, 88,532,824 units authorized and units issued and outstanding, on an actual basis; no units authorized, issued or outstanding, on a pro forma and pro forma as adjusted basis | 199016 |  |  |
|  Class A common stock, $ par value per share, no shares authorized, issued or outstanding, on an actual basis; shares authorized, shares issued and outstanding, on a pro forma basis; shares authorized, shares issued and outstanding on a pro forma as adjusted basis |  |  |  |
|  Class B common stock, $ par value per share, no shares authorized, issued or outstanding, on an actual basis; shares authorized, shares issued and outstanding, on a pro forma basis; shares authorized, shares issued and outstanding on a pro forma as adjusted basis |  |  |  |
|  Additional paid-in capital |  |  |  |
|  Retained earnings (deficit) |  |  |  |
|  Total members'/stockholders' equity (deficit) | 199016 |  |  |
|  Total capitalization | $537887 | $| $|

---

(1) The Credit Agreement consists of: (i) Term Loans maturing in March 2028; and (ii) the Revolving
Credit

------

##### [**Table of Contents**](#toc)
Facility with commitments of $25.0 million maturing in March 2028. In connection with, and conditioned upon, the closing of this offering, we intend to repay all of our borrowings outstanding under the existing Credit Agreement and enter into the New Credit Facilities.

(2) On a pro forma as adjusted basis, includes the Holdings LLC interests not owned by us, which represents
 % of Holdings LLC's LLC Units. The LLC Unitholders will hold the non-controlling economic interest in Holdings LLC. AEVEX Corp. will hold  % of the economic interest in Holdings LLC.

A $1.00 increase or decrease in the assumed initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) would increase or decrease each of cash and cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization on a pro forma basis by approximately $ million, assuming the number of shares of Class A common stock offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each 1,000,000 increase or decrease in the number of shares of Class A common stock offered in this offering would increase or decrease each of cash and cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization on a pro forma basis by approximately $ million, based on an assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, and after deducting the underwriting discount and estimated offering expenses payable by us.

The number of shares of Class A common stock to be outstanding after the completion of this offering excludes shares of Class A common stock that may be issuable upon exercise of redemption and exchange rights held by the LLC Unitholders as of December 31, 2025 and shares of Class A common stock reserved for future issuance under the 2026 Plan.

------

##### [**Table of Contents**](#toc)
**DILUTION** 

Because the LLC Unitholders do not own any Class A common stock or other economic interests in AEVEX Corp., we have presented dilution in pro forma net tangible book value per share after this offering assuming that the LLC Unitholders had all of their LLC Units redeemed or exchanged for newly-issued shares of Class A common stock on a one-for-one basis (rather than for cash and based upon an assumed offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) and the cancellation for no consideration of all of its shares of Class B common stock (which are not entitled to receive distributions or dividends, whether cash or stock, from AEVEX Corp.) in order to more meaningfully present the dilutive impact to the investors in this offering. We refer to the assumed redemption or exchange of all LLC Units for shares of Class A common stock as described in the previous sentence as the "Assumed Redemption."

Dilution results from the fact that the initial public offering price per share of the Class A common stock is substantially in excess of the pro forma net tangible book value per share of Class A common stock after this offering. Net tangible book value (deficit) per share represents the amount of our total tangible assets less total liabilities, divided by the number of shares of Class A common stock outstanding. If you invest in our Class A common stock, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma net tangible book value per share of our Class A common stock after this offering.

Pro forma net tangible book value per share is determined at any date by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of Class A common stock, after giving effect to the Organizational Transactions, including the sale of shares of Class A common stock in this offering at the assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, and the Assumed Redemption. Our pro forma net tangible book value (deficit) after this offering as of December 31, 2025 was $ million, or $ per share of Class A common stock. This represents an immediate increase in our net tangible book value to the LLC Unitholders, including our Principal Stockholder, of $ per share and an immediate dilution to new investors in this offering of $ per share. We determine dilution by subtracting the pro forma net tangible book value per share after this offering from the amount of cash that a new investor paid for a share of Class A common stock. There is no impact on dilution per share to investors participating in this offering as a result of the sale of shares of Class A common stock by the selling stockholders. The following table illustrates this dilution:

---

| | |
|:---|:---|
|  Assumed initial public offering price per share | $|
|  Pro forma net tangible book value (deficit) per share as of December 31, 2025 prior to this offering<sup>(1)</sup> | $|
|  Increase in net tangible book value (deficit) per share attributable to the investors in this offering | $|
|  Pro forma net tangible book value (deficit) per share after giving effect to this offering | $|
|  Dilution in net tangible book value (deficit) per share to the investors in this offering | $|

---

(1) The computation of pro forma net tangible book value per share as of December 31, 2025 prior to this
offering is set forth below:

---

| | |
|:---|:---|
| **(In thousands, except share amounts)** | |
|  Book value of tangible assets<sup>(a)</sup> | $|
|  Less: total liabilities<sup>(a)</sup> | $|
|  Pro forma net tangible book value (deficit)<sup>(a)</sup> | $|
|  Shares of Class A common stock outstanding<sup>(a)</sup> |  |
|  Pro forma net tangible book value (deficit) per share prior to this offering | $|

---

------

##### [**Table of Contents**](#toc)
(a) Gives pro forma effect to the Organizational Transactions (other than this offering) and the Assumed
Redemption.

A $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase pro forma net tangible book value by $ million, or $ per share, and would increase the dilution per share to the investors in this offering by $1.00 based on the assumptions set forth above. A $1.00 decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would decrease pro forma net tangible book value by $ million, or $ per share, and would decrease the dilution per share to the investors in this offering by $1.00 based on the assumptions set forth above.

The following table summarizes as of December 31, 2025, after giving effect to the Organizational Transactions (including this offering), the number of shares of Class A common stock purchased from us, the total consideration paid and the average price per share paid by the LLC Unitholders and our Principal Stockholder and by the purchasers in this offering, based upon an assumed initial public offering price of $ per share (the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) and before deducting estimated underwriting discounts and commissions and offering expenses, after giving effect to the Assumed Redemption:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares of Class A Common<br>Stock Purchased** | **Shares of Class A Common<br>Stock Purchased** | **Total Consideration** | |
|  | **Number** | **Percentage** | **Percentage** |<br>**Average Price<br>Per Share** |
|  Existing owners<sup>(1)</sup>% |  |  | $nan% | $|
|  Investors in this offering |  |  |  |  |
|  Total% |  |  | $nan% | $|

---

(1) The total consideration provided by the existing owners does not give effect to the
$ liability payable to our Principal Stockholder resulting from the Blocker Merger. This liability will be satisfied with Class A common shares equal to the fair value of the Blocker Merger less the amount of proceeds
from this offering paid as consideration.

The discussion and tables above assume no exercise of the underwriters' option to purchase additional shares. In addition, the discussion and tables above exclude shares of Class B common stock, because holders of the Class B common stock are not entitled to distributions or dividends, whether cash or stock, from AEVEX Corp. If the underwriters' option to purchase additional shares is exercised in full, after giving effect to the Assumed Redemption, the LLC Unitholders, including our Principal Stockholder, would own approximately % and the investors in this offering would own approximately % of the total number of shares of our Class A common stock outstanding after this offering. If the underwriters exercise their option to purchase additional shares in full, after giving effect to the Assumed Redemption, the pro forma net tangible book value (deficit) per share after this offering would be $ per share, and the dilution in the pro forma net tangible book value (deficit) per share to the investors in this offering would be $ per share.

The tables and calculations above are based on the number of shares of Class A common stock outstanding as of December 31, 2025 (after giving effect to the Organizational Transactions) and shares of Class A common stock reserved for issuance under our 2026 Plan. To the extent that any new options or other equity incentive grants are issued in the future with an exercise price or purchase price below the initial public offering price, new investors will experience further dilution.

We may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent additional capital is raised through the sale of equity or equity-linked securities, the issuance of these securities could result in further dilution to our stockholders.

------

##### [**Table of Contents**](#toc)
**UNAUDITED CONSOLIDATED PRO FORMA FINANCIAL INFORMATION** 

The unaudited pro forma consolidated balance sheet as of December 31, 2025 and the unaudited pro forma consolidated statement of operations for the year ended December 31, 2025 present our financial position and results of operations after giving effect to the following pro forma transactions (the "Pro Forma Transactions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Organizational Transactions described under "Organizational Structure;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The effects of the Tax Receivable Agreement, as described under "Certain Relationships and Related Party
Transactions—Tax Receivable Agreement;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A provision for corporate income taxes on the income attributable to us at a tax rate of  % as of
December 31, 2025, inclusive of all U.S. federal, state, local and foreign income taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) This offering and the application of the estimated net proceeds from this offering as described under
"Use of Proceeds;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The repayment of all of our borrowings outstanding under the existing Credit Agreement and the financing
transactions related to our New Credit Facilities, as described under "Description of Certain Indebtedness," which are expected to be consummated in connection with, and conditioned upon the closing of this offering.

The unaudited pro forma consolidated statement of operations for the year ended December 31, 2025 gives effect to the Pro Forma Transactions (as defined above) as if the Pro Forma Transactions had occurred or had become effective as of January 1, 2025. The unaudited pro forma consolidated balance sheet gives effect to the Pro Forma Transactions as if the Pro Forma Transactions had occurred or had become effective as of December 31, 2025.

Our historical consolidated financial information has been derived from our consolidated financial statements and accompanying notes to the consolidated financial statements included elsewhere in this prospectus. AEVEX Corp. was formed on October 27, 2025 and will have no material assets or results of operations until the completion of this offering. Therefore, AEVEX Corp.'s historical financial information is not included in the unaudited pro forma consolidated financial information.

The unaudited pro forma consolidated financial information has been prepared on the basis that we will be taxed as a corporation for U.S. federal and state income tax purposes and, accordingly, will become a taxpaying entity subject to U.S. federal, state and foreign income taxes. The presentation of the unaudited pro forma consolidated financial information is prepared in conformity with Article 11 of Regulation S-X and is based on currently available information and certain estimates and assumptions. See the accompanying notes to the Unaudited Consolidated Pro Forma Financial Information for a discussion of assumptions made.

The unaudited pro forma consolidated financial information is not necessarily indicative of financial results that would have been attained had the Pro Forma Transactions occurred on the dates indicated above or that could be achieved in the future. The unaudited pro forma consolidated financial information also does not give effect to the potential impact of any anticipated synergies, operating efficiencies or cost savings that may result from the Pro Forma Transactions. Future results may vary significantly from the results reflected in the unaudited pro forma consolidated statements of operations and should not be relied on as an indication of our results after the consummation of this offering and the other transactions contemplated by such unaudited pro forma consolidated financial information. However, management believes that the assumptions provide a reasonable basis for presenting the significant effects of the Pro Forma Transactions as contemplated and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma consolidated financial information.

As a public company, we will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. We expect to incur additional annual

------

##### [**Table of Contents**](#toc)
expenses related to these steps and, among other things, additional directors' and officers' liability insurance, director fees, fees to comply with the reporting requirements of the SEC, transfer agent fees, hiring of additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses. We have not included any pro forma adjustments relating to these costs.

For purposes of the unaudited pro forma consolidated financial information, we have assumed that we will issue shares of Class A common stock at a price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, and, as a result, immediately following the completion of this offering, the ownership percentage represented by LLC Units not held by us will be %, and the net income attributable to LLC Units not held by us will accordingly represent % of our net income or loss. Except as otherwise indicated, the unaudited pro forma consolidated financial information presented assumes no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

As described in greater detail under "Certain Relationships and Related Party Transactions—Tax Receivable Agreement," in connection with the consummation of this offering, we will enter into a Tax Receivable Agreement with the TRA Rights Holders that will require us to pay such persons 85% of certain tax savings (calculated using certain assumptions), if any, in U.S. federal, state and local income taxes we actually realize (or under certain circumstances are deemed to realize) as a result of (i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement.

We retain the remaining 15% of cash savings, if any. If the Tax Receivable Agreement terminates early, we could be required to make a substantial, immediate lump-sum payment. As a result of the Organizational Transactions, we are recording a liability under the Tax Receivable Agreement of $ million as described in more detail below. Due to the uncertainty in the amount and timing of future exchanges of LLC Units by the LLC Unitholders and purchases of LLC Units from the LLC Unitholders, the unaudited pro forma consolidated financial information assumes that no future exchanges or purchases of LLC Units have occurred and therefore no increases in tax basis in the Holdings LLC assets or other tax benefits that may be realized thereunder have been assumed in the unaudited pro forma consolidated financial information.

However, if all of the LLC Unitholders were to exchange or sell us all of their remaining LLC Units, we would recognize a deferred tax asset of approximately $ million and a liability under the Tax Receivable Agreement of approximately $ million, assuming: (i) all exchanges or purchases occurred on the same day; (ii) a price of $ per share; (iii) a corporate tax rate of %; (iv) that we will have sufficient taxable income to fully utilize the tax benefits and (v) no material changes in tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount of deferred tax assets and related liabilities that we will recognize will differ based on, among other things, the timing of the exchanges, the price per share of our Class A common stock at the time of the exchange, and the tax rates then in effect.

The unaudited pro forma consolidated financial information should be read together with "Organizational Structure," " Use of Proceeds," "Capitalization," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Certain Relationships and Related Party Transactions," "Description of Certain Indebtedness" and the audited annual consolidated financial statements of Holdings LLC and related notes thereto which are included elsewhere in this prospectus.

------

##### [**Table of Contents**](#toc)
**UNAUDITED CONSOLIDATED PRO FORMA BALANCE SHEET** 

**AS OF DECEMBER 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In thousands, except share amounts)** | **Holdings LLC<br>As Reported** | | **Offering<br>Transactions<br>Adjustments** | | **AEVEX Corp.<br>Pro Forma** |
|  **Assets** |  |  |  |  |  |
|  Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $27908 | $**(1)** |  | $**(6) (7)** | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 55215 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 79680 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 4134 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 23479 |  |  | **(8)** |  |
|  Total current assets | 190416 |  |  |  |  |
|  Goodwill | 292328 |  |  |  |  |
|  Customer relationships, net | 110250 |  |  |  |  |
|  Other intangible assets, net | 1864 |  |  |  |  |
|  Property and equipment, net | 19586 |  |  |  |  |
|  Operating lease right-of-use assets | 7697 |  |  |  |  |
|  Other assets | 478 | **(2)** |  | **(9)** |  |
|  Asset held for sale | 4376 |  |  |  |  |
|  Total assets | $626995 | $— |  | $— | $|
|  **Liabilities and members'/stockholders' equity** |  |  |  |  |  |
|  Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $23700 | $— |  | $— | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 21760 |  |  | **(8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 10942 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 2720 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 3426 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 62548 |  |  |  |  |
|  Long-term debt, net of current portion | 255780 |  |  | **(7)** |  |
|  Operating lease liabilities, net of current portion | 4700 |  |  |  |  |
|  Derivative liability | 19999 |  |  |  |  |
|  TRA liability |  | **(2)** |  | **(9)** |  |
|  Total liabilities | 343027 |  |  |  |  |
|  Mezzanine equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A preferred units, no par value, 100,000 units authorized, issued and outstanding | 80371 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable noncontrolling interests |  | **(4)** |  | **(4)** |  |
|  Members'/stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units, no par value, 88,532,824 units authorized, issued and outstanding | 199016 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, par value per share shares authorized; shares issued and outstanding |  | **(3)** |  | **(6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B common stock, par value per share shares authorized; shares issued and outstanding |  | **(1)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  | **(5)** |  | **(10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings (accumulated deficit) |  | **(4)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total members'/stockholders' equity (deficit) | 199016 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest | 4581 |  |  |  |  |
|  Total equity (deficit) | 203597 |  |  |  |  |
|  Total liabilities and members' /stockholders' equity | $626995 |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**NOTES TO UNAUDITED CONSOLIDATED PRO FORMA BALANCE SHEET** 

***Organizational Transaction Adjustments***

(1) Reflects the issuance of Class B common stock to the LLC Unitholders, on a one-to-one basis with the number of LLC Units they own, in exchange for cash consideration of $ million equal to the par value of the
Class B common stock issued, as described in greater detail under "Organizational Structure."

(2) Subsequent to the Organizational Transactions, AEVEX Corp. will have no material assets other than its interest
in Holdings LLC. Holdings LLC will continue to be treated as a partnership for tax purposes and will not be subject to U.S. federal income tax, but may be subject to certain U.S. state and local taxes. AEVEX Corp. is a domestic corporation that will
be subject to U.S. corporate income tax on its earnings, including its allocable share of the income from Holdings LLC.

In connection with the Organizational Transactions, AEVEX Corp. will record a deferred tax asset adjustment of $ million, with a corresponding adjustment to additional paid-in capital. The deferred tax asset is measured based on the following: (i) differences between financial reporting and tax basis associated with the Company's investment in Holdings LLC; (ii) tax loss carryforwards and credits from the merged Blocker Companies; and (iii) tax benefits from future deductions attributable to payments under the Tax Receivable Agreement as a result of the Organizational Transactions.

In connection with the Organizational Transactions, AEVEX Corp. will enter into a Tax Receivable Agreement with the TRA Rights Holders, including our Principal Stockholder. The Tax Receivable Agreement liability will be accounted for as a contingent liability, with amounts accrued when considered probable and reasonably estimable. We will record a $ million liability, with a corresponding adjustment to additional paid-in capital, based on our estimate of the aggregate amount that it will pay to the LLC Unitholders under the Tax Receivable Agreement as a result of the Organizational Transactions.

(3) As part of the Organizational Transactions, the Blocker Entity will merge with and into AEVEX Corp. with our
Principal Stockholder receiving as consideration    shares of Class A common stock. As a result of the Blocker Merger, AEVEX Corp. will obtain      LLC Units of Holdings LLC.

(4) As a result of the Organizational Transactions, the limited liability company agreement of Holdings LLC will be
amended and restated to, among other things, designate AEVEX Corp. as the sole managing member of Holdings LLC. As sole managing member, AEVEX Corp. will exclusively operate and control the business and affairs of Holdings LLC. The LLC Units owned
by the LLC Unitholders will be considered noncontrolling interests in the consolidated financial statements of AEVEX Corp. The adjustments to (i) noncontrolling interests of $ million, (ii) additional paid-in capital of $ million, and (iii) retained earnings of $ million reflect the proportional interest in the pro forma consolidated total equity of
Holdings LLC owned by the LLC Unitholders.

(5) The following table is a reconciliation of the adjustments impacting additional paid-in capital (in millions):

---

| | |
|:---|:---|
|  Net adjustment from recognition of deferred tax assets and payable to related parties pursuant to the Tax Receivable Agreement | **(2)** |
|  Acquisition of Blocker Merger | **(3)** |
|  Adjustment for noncontrolling interests | **(4)** |
|  Net additional paid-in capital pro forma adjustment | $— |

---

***Offering Transactions Adjustments***

(6) We estimate that the proceeds to us from this offering will be approximately
$ million (or $ million if the underwriters exercise in full their option to purchase additional shares of Class A

------

##### [**Table of Contents**](#toc)
common stock), based on an assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, after deducting $ million of estimated underwriting discounts and commissions. We intend to use the net proceeds from this offering to (i) acquire newly issued LLC Units from Holdings LLC for $ million, (ii) purchase Series B Units in Holdings LLC from certain direct and indirect members of ATS Investment Holdings, including entities controlled by our Principal Stockholder and (iii) purchase shares of Class A common stock from certain direct and indirect partners of ATS Pubco Holdings, including entities controlled by our Principal Stockholder. In turn, Holdings LLC intends to apply the proceeds it receives from us (i) to repay $ million of outstanding borrowings under our Credit Agreement, (ii) to pay expenses incurred in connection with this offering discussed in note (8) and (iii) for general corporate purposes. For more information, see "Use of Proceeds."

(7) Shortly after, and conditioned upon, the closing of this offering, we intend to refinance our existing Credit
Agreement and enter into the New Credit Agreement. Holdings LLC intends to use the net proceeds of the New Term Loan, together with a portion of the net proceeds it receives from this offering, to repay all amounts outstanding under our existing
Credit Agreement.

(8) We are deferring certain costs associated with this offering. These costs primarily represent legal, accounting
and other costs directly associated with this offering. As of December 31, 2025, $3.8 million of these costs were recorded to prepaid expenses and other current assets, and an additional $ million of capitalizable
costs were incurred subsequent to December 31, 2025. Upon completion of this offering, these deferred costs will be charged against the proceeds from this offering with a corresponding reduction to additional paid-in capital as discussed in note
(10). After December 31, 2025, we incurred an additional $ million of costs associated with this offering that were not eligible for capitalization. These costs were expensed as incurred and were recorded to accrued
expenses and retained earnings.

(9) Following the Offering Transaction, AEVEX Corp. will record an additional deferred tax asset of
$ million, with a corresponding adjustment to additional paid-in capital, which is primarily attributable to the differences between financial reporting and tax basis associated with the Company's investment in
Holdings LLC and the tax benefits from future deductions attributable to payments under the Tax Receivable Agreement.

As described in note (2) above, we will enter into a Tax Receivable Agreement with certain of our pre-IPO owners that provides for the payment by AEVEX Corp. to such pre-IPO owners of 85% of certain tax benefits, if any, that the Company actually realizes, as a result of (i) certain increases in the tax basis of the assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. Following the Offering Transaction, AEVEX Corp. will record an additional TRA liability of $ million, with a corresponding adjustment to additional paid-in capital.

The Tax Receivable Agreement will be accounted for as a contingent liability, with amounts accrued when considered probable and reasonably estimable. Due to the uncertainty in the amount and timing of future exchanges of LLC Units by certain of our existing direct and indirect owners and purchases of LLC Units from such owners, the unaudited condensed consolidated pro forma financial information assumes that no future exchanges or purchases of LLC Units have occurred. However, if the Continuing Unitholders were to exchange all of the Common Units that they will hold immediately following this offering for shares of Class A common stock immediately following the completion of this offering, we would recognize an incremental deferred tax asset of approximately $ million and a noncurrent liability of approximately $ million based on the Company's estimate of the aggregate amount that it will pay under the Tax Receivable Agreement as a result of such hypothetical exchange, assuming: (i) a price of

------

##### [**Table of Contents**](#toc)
$ per share of our Class A common stock; (ii) a constant corporate tax rate of %; (iii) we will have sufficient taxable income to fully utilize the tax benefits; and (iv) no material changes in tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount of deferred tax assets and related noncurrent liabilities that we will recognize as a result of any such future exchanges will differ based on, among other things: (i) the amount and timing of future exchanges of Common Units by Continuing Unitholders, and the extent to which such exchanges are taxable; (ii) the price per share of our Class A common stock at the time of the exchanges; (iii) the amount and timing of future income against which to offset the tax benefits; and (iv) the tax rates then in effect.

(10) The following table is a reconciliation of the adjustments impacting additional paid-in capital (in millions):

---

| | |
|:---|:---|
|  Net proceeds from offering of Class A common stock | $**(6)** |
|  Reclassification of deferred costs incurred in this offering to additional paid-in capital | **(8)** |
|  Net adjustment from recognition of deferred tax assets and payable to related parties pursuant to the Tax Receivable Agreement | **(9)** |
|  Net additional paid-in capital pro forma adjustment | $— |

---

------

##### [**Table of Contents**](#toc)
**UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands, except share amounts)** | **Holdings LLC<br>As Reported** | | | |
|  **Total revenue** | $**432933** | $— | $— | $— |
|  **Total cost of revenue** | **338630** |  |  |  |
|  **Gross profit** | **94303** |  |  |  |
|  **Operating Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 41626 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 25439 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 16606 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in contingent consideration | 2435 |  |  |  |
|  Total operating expenses | 86106 |  |  |  |
|  Income from operations | 8197 |  |  |  |
|  Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (32346) |  | **(1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 699 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income. net | 6841 |  |  |  |
|  Total other expense, net | (24806) |  |  |  |
|  Loss before income taxes | (16609) |  |  |  |
|  Income tax (benefit) expense | 171 | **(2)** | **(3)** |  |
|  Net income (loss) | (16780) |  |  |  |
|  Net income (loss) attributable to noncontrolling interests | 106 | **(4)** | **(4)** |  |
|  Net income (loss) attributable to AEVEX Corp. | $(16886) | $— | $— | $— |
|  **Pro Forma Earnings Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.20) |  |  | $**(5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.20) |  |  | $**(5)** |
|  **Pro Forma Number of Shares Used in Computing EPS** |  |  |  |  |
|  Basic | 88532824 |  |  | **(5)** |
|  Diluted | 88532824 |  |  | **(5)** |

---

------

##### [**Table of Contents**](#toc)
**NOTES TO UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS** 

(1) Shortly after, and conditioned upon, the closing of this offering, we intend to refinance our existing Credit
Agreement and enter into the New Credit Agreement and expect to incur a debt extinguishment charge related to the repayment of our existing Credit Agreement. Our capitalized debt issuance costs were $ million as of January 1, 2025, which represents
the extinguishment charge had we refinanced our existing Credit Agreement on January 1, 2025. This adjustment reflects the elimination of the historical interest expense and amortization of debt issuance costs related to the existing Credit
Agreement, the recognition of a debt extinguishment charge associated with the repayment of the existing Credit Agreement, and recognition of deferred financing costs and interest expense related to the New Credit Agreement using an assumed interest
rate of   % per annum. A 1/8 point increase or decrease in this assumed interest rate would result in a $ million change in the estimated reduction in interest expense.

(2) In 2025, Holdings LLC financial statements included a tax provision of $ million
attributable to minimal state and foreign taxes and federal and state taxes of a regarded corporation that is entirely owned as of December 31, 2025. Following the Organizational Transactions, AEVEX Corp. will be subject to U.S. federal, state
and local income taxes with respect to its allocable share of taxable income generated by Holdings LLC. As a result, the unaudited pro forma condensed consolidated statement of operations reflects adjustments to record AEVEX Corp. income tax expense
attributable to its allocable share of income, at a blended U.S. federal and state statutory tax rate of 24%.

(3) Following the Offering Transactions, AEVEX Corp. will have additional income subject to U.S. federal, state and
local income taxes with respect to its allocable share of taxable income generated by Holdings LLC. As a result, the unaudited pro forma condensed consolidated statement of operations reflects an additional adjustment of
$ million to record AEVEX Corp. income tax expense attributable to its allocable share of income, at a blended U.S. federal and state statutory tax rate of 24%.

(4) Following the Organizational Transactions, AEVEX Corp. will become the sole managing member of Holdings LLC,
and upon consummation of this offering, AEVEX Corp. will initially own approximately    % of the economic interest in Holdings LLC but will have 100% of the voting power and control the management of Holdings LLC. The
ownership percentage held by the noncontrolling interest, the LLC Unitholders, will be approximately    %. Net income attributable to the noncontrolling interest will represent approximately    % of
net income.

(5) The weighted average number of shares underlying the basic earnings per share calculation reflects only
the    shares of Class A common stock outstanding after the offering as they are the only outstanding shares which participate in distributions or dividends by AEVEX Corp. Pro forma diluted earnings per share is computed
by adjusting pro forma net income attributable to AEVEX Corp. and the weighted average shares of Class A common stock outstanding to give effect to potentially dilutive securities that qualify as participating securities using the treasury
stock method, as applicable. Shares of Class B common stock are not participating securities and therefore are not included in the calculation of pro forma basic earnings per share. LLC Units, together with an equal number of shares of
Class B common stock, may be exchanged, at our option, for shares of our Class A common stock or for cash. After evaluating the potential dilutive effect under the if-converted method, the
outstanding LLC Units for the assumed exchange of noncontrolling interests were determined to

------

##### [**Table of Contents**](#toc)
be antidilutive and thus were excluded in the computation of diluted earnings per share. The following table sets forth a reconciliation of the numerators and denominators used to compute pro forma basic and diluted earnings per share.

---

| | |
|:---|:---|
|  | **Twelve months<br>ended<br>December 31,<br>2025** |
|  **Earnings (loss) per share of common stock** |  |
|  **Numerator:** |  |
|  Net income (loss) attributable to AEVEX Corp.'s stockholders (basic and diluted) | $|
|  **Denominator:** |  |
|  Weighted average of shares of common stock outstanding (basic) |  |
|  Incremental common shares attributable to dilutive instruments |  |
|  Weighted average of shares of common stock outstanding (diluted) |  |
|  **Basic earnings (loss) per share** | $|
|  **Diluted earnings (loss) per share** | $|

---

------

##### [**Table of Contents**](#toc)
**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION** 

**AND RESULTS OF OPERATIONS** 

*The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. You should read the following discussion and analysis of our financial condition and results of operations together with the sections entitled "Prospectus Summary—Summary Historical Financial and Other Data," "Risk Factors," "Forward-Looking Statements," and our audited consolidated financial statements and related notes included elsewhere in this prospectus.* 

*This discussion and analysis contains forward-looking statements, including statements regarding our expectations for the future of our business and our liquidity and capital resources as well as other non-historical statements. These statements are based upon our current plans, expectations, and beliefs, and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in "Risk Factors" and "Forward-Looking Statements." Our actual results may differ materially from those contained in or implied by these forward-looking statements.* 

*Unless we state otherwise or the context otherwise requires, the terms "we," "us," "our,""AEVEX" and the "Company" and similar references refer to: (1) on or following the consummation of the Organizational Transactions, including this offering, to AEVEX Corp. and its consolidated subsidiaries, including Holdings LLC, and (2) prior to the consummation of the Organizational Transactions, including this offering, to Holdings LLC and its consolidated subsidiaries.* 

**Overview** 

We believe that we are a leading defense technology prime contractor and critical enabler of U.S. UAS dominance strategy missions. We are highly differentiated by our proven track record of securing and successfully executing on critical strategic Programs of Record, with over 10,200 systems delivered and committed through the end of 2026 to operational environments that validate our battlefield effectiveness. Today, we are positioned as a recognized global leader in UxS. Through our advanced autonomous, AI-enabled, and attritable UxS, we play a central role in defining next-generation warfighting capabilities, including key areas such as precision strike launched effects, loitering munitions, and full-scope ISR.

We deliver technology-led products and solutions through two complementary business segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tactical Systems**: Designs and manufactures battle-tested, autonomous, modular, and attritable UxS,
including UAS and USV, along with other mission critical products. Tactical Systems segment revenue represented approximately 74.4% and 76.0% of our revenue for the years ended December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Global Solutions**: Provides bespoke mission solutions, including AI-enabled full-spectrum airborne ISR, C-UAS, additive manufacturing, and specialized mission aircraft engineering, modification, and testing. Global Solutions segment
revenue represented approximately 25.6% and 24.0% of our revenue for the years ended December 31, 2025 and 2024, respectively.

**Key Factors Affecting Our Performance** 

Our results have been affected, and are expected to be affected in the future, by a variety of factors. A discussion of key factors that have had, or may have, an effect on our results is set forth below. For a further discussion of the factors affecting our results of operations, see "Risk Factors."

*U.S. and Foreign Government Expenditures* 

U.S. and foreign government expenditures have fueled the growth in our target markets, and we expect the continued availability of U.S. and foreign government expenditures for our customers to help fund purchases of

------

##### [**Table of Contents**](#toc)
our products and services. However, changes in the volume and relative mix of U.S. and foreign government expenditures, as well as in areas of spending growth, may impact our results of operations. In particular, our results may be affected by shifts in strategies and priorities on defense-related programs. Cost-cutting and efficiency initiatives, current and future budget restrictions, spending cuts and other efforts to reduce government expenditures, as well as shifts in overall priorities, could cause our government customers to reduce or delay funding or invest appropriated funds on a less consistent basis or not at all, and demand for our solutions or services could diminish. Furthermore, any disruption in the functioning of government agencies, including as a result of government closures and shutdowns, could have a negative impact on our operations and cause us to lose revenue or incur additional costs due to, among other things, our inability to maintain access and schedules for government testing or the deployment of our staff to customer locations or facilities as a result of such disruptions.

There is also uncertainty around the timing, extent, nature and effect of Congressional and other U.S. Government actions to address budgetary constraints and caps on the discretionary budget for defense and non-defense departments and agencies. In addition, there is uncertainty around the ability of Congress to determine how to allocate the available budget authority and pass appropriations bills to fund both U.S. Government departments and agencies that are, and those that are not, subject to the caps. Additionally, budget deficits and the growing U.S. national debt may increase pressure on the U.S. Government to reduce federal spending across all federal agencies, with uncertainty about the size and timing of those reductions. Furthermore, delays in the completion of future U.S. Government budgets could delay procurement of the federal government services that we provide.

*Macroeconomic Pressures* 

In recent years, geopolitical instability, including wars and conflicts, as well as impacts from other global events and heightened global tensions, have resulted in opportunities for companies in the defense technology market. Global defense spending is accelerating, fueled by rising budgets, modernization initiatives, and the urgent demand for next-generation advanced systems to counter near-peer adversaries. This surge has in part been driven by active conflicts in the Middle East, Africa, and Eastern Europe, along with the anticipation of future engagements in the South Pacific. While these conditions may create growth opportunities, the unpredictable nature, duration, and geographic scope of such conflicts introduce significant uncertainty regarding the sustainability of this demand. However, certain disruptions to the global economy, including market disruptions, monetary, and fiscal policy uncertainty, supply chain challenges, high interest rates and inflationary pressures have contributed to an inflationary environment that may adversely affect the price and availability of certain products and services necessary for our operations, which in turn may adversely impact our business and operating results. In addition, the global trade environment is uncertain and rapidly evolving. Tariffs imposed by the U.S. presidential administration or retaliatory tariffs announced by other countries could result in a trade war. The impact of tariffs on our business and results of operations will depend on their timing, duration, and magnitude.

*Project Revenue Mix and Impact on Margins* 

We may experience future variability in the profitability of our contracts, and such variability may occur at levels and frequencies different from variability we have historically experienced. Such variability in profitability may be due to strategic decisions, cost overruns, or other circumstances within or outside of our control. Accordingly, our historical experience with profitability of our contracts is not indicative or predictive of future experience.

Our financial success is based on our ability to deliver high quality products on a timely basis and at a cost-effective price for our customers. When agreeing to contractual terms, our management team makes assumptions and projections about future conditions and events. The accounting for our contracts and programs involves assumptions and estimates about these conditions and events. These projections and estimates assess:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the productivity and availability of labor;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the allocation of indirect costs to labor and material costs incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the complexity of the work to be performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost and availability of materials and components; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• schedule requirements.

If there is a significant change in one or more of these circumstances, estimates or assumptions, or if the risks under our contracts are not managed adequately, the profitability of contracts could be adversely affected, which could materially affect earnings and margins in any given fiscal period.

In particular, profitability can fluctuate depending on the type of contract award. Contracts with certain customers reflect firm fixed pricing structures. As a result, our gross profit is dependent on the efficient and effective execution of our contracts. Our ability to maximize gross profit may be impacted by, but not limited to, unanticipated cost overruns, disruptions in our supply chains, learning curve and non-recurring engineering costs related to our contracts with customers. If our fixed-price development efforts contribute to a larger portion of our revenue output, we may have a higher risk profile, which may result in reduced margins.

From time to time, we may strategically enter into contracts with low or negative margins relative to other contracts or that are at risk of cost overruns. This may occur due to strategic decisions built around positioning ourselves for future contracts or to enhance our product and service offerings. However, in some instances, loss contracts may occur from unforeseen cost overruns that are not recoverable from the customer. We establish loss reserves on contracts in which the cost estimate-at-completion ("EAC") exceeds the estimated revenue. The loss reserves are recorded in the period in which a loss is determined. Our reference to adjustments to EAC in the context of describing our results of operations includes net changes during the period in our aggregate program contract values, EAC and other program estimates, and includes the impact of cost overruns and recognition of loss reserves.

Additionally, the timing of our cash flows is impacted by the timing of achievement of billable milestones on contracts. Historically, this has resulted and could continue to result in fluctuations in working capital levels and quarterly free cash flow. As a result of such quarterly fluctuations in free cash flow, we believe that quarter-to-quarter comparisons of our results of operations may not necessarily be meaningful and should not be relied upon as indicators of future performance.

*Ability to Continue to Innovate and Expand our Product and Service Offerings* 

To continue gaining market share and attracting customers, we plan to continue making substantial investments in R&D for the continued enhancements of our product and service offerings. Our future success is dependent on our continued ability to leverage our engineering and design capabilities to meet exact customer innovation needs and to proactively innovate to help win emerging programs. If we are unable to devote adequate resources to develop new products or cannot otherwise successfully develop new products or enhancements that meet customer requirements on a timely basis, our products could lose market share, our revenue and profits could decline, and we could experience operating losses.

*Public Company Expenses* 

We have incurred, and expect to continue to incur, certain non-recurring professional fees and other expenses as part of our transition to becoming a public company. As a public company, we will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. In particular, we expect our accounting, legal and personnel-related expenses and directors' and officers' insurance costs to increase as we establish more comprehensive compliance and governance functions, establish, maintain and review internal controls over financial reporting in accordance with the Sarbanes-Oxley Act and prepare and distribute periodic reports in accordance with SEC rules. Our financial

------

##### [**Table of Contents**](#toc)
statements following this offering will reflect the impact of these expenses. See "Risk Factors—Risks Related to Our Class A Common Stock and This Offering—The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business, particularly after we are no longer an "emerging growth company."

*Funded Backlog* 

Funded backlog represents our estimate of the revenue we expect to realize in future periods as a result of performing work on funded contracts that have been awarded to us (net of any revenue already recognized as of the backlog date). We include the aggregate expected revenue from awarded contracts in our funded backlog upon the execution of a legally binding agreement (e.g., written contract or purchase order), even though our contracts include certain termination rights exercisable by our customers with advance notice. We exclude from funded backlog any unfunded contract options and at-risk work. Deferred revenue recognized on our consolidated balance sheets consists of payments and billings that we have received in excess of revenue that we have recognized. Because cash receipts from these contracts have not been recognized into revenue, they are included in our backlog calculation.

We view funded growth in backlog as a key measure of our future business prospects. We monitor our funded backlog because we believe it is a forward-looking indicator of potential sales that can be helpful to investors in evaluating the performance of our business and identifying trends over time. Although funded backlog reflects business associated with contracts that are considered to be firm, terminations, amendments, or contract cancellations may occur, which could result in a reduction in our total backlog and potential future revenue that never gets recognized.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| *(In thousands)* | **2025** | **2024** |
|  Funded backlog | $503123 | $179246 |

---

Funded backlog includes both single and multi-year awards, and fluctuations in backlog are driven primarily by the timing of large program wins. The increase of $323.9 million in funded backlog in 2025 was primarily due to the EUCOM AOR Deep Strike program. We expect to convert approximately 96.6% of the total $503.1 million of funded backlog as of December 31, 2025 into revenue in 2026.

In addition, our backlog is subject to meaningful customer concentration risk. As of December 31, 2025, approximately 84% of the total dollar value of our funded backlog related to the U.S Government. For purposes of evaluating our backlog, we consider all U.S. Government entities to be one customer. Additionally, backlog that is originally funded through U.S. Government efforts is considered to be U.S. Government backlog even if the program is directly contracted through an intermediary.

**Organizational Transactions** 

AEVEX Corp. was incorporated in Delaware and formed for the purpose of this offering and has engaged to date only in activities in contemplation of this offering. AEVEX Corp. will be a holding company, and its sole material asset will be a controlling ownership interest in Holdings LLC. For more information regarding our reorganization and holding company structure, see "Organizational Structure—Organizational Transactions." Upon completion of this offering, all of our business will be conducted through Holdings LLC and its consolidated subsidiaries, and the financial results of Holdings LLC and its consolidated subsidiaries will be included in the consolidated financial statements of AEVEX Corp.

------

##### [**Table of Contents**](#toc)
Holdings LLC has been treated as a pass-through entity for U.S. federal income tax purposes and accordingly has not been subject to U.S. federal income tax. Certain wholly owned subsidiaries of Holdings LLC are taxed as corporations for U.S. federal and most applicable state, local income tax and foreign tax purposes. After consummation of this offering, Holdings LLC will continue to be treated as a pass-through entity for U.S. federal income tax purposes, and certain subsidiaries will continue to be taxed as corporations for U.S. federal and most applicable state, local income tax and foreign tax purposes. As a result of its ownership of LLC Units in Holdings LLC, AEVEX Corp. will become subject to U.S. federal, state and local income taxes with respect to its allocable share of any taxable income of Holdings LLC and will be taxed at the prevailing corporate tax rates. In addition to tax expenses, we also will incur expenses related to our operations and we will be required to make payments under the Tax Receivable Agreement to the TRA Rights Holders. We expect that payments that we may make under the Tax Receivable Agreement will be substantial. For example, if we acquire all of the Class B Units held by the TRA Rights Holders in taxable transactions as of this offering, based on an initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) and on certain assumptions, including that (i) there are no material changes in relevant tax law and (ii) we earn sufficient taxable income in each year to realize on a current basis all tax benefits that are subject to the Tax Receivable Agreement, we would expect that the resulting reduction in tax payments for us, as determined for purposes of the Tax Receivable Agreement, would aggregate to approximately $ million, substantially all of which would be realized over the next 15 years, and we would be required to pay to the TRA Rights Holders 85% of such amount, or $ million, over the same period. These amounts have been prepared for informational purposes only. The actual increases in tax basis with respect to future exchanges or purchases of LLC Units may differ materially from the amounts set forth above because the potential future reductions in our tax payments, as determined for purposes of the Tax Receivable Agreement, and the payment we will be required to make under the Tax Receivable Agreement, will each depend on a number of factors, including the market value of our Class A common stock at the time of the exchange or purchase, the prevailing federal tax rates applicable to us over the life of the Tax Receivable Agreement (as well as the assumed combined state and local tax rate), the amount and timing of the taxable income that we generate in the future and the extent to which future exchanges or purchases of LLC Units are taxable transactions. We intend to cause Holdings LLC to make distributions in an amount sufficient to allow us to pay our tax obligations and operating expenses, including distributions to fund any ordinary course payments due under the Tax Receivable Agreement. See "Organizational Structure—Amended and Restated Operating Agreement of Holdings LLC" and "Organizational Structure—Tax Receivable Agreement."

**Components of Results of Operations** 

*Revenue –* consists entirely of revenue from contracts with customers, net of sales discounts. Our revenue is derived from a combination of cost-plus contracts, fixed price contracts, and time and materials contracts for both U.S. Government and commercial and international deliverables. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We recognize revenue upon satisfying the performance obligations identified in the contract, which is achieved as services are rendered, upon completion of a service, or through the transfer of control of the promised good or service to the customer either at a point in time or over time. Our contracts can range from short-term periods of less than 12 months to multi-year obligations.

We perform work under contracts that broadly consist of fixed-price, cost-reimbursable, time-and-materials arrangements, or a combination of the three. Pricing is contractually based on specific negotiations with each customer. Advanced payments and billings for milestones in excess of revenues recognized are recorded as current and non-current deferred revenue in our consolidated balance sheets and recognized into revenue as we satisfy the underlying performance obligations.

For fixed-price contracts satisfied over time, progress is measured using a cost-to-cost method, which accurately reflects the transfer of control to the customer. This method assesses the extent of progress based on the ratio of costs incurred to date against the total estimated costs to complete the performance obligation. Estimating total costs to complete requires us to make informed estimates regarding subcontractor performance,

------

##### [**Table of Contents**](#toc)
material costs and availability, labor costs and productivity, as well as overhead expenses. Frequently, the period of performance of a contract extends over a long period of time and, as such, revenue recognition and our profitability from a particular contract may be affected to the extent that estimated costs to complete are revised, delivery schedules are delayed, performance-based milestones are not achieved, or progress under a contract is otherwise impeded. Accordingly, our recorded revenues and operating profit from period to period can fluctuate significantly depending on when contractual obligations are achieved.

Should the estimated total costs to be incurred on a contract surpass the anticipated total revenue, we recognize a provision for the entire loss on the contract in the period when the loss is identified. For further discussion of the critical judgments and estimates related to our revenue recognition policies, see "Critical Accounting Estimates."

*Cost of Revenue* – consists of direct costs and allocated indirect costs. Direct costs include labor, materials, subcontractor and other costs directly related to the execution of a specific contract. Indirect costs include overhead expenses, fringe benefits, depreciation and amortization.

*Selling, General, and Administrative* – consists primarily of personnel-related expenses for our sales, marketing, supply chain, finance, legal, human resources and administrative personnel, as well as the costs of customer service, information technology, risk management and related insurance, travel, allocated overhead and other marketing, communications and administrative expenses. We also expect to further invest in our corporate infrastructure and incur additional expenses associated with operating as a public company, including increased legal and accounting costs, investor relations and compliance costs. As a result, we expect that selling, general and administrative expenses will increase in absolute dollars in future periods but decline as a percentage of total revenue over time. In addition, upon becoming a public company, we anticipate that we may incur significant additional annual expenses including, among other things, additional directors' and officers' liability insurance, costs to administer a public company stock compensation plan, director fees, costs to comply with reporting requirements of the SEC, transfer agent fees, costs for additional accounting, legal and administrative personnel, increased auditing, tax and legal fees, stock exchange listing fees, additional stock-based compensation expense and similar expenses.

*Research and Development –* represents primarily employee and contractor compensation, supplies and materials for new product development and facility costs.

*Amortization of Intangible Assets –* represents customer relationships, technology and trade names acquired in business combinations that are not directly related to the delivery of our products or services and are amortized based on their pattern of economic benefit over their estimated useful lives.

*Change in Contingent Consideration –* As part of the acquisition of Tribe Aerospace, LLC in 2022, we agreed to pay contingent consideration to the sellers for any EBITDA (as defined in the earnout arrangement) recognized over certain thresholds during the earnout period from 2022-2024. The contingent consideration was settled using a combination of cash and Class A Units based on converting a portion of each contingent payment to units at the fixed contractual price per unit. The change in fair value of the liability during the year ended December 31, 2024 represents the decrease in the estimated 2024 earnout liability based on actual EBITDA recognized for the year ended December 31, 2024, partially offset by the change in the estimated fair value of the Class A Units to be issued upon settlement of the 2024 earnout period. The change in fair value of the liability during the year ended December 31, 2025 represents accretion of the discounted liability outstanding during the year. All earnout arrangement liabilities were settled as of December 31, 2025.

*Interest Expense* – consists primarily of interest expense incurred on borrowings under our Credit Agreement.

*Interest Income* – consists primarily of interest income earned on cash and cash equivalents.

------

##### [**Table of Contents**](#toc)
*Other Income (Expense), net –* reflects miscellaneous income and expense unrelated to our core business activities.

**Results of Operations** 

***Years Ended December 31, 2025 and 2024***

The following table sets forth a summary of our consolidated results of operations for the years indicated, and the changes between periods.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |  |  |
| *(In thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
|  Revenue: |  |  |  |  |
|  Products | $319351 | $292429 | $26922 | 9.2% |
|  Services | 113582 | 99763 | 13819 | 13.9% |
|  **Total revenue** | **432933** | **392192** | 40741 | 10.4% |
|  Cost of revenue: |  |  |  |  |
|  Products | 244735 | 199920 | 44815 | 22.4% |
|  Services | 93895 | 82000 | 11895 | 14.5% |
|  **Total cost of revenue** | 338630 | 281920 | 56710 | 20.1% |
|  **Gross profit** | **94303** | **110272** | (15969) | (14.5)% |
|  **Operating expenses:** |  |  |  |  |
|  Selling, general, and administrative | 41626 | 33780 | 7846 | 23.2% |
|  Research and development | 25439 | 12997 | 12442 | 95.7% |
|  Amortization of intangible assets | 16606 | 18119 | (1513) | (8.4)% |
|  Change in contingent consideration | 2435 | (61599) | 64034 | (104.0)% |
|  **Total operating expenses** | **86106** | **3297** | 82809 | 2511.6% |
|  **Income from operations** | **8197** | **106975** | (98778) | (92.3)% |
|  **Other income (expense), net:** |  |  |  |  |
|  Interest expense | (32346) | (29584) | (2762) | 9.3% |
|  Interest income | 699 | 1436 | (737) | (51.3)% |
|  Other income, net | 6841 | 129 | 6712 | 5203.1% |
|  **Total other expense, net** | **(24806)** | **(28019)** | 3213 | (11.5)% |
| **(Loss) income before income taxes** | **(16609)** | **78956** | (95565) | (121.0)% |
|  Provision for income taxes | 171 | 363 | (192) | (52.9)% |
|  **Net (loss) income** | **(16780)** | **78593** | (95373) | (121.4)% |
|  **Net income attributable to noncontrolling interest** | **106** | **44** | 62 | 140.9% |
|  **Net (loss) income attributable to Athena Technology Solutions Holdings, LLC** | $**(16886)** | $**78549** | $(95435) | (121.5)% |

---

***Products Revenue***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** | **Change** |
| *(In thousands)* | **2025** | **2024** | $**%** | **%** |
|  Products revenue | $319351 | $292429 |  | 9.2% |

---

Products revenue increased to $319.4 million from $292.4 million, or by $26.9 million and 9.2%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase is due to

------

##### [**Table of Contents**](#toc)
$14.8 million of higher revenue in our Global Solutions segment primarily from aircraft modifications and testing products and $12.1 million of higher revenue in our Tactical Systems segment primarily from UAS products.

***Services Revenue***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Change** | **Change** |
| *(In thousands)* | **2025** | **2024** | $**%** | **%** |
|  Services revenue | $113582 | $99763 |  | 13.9% |

---

Services revenue increased to $113.6 million from $99.8 million, or by $13.8 million and 13.9%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase is due to $11.6 million of higher revenue in our Tactical Systems segment primarily from UAS support services and $2.2 million of higher revenue in our Global Solutions segment primarily from aircraft modification and testing services.

***Cost of Products Revenue***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** | **Change** |
| *(In thousands)* | **2025** | **2024** | $**%** | **%** |
|  Cost of products revenue | $244735 | $199920 |  | 22.4% |

---

Cost of products revenue increased to $244.7 million from $199.9 million, or by $44.8 million and 22.4%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The higher cost of products revenue is primarily due to $39.4 million of higher costs, including new program start-up costs, in our Tactical Systems segment from our EUCOM AOR Deep Strike program during the year ended December 31, 2025, which is the follow-on from our Phoenix Ghost program during the year ended December 31, 2024.

***Cost of Services Revenue***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** | **Change** |
| *(In thousands)* | **2025** | **2024** | $**%** | **%** |
|  Cost of services revenue | $93895 | $82000 |  | 14.5% |

---

Cost of services revenue increased to $93.9 million from $82.0 million, or by $11.9 million and 14.5%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The higher cost of services revenue is primarily due to the higher revenue from UAS support services in our Tactical Systems segment and the higher revenue from aircraft modification and testing services in our Global Solutions segment, as the 17.3% gross margin for services during the year ended December 31, 2025 decreased only slightly from 17.8% during the year ended December 31, 2024.

***Gross Profit***

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** |
| *(In thousands)* | **2025** | **2024** | **%** |
|  Gross profit | $94303 | $110272 | (14.5)% |
|  Gross profit % | 21.8% | 28.1% |  |

---

Gross profit decreased to $94.3 million from $110.3 million, or by $16.0 million and 14.5%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The gross profit percentage

------

##### [**Table of Contents**](#toc)
decreased from 28.1% for the year ended December 31, 2024 to 21.8% for the year ended December 31, 2025. The gross margin for products decreased from 31.6% for the year ended December 31, 2024 to 23.4% for the year ended December 31, 2025, which is primarily due to the increase in cost of products revenue discussed above.

***Selling, General and Administrative***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** | **Change** |
| *(In thousands)* | **2025** | **2024** | $**%** | **%** |
|  Selling, general and administrative | $41626 | $33780 |  | 23.2% |

---

Selling, general and administrative expenses increased to $41.6 million from $33.8 million, or by $7.8 million and 23.2%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to a $5.7 million increase in audit and accounting fees related to our IPO process and a $3.6 million increase in new employee-related costs.

***Research and Development***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** | **Change** |
| *(In thousands)* | **2025** | **2024** | $**%** | **%** |
|  Research and development | $25439 | $12997 |  | 95.7% |

---

Research and development expenses increased to $25.4 million from $13.0 million, or by $12.4 million and 95.7%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily due to the $10.4 million increase in development activities for UAS products and services.

***Amortization of Intangible Assets***

---

| | | | |
|:---|:---|:---|:---|
| *(In thousands)* | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** |
|  | **2025** | **2024** | **%** |
|  Amortization of intangible assets | $16606 | $18119 | (8.4)% |

---

Amortization of intangible assets decreased to $16.6 million from $18.1 million, or by $1.5 million and 8.4%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was primarily due to a customer relationship intangible asset becoming fully amortized during the year ended December 31, 2024, resulting in no related amortization expense during the year ended December 31, 2025.

***Change in Contingent Consideration***

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands)* | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | $**%** | **%** |
|  Change in contingent consideration | $2435 | $(61599) |  | (104.0)**%** |

---

As part of the acquisition of Tribe Aerospace, LLC in 2022, we agreed to pay contingent consideration to the sellers for any EBITDA (as defined in the earnout arrangement) recognized over certain thresholds during the earnout period from 2022 to 2024. The contingent consideration was settled using a combination of cash and Class A Units based on converting a portion of each contingent payment to units at the fixed contractual price per unit. The change in fair value of the liability during the year ended December 31, 2024 represents the decrease in the estimated 2024 earnout liability based on actual EBITDA recognized for the year ended December 31, 2024, partially offset by the change in the estimated fair value of the Class A Units to be issued upon settlement of the

------

##### [**Table of Contents**](#toc)
2024 earnout period. The decrease in the estimated 2024 earnout liability during the year ended December 31, 2024 is primarily due to 2024 actual EBITDA being less than forecast. This shortfall is primarily due to the timing of customer funding and deliveries under our largest program moving from 2024 to future periods that are beyond the end of the earnout arrangement. The change in fair value of the liability during the year ended December 31, 2025 represents accretion of the discounted liability outstanding during the year. All earnout arrangement liabilities were settled as of December 31, 2025.

***Interest Expense***

---

| | | | |
|:---|:---|:---|:---|
| *(In thousands)* | **Year Ended December 31** | **Year Ended December 31** | **Change** |
|  | **2025** | **2024** | **%** |
|  Interest expense | $(32346) | $(29584) | 9.3% |

---

Interest expense increased to $32.3 million from $29.6 million, or by $2.8 million and 9.3% for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily due to $2.7 million of interest expense incurred related to the Tribe Aerospace, LLC earnout arrangement. On October 16, 2025, the Company and the sellers agreed that the final remaining amount due from the Company to the sellers was $41.0 million, which represented the remaining liability to be paid in cash (including accrued interest) in the following five installments: $5.0 million paid on October 16, 2025, $5.2 million (plus all accrued but unpaid interest on the outstanding balance) paid on December 15, 2025, and $10.2 million (plus all accrued but unpaid interest on the outstanding balance) to be paid on each of February 28, 2026, May 31, 2026 and August 31, 2026. On December 22, 2025, the Company paid $30.7 million, plus accrued interest, to the sellers in full settlement of all remaining amounts due under the earnout arrangement. Interest accrued at 10% per annum.

***Interest Income***

---

| | | | |
|:---|:---|:---|:---|
| *(In thousands)* | **Year Ended December 31,** | **Year Ended December 31,** | **Change** |
|  | **2025** | **2024** | **%** |
|  Interest income | $699 | $1436 | (51.3)% |

---

Interest income decreased to $0.7 million from $1.4 million, or by $0.7 million and 51.3%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was primarily due to lower average cash balances during the year ended December 31, 2025 compared to the year ended December 31, 2024.

***Other Income, Net***

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands)* | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | $**%** | **%** |
|  Other income, net | $6841 | $129 |  | 5203.1% |

---

Other income , net increased to $6.8 million from $0.1 million, or by $6.7 million, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily due to $6.8 million of other income recognized pursuant to the sale of a portfolio of Supplemental Type Certificates owned by Ikhana Group LLC, a wholly owned subsidiary of the Company, to Viking Aircraft Ltd. during the year ended December 31, 2025. Refer to Note 11, "*Commitments and Contingencies*," to our audited consolidated financial statements included elsewhere in this prospectus for further discussion of this legal settlement.

------

##### [**Table of Contents**](#toc)
**Results by Segment** 

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

We measure the performance of our reportable segments based on total segment revenue and Segment Adjusted EBITDA. Our operating and reportable segments are Tactical Systems and Global Solutions. The following table presents total revenue by segment, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin:

---

| | | | |
|:---|:---|:---|:---|
| *(In thousands)* | **Year Ended December 31,** | **Year Ended December 31,** | **Change** |
|  | **2025** | **2024** | **%** |
|  **Tactical Systems** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment Revenue | $321995 | $298189 | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment Adjusted EBITDA | $38208 | $84446 | (54.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment Adjusted EBITDA Margin | 11.9% | 28.3% |  |
|  **Global Solutions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment Revenue | $110938 | $94003 | 18.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment Adjusted EBITDA | $8172 | $(2703) | (402.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment Adjusted EBITDA Margin | 7.4% | (2.9)% |  |

---

For a discussion of Segment Adjusted EBITDA, see Note 15, "*Segment Information*" to our audited consolidated financial statements included elsewhere in this prospectus.

**Tactical Systems** 

Tactical Systems segment revenue increased to $322.0 million from $298.2 million, or by $23.8 million and 8.0%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase is primarily due to $23.7 million of higher revenue from UAS products and UAS support services.

Tactical Systems Adjusted EBITDA decreased to $38.2 million from $84.4 million, or by $46.2 million and 54.8%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The decrease is primarily due to lower gross profit as a result of the increase in cost of products revenue discussed above, the increase in research and development expense for UAS products and services discussed above, and the increase in selling, general and administrative expenses for new employee-related costs discussed above.

**Global Solutions** 

Global Solutions segment revenue increased to $110.9 million from $94.0 million, or by $16.9 million and 18.0%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase is primarily due to $17.0 million of higher revenue from aircraft modifications and testing products and services.

Global Solutions Adjusted EBITDA increased to $8.2 million from $(2.7) million, or by $10.9 million, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase is primarily due to the higher gross profit from aircraft modification and testing products and services discussed above.

**Non-GAAP Financial Measures** 

We use certain non-GAAP key performance indicators to evaluate our business operations, including Adjusted EBITDA, Adjusted EBITDA Margin and free cash flow.

The non-GAAP financial measures presented in this prospectus are supplemental measures of our performance that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial measures provide investors with greater transparency to the

------

##### [**Table of Contents**](#toc)
information used by management for its operational decision-making. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. When read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a basis for financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.

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

We define Adjusted EBITDA as net income (loss) before interest income and expense, income tax expense (benefit), depreciation and amortization expense, other income (expense), changes in the fair value of contingent consideration liabilities, IPO-related costs, asset impairments, business acquisition costs, and restructuring costs, as well as certain non-recurring items. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are important metrics for management and investors as they remove the impact of items that we do not believe are indicative of our core operating results or the overall health of our company and allow for consistent comparison of our operating results over time and relative to our peers.

The following table presents a reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| *(In thousands)* | **2025** | **2024** |
|  **Net (loss) income** | $(16780) | $78593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 32346 | 29584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (699) | (1436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 171 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 21369 | 21342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net<sup>(1)</sup> | (6841) | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in contingent consideration | 2435 | (61599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring—severance |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business acquisition costs |  | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPO-related costs<sup>(2)</sup> | 3398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other<sup>(3)</sup> | 2179 | 9883 |
|  **Adjusted EBITDA** | $**37578** | $**77012** |
|  Total revenue | $432933 | $392192 |
|  Net (loss) income margin | (3.9)% | 20.0% |
|  **Adjusted EBITDA Margin** | 8.7% | 19.6% |

---

(1) Other income, net for the year ended December 31, 2025 includes a $6.8 million gain related to a
non-recurring legal settlement. Refer to Note 11, "*Commitments and Contingencies*," to our audited consolidated financial statements included elsewhere in this prospectus for further discussion of this legal settlement.

(2) Represent non-recurring professional service fees related to this offering and our IPO readiness.

(3) Other for the year ended December 31, 2025 includes $1.6 million of legal expenses related to the legal
settlement discussed in (1) above and $0.6 million of marketing expenses related to Company's rebranding. Other for the year ended December 31, 2024 includes (i) $3.8 million of business process improvement costs and (ii) $1.3 million of legal
fees and a $4.8 million of inventory obsolescence charge related to the legal settlement discussed in (1) above. These expenses are non-recurring.

------

##### [**Table of Contents**](#toc)
**Unaudited Quarterly Results** 

The following table sets forth certain financial and operating information for each of our fiscal quarters since the first quarter of 2024. We have prepared the following unaudited quarterly financial information on the same basis as our audited consolidated financial statements and have included all adjustments, consisting only of normal recurring adjustments that in our opinion are necessary to fairly state the financial information set forth in those statements. This information should be read in conjunction with the audited consolidated financial statements and related notes thereto included elsewhere in this prospectus.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *($ in thousands)* | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** |
|  Revenue: |  |  |  |  |  |  |  |  |
|  Products | $129055 | $92973 | $70836 | $26487 | $25682 | $55341 | $113166 | $98240 |
|  Services | 28251 | 28262 | 30298 | 26771 | 25674 | 25320 | 24604 | 24165 |
|  **Total revenue** | 157306 | 121235 | 101134 | 53258 | 51356 | 80661 | 137770 | 122405 |
|  Cost of revenue: |  |  |  |  |  |  |  |  |
|  Products | 93351 | 68509 | 58634 | 24241 | 23806 | 40063 | 70222 | 65829 |
|  Services | 21412 | 22404 | 24124 | 25955 | 20538 | 20971 | 23328 | 17163 |
|  **Total cost of revenue** | 114763 | 90913 | 82758 | 50196 | 44344 | 61034 | 93550 | 82992 |
|  **Gross profit** | 42543 | 30322 | 18376 | 3062 | 7012 | 19627 | 44220 | 39413 |
|  Operating expenses: |  |  |  |  |  |  |  |  |
|  Selling, general, and administrative | 15394 | 8261 | 9383 | 8588 | 8707 | 9324 | 8150 | 7599 |
|  Research and development | 2404 | 6351 | 7194 | 9490 | 5963 | 3770 | 1965 | 1299 |
|  Amortization of intangible assets | 4213 | 4188 | 4125 | 4080 | 4356 | 4637 | 4563 | 4563 |
|  Change in contingent consideration |  |  | 1214 | 1221 | 3250 | (73760) | 5400 | 3511 |
|  **Total operating expenses** | 22011 | 18800 | 21916 | 23379 | 22276 | (56029) | 20078 | 16972 |
|  **Income (loss) from operations** | 20532 | 11522 | (3540) | (20317) | (15264) | 75656 | 24142 | 22441 |
|  Other income (expense), net: |  |  |  |  |  |  |  |  |
|  Interest expense | (8216) | (8573) | (8378) | (7179) | (7635) | (8176) | (7430) | (6343) |
|  Interest income | 213 | 142 | 130 | 214 | 348 | 276 | 422 | 390 |
|  Other income, net | 1 | 6840 |  |  | 19 |  |  | 110 |
|  **Total other expense, net** | (8002**)** | (1591) | (8248) | **(**6965) | (7268) | (7900) | (7008) | (5843) |
|  **Income (loss) before income taxes** | 12530 | 9931 | (11788) | (27282) | (22532) | 67756 | 17134 | 16598 |
|  Provision for income taxes | 49 | 40 | 42 | 40 | 345 |  | 3 | 15 |
|  **Net income (loss)** | 12481 | 9891 | (11830) | (27322) | (22877) | 67756 | 17131 | 16583 |
|  Net income (loss) attributable to noncontrolling interest | 83 | 2 | 14 | 7 | 25 | 10 | 3 | 6 |
|  Net income (loss) attributable to Athena Technology Solutions Holdings, LLC | $12398 | $9889 | $(11844) | $(27329) | $(22902) | $67746 | $17128 | $16577 |
|  Adjusted EBITDA | $29554 | $17757 | $3627 | $(13360) | $(5025) | $9564 | $40367 | $32106 |
|  Net income (loss) margin | 7.9% | 8.2% | (11.7)% | (51.3)% | (44.5)% | 84.0% | 12.4% | 13.5% |
|  Adjusted EBITDA margin | 18.8% | 14.6% | 3.6% | (25.1)% | (9.8)% | 11.9% | 29.3% | 26.2% |

---

------

##### [**Table of Contents**](#toc)
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the periods presented:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *($ in thousands)* | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** |
|  Net income (loss) | $12481 | $9891 | $(11830) | $(27322) | $(22877) | $67756 | $17131 | $16583 |
|  Interest expense | 8216 | 8573 | 8378 | 7179 | 7635 | 8176 | 7430 | 6343 |
|  Interest income | (213) | (142) | (130) | (214) | (348) | (276) | (422) | (390) |
|  Provision for income taxes | 49 | 40 | 42 | 40 | 345 |  | 3 | 15 |
|  Depreciation and amortization | 5341 | 5358 | 5497 | 5173 | 5349 | 5516 | 5242 | 5235 |
|  Other income, net <sup>(1)</sup> | (1) | (6840) |  |  | (19) |  |  | (110) |
|  Change in contingent consideration |  |  | 1214 | 1221 | 3250 | (73760) | 5400 | 3511 |
|  Restructuring — severance |  |  |  |  | 25 | 122 |  |  |
|  Business acquisition costs |  |  |  |  | 264 |  |  |  |
|  IPO-related costs | 3398 |  |  |  |  |  |  |  |
|  Other <sup>(2)</sup> | 283 | 877 | 456 | 563 | 1351 | 2030 | 5583 | 919 |
|  Adjusted EBITDA | $29554 | $17757 | $3627 | $(13360) | $(5025) | $9564 | $40367 | $32106 |
|  Total revenue | $157306 | $121235 | $101134 | $53258 | $51356 | $80661 | $137770 | $122405 |
|  Net income (loss) margin | 7.9% | 8.2% | (11.7)% | (51.3)% | (44.5)% | 84.0% | 12.4% | 13.5% |
|  Adjusted EBITDA Margin | 18.8% | 14.6% | 3.6% | (25.1)% | (9.8)% | 11.9% | 29.3% | 26.2% |

---

(1) During the three months ended September 30, 2025, other income, net includes a gain related to a non-recurring legal settlement. Refer to Note 11, "*Commitments and Contingencies*," to our audited consolidated financial statements included elsewhere in this prospectus for further discussion of
this legal settlement.

(2) Other represents other non-recurring costs including (i) marketing
expenses related to Company's rebranding, (ii) business process improvement costs, and (iii) legal fees and an inventory obsolescence charge related to a non-recurring legal settlement discussed in (1) above.

**Liquidity and Capital Resources** 

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital needs, capital expenditures, contractual obligations, debt service, acquisitions, and other commitments. Our principal sources of liquidity to date have included cash provided by operating activities, amounts raised through issuances of equity capital, and borrowings under our Credit Agreement. We currently expect that our principal future sources of funding will include our current cash balance, cash provided by operating activities, our Credit Agreement, proceeds from this offering, and other forms of debt financing and equity offerings. In connection with the completion of this offering, we intend to repay $ million of outstanding borrowings under our Credit Agreement. See "Use of Proceeds."

After the consummation of this offering, AEVEX Corp. will be a holding company and will have no material assets other than its ownership of equity interests in Holdings LLC. AEVEX Corp. will have no independent means of generating revenue or cash flow. Under the terms of the LLC Operating Agreement and the Tax Receivable Agreement that will be in effect at the time of the consummation of this offering, Holdings LLC is obligated to make tax distributions to the LLC Unitholders, including us. To the extent that Holdings LLC has available cash, we intend to cause Holdings LLC to make cash distributions to the owners of LLC

------

##### [**Table of Contents**](#toc)
Units, including us, in amounts sufficient to (1) fund all or part of their tax obligations in respect of taxable income allocated to them and (2) cover our operating expenses, including payments under the Tax Receivable Agreement.

The actual amount and timing of any payments under the Tax Receivable Agreement will vary depending upon a number of factors, including the timing of exchanges by the LLC Unitholders, the amount of gain recognized by the LLC Unitholders, the amount and timing of the taxable income we generate in the future and the federal tax rates then applicable. However, we expect that the payments AEVEX Corp. will be required to make under the Tax Receivable Agreement will be substantial and could materially affect our liquidity. Assuming there are no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, and assuming all exchanges or redemptions would occur immediately after the initial public offering, we would be required to pay approximately $ million over the fifteen year period from the date of this offering. There can be no assurance that Holdings LLC and its subsidiaries will generate sufficient cash flow to distribute funds to us or that applicable state law and contractual restrictions, including negative covenants in debt instruments of Holdings LLC and its subsidiaries, will permit such distributions.

Any payments made by us under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to use and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us. If AEVEX Corp. does not have sufficient funds to pay taxes, payments under the Tax Receivable Agreement or other liabilities or to fund its operations, it may have to borrow funds, which could materially adversely affect its liquidity and financial condition and subject it to various restrictions imposed by any such lenders.

In addition to payments required by the Tax Receivable Agreement, our expected primary uses of cash on a short and long-term basis are for working capital requirements, capital expenditures, R&D, debt service requirements, potential acquisitions, and other general corporate purposes. Our primary working capital requirements are for project execution activities including purchases of materials, subcontracted services and payroll, which fluctuate during the year, driven primarily by the timing and extent of activities required on new and existing projects.

Our ability to generate sufficient liquidity from our ongoing operations and capital markets transactions in order to meet our obligations and operating needs will enable us to continue our business operations. If we require additional capital and are unsuccessful in raising that capital, we may not be able to continue our business operations and/or may be unable to advance growth initiatives, either of which could adversely impact our business, financial condition, and results of operations.

We believe that our cash and cash equivalents and amounts available under our Credit Agreement will be adequate to meet our liquidity requirements for at least the 12 months following the date of this prospectus. Our future long-term capital requirements will depend on several factors, including our ability to raise additional capital and, over time, our ability to generate positive cash flows from operations. Accordingly, we may try to raise additional capital, whether in the public or private markets. To the extent existing cash and cash equivalents are not sufficient to fund future activities, we may borrow under our Credit Agreement or seek to raise additional funds through equity, equity-linked or debt financings. We may enter into agreements or letters of intent with respect to potential investments in, or acquisitions of, complementary businesses, services or technologies, which could also require us to seek additional equity financing, incur indebtedness or use cash resources.

------

##### [**Table of Contents**](#toc)
The following table summarizes select financial data relevant to our liquidity and capital resources as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| *(In thousands)* | **2025** | **2024** |
|  Cash and cash equivalents | $27908 | $45603 |
|  Total debt (including current portion) | 258500 | 260417 |

---

***Debt***

On March 18, 2020 we entered into a Credit Agreement (as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, Amendment No. 3 to Credit Agreement, dated as of May 15, 2023, Amendment No. 4 to Credit Agreement, dated as of April 30, 2024 and Amendment No. 5 to Credit Agreement, dated as of September 15, 2025, the "Credit Agreement") with a syndicate of lenders, Ankura Trust Company, LLC, as administrative agent and PNC Bank, National Association as revolving agent and collateral agent.

The Credit Agreement provides for a senior secured term loan facility (the "Term Loan") in an original aggregate principal amount of $325 million. The Credit Agreement also provides for a super priority senior secured revolving credit facility in an aggregate principal amount of $25 million (the "Revolving Credit Facility" and, together with the Term Loan, the "Credit Facilities"). The Revolving Credit Facility includes a $5 million sublimit for the issuance of letters of credit. As of December 31, 2025, we had $259 million outstanding under the Term Loan and $0 outstanding under the Revolving Credit Facility. The Term Loan matures on March 18, 2028. Borrowings, if any, under the Revolving Credit Facility mature on March 18, 2028.

The Term Loans bear interest at a rate equal to (i) 5.00% plus the base rate equal to the highest of (w) the prime rate, (x) the Federal funds open rate plus 0.50% per annum and (y) a daily Term SOFR rate based on an interest period of one month plus 1.00% per annum or (ii) Term SOFR plus 6.00% per annum subject to a 1.00% Term SOFR floor. The Revolving Credit Facility bears interest at a rate as set forth in the grid below that corresponds to the most recent first lien net leverage ratio calculation.

---

| | | |
|:---|:---|:---|
| **First Lien Net<br>Leverage Ratio** | **Term SOFR<br>Rate Loans** | **Base Rate<br>Loans** |
|  >3.50x | 4.00% | 3.00% |
|  <3.50x | 3.75% | 2.75% |

---

In addition to paying interest on loans outstanding under the Term Loan and the Revolving Credit Facility, we are required to pay a commitment fee of 0.50% per annum of unused commitments under the Revolving Credit Facility. We are required to pay customary fronting, issuance, and administrative fees for the issuance of letters of credit.

The borrowings are guaranteed and secured by substantially all our assets and our subsidiaries. As of December 31, 2025 and 2024, we were in compliance with the covenants in the Credit Agreement.

On October 9, 2025, a wholly owned subsidiary of ours entered into a Loan Authorization Agreement with the Bank of Montreal from which we may from time to time request loans and letters of credit in an aggregate principal amount of $60 million. The loans are payable on demand and we have 15 days to honor any demand for payment. Further, the availability of loans and letters of credit will automatically terminate on demand. We may make principal payments on the loans at any time and in any amount without premium or penalty. Interest on the loans is computed at a variable rate, which may change daily, and is payable quarterly. The loans are guaranteed by funds affiliated with our Principal Stockholder. During November and December 2025, we borrowed $20 million under the Loan Authorization Agreement. Subsequently, during December 2025, we repaid the $20 million we previously borrowed under the Loan Authorization Agreement. We intend to terminate the Loan Authorization Agreement prior to the closing of this offering.

------

##### [**Table of Contents**](#toc)
***New Credit Facilities***

We currently anticipate entering into (i) a senior secured term loan facility with an expected initial aggregate principal amount of approximately $100.0 million, (ii) a senior secured delayed draw term loan facility with an expected initial aggregate principal amount of approximately $75.0 million and (iii) a senior secured revolving credit facility in an aggregate principal amount of $200.0 million, which is expected to include a sublimit for the issuance of letters of credit in an amount up to $40.0 million and a sublimit for swingline loans in an amount up to $30.0 million, pursuant to a new credit agreement shortly after the closing of this offering. The New Credit Facilities are not committed and there is no guarantee that the New Credit Facilities will be made available. The closing of the New Credit Agreement, if it occurs, is expected to be subject to the consummation of this offering, repayment of the obligations under the Credit Agreement and certain other conditions set forth in the New Credit Agreement. We expect that the New Credit Agreement will contain customary covenants and conditions that will, among other things, limit our ability to incur additional indebtedness, incur liens on assets, enter into agreements related to mergers and acquisitions, dispose of assets or pay dividends and make distributions.

Borrowings under the Revolving Credit Facility and the Delayed Draw Term Loan Facility may vary significantly from time to time depending on our cash needs at any given time. The Revolving Credit Facility is expected to be undrawn at the closing of this offering. The Delayed Draw Term Loan Facility is not expected to be borrowed at the closing of this offering. The borrowing under the Term Loan Facility is expected to occur on the date on which the Term Loan Facility is established and amounts borrowed under the Term Loan Facility cannot be reborrowed. See "Description of Certain Indebtedness."

***Series A Preferred Units***

In December 2025, the Company entered into a Unit Purchase Agreement with two investors pursuant to which the Company issued 100,000 Series A Preferred Units for aggregate cash proceeds of $100.0 million. The transaction closed in December 2025, at which time (a) the Company amended and restated its limited liability company agreement (the "LLC Agreement") to confer the agreed upon rights and obligations to the holders of the Series A Preferred Units and (b) the investors executed a joinder to the LLC Agreement and became members of the Company. Thereafter, in February and March of 2026, Radz Capital AEVEX Holdings Inc. invested $14.1 million and $1.3 million, respectively, in Series A Preferred Units and executed a joinder to the LLC Agreement.

Under the LLC Agreement, the Series A Preferred Units initially accrue a preferred return at a rate of 5.0% per annum through June 4, 2027, compounding annually. The preferred return is added to each holder's unreturned Series A preferred capital balance. If a qualified public offering has not occurred prior to June 4, 2027, then the preferred return rate increases to 8% for the next 12-month period, with additional 1% increases in the preferred return rate on each of June 4, 2028 and June 4, 2029. Holders of Series A Preferred Units have a liquidation and dividend preference over all other unitholders, until they have received all accrued returns and return of the initial capital.

The Series A Preferred Units also provide holders with certain conversion rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the occurrence of a sale or liquidation of the Company, the Series A preferred investors may elect to
convert all outstanding Series A Preferred Units into Class A units at a 20% discount to the fair market value of a Class A Unit at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In a qualified public offering, the Series A Preferred Units automatically convert into common stock of the
public company at a 20% discount to the IPO price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In any such conversion, the value of any unreturned preferred yield is disregarded in determining the value of
the securities such Series A Preferred Units are converted into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The right to convert upon various liquidity events, including a qualified public offering, represents an embedded
derivative required to be accounted for separately from the Series A Preferred Units and

------

##### [**Table of Contents**](#toc)
remeasured at fair value at each reporting date, with the changes in fair value recorded through earnings.

Beginning on the fifth anniversary of issuance, a majority of the Series A Preferred Unit holders may elect to require the Company to redeem all outstanding Series A Preferred Units for cash at their liquidation value, subject to applicable legal and contractual restrictions. The Company also has the right, beginning December 4, 2027 (but subject to a blackout window), to redeem all or a portion of the Series A Preferred Units at contractually specified call prices. If any required redemption is delayed beyond 180 days due to applicable restrictions, the Series A preferred yield increases as provided in the LLC Agreement. Following a public offering, holders are entitled to short-form demand registration rights.

Except as specifically provided in the LLC Agreement, the Series A Preferred Units do not confer general voting rights. Series A Preferred Unit holders are entitled to certain customary rights and subject to certain customary obligations as a member of the Company as set forth in the LLC Agreement.

The Series A Preferred Units are classified as mezzanine equity in the consolidated balance sheet because they are redeemable at the option of the holders. The $100.0 million fair value at issuance (net of $0.1 million of issuance costs) was allocated between the Series A Preferred Units and the embedded derivative, with the net proceeds first allocated to the derivative at its estimated fair value of $20.0 million and the remainder of $79.9 million allocated to the Series A Preferred Units. As of December 31, 2025, the Company increased the carrying value of the Series A Preferred Units to $80.4 million, which represents their maximum redemption value ($1,000 per unit, plus the preferred return of $0.4 million for the year ended December 31, 2025), less the estimated fair value of the embedded derivative. This resulted in the $0.5 million increase in the carrying value of the Series A Preferred Units since issuance, with a corresponding decrease in members' equity.

***Cash Flows***

The following table summarizes our cash flows for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| *(In thousands)* | **2025** | **2024** |
|  Net cash (used in) provided by operating activities | $(97639) | $64912 |
|  Net cash used in investing activities | (10544) | (11177) |
|  Net cash provided by (used in) financing activities | 90488 | (58934) |

---

*Operating Activities* 

Net cash used in operating activities for the year ended December 31, 2025 was $97.6 million, compared to net cash provided by operating activities of $64.9 million for the year ended December 31, 2024. The $162.5 million unfavorable change in cash flow from operations is primarily due to: (i) the $36.4 million decrease in net income, net of non-cash items, (ii) the $71.9 million net increase in operating assets and liabilities in 2025 versus the $44.4 million net decrease in operating assets and liabilities in 2024, and (iii) a $9.8 million increase in contingent consideration payments classified as operating activities. The $71.9 million net increase in operating assets and liabilities during the year ended December 31, 2025 is primarily due to the timing of our cash payments to fulfill the EUCOM AOR Deep Strike program versus the timing of cash receipts from the customer, combined with an overall increase in revenue in the fourth quarter of 2025 versus the fourth quarter of 2024. The $44.4 million net decrease in operating assets and liabilities during the year ended December 31, 2024 was primarily due to our Phoenix Ghost program being substantially completed as of December 31, 2024.

*Investing Activities* 

Net cash used in investing activities for the year ended December 31, 2025 decreased by $0.7 million to $10.5 million, compared to $11.2 million for the year ended December 31, 2024. The decrease in net cash used in

------

##### [**Table of Contents**](#toc)
investing activities was primarily due to a $1.0 million decrease in purchases of property and equipment during the year ended December 31, 2025.

*Financing Activities* 

Net cash provided by financing activities for the year ended December 31, 2025 was $90.5 million, as compared to net cash used in financing activities of $58.9 million for the year ended December 31, 2024. The $149.4 million change in financing cash flows was primarily due to: (i) the $99.9 million of cash proceeds from the issuance of Series A Preferred units during the year ended December 31, 2025, net of issuance costs, versus $54.5 million of cash proceeds from the issuance of notes payable during the year ended December 31, 2024, net of issuance costs, (ii) the $85.9 million decrease in distributions to members during the year ended December 31, 2025, and (iii) the $19.6 million decrease in contingent consideration payments classified as financing activities during the year ended December 31, 2025.

***Free Cash Flow***

We consider free cash flow to be a useful, supplemental measure of our ability to generate cash on a normalized basis. We use free cash flow to supplement GAAP measures in evaluating our flexibility to allocate capital and pursue opportunities that may enhance shareholder value and the effectiveness of our strategies, to make budgeting decisions and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.

While expenditures and dispositions of property and equipment will fluctuate on a period-to-period basis, we seek to ensure that we have adequate capital on hand to maintain ongoing operations and enable growth of the business. Additionally, free cash flow is of limited usefulness in that it does not represent residual cash flows available for discretionary expenditures due to the fact the measures do not deduct the payments required for debt service and other contractual obligations or payments.

We define free cash flow as the sum of our net cash provided by (used in) operating activities less our capital expenditures. Our calculation of free cash flow may not be comparable to the calculation of similarly titled measures reported by other companies. The reconciliation between free cash flow and net cash provided by (used in) operating activities (the most comparable GAAP measure) for the periods presented is shown below:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| *(In thousands)* | **2025** | **2024** |
|  Net cash (used in) provided by operating activities | $(97639) | $64912 |
|  Purchases of property and equipment | (7479) | (8478) |
|  **Free cash flow**  | $**(105118)** | $**56434** |

---

There can be no assurance that we will not modify the presentation of the previously presented non-GAAP financial measures in the future, and any such modification may be material. Non-GAAP financial measures have important limitations as analytical tools and you should not consider non-GAAP financial measures in isolation or as a substitute for analyses of our operating results or cash flows as reported under U.S. GAAP. Non-GAAP financial measures may be defined differently by other companies in our industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

***Contractual Obligations and Commitments***

We enter into contractual obligations in the normal course of business.

------

##### [**Table of Contents**](#toc)
*Lease Commitments* 

We lease buildings, warehouses, and office facilities. The lease terms are generally between 1 to 5 years. These leases are classified as operating leases. Our total remaining undiscounted future minimum lease payments as of December 31, 2025 were $8.9 million, with $3.9 million due in less than one year. See Note 10, "*Leases,*" to our audited consolidated financial statements included elsewhere in this prospectus for more information regarding our lease commitments.

*Tribe Aerospace* 

As part of the acquisition of Tribe Aerospace, LLC in 2022, we agreed to pay contingent consideration to the sellers for any EBITDA (as defined in the earnout arrangement) recognized over certain thresholds during the earnout period from 2022-2024. During 2025, $61.7 million of the $98.2 million liability outstanding at December 31, 2024 was settled via the issuance of 7,786,951 Class A Units.

On October 16, 2025, we and the sellers agreed that the final remaining amount due from us to the sellers is $41.0 million (which represents the remaining liability to be paid in cash, plus accrued interest) and shall be paid in the following five installments: $5 million which was paid on October 16, 2025, $5.2 million (plus all accrued but unpaid interest on the outstanding balance) which was paid on December 15, 2025, and $10.2 million (plus all accrued but unpaid interest on the outstanding balance) to be paid on each of February 28, 2026, May 31, 2026 and August 31, 2026. On December 22, 2025, we paid $30.7 million to the sellers in full settlement of all remaining amounts due under the earnout arrangement. Interest accrued at 10% per annum.

***Off-Balance Sheet Arrangements***

As of December 31, 2025 and 2024, we had no material off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Critical Accounting Estimates** 

Our consolidated financial statements have been prepared in accordance with U.S. GAAP. Preparation of the financial statements requires our management to make judgments, estimates, and assumptions that impact the reported amount of revenue and expenses, assets and liabilities, and the disclosure of contingent assets and liabilities. We consider an accounting judgment, estimate, or assumption to be critical when the estimate or assumption is complex in nature or requires a high degree of judgment and the use of different judgments, estimates, and assumptions could have a material impact on our consolidated financial statements. We periodically review our estimates and make adjustments when facts and circumstances dictate. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations will be affected.

***Revenue Recognition***

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We recognize revenue upon satisfying the performance obligations identified in the contract, which is achieved as services are rendered, upon completion of a service, or through the transfer of control of the promised good or service to the customer either at a point in time or over time.

Revenue from sale of products contracts, except for U.S. Government contracts, is generally recognized at a point-in-time when control is transferred to the customer. Revenue from service contracts is generally recognized over time as the work performed by the Company typically involves a continuous transfer of control to the

------

##### [**Table of Contents**](#toc)
customer. For most U.S. Government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay for costs incurred plus a reasonable profit, and take control of any work in process. The Company's contracts with international governments and commercial customers contain similar termination for convenience clauses whereby the Company has a legally enforceable right to receive payment for costs incurred and a reasonable profit for products or services that do not have alternative uses to the Company. For revenue recognized under the right-to-invoice practical expedient, the Company has an unconditional right to invoice the customer at an amount that corresponds directly with the value of the Company's performance completed to date. The Company typically invoices its customers monthly with payment terms not to exceed 30 to 45 days. Revenues are recognized over time as control is continuously transferred to the customer during the contract.

Once we identify the performance obligations, we determine the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. Our contracts generally do not contain penalties, credits, price concessions, or other types of potential variable consideration. Prices are fixed at contract inception and are not contingent on performance or any other criteria.

Control is transferred over time for: (a) certain contracts under which we produce products with no alternative use and for which it has an enforceable right to recover costs incurred plus a reasonable profit margin for work completed to date; and (b) certain other contracts under which we create or enhance a customer-owned asset while performing design and development services. Under the cost-to-cost method, revenue is recognized for these contracts based on our efforts toward satisfying a performance obligation relative to the total expected efforts, which is measured using the estimated progress towards completion (i.e., proportion of costs incurred to date to the total EAC of the performance obligation).

These projections require us to make numerous assumptions and estimates when determining the total estimated costs of completion, the nature and complexity of the work to be performed, subcontractor performance and the risk and impact of delayed performance. We review our cost estimates on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends, and other economic projections. For the year ended December 31, 2025, changes in the estimated progress towards completion due to aggregate unfavorable EAC adjustments across programs resulted in a $2.4 million decrease in revenue included within the results of operations for the year ended December 31, 2025. For the year ended December 31, 2024, changes in the estimated progress towards completion due to aggregate favorable EAC adjustments across programs resulted in a $5.5 million increase in revenue included within the results of operations for the year ended December 31, 2024.

When changes in estimated total costs at completion or in estimated total transaction price are determined, the related impact on operating income is recognized on a cumulative basis. Cumulative EAC adjustments represent the cumulative effect of the changes on current and prior periods; revenue and operating margins in future periods are recognized as if the revised estimates had been used since contract inception. Any anticipated losses on these contracts are fully recognized in the period in which the losses become evident. As of December 31, 2025 and 2024, the loss contract reserve balance was $0.1 million and $0.6 million, respectively, which is included in accrued expenses and other current liabilities in the consolidated balance sheet.

We recognize revenue from certain contracts which may include multiple performance obligations. For these contracts, we allocate the transaction price to each performance obligation based on the relative standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the amount for which we would sell the product or service to a customer on a standalone basis (i.e., not sold as a bundled sale with any other products or services). The allocation of transaction price among separate performance obligations may impact the timing of revenue recognition but will not change the total revenue recognized on the contract.

------

##### [**Table of Contents**](#toc)
A substantial majority of our revenue is derived from contracts with the U.S. Government, including FMS contracts. These contracts are subject to the Federal Acquisition Regulation ("FAR") and the prices of our contract deliverables are typically based on our estimated or actual costs plus margin. As a result, the standalone selling prices of the products and services in these contracts are typically equal to the selling prices stated in the contract, thereby eliminating the need to allocate (or reallocate) the transaction price to the multiple performance obligations. In our non-U.S. Government contracts, when standalone selling prices are not directly observable, we also generally use the expected cost plus margin approach to determine standalone selling price. In determining the appropriate margin under the cost plus margin approach, we consider historical margins on similar products sold to similar customers or within similar geographies where objective evidence is available. We may also consider our cost structure, the nature of the proposal, the effects of customization of pricing, our practices used to establish pricing of bundled products, the expected technological life of the product, margins earned on similar contracts with different customers and other factors to determine the appropriate margin.

***Goodwill and Intangible Assets***

Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net assets. We test goodwill for impairment annually during the fourth quarter of our fiscal year or when events or circumstances change in a manner that indicates goodwill might be impaired.

For the impairment test, we first assess qualitative factors, macroeconomic conditions, industry and market considerations, triggering events, cost factors, and overall financial performance, to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, we may bypass the qualitative assessment for some or all of its reporting units and apply the quantitative impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). For the quantitative impairment test we estimate the fair value by weighting the results from the income approach and the market approach. These valuation approaches consider a number of factors that include, but are not limited to, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in our industry and require us to make certain assumptions and estimates regarding industry economic factors and future profitability of its business. Based upon the annual goodwill impairment testing performed during the fourth quarter of 2025 and 2024, we determined that there was no impairment of our goodwill during the years ended December 31, 2025 and 2024.

Acquired intangible assets include customer relationships, technology and trade names. Finite-lived intangible assets are amortized over their estimated useful lives using the straight-line method which approximates the pattern in which the economic benefits of such assets are consumed. We assess amortized intangible assets for impairment when events or circumstances suggest that the carrying values may not be recoverable. This assessment involves comparing the carrying value of the assets or asset groups to their undiscounted expected future cash flows. If the total undiscounted future cash flows are less than the carrying amount, we recognize an impairment loss equal to the difference between the carrying amount and the fair value of the assets or asset groups. Determining fair value requires management to make estimates and judgments based on various factors, including projected revenues and associated earnings. We did not recognize any intangible assets impairment losses in the year ended December 31, 2025 or 2024.

***Class A Unit Valuations***

As part of the acquisition of Tribe Aerospace, LLC in 2022, we agreed to pay contingent consideration to the sellers for any EBITDA recognized over certain thresholds during the earnout period from 2022-2024. As a portion of the payment is in our Class A Units, their estimated fair value was a significant input to the measurement of our contingent consideration liability as of and for the year ended December 31, 2024. Such fair value has been determined by management with the assistance of third-party valuations. Given the absence of a public trading market for our Class A Units and in accordance with the American Institute of Certified Public

------

##### [**Table of Contents**](#toc)
Accountants Practice Aid, *Valuation of Privately Held Company Equity Securities Issued as Compensation*, we exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of our Class A Units at each measurement date. These factors included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current business conditions and projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our actual operating and financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood of various potential liquidity events, such as an initial public offering or sale of the Company,
given prevailing market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of marketability of our Class A Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• average historical stock price volatility of comparable publicly traded companies in its industry peer group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. and global economic and capital market conditions and outlook.

In determining the estimated fair value of our Class A Units, the enterprise value of the Company was estimated using primarily the income approach. The income approach estimates value based on the expectation of future cash flows that a company will generate. These cash flows are discounted to the present using a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation, and risks associated with the particular investment. The estimated enterprise value is then allocated to the Class A Units using the Option Pricing Method.

The contingent consideration liability balance of $98.2 million as of December 31, 2024 represented the amount to be paid for the 2024 earnout period, which is the final period of the earnout arrangement and is based on 2024 actual EBITDA. During 2025, $61.7 million of the $98.2 million liability outstanding at December 31, 2024 was settled via the issuance of 7,786,951 Class A Units. The remainder of the liability was settled in cash during the year ended December 31, 2025.

***Inventories***

Inventories are recorded at the lower of cost and net realizable value with cost being determined on a first-in first-out basis. Costs include materials, direct labor and an allocation of overhead in the case of work in process. We write down our inventory for estimated obsolescence or unmarketable inventory on a part-by-part basis using aging profiles. Aging profiles are determined based upon inventory age, historical obsolescence trends and assumptions about future demand and market conditions. If actual future demand or market conditions are less favorable than those projected, inventory adjustments may be required. Should future demand or market conditions prove to be different than the estimates, our cost of revenue may increase.

***Derivative Liability Fair Value Measurements***

In connection with the issuance of the Series A Preferred Units in December 2025, we evaluated the instrument for any features that must be bifurcated and separately accounted for as embedded derivatives. We determined that the conversion features met the requirements to be bifurcated and separately accounted for as a compound embedded derivative. The embedded derivative was measured at estimated fair value at issuance and is remeasured at estimated fair value at each reporting date with changes in fair value recorded in earnings. We utilized a third-party valuation specialist to estimate the fair value of the derivative liability using a probability-weighted expected return method ("PWERM") using the "With and Without" approach (a form of an income approach). Under this approach management considered the various conversion scenarios that constitute the embedded derivative. The estimated fair value of the derivative liability was measured using Level 3 inputs which included: the estimated future cash flows of the Company, estimated WACC, estimated scenario probability and timing, expected stock price volatility, and risk-free interest rate.

------

##### [**Table of Contents**](#toc)
**Recently Issued and Adopted Accounting Standards** 

Recently issued and adopted accounting standards are described in Note 2, "*Summary of Significant Accounting Policies*," to our audited consolidated financial statements included elsewhere in this prospectus.

**Emerging Growth Company Accounting Election** 

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. We are an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended, and have elected to take advantage of the benefits of this extended transition period, which means that when a standard is issued or revised and has different application dates for public or private companies, we, as an emerging growth company, may adopt the new or revised standard at the time private companies are required to adopt the new or revised standard. This may make it difficult or impossible to compare our financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions for emerging growth companies because of the potential differences in accounting standards used.

**Quantitative and Qualitative Disclosures About Market Risk** 

We have operations within the United States and as such we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes and credit risk. Information related to quantitative and qualitative disclosure about this market risk is set forth below.

*Interest Rate Risk* 

We are exposed to market risk for changes in interest rates applicable to our cash and cash equivalents and debt. We had cash and cash equivalents totaling $27.9 million and $45.6 million as of December 31, 2025 and 2024, respectively. Our cash and cash equivalents were primarily invested in interest bearing demand deposit accounts. Our primary exposure to interest rate risk results from outstanding borrowings under the Credit Agreement. We estimate that a 100-basis point increase in interest rates for the year ended December 31, 2025 would have resulted in approximately a $2.6 million increase in interest expense. We estimate that a 100-basis point increase in interest rates for the year ended December 31, 2024 would have resulted in approximately a $2.5 million increase in interest expense.

*Inflation Risk* 

We have generally experienced increases in our costs of labor, materials and services consistent with overall rates of inflation, but we do not believe that inflation has had a material effect on our business, results of operations, or financial condition. We expect the impact of such increases will be mitigated by efforts to lower costs through manufacturing efficiencies, seek alternative sourcing and reevaluate pricing, as we did in the prior periods. However, any continued cost inflation and supply chain disruptions may require similar efforts to mitigate the impact of continued cost inflation and supply chain disruptions on our results of operations. Our inability or failure to offset cost increases could adversely affect our business, results of operations, or financial condition.

------

##### [**Table of Contents**](#toc)
**BUSINESS** 

**Our Company** 

We believe that we are a leading defense technology prime contractor and critical enabler of U.S. UAS dominance strategy missions. We are highly differentiated by our proven track record of securing and successfully executing on critical strategic Programs of Record, with over 10,200 systems delivered and committed through the end of 2026 to operational environments that validate our battlefield effectiveness. Today, we are positioned as a recognized global leader in UxS. Through our advanced autonomous, AI-enabled, and attritable UxS, we play a central role in defining next-generation warfighting capabilities, including key areas such as precision strike launched effects, loitering munitions, and full-scope ISR.

Our solutions are primarily sold to agencies and organizations within the DoW, SOF, IC, and allied international partners. For more than 18 years, we have delivered mission critical capabilities for a broad spectrum of operational use cases to over 30 unique active customers and have developed and deployed 35 unique UxS platforms in the last 3 years alone. Our UxS portfolio is underpinned by our proprietary AI-based CompassX sensor-fusion engine, which delivers APNT and advanced onboard autonomy in GPS-denied environments. Our capabilities are unified across a software and data-science framework that allows our systems to communicate and operate synchronously in GPS-denied environments. We maintain our leadership in mission capabilities by rapidly innovating through constant customer feedback and in-theater experience, enabling the warfighter with the cutting-edge technology and capability to meet the ever-changing threat environment. This trusted partnership with our customers has been critical in informing our product development pipeline and has resulted in us earning a prime contractor position on 84.0% of all programs.

We deliver technology-led products and solutions through two complementary business segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tactical Systems:** Designs and manufactures battle-tested, autonomous, modular, and attritable UxS,
including UAS and USV, along with other mission critical products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Global Solutions:** Provides bespoke mission solutions, including AI-enabled full-spectrum airborne ISR, C-UAS, additive manufacturing, and specialized mission aircraft engineering, modification, and testing.

We believe the demand for our UxS products and capabilities is present and pervasive, with the U.S. and global addressable UxS opportunity expected to reach annual levels of approximately $11.0 billion and $26.0 billion, respectively, by 2030. In response to this considerable appetite for autonomous solutions, we have invested in building world-class facilities across the U.S. to deliver for customer missions reliably and at scale. With approximately 100,000 square feet of dedicated production space, we have the capacity to produce over 1,000 UxS per month and have successfully delivered at high volumes for years. Our operating footprint enables vertically integrated engineering and testing capabilities, driving rapid innovation cycles and customer intimacy. Our innovation lab has been a cornerstone for our technological innovation, including advanced on-board autonomy and proprietary software packages delivering APNT. Additionally, ForgeX is our highly innovative, deployable, additive manufacturing solution, which enables resiliency on the frontlines of the battlefield by manufacturing mission-ready UxS at the point of need. Collectively, our world-class production facilities, innovation lab, and ForgeX solution strengthen supply chains and enable customer missions worldwide.

Software enablement is a key driver of success across our portfolio of UxS. CompassX delivers onboard autonomy, APNT, real-time situational awareness, and precision targeting, enabling our UxS to navigate complex battlespaces and accurately reach their targets, even in GPS-denied environments. Our software adheres to the MOSA standards, allowing for rapid adaptation to new threats, reduced development cycles, easier and more cost-effective upgrades, and better interoperability between systems.

Today, we are an established leader in the global market for UxS and ISR solutions, backed by our track record of past performance with over 30 unique active customers. We have delivered over 6,200 UxS and have

------

##### [**Table of Contents**](#toc)
over 3,900 more systems committed through the end of 2026. We have successfully developed, produced, and deployed 35 unique UxS platforms delivering multi-mission capabilities for customers in demanding mission environments. We believe our combination of mission expertise, battle-tested family of technologies, innovative end-to-end mission autonomy, and state-of-the-art production capacity positions us as a key provider to the DoW, SOF, and IC and positions us to capture growth opportunities in our $8.1 billion identified pipeline as of December 2025.

![LOGO](g22113g99g99.jpg)

**Our Strategy & Mission** 

We partner closely with our customers to develop solutions for their most challenging operational problems, delivering reliable, affordable, and operationally relevant solutions on time and at scale. We are conflict-proven and front-line-ready. We engineer based on need and deliver at speed. Our mission is to develop capabilities and solutions that allow our customers to win the fight on the battlefields of the future. We provide our customers with the capabilities needed to overcome denial and overwhelm the adversary in contested environments.

Since our first contract in 2007, our veteran-founded company has focused on U.S. national security missions with a simple aim: field systems that work when and where they are needed most. Our focus is rooted in sustained mission support across global theaters and a continuous battlefield-to-production feedback loop, which guides how we design, build, and deliver reliable UxS, advanced autonomy software, and mission services for our customers. Our operational strategy and technological capabilities are engineered to deliver advanced, mission-specific autonomous systems for our customers operating in complex and time-critical security, defense, and wartime environments. Our approach relies on our deep customer collaboration, a forward-looking and customer-aligned technology roadmap, and a proven ability to execute with speed and at scale. Our business model is distinguished by our close interaction with end-users, primarily within the DoW, SOF, and IC. This "mission partner" DNA allows us to translate urgent, real-world requirements into resilient, reliable, and affordable capabilities. Our strategy combines sustained IRAD with customer-funded initiatives to accelerate innovation. This is supported by our world class talent as well as our agile and scalable manufacturing processes, including deployable additive manufacturing, which facilitate rapid solutions on the frontlines of the conflict.

------

##### [**Table of Contents**](#toc)
![LOGO](g22113g13a01.jpg)

**Technology & Capabilities** 

Technology is the core foundation of our strategy and our mission, enabling us to deliver mission-critical, AI-enabled systems that provide a decisive advantage on the modern battlefield. Our approach is centered on rapid innovation and close customer collaboration, ensuring our solutions meet the immediate and evolving needs of our partners. Our technology portfolio delivers a differentiated value proposition across five key pillars that combine to create an autonomous engine that provides the framework to deliver modular capabilities for battlefield superiority in GPS-denied, jammed, and spoofed environments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proprietary AI-Driven Autonomy:** Our NAC is the "innovation
lab" that spearheads the CompassX software ecosystem to deliver mission-critical solutions. Our core sensor fusion engine provides multi-domain autonomy, collaboration, and resilience in GNSS-denied and heavily contested environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **MOSA Aligned Software and Platforms:** We engineer our software and platforms with a MOSA, which enables the
rapid and cost-effective integration of new sensors and third-party technologies to adapt to evolving threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Rapid Innovation and Development Cycles:** Informed by on-the-ground experience in active deployments, we utilize agile approaches to define, develop, and deliver specialized, mission-tailored solutions, shortening development cycles to as little as a few weeks
while leveraging real-time insights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Hardware Integration and Flight Engineering:** Our deep expertise in aircraft structures and avionics allows
for the seamless integration of complex software and modular payloads into unified unmanned systems, delivering superior performance in flight range and payload capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reliable, Dynamic Production at Scale and at the Edge:** Our state-of-the-art, ISO 9001:2015 and AS9100D-certified facilities have the capacity to manufacture over 1,000 UxS per month, while each of our additive manufacturing
ForgeX MPUs can be positioned close to the point of need and produce up

------

##### [**Table of Contents**](#toc)
to 1,080 systems per year as currently configured. Our UxS solutions are designed and developed with a focus on supply chain resilience and scalability. We excel at providing affordable solutions on time and at scale.

Our portfolio of UxS benefits from shared resources across our core technologies. By the end of 2026, 100.0% of our UxS are expected to be underpinned by our NAC ecosystem and CompassX autonomy suite. This approach to our portfolio strategy delivers a cohesive, multi-domain suite of autonomous unmanned systems while enabling rapid innovation and development cycles across systems and mission sets. Our hardware is built to modular open systems standards, leveraging proprietary intellectual property and enabling rapid payload swaps, algorithm insertion, and cross-platform reuse for time-sensitive missions. This combination of advanced software, expert engineering, and rapid manufacturing allows us to move from concept to deployment with exceptional speed, delivering a significant operational advantage to our customers.

![LOGO](g22113g14a01.jpg)

To drive continued innovation, we prioritize investments in R&D. Since the beginning of 2024, we have made substantial investments in our technology, represented by a cumulative investment of approximately $104.2 million in combined internal and customer-funded R&D as of December 31, 2025. Through our IRAD program, we continuously advance technologies that are strategically relevant for next generation capabilities. We further leverage CRAD initiatives that allow us to tailor these capabilities for specific missions, ensuring direct applicability and strong customer buy-in. CRAD initiatives create a virtuous cycle of innovation, informed by active deployments and deep partnerships with the DoW, SOF, and the IC.

This investment strategy has driven highly visible growth, illustrated by 181% growth in our funded backlog from $179.2 million as of December 31, 2024, to $503.1 million as of December 31, 2025. By leveraging a disciplined investment process with a targeted IRR of over 30.0% and payback period of approximately 2 years, our approach to innovation has yielded strong returns on investments. Our discipline in our investment philosophy is complemented by a measured degree of flexibility, as we occasionally accept lower hurdle rates for core investments that we have strong conviction will yield operational, financial, and strategic value. We believe

------

##### [**Table of Contents**](#toc)
our structured, methodical framework for evaluating investments aligns our innovation with customer priorities, de-risks future development, and maximizes our probability of winning contracts within our pipeline.

![LOGO](g22113g15v01.jpg)

**Our Competitive Strengths**![LOGO](g22113g88a16.jpg)

We are well positioned in the market due to our integrated suite of technology-enabled autonomous UxS, long-standing relationships with hard-to-access customers, battle-proven mission heritage, and purpose-built platforms designed for multi-domain operations. Our AI-enabled autonomy solutions offer seamlessly integrated capabilities supported by a robust portfolio of intellectual property. Additionally, our Global Solutions teams, our experience operating our UxS, and the thousands of deliveries that we have completed drive product development and our deep knowledge of our customers' operational needs. We believe our proven ability to rapidly design, develop, demonstrate, and deploy disruptive systems at an appropriate cost sets us apart from both established and emerging competitors, delivering a superior "price per effect" and a lower total lifecycle ownership cost.

***Proven Battlefield Heritage with Exceptional Track Record of Performance***

We are conflict-proven and front-line-ready. We have over 6,200 autonomous systems delivered and an additional 3,900 committed through the end of 2026 across 35 unique platform deployments to over 30 unique

------

##### [**Table of Contents**](#toc)
active customers, and we have demonstrated order-to-delivery timelines as short as nine days on critical programs. These results demonstrate our status as a reliable partner with embedded, long-standing relationships with key customers integral to this market. Through the landmark sole-sourced Phoenix Ghost program, we delivered over 4,400 units across seven different UxS, establishing our role as a key partner in supporting critical national security objectives. This success led to the sequential, sole-source award for the ongoing EUCOM AOR Deep Strike program, a groundbreaking initiative with over 4,800 planned deliveries across seven different UAS that drives close cooperation between U.S. and international manufacturing bases. Our continuation from Phoenix Ghost to the follow-on EUCOM AOR Deep Strike program underscores our ability to execute at scale. We believe our performance creates a self-sustaining feedback loop as we learn at a higher pace, innovate at a faster rate, and our successes for our customers snowball and compound.

***Purpose-Built Portfolio Positioned to Enable Next-Generation Warfare and ISR Operations***

We field a mission-tailored portfolio engineered for the next-generation of conflict across all domains. With a portfolio spanning UAS Groups I through V and a growing set of USV capabilities, our innovative battle-tested systems are well positioned to help our customers succeed in contested environments and on the modern battlefield against peer and near-peer adversaries. We harden navigation and communications across our systems with mesh radios and APNT, enabling persistent, high-quality reconnaissance aligned to evolving multi-domain strike and ISR requirements. We stand ready to support our customers across all mediums of the modern battlefield.

***Differentiated Technology Stack Delivering Autonomy and Seamless Integration into Common Architectures at Scale***

We anchor autonomy with our NAC and CompassX suite, fusing AI, deep neural networks, and multi-sensor inputs with multi-vehicle collaborative autonomy across our UxS portfolio. Brought together, this holistic ecosystem provides resilient and all-domain visual-based navigation capabilities by combining dual wide-FOV cameras with visual odometry to deliver GPS-independent positioning, day or night, in contested environments. As validated by our U.S. Government customers through awards and during testing, our technology stack results in faster deployment, seamless interoperability, and scalable autonomy across air, land, and sea, making us a one-stop-shop for UxS across the battlefield.

***Intellectual Property-Rich Portfolio with Innovation Roadmap Aligned to Customer Priorities***

We maintain a robust intellectual property base, including 9 issued patents, with expiration dates ranging from November 2038, through June 2043, 8 pending patent applications as of December 31, 2025 and extensive proprietary software, in addition to leveraging a deep set of innovative trade secrets. Our innovation engine is fueled by a combined IRAD and CRAD of approximately $68.8 million for the last twelve months ended December 31, 2025. This integrated development approach accelerates payload integration and capability expansion in areas such as visual-based navigation, resilient long-range communications, and precision navigation. Our innovation strategy extends beyond technology and includes industry leading practices and methods for advanced engineering and manufacturing. We complement this strategy with our ForgeX MPUs that enable low-cost mass production of mission-tailored UAS at the edge, significantly improving mission efficiency by reducing the overall burden, amount of logistics, and sustainment costs.

***Highly Modular and Integrated Suite of Multi-Domain UxS***

We focus on designing and building solutions that are relevant and tailored to the needs of our customers. We have built a diversified portfolio of systems spanning UAS Groups I through V and USVs, designed around modular open architectures to enable rapid payload integration, mission tailoring, and cross-platform autonomy and collaboration. Each is designed to integrate seamlessly and scale for the modern battlefield. Enabled by our NAC framework and CompassX suite, our platforms share common elements (e.g., software, avionics, APNT,

------

##### [**Table of Contents**](#toc)
etc.), making them easier to train, sustain, and scale. Together, we deliver an integrated family of systems capable of multi-domain ISR and mission effects across the modern battlespace, while remaining adaptable to emerging requirements.

***Well-Invested Manufacturing Footprint Capable of Delivering Over 1,000 UxS per Month, with Room to Grow***

We operate approximately 100,000 square feet of UxS production facilities with the capacity to deliver affordable systems at scale, supporting over 1,000 UxS per month, anchored by a state-of-the-art Florida manufacturing site. The more than 120-acre FAA-approved test range enables rapid prototyping, flight demonstration, and an iterative feedback loop with onsite engineering support capabilities. We have additional locations in the United States where our engineering teams work collaboratively with production teams to continuously refine and enhance our solutions. Proximity to key customers, including DoW, SOF, and IC stakeholders, compresses development cycles and improves mission alignment. We support surge capacity and responsiveness with our additive manufacturing ForgeX MPUs, which provide reliable production in austere environments to deliver scalable, mission-tailored output at the tactical edge.

***Experienced Leadership Team with Track Record of Mission Execution and Customer Trust***

We bring over 150 years of combined industry, operational, and technical experience across unmanned systems and ISR mission solutions, with leaders who have served in various branches of the military, led SOF-focused programs, and worked at major defense primes.

![LOGO](g22113g17v01.jpg)

**Growth Strategies** 

Our growth strategy is enabled by our current and past performance on marquee programs, delivering thousands of autonomous systems to highly demanding customers for urgent operational needs across the globe.

------

##### [**Table of Contents**](#toc)
Collectively, our Phoenix Ghost and EUCOM AOR Deep Strike programs alone represent over 9,300 systems, delivered and committed through the end of 2026, and more than $1.2 billion in TCV. We believe our performance on historical and current contracts is a key differentiator and driver of our growth strategy.

![LOGO](g22113g20g20.jpg)

Our strategy has driven historical growth, illustrated by 181% growth in our funded backlog from $179.2 million as of December 31, 2024, to over $503.1 million as of December 31, 2025. Additionally, our growth outlook remains robust, evidenced by an approximately 98.0% increase in our pipeline of identified growth opportunities from $4.1 billion as of December 2024 to $8.1 billion as of December 2025. We believe we are well-positioned to capture these identified growth opportunities given our established track record in winning business. From January 2025 to December 2025, our value-weighted win rate on new "full and open" competitive pursuits was approximately 28.4%, with a greater than 99.0% value-weighted win rate on options, sole-source follow-ons and recompetes with existing contracts.

------

##### [**Table of Contents**](#toc)
![LOGO](g22113g22g22.jpg)

***Capture Share of Rapidly Expanding UxS Procurement Budgets***

We are capitalizing on the significant growth in our addressable markets, which is driven by structural shifts in defense procurement and the rapid acceleration of autonomous systems adoption. The U.S. 2030 total addressable market for UASs, launched effects, loitering munitions, one-way attack systems and USVs is expected to reach approximately $11.0 billion annually, and the total global addressable market in 2030 for these systems is expected to contribute approximately $26.0 billion in total annual opportunities. This represents our core addressable market opportunity where we believe our technology and capabilities are well-positioned to continue winning new contracts. Additionally, the UAS CCA, low-cost cruise missile, UUV, defense cargo & logistics UxS, and C-UAS EW system adjacent market addressable opportunity is expected to reach approximately $19.0 billion annually by 2030 for the U.S. and approximately $23.0 billion annually by 2030 worldwide. Combined, the complete addressable annual opportunity for the U.S is expected to reach

------

##### [**Table of Contents**](#toc)
approximately $31.0 billion by 2030, with the global opportunity reaching approximately $49.0 billion. There is further demand growth potential from key procurement agencies, such as the U.S. Army, which has stated its intent to acquire several million drones over the next two to three years. These developments, coupled with offshoots of demand across all autonomous platform types, signal an unprecedented procurement cycle from which we are poised to benefit.

To best capture global demand tailwinds, we are executing a multi-pronged growth strategy to expand our customer base across all U.S. military branches and deepen our penetration into allied forces. We are actively converting dialogues with multiple countries into high-value FMS and direct commercial sales opportunities, with key pursuits underway in strategic markets like Taiwan, the United Kingdom, and Finland. We are further leveraging our core competencies to expand into adjacent markets, including larger USVs, fast-moving precision strike UAS, and advanced EW solutions, with the goal of unlocking significant new revenue streams from increasing DoW and allied budgets.

***Expand Our Customer Base Across the U.S. Military and Allied Forces***

Our long-standing relationships with coveted defense customers position us to expand across the broader defense, technology, and government services markets. Our decades-long partnerships with organizations like the USAF, SOCOM, and the IC serve as strategic entry points into major U.S. military branches such as the Army, Navy, and Marine Corps.

A recent notable example of our success is our contract award for the Army's LE-SR program. Our Atlas platform's win of the LE-SR award results from our proven performance on the Phoenix Ghost and EUCOM AOR Deep Strike programs as well as our adaptability in meeting the Army's specific mission requirements. Unlike competitors who attempted to retrofit legacy systems to new mission profiles, we delivered a new technology and configuration purpose-built for the LE-SR mission. Our alignment with the specific operational needs was a key differentiator in securing the LE-SR award and solidifies our reputation for designing systems under pressure and at scale to meet specific mission requirements.

***International Expansion Across Allied Nations***

We are actively converting initial engagements with allied nations into sustained, high-potential dialogues. Recent progress with 55 allied country engagements helps position us for significant international expansion. Our proven history supporting U.S. operations and select foreign defense programs serves as a powerful validator and creates a ripple effect of demand, all while reducing perceived risk for new buyers and reinforcing confidence in our ability to deliver mission-tailored, battle-tested solutions.

We are actively pursuing opportunities in key regions and administrations leveraging both FMS and commercial military sales, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **NATO and the EU:** Member states, especially the Nordic countries, are ramping up defense spending and
rearmament in response to near-peer conflicts. Several members and countries in the region are situated on coastlines, driving interest in USVs to maintain dominance in contested maritime environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **APAC:** Nations across the region, including Taiwan and the Philippines, are investing heavily in autonomous
systems for the air, land, and sea domains to counter regional threats. Emphasis is on large quantities of cost-effective platforms that can succeed in contested environments to support asymmetric warfare and deterrence strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **MENA:** Continuing unrest and instability in the region is expected to drive spending for years to come with
increased use of unmanned and autonomous systems to counter threats and deter adversarial aggression.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **South America:** Expanding economies like Chile are prioritizing defense modernization and technological
advancement to address both internal and external security challenges.

***Drive Strategic Expansion into Adjacent Markets Leveraging Core Competencies***

We are well positioned to expand into adjacent domains by leveraging our proven capabilities, trusted customer relationships, and operational familiarity. Our innovation framework naturally extends into new, lower-cost UxS variants that build on our existing platforms and technologies, ensuring continued relevance and scalability in evolving mission environments.

We see significant upside in entering the larger USV market, particularly for operations in complex sea states. Our Mako and Mako Lite platforms already contain the intellectual property needed to accelerate an expansion that aligns us to global naval modernization trends. Similarly, we intend to introduce new UAS variants that capitalize on higher operational speeds to counter a wider range of threats and C-UAS solutions that meet the growing demand for layered aerial threat protection.

We are in the early stages of expanding into the high-growth EW market as we move from engineering design and initial production phases into larger production runs in the future. While many of our current programs remain classified and in early stages, we are confident in our ability to convert emerging opportunities into meaningful revenue streams.

***Accelerate Capability Growth Through Next-Generation Solutions Development***

We have an extensive track record of developing mission-tailored defense technologies for marquee agencies. By leveraging our deep heritage for innovation and unique insights earned through our customer intimacy, we are well-positioned to continue deploying new technologies through our NAC and CompassX ecosystem. Today, we are focused on developing UxS solutions that prioritize alignment with the future of warfare. We are in active development of numerous UxS capabilities that prioritize multi-domain connectivity across the battlefield for tactical and C-UAS applications. Our battlefield experience, combined with an open-source architecture platform, enables rapid development and integration of customized UxS capability sets. This approach to innovation enhances our ability to maintain our tactical edge amongst competitors and positions us for future program wins.

***Leverage Proven M&A Success to Drive Strategic Portfolio Expansion***

Our disciplined acquisition strategy is a proven growth engine, driven by our proactive pursuit of high-impact opportunities that align with our M&A framework. We aim to acquire businesses that do one or more of: augmenting our core market position, uniquely expanding our technological competitive edge, effectively integrating into our existing technology stack, solidifying or winning key customer relationships, or helping create adjacent market opportunities. To this end, we have continued to invest in inorganic growth opportunities to evolve our offerings and expand our customer base. A few key acquisitions we have completed in recent years include Matrix in 2021, which expanded our processing, exploitation, and dissemination ("PED") capabilities with classified IC customers; Spark and Tribe in 2022, which enabled the production of cost-effective UAS products and intellectual property; and Veth Research Associates in 2024, which enhanced our autonomous technology for UAS operating in GPS-contested environments. These investments have significantly broadened our solutions portfolio and strengthened our ability to deliver advanced mission capabilities to our customers. Our aim for M&A is to accelerate our differentiated capabilities and innovation, enhance margin, add scale, and support our long-term vision, all while being opportunistic and disciplined in our approach.

We have a successful track record of integrating companies with transformative technologies that deliver immediate operational benefits, which also better positions us for future strategic priorities.

------

##### [**Table of Contents**](#toc)
**Our Industry** 

We operate at the intersection of several large and rapidly growing defense markets, including autonomous UxS, EW, C-UAS and ISR capabilities and mission support, across major global geographies.

***U.S. and Global National Security and Defense Markets***

Global defense spending is accelerating, fueled by rising budgets, modernization initiatives, and the urgent demand for next-generation advanced systems to counter peer and near-peer adversaries. The surge is driven by active conflicts in the Middle East, Africa, and Eastern Europe along with the need to support U.S. and allied deterrence efforts in the Pacific. Recent conflicts have revealed that legacy defense systems are increasingly outmoded and insufficient to counter adversary tactics. As a result, U.S. and allied militaries are seeking to replenish munitions exhausted from prior and ongoing conflicts, rearm for emerging or potential future conflicts, and modernize systems and tactics to keep pace with the evolving needs of the modern battlefield.

Defense spending in the United States has continued to receive bipartisan support, with spending toward total national defense surging from around $740.0 billion in 2021 to over $1.0 trillion requested for 2026, an approximately 13.0% increase from the prior year's budget. In response to rising global tensions and the evolving nature of warfare, the U.S. President has requested significant increases to the DoW budget, with multi-year commitments aimed at modernizing the U.S. military across domains. These increases reflect a growing emphasis on technological superiority, rapid deployment capabilities and resilience in contested environments. The current administration has also placed strategic emphasis on high-tech unmanned systems, particularly aerial platforms like those developed by AEVEX, signaling a shift towards more agile, scalable, cost-effective, and technologically advanced defense capabilities. Despite its technological leadership, the DoW has faced challenges in scaling the mass production of low-cost, expendable drones, creating a potential strategic vulnerability in modern warfare. In response, the DoW is actively investing in scalable unmanned systems manufacturing to meet the urgent demand for rapid, sustainable, and mission-ready drone deployment across global theaters.

The 2026 budget request and OBBB allocations for loitering munitions, UAS, and USVs reflect triple-digit growth over prior year levels, underscoring the urgency to field mission-ready systems at scale. These investments mark a decisive pivot from expensive legacy systems to high-volume, low-cost solutions that can be rapidly deployed across global theaters. According to estimates from Renaissance Strategic Advisors, the 2030 annual U.S. addressable core opportunity for offensive systems (UASs, launched effects, loitering munitions, one-way attack systems and USVs) is expected to reach approximately $11.0 billion, with the 2030 annual global addressable core opportunity reaching approximately $26.0 billion. Additionally, AEVEX's adjacent addressable market, that is related to UAS CCAs, low-cost cruise missiles, UUVs, defense cargo & logistics UxS, and C-UAS EW systems, is expected to reach approximately $19.0 billion by 2030 for the U.S. and approximately $23.0 billion by 2030 worldwide. Combined, the complete addressable annual opportunity for the U.S is expected to reach approximately $31.0 billion by 2030, with the global opportunity reaching approximately $49.0 billion.

------

##### [**Table of Contents**](#toc)
![LOGO](g22113g22a01.jpg)

Meanwhile, defense spending across the NATO member states is undergoing a significant transformation, marked by a shift from the long-standing benchmark of 2.5% of national GDP toward targets approaching 5.0% by 2035, following recent strategic agreements and increased collaboration with the United States. As European NATO members and allied nations increase defense budgets to targets of 5.0% of GDP by 2035, the potential increase in defense investment could exceed $1.0 trillion in aggregate. This budgetary expansion reflects a broader recognition of evolving security threats and the need for more agile, technology-driven defense capabilities. The reallocation of resources is not only increasing overall defense budgets, but is also specifically prioritizing investment in unmanned systems, ISR capabilities, and next-generation battlefield technologies.

![LOGO](g22113g23a01.jpg)

Beyond the United States and NATO, defense spending across the Asia-Pacific region is also accelerating as allied nations respond to rising tensions and the growing need for asymmetric capabilities. Taiwan has emerged as a critical market, with the country's 2026 expected total defense spending increasing by 23.0% stemming from strategic investments in unmanned systems and loitering munitions. Broader Indo-Pacific defense modernization efforts are being shaped by increased collaboration with the United States and a shared emphasis on interoperability, rapid deployment, and cost-effective solutions. The increased focus on defense spending has resulted in worldwide military spending jumping by approximately 9.0% since 2024, the highest growth rate since the end of the Cold War. AEVEX is well-positioned to support these initiatives through its entrenched relationships with U.S. Indo-Pacific Command (INDOPACOM), and its portfolio of modular, mission-tailored platforms designed for contested environments. As APAC allies expand procurement of next-generation ISR and autonomous systems, demand is expected to grow for scalable, field-ready technologies that can be deployed across air and maritime domains.

------

##### [**Table of Contents**](#toc)
***Unmanned Systems***

We have a diversified portfolio of unmanned systems across domains that deliver munitions, explosive payloads, guided strikes against targets, and ISR capabilities. The war in Ukraine has underscored the decisive role of UAS, with an estimated 4 million drones being produced in Ukraine alone in 2025. These platforms have been deployed at unprecedented scale for surveillance, strike, and interdiction missions, proving their value in contested environments. USVs have also emerged as critical tools in naval warfare, demonstrating both offensive and defensive utility. These developments signal a paradigm shift: UxS warfare is no longer a niche capability but a central pillar of modern defense strategy.

In response, the DoW is significantly increasing investment in UxS. The trillion-dollar 2026 defense budget calls for $1.4 billion of funding toward loitering munitions (up 135.0% over 2025), $4.1 billion of funding toward UAS (up 215.0% over 2025), $2.8 billion of funding toward C-UAS (up 273.0% over 2025), and $5.2 billion of funding toward USV (up 952.0% over 2025), for a total weighted-average increase of 332.0% over 2025. To acclimate, the DoW has turned its attention to programs to enhance U.S. capabilities such as the Defense-in-Depth Experiment, focused on C-UAS technologies in dense urban environments, USV naval expansion targeting medium- and large-sized USV fleet integration, and the Blue UAS program, focused on tactical ISR and NDAA-compliant military drones. Several major loitering munition programs of record are also emerging, focused on finding mass produced solutions with the best capabilities and performance histories. To meet the accelerating demand for autonomous systems, the defense industrial base is focused on expanding production capacity to support high-volume, low-cost manufacturing. Scalable throughput and domestic manufacturing infrastructure are increasingly viewed as critical enablers for participation in emerging drone programs of record.

***Intelligence, Surveillance, Reconnaissance and Counter-UAS***

The defense industry is also experiencing a surge in demand for ISR and intelligence analysis capabilities, driven by both geopolitical instability and increased defense spending. The One Big Beautiful Bill Act allocated $16.0 billion to innovation and $12.0 billion to Pacific deterrence, with additional funding directed toward enhancing military readiness, nuclear deterrence, and rapid innovation. ISR priorities include support for Combatant Commands, border monitoring, and countering transnational threats. These missions require persistent surveillance, real-time data fusion, and multi-domain coordination, capabilities that our airborne ISR platforms and CompassX-powered autonomy suite are purpose-built to deliver.

Simultaneously, the proliferation of UAS has introduced new vulnerabilities, fueling rapid growth in C-UAS technologies. The DoW is investing heavily in systems that can detect, track, and neutralize rogue drones in both combat and civilian airspaces. Our red team UAS platforms are actively used to simulate adversarial threats in training environments, supporting the development and validation of next-generation C-UAS. Our platforms are integrated into key DoW initiatives, including urban C-UAS experimentation and layered defense architectures, positioning us as a critical enabler of national and allied airspace security.

***Electronic Warfare***

EW is rapidly emerging as a strategic priority across global defense budgets, driven by the need to counter increasingly sophisticated threats in contested environments. Governments are investing heavily in EW capabilities that enable resilient communications, signal disruption, and spectrum dominance, particularly in GPS-denied environments. Many of AEVEX's platforms are engineered to support ISR and EW missions with AI-enabled navigation. As demand grows for scalable, forward-deployable EW solutions, AEVEX is expanding its footprint in classified and emerging programs, positioning itself as a differentiated provider of next-generation EW technologies*.*

------

##### [**Table of Contents**](#toc)
**Our Segments** 

We operate through two complementary segments that deliver autonomous mission systems and full-spectrum operational support to defense and national security customers. Our Tactical Systems segment, anchored by a battle-tested portfolio of autonomous systems, accounted for approximately 74.4% of 2025 total revenue of $432.9 million and 76.0% of 2024 total revenue of $392.2 million, while our Global Solutions segment, leveraging deep ISR expertise, engineering services and operational support to enable mission execution across domains, accounted for the remaining 25.6% in 2025 and 24.0% in 2024. Together, these segments form a tightly integrated offering that allows AEVEX to deliver end-to-end, mission-critical solutions to our customers.

***Tactical Systems***

Our Tactical Systems segment designs, develops, and manufactures autonomous systems and technologies for defense and national security customers. Built for multi-mission capability, integrated operations and scalability, our attritable platforms deliver a high capability-to-cost value proposition, offering advanced ISR, EW, and kinetic strike capabilities at a fraction of the cost of legacy systems. With vertically integrated engineering, rapid prototyping, and scalable production, including the deployable ForgeX MPU, we enable mission-ready solutions optimized for contested, GPS-denied, and high-threat environments. Modular payload configurations and open architecture designs allow for rapid customization across mission sets, while our proprietary CompassX powers resilient, intelligent operations across air and maritime domains through AI, visual-based navigation, and multi-vehicle autonomy. In addition to product revenues, the Tactical Systems segment includes some services revenue from Forge-X, C-UAS, and engineering, training, and support tied to product deliveries.

Our Tactical Systems customers include the DoW, the IC, the Program Executive Office for Intelligence, Surveillance, and Reconnaissance / SOF, the United States Special Operations Command, and allied foreign militaries. We are the sole provider on the EUCOM AOR Deep Strike program, an over $645.7 million contract to deliver over 4,800 UAS across seven platforms and have approximately $5.0 billion in UxS-specific pipeline as of December 2025.

Tactical Systems offers a broad portfolio of unmanned platforms and supporting technologies, including:

![LOGO](g22113g30g30.jpg)

*Navigation and Autonomy Center* 

Our NAC is the "innovation lab" underpinning our UxS product line. As the central hub for autonomous systems development, NAC focuses on delivering advanced capabilities for battlefield superiority in GPS-denied

------

##### [**Table of Contents**](#toc)
and spoofed environments. Our CompassX sensor fusion engine directly supports our offerings for navigation and autonomy, providing the framework that powers solutions such as optical seeker guidance, multi-vehicle collaborative autonomy, visual-based navigation, and AI-aided target recognition.

The CompassX software suite, together with its enabled hardware modules, is an ecosystem leveraging a differentiated modular architecture that provides tools for assured navigation, real-time situational awareness, and precision targeting, among other advanced solutions. It provides the building blocks used by the NAC and the autonomous backbone for our systems. Deployed across a growing number of platforms, these next-generation capabilities enable our solutions to operate autonomously and intelligently in the most demanding conditions to serve clients' most critical needs.

All platforms are designed for rapid fielding and scalable production, supported by our over 94,000 square foot manufacturing facility in Tampa, Florida. Our additive manufacturing capabilities, including ForgeX, also enable in-theater production of up to 1,080 systems per year per factory as currently configured.

---

| | |
|:---|:---|
| ![LOGO](g22113g25a02.jpg) | **Group I UAS**<br>Compact, hand-launched or VTOL quadcopters (e.g., X-Frame, Sicario) designed for tactical ISR and precision strike missions. These systems offer low acoustic signatures, rapid deployment, and modular payloads for close-range operations in covert or urban environments. |
| ![LOGO](g22113g00a26.jpg) | **Group II UAS**<br>Portable, modular platforms (e.g., Atlas, Dagger, Vandal) supporting ISR, launched effects, loitering munitions, and EW. Atlas is a multi-launched swing-wing UAS with Scout and Strike variants. Dagger is a fully autonomous precision strike loitering munition, while Vandal is a 3D-printed, electric-powered UAS optimized for rapid deployment and mission-specific customization. |
| ![LOGO](g22113g00b26.jpg) | **Group III UAS**<br>Larger, high-endurance systems (e.g., Disruptor, Raker, Dominator, Onyx) engineered for deep strike, persistent ISR, and EW missions. These platforms offer modular architecture, aerodynamic designs, and scalable production. Co-manufactured systems (M, R, S1, S2) expand mission flexibility and interoperability. |
| ![LOGO](g22113g00c26.jpg) | **Group IV & V UAS**<br>Strategic-level Long Endurance Aircraft (e.g., Nathusius, with 90 hours of flight time) designed for persistent ISR. These platforms offer internal and external payload/sensor options, with redundant communications providing cost-effective alternatives to legacy systems like the MQ-9 Reaper and MQ-1C Gray Eagle. |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g22113g00d26.jpg) | **Threat Replicators**<br>High-fidelity threat replicator systems emulate adversary unmanned aircraft to support C-UAS testing and training. These turnkey solutions enable realistic red teaming and rapid response to evolving aerial threats, enhancing defense readiness across domestic and international operations. |
| ![LOGO](g22113g00e26.jpg) | **ForgeX**<br>The ForgeX MPU is our "drone factory of the future." ForgeX enables forward deployed, in-theater additive manufacturing of up to 1,080 systems per year per factory as currently configured. These containerized systems support rapid, scalable production in austere environments, including aboard ships and at forward operating bases. |
| ![LOGO](g22113g00f26.jpg) | **USV**<br>Modular maritime platforms (e.g., Mako, Mako Lite) equipped for ISR, mine clearance, object detection/avoidance, communications relay, EW, and kinetic strike missions. Integrated with our autonomy software and sensor fusion, these vessels operate effectively in littoral and open-water environments. |
| ![LOGO](g22113g00d26.jpg) | **Electronic Warfare Solutions**<br>Advanced EW Capabilities designed to provide a strategic advantage through a cutting edge, family of systems in the high order fight with peer and near-peer adversaries. |
| ![LOGO](g22113g00g26.jpg) | **AEVEX Autonomous Rapid Container**<br>ARC is a containerized launch system built on an ISO 20 ft platform with actuated side doors and angled racks for 40 launch positions. It integrates GCS and control systems in a sealed rack, supports communication capabilities with UxS, and leverages Hydra launcher heritage for scalable design and rapid fielding. |

---

***Global Solutions***

Our Global Solutions segment delivers full-spectrum mission solutions, aircraft modification, and engineering support across manned and unmanned platforms. With nearly two decades of operational experience, we provide turnkey solutions that integrate advanced ISR systems, enable rapid deployment, and support mission execution in both classified and unclassified environments. Our capabilities span the full lifecycle, from design and modification to flight operations and intelligence analysis, making us a trusted partner for the U.S. Government, allied nations, and commercial defense customers.

Our Global Solutions customers include the DoW, the IC, SOCOM, COCOMs, and multiple allied foreign governments. We also serve civil agencies such as the U.S. Forest Service and CalOES, providing ISR software, equipment, and skilled technicians for disaster response command and control, leading to more effective deployment of emergency resources.

------

##### [**Table of Contents**](#toc)
![LOGO](g22113g27v02.jpg)

**Operational Footprint** 

Our ability to rapidly scale production and drive innovation through vertically integrated capabilities is another key differentiator. Headquartered in San Diego, CA, we operate state of the art-manufacturing facilities across the continental United States, spanning from California to Florida, allowing us to produce at strategic locations near our customers. Our operating footprint delivers approximately 100,000 square feet of operating space with capacity to produce more than 1,000 UxS per month.

![LOGO](g22113g00s35.jpg)

With over 150 multi-disciplined engineers, we can develop, modify, and enhance any solution for our customers through a vertically integrated design and development process. Of our over 150 engineers, over 50 are design hardware, 30 are dedicated solely to software and autonomy, and over 70 are focused on advanced systems, integration and operations, illustrating commitment to continued innovation across our technology stack. Our integrated business model combines engineering expertise, methodical IRAD investments, rapid prototyping, and an on-site test range, accelerating innovation and shortening development cycles. Strategic investments in advanced manufacturing, automation, and leadership talent enable us to meet the rigorous requirements of emerging programs of record.

------

##### [**Table of Contents**](#toc)

As a trusted supplier to the U.S. Government, we take pride in the fact that approximately 30.0% of our team are veterans, bringing invaluable experience and mission alignment to our operations. Our culture attracts top talent, enabling us to secure key executive leadership and employees necessary to drive business operations. Our operations are strategically placed in locations with robust talent pools and allow us to hire a deep and highly capable support staff comprised of over 150 engineers, who specialize in helping us deliver leading software, products, and mission excellence for our customers. Our technical acumen is further bolstered by a well-credentialed workforce, further supporting our entrenched position as a trusted partner to the DoW, SOF, and IC.

![LOGO](g22113g29k29.jpg)

------

##### [**Table of Contents**](#toc)
These factories are actively supporting combat missions globally today and represent a breakthrough in defense manufacturing agility with high-impact potential to serve emerging UAS programs and FMS customers.

![LOGO](g22113g30k30.jpg)

From high-volume production facilities and vertically integrated engineering to our forward-deployed ForgeX MPU, our operations provide a decisive strategic advantage. This integrated infrastructure gives us the differentiated ability to rapidly innovate, develop, and deploy multi-mission capabilities at scale.

**Operations / Manufacturing and Engineering** 

***Overview***

AEVEX Aerospace designs, manufactures, and supports autonomous airborne systems and effects platforms built to operate in contested environments. Our operations have evolved from limited-rate ISR integration to scalable, repeatable production of loitering munitions and tactical UAS, supported by additive manufacturing, mobile production, and autonomy technologies.

We combine vertically integrated design, rapid prototyping, and mission-ready manufacturing across our facilities, enabling us to move from prototype to fielded system in weeks instead of months. Central to this capability are our Factory of the Future production architecture and the NAC, which together enable production at scale and autonomous operation in GPS-denied or degraded electromagnetic environments.

***Facilities and Footprint***

AEVEX's headquarters is in Solana Beach, California, with manufacturing and engineering facilities in Florida, Ohio, and Virginia. We operate 13 leased facilities across the United States.

These sites host system integration, composite fabrication, avionics assembly, and environmental testing. We have recently expanded production infrastructure to include mobile and modular manufacturing systems—containerized, deployable production units that can fabricate and assemble small unmanned systems and subcomponents at or near the tactical edge.

***Manufacturing and Production Capabilities***

We maintain the flexibility to produce both high-rate standardized units and mission-specific configurations. Additive manufacturing enables rapid design iteration, weight reduction, and reduced part count. Combined with our modular production systems, we can scale output across multiple facilities or deploy fabrication capability closer to the point of use.

------

##### [**Table of Contents**](#toc)
We have demonstrated multi-thousand-unit production throughput under U.S. Government programs, supported by AS9100-certified quality processes and validated acceptance testing. Our hybrid insource/outsource model leverages a network of qualified defense suppliers while maintaining in-house control over critical subassemblies, autonomy modules, and flight-critical software.

***Navigation & Autonomy Center***

AEVEX's NAC develops and integrates resilient navigation, sensor fusion, and autonomous flight technologies that enable our systems to operate independently of GPS.

The Center's work focuses on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vision-based and hybrid inertial navigation systems capable of maintaining positional accuracy under GPS denial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Autonomous guidance and perception algorithms for loitering and terminal engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sensor fusion architectures combining optical, inertial, terrain, and magnetic data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Embedded autonomy software designed for efficient onboard computing and low-latency decision loops.

The Center works in close coordination with our production organization to ensure autonomy modules and navigation subsystems are manufacturable at scale and readily fielded across our product lines.

This engineering competency underpins our role as a provider of resilient, autonomous loitering and ISR systems.

***Engineering and Design***

Our engineering organization executes full lifecycle development—from concept to flight qualification—with an emphasis on rapid iteration, design for manufacture (DFMA), and autonomy integration.

Capabilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Airframe and mission-system design, including composite structures and payload integration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Embedded electronics and autonomy hardware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hardware-in-the-loop (HIL) and simulation environments for real-time autonomy testing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flight test and certification support for both ISR and tactical effects systems.

Through additive and modular design techniques, AEVEX engineers can transition a prototype into rate production while maintaining configuration control and quality conformance.

*Summary* 

AEVEX's operational foundation now combines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-rate manufacturing of loitering munitions and ISR aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additive and mobile production systems enabling forward-deployed fabrication and sustainment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resilient autonomy and navigation technologies that ensure performance in GPS-denied environments.

These integrated capabilities position AEVEX as a modern, vertically integrated defense manufacturer—agile, scalable and purpose-built for near-peer conflict environments where autonomy, speed, and adaptability define mission success.

------

##### [**Table of Contents**](#toc)
**Facilities** 

AEVEX maintains a geographically distributed footprint designed to support engineering, manufacturing, testing, and logistics across our portfolio of programs. We operate 13 leased facilities across the United States.

Our facilities are strategically located near key defense, flight-test, and engineering corridors, providing proximity to major U.S. Department of Defense customers, and integration partners.

Our facility portfolio provides the scale and flexibility required to support both low-rate integration and high-rate production with the ability to adjust capacity quickly in response to program demand.

**Competition** 

The defense market for unmanned aerial systems (UAS) continues to evolve with emerging technologies, dynamic operational requirements, and increased customer expectations. Additionally, the consistent introduction of new platforms and capabilities continues to shape the landscape. We execute in a highly competitive environment alongside a range of industry participants, including AeroVironment, Edge Autonomy, Anduril Industries Inc, Shield AI, Griffon Aerospace Inc., RTX, and UVision Technologies.

The defense, technology, and autonomy markets for air and seaborne Uncrewed Systems and One-Way Attack solutions are also highly competitive and continually evolving, driven by rapid technological innovation and changing customer requirements. We compete in this market alongside a diverse range of established U.S. and international firms as well as emerging startups. Key industry participants include RTX, Black Sea Technologies, Sea Machines, Anduril Industries Inc., UVision Technologies, Elbit Systems, Lockheed Martin Corporation, and others.

Manned aviation modification and integration is another extremely competitive environment. Integration, Certification, Engineering, Contract Manufacturing and specialty Maintenance, Repair and Overhaul expertise are key distinguishing factors. Ever-changing customer demands dive innovation, rapid reaction, and agile execution. We have a multitude of competition in this environment that have strong ability to compete such as L3 Comm, Sierra Nevada Corporation, MAG Aero, Metrea, Safran Group, Northrop Grumman and others.

There are a multitude of opportunities to compete for work in Services, Intelligence, Engineering, Operations, Maintenance, Field Service Work, deployed operations, and civil sector operations. Competitors in this space include companies like SMX, CACI, MTSI, Riverside Research, Booz Allen Hamilton, Science Applications International Corporation, Amentum Services Inc. and others.

Our proven ability to rapidly design, develop and deploy disruptive systems at scale enables us to respond to urgent operational needs with unmatched speed and flexibility. We maintain close relationships with end-users, leveraging real-time feedback from the field to drive continuous innovation and ensure our solutions remain operationally relevant and reliable in the most demanding environments. Our vertically integrated engineering and manufacturing footprint, combined with our proprietary technology stack and extensive in-theater experience, allows us to deliver tailored, mission-ready capabilities at scale and at a lower total lifecycle cost. Our trusted partnership approach, together with our track record of successful execution on highly strategic programs, positions us as a critical enabler for our customers and a preferred partner in the evolving defense technology market. This combination of technical expertise, customer trust and operational agility distinguishes us from both established and emerging competitors in the market.

**Human Capital** 

***Overview***

We pride ourselves on a culture that attracts and retains talent. As of December 31, 2025, we had approximately 650 employees spanning across the U.S. and deploying to five continents. We are centered around

------

##### [**Table of Contents**](#toc)
a philosophy of "Empowering People," and strive to maintain a culture and workforce that is committed to continuous growth and improvement and develops diverse talent into high-performing teams that deliver advanced technology and solutions for our customers.

Our emphasis on culture is further defined by our core values of Excellence, Integrity, Accountability, Tenacity, and Teamwork. These values define our expectations for our people and partners and shape our emphasis in employee engagement and retention programs as outlined below:

***Total Rewards Program***

We seek to provide compensation and benefits that are competitive in the marketplace and that are motivational, fair, equitable, and in compliance with all applicable legal requirements. To help ensure the overall health and wellbeing of our employees and their families, we offer a variety of perks and benefits. These include competitive health benefits, voluntary benefits, 401k employer contributions, access to an employee assistance program, and paid family leave. Additionally, we have a wellness program that includes a fitness stipend, fitness challenges, and wellness-related education and training.

***Continuous Learning and Development***

Central to our philosophy of empowering people is a commitment to providing employees with the tools and resources needed for success. This includes ongoing access to growth and learning opportunities. All employees receive an annual professional development stipend for their use towards training, classes, and professional certifications that further their career growth. Additionally, we utilize an online training platform that gives employees access to a robust training library that aligns with our company jobs and career paths. We also run an annual emerging leaders' group and provide customized training to support managers in their roles both as operational and people leaders.

***Awards and Recognition***

To keep our employees motivated and working together to achieve exceptional results, we maintain an employee awards program. Our program consists of two awards. Our Props Award is a peer-nominated award that can be given to anyone at any time for demonstrating one of our company's core values. Our Empowerment Award is supervisor-nominated and includes a monetary reward for identified recipients.

**Intellectual Property** 

We rely on a combination of patents, trade secrets, proprietary information, and technical know-how—both internally developed and acquired—to establish and maintain a competitive advantage. Our products are manufactured, marketed, and sold under a portfolio of intellectual property rights, including patents and trademarks, some of which extend into future periods. We continually seek to develop and acquire new intellectual property to support innovation, protect our technologies, and strengthen our market position.

As of December 31, 2025, our intellectual property portfolio included 9 issued patents, with expiration dates ranging from November 2038, through June 2043, and 8 pending patent applications. We have also registered trademarks and domain names used in our business operations but do not currently hold any registered copyrights.

We believe that, due to the diversified nature of our product portfolio, the expiration or loss of any single patent, trademark, or other intellectual property right would not have a material adverse effect on our consolidated financial statements or overall operations. In addition to the protection provided by our intellectual property rights, we also enter into, and rely on, confidentiality and intellectual property assignment agreements

------

##### [**Table of Contents**](#toc)
with our employees and contractors to protect our trade secrets, proprietary technology and other confidential information.

We also maintain internal programs designed to encourage employee innovation and invention, with the objective of continually expanding our intellectual property portfolio and enhancing long-term technological competitiveness.

**Government Contracts and Regulations** 

We are subject to various government regulations, including various U.S. Government regulations as a contractor and subcontractor to the agencies of the U.S. Government. Among the most significant U.S. Government regulations affecting our business are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Federal Acquisition Regulations and supplemental agency regulations, which comprehensively regulate the
formation, administration, and performance under government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Truthful Cost or Pricing Data Statute (formerly the Truth in Negotiations Act), which requires certification
and disclosure of all cost and pricing data in connection with contract negotiations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Cost Accounting Standards, which impose accounting requirements that govern our right to reimbursement under
cost-based government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Industrial Security Manual, which establishes the security guidelines for classified programs and facilities
as well as individual security clearances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Foreign Corrupt Practices Act, which prohibits U.S. companies from providing anything of value to a foreign
official to help obtain, retain or direct business, or obtain any unfair advantages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The False Claims Act and the False Statements Act, which, respectively, impose penalties for payments made on the
basis of false facts provided to the government and impose penalties on the basis of false statements, even if they do not result in a payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Laws, regulations and executive orders restricting the use and dissemination of information classified for
National Security purposes and the exportation of certain products and technical data.

A significant portion of our total sales is derived from contracts with the U.S. Government and its agencies, particularly the DOW, SOF and the IC. Contracts with the U.S. Government are subject to U.S. Government contracting rules and regulations and therefore are subject to the business risks specific to the defense industry, including the ability of the U.S. Government to unilaterally: (1) suspend us from receiving new contracts; (2) terminate existing contracts at its convenience and without significant notice; (3) reduce the value of existing contracts; (4) audit our payments issued; and (5) revoke required security clearances. Violations of government procurement laws could result in civil or criminal penalties. Procurement contracts with federal agencies may be terminated in whole or in part for convenience by the federal government at any time provided such termination is in good faith. However, once awarded, the federal agencies do not typically attempt to renegotiate profit margins on existing contracts.

We also need special security clearances to continue working on and advancing certain of our programs and contracts with the U.S. Government. Classified programs generally will require that we comply with various Executive Orders, federal laws and regulations and customer security requirements that may include restrictions on how we develop, store, protect and share information, and may require our employees to obtain government clearances.

In addition, we are subject to industry-specific regulations due to the nature of the products and services we provide. For example, certain aspects of our business are subject to further regulation by additional U.S. Government authorities, including (i) the Federal Aviation Administration, which regulates airspace for all air

------

##### [**Table of Contents**](#toc)
vehicles in the U.S. National Airspace System, (ii) the National Telecommunications and Information Administration and the Federal Communications Commission, which regulate the wireless communications upon which our UAS business depend in the United States and (iii) the Defense Trade Controls of the U.S. Department of State that administers the International Traffic in Arms Regulations, which regulate the export of controlled technical data, defense articles and defense services.

The nature of the work we do for the federal government may also limit the parties who may invest in or acquire us. Export laws may keep us from providing potential foreign acquirers with a review of the technical data they would be acquiring. In addition, there are special requirements for foreign parties who wish to buy or acquire control or influence over companies that control technology or produce goods in the security interests of the U.S.

There may need to be a review under the Exon-Florio provisions of the Defense Production Act. including review by the Committee on Foreign Investment in the United States (CFIUS) under the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Finally, the government may require a prospective foreign owner to establish intermediaries to actually run that part of the Company that does classified work, and establishing a subsidiary and its separate operation may make such an acquisition less appealing to such potential acquirers.

In addition, the export from the U.S. of certain of our products may require the issuance of a license by the U.S. Department of Commerce under the Export Administration Act, and its implementing regulations as kept in force by the International Emergency Economic Powers Act of 1977. Some of our products may require the issuance of a license by the U.S. Department of State under the Arms Export Control Act and its implementing regulations, which licenses are generally harder to obtain and take longer to obtain than do Export Administration Act licenses.

Our business may require compliance with state or local laws designed to limit the uses of personal user information gathered online or require online services to establish privacy policies.

**Material Availability** 

We procure critical material, components, products and subsystems from domestic and global supply partners. These supply sources may be single sources for certain components and the material provided may have extended lead times. To support our continuing customer needs, we have taken steps to mitigate sourcing risks. This includes working closely with our suppliers to ensure future material and subsystem availability to support our manufacturing plans. In some cases, we have elected to stock reserve material to ensure future availability.

We use certain raw materials and components used in the manufacture of our products and in our development programs. These materials and components are periodically subject to supply shortages, and our business is subject to the risk of price increases and periodic delays in delivery. The prices for these raw materials fluctuate depending on market conditions and global demand for these materials. Particularly, the market for electronic components may experience increased demand and a global shortage of semiconductors, which may create substantial uncertainty regarding our suppliers' continued production of key components for our products. The supply for certain subcomponents and parts is impacting our Command, Control, Computing, Communications, Cyber and ISR business. The shortage of qualified vendors which supply certain ancillary parts for our aerial targets has resulted in cost increases.

Additionally, our products include a variety of motors, batteries and other advanced components that rely on rare earth metals for their manufacturing such as Neodymium, Praseodymium and Lanthanum. This may require sourcing of these components and required materials from foreign entities. Any disruption in the supply of these metals could adversely affect our ability to produce and deliver our products. We obtain our components and required materials from a limited group of suppliers. We believe that we have adequate supplies or sources of

------

##### [**Table of Contents**](#toc)
availability of the raw materials necessary to meet our manufacturing and supply requirements. See "Risk Factors—If critical components or raw materials used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business" for further discussion regarding risks related to raw materials.

Some of our components sourced from foreign countries are at risk of further sanctions and other trade restrictive actions, and any escalation in global trade tensions or trade restrictions may hinder our ability to obtain these components from new suppliers. Restrictions on semiconductor manufacturing equipment and raw materials could lead to higher material costs, material unavailability and transportation uncertainty.

**Environmental** 

Our manufacturing operations are subject to many requirements under environmental laws and regulations. In the U.S., the U.S. Environmental Protection Agency and similar state agencies administer laws that restrict the emission of pollutants into the air, discharges of pollutants into bodies of water and disposal of pollutants in the ground. Violations of these laws can result in significant civil and criminal penalties and incarceration. The failure to obtain a permit for certain activities may be a violation of environmental law and subject the owner and operator to civil and criminal sanctions. Most environmental agencies also have the power to shut down an operation if it is operating in violation of environmental law. U.S. laws also allow citizens to bring private enforcement actions in some situations. Outside the U.S., the environmental laws and their enforcement vary and may be more burdensome.

Other environmental laws, primarily in the U.S., address the contamination of land and groundwater and require the clean-up of such contamination. These laws may apply not only to the owner or operator of an on-going business, but also to the owner of land contaminated by a prior owner or operator. In addition, if a parcel is contaminated by the release of a hazardous substance, such as through its historic use as a disposal site, any person or company that has contributed to that contamination, whether or not it has a legal interest in the land, may be subject to a requirement to clean up the parcel.

We have management programs and processes in place that are intended to achieve compliance with, and minimize the potential for violations of, applicable environmental laws and regulations.

**Legal Matters** 

We are, on occasion, subject to claims, lawsuits, and other legal and administrative proceeding arising in the ordinary course of business. However, we do not consider any such claims, lawsuits, or proceedings that are currently pending, individually or in the aggregate, to be material to our business or likely to result in a material adverse effect on our future operating results, financial condition, or cash flows. See Note 11, "Commitments and Contingencies" to our audited consolidated financial statements included elsewhere in this prospectus.

------

##### [**Table of Contents**](#toc)
**ORGANIZATIONAL STRUCTURE** 

**Overview** 

AEVEX Corp. is a Delaware corporation formed to serve as a holding company that will hold an interest in Holdings LLC. AEVEX Corp. has not engaged in any business or other activities other than in connection with its formation and this offering. Upon consummation of this offering and the application of the net proceeds therefrom, we will be a holding company, our sole asset will be an equity interest in Holdings LLC and we will operate and control all of the business and affairs and consolidate the financial results of Holdings LLC. Prior to the closing of this offering, the operating agreement of Holdings LLC will be amended and restated to, among other things, modify its capital structure by replacing the membership interests currently held by Holdings LLC's existing owners with a new class of common ownership interests consisting of Series A Units and Series B Units (collectively, "LLC Units").

We and ATS Investment Holdings, as the initial holder of all of the outstanding Series B Units of Holdings, will also enter into an Exchange Agreement under which ATS Investment Holdings (and certain permitted transferees thereof) may (subject to the terms of the Exchange Agreement) exchange Series B Units of Holdings LLC for shares of our Class A common stock on a one-for-one basis, or, at our election, for cash, from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). A holder of Series B Units of Holdings LLC will also be required to deliver to us an equivalent number of shares of Class B common stock to effectuate an exchange. Any shares of Class B common stock so delivered will be cancelled. As holders of Series B Units of Holdings LLC exchange those Series B Units, our interest in Holdings LLC will be correspondingly increased.

Upon completion of this offering, our Principal Stockholder will control the voting power in AEVEX Corp. as follows: (i) approximately % (or approximately % if the underwriters exercise their option to purchase additional shares in full) through its control of ATS Investment Holdings and (ii) approximately % through its control of ATS Pubco Holdings. See "Principal Stockholders and Selling Stockholders" for additional information about our Principal Stockholder.

**Incorporation of AEVEX Corp.** 

AEVEX Corp. was incorporated in Delaware on October 27, 2025, and has not engaged in any business or other activities except in connection with its formation and the offering. Our certificate of incorporation will be amended and restated at or prior to the consummation of this offering. Our amended and restated certificate of incorporation will authorize two classes of common stock, Class A common stock and Class B common stock, each having the terms described in "Description of Capital Stock." In addition, our amended and restated certificate of incorporation will authorize shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board.

Shares of our Class B common stock, which provide no economic rights, will be issued to ATS Investment Holdings in connection with this offering. Each share of our Class B common stock entitles its holder to one vote on all matters to be voted on by stockholders generally. See "Description of Capital Stock—Class B Common Stock." Holders of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law.

**Organizational Transactions** 

The following transactions, referred to collectively herein as the "Organizational Transactions," will each be completed prior to or in connection with the completion of this offering.

Immediately prior to the effectiveness of this Registration Statement, we will take the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will amend and restate the existing operating agreement of Holdings LLC (the "LLC Operating
Agreement") to, among other things, (i) modify the capital structure of Holdings LLC by replacing the

------

##### [**Table of Contents**](#toc)
current membership interests with a new class of common membership interests consisting of Series A Units and Series B Units (collectively, "LLC Units") and (ii) appoint AEVEX Corp. as the sole managing member of Holdings LLC. See "Organizational Structure—Amended and Restated Operating Agreement of Holdings LLC." <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Principal Stockholder and certain other holders of indirect interests in Holdings LLC will engage in a series
of transactions, which may include one or more contributions, mergers or otherwise, that will result in (i) certain of the existing owners of Holdings LLC exchanging their membership interests in Holdings LLC for membership interests in ATS
Investment Holdings, (ii) the formation of ATS Pubco Holdings, (iii) the Blocker Entity merging with and into AEVEX Corp., with AEVEX Corp. remaining as the surviving corporation and all of the equity interests of the Blocker Entity being
exchanged for shares of Class A common stock and then being contributed directly or indirectly to ATS Pubco Holdings in exchange for a direct or indirect interest in ATS Pubco Holdings, and (iv) certain holders of an indirect interest in
Holdings LLC exchanging a portion of such interest in Holdings LLC for a direct or indirect interest in ATS Pubco Holdings, which in turn will contribute interest in Holdings LLC to AEVEX Corp. in exchange for shares of Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ATS Investment Holdings will distribute a portion of its Series B Units of Holdings LLC to certain of its members
immediately prior to the purchase of such units by us as described below and in "Use of Proceeds."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ATS Pubco Holdings will distribute a portion of its Class A common stock to certain of its partners immediately
prior to the purchase of such shares by us as described below and in "Use of Proceeds."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will amend and restate the certificate of incorporation of AEVEX Corp. to, among other things, provide for
Class A common stock and Class B common stock. See "Description of Capital Stock."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will issue shares of Class B common stock to ATS Investment Holdings, on a one-to-one basis with the number of LLC Units it owns, for nominal consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will enter into the Exchange Agreement pursuant to which ATS Investment Holdings (and certain permitted
transferees thereof) will be entitled to exchange Series B Units of Holdings LLC, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or, at our election, for cash, from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale).
See "—Exchange Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Series A Preferred Units will convert into Class A common stock at a conversion price based on 80% of
the initial public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will enter into a Tax Receivable Agreement with the TRA Rights Holders, that will require the payment by AEVEX
Corp. to such persons collectively of 85% of certain tax savings (calculated using certain assumptions), if any, in U.S. federal, state and local income taxes we actually realize (or, under certain circumstances are deemed to realize) as a result of
(i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that
existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis and (iii) certain other tax
benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. See "—Tax Receivable Agreement."

In connection with the completion of this offering, we will issue shares of our Class A common stock to the investors in this offering (or shares if the underwriters exercise their option to purchase additional shares in full) in exchange for net proceeds of approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional shares in full), after deducting underwriting discounts and commissions but before estimated offering expense payable by us.

------

##### [**Table of Contents**](#toc)
Immediately following the completion of this offering, we will take the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will use approximately $ million of the net proceeds of this offering to acquire
     newly-issued Series A Units of Holdings LLC at a purchase price per LLC Unit equal to the initial offering price per share of Class A common stock in this offering, less underwriting discounts and commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will use approximately $ million of the net proceeds of this offering to purchase
     Series B Units of Holdings LLC from certain direct and indirect members of ATS Investment Holdings, including entities controlled by our Principal Stockholder, at a purchase price per LLC Unit equal to the initial
offering price per share of Class A common stock in this offering, less underwriting discounts and commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will use approximately $ million of the net proceeds of this offering to purchase
     shares of Class A common stock from certain direct and indirect partners of ATS Pubco Holdings, including entities controlled by our Principal Stockholder, at a purchase price per share equal to the initial offering
price per share of Class A common stock in this offering, less underwriting discounts and commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings LLC will apply the proceeds it receives from us (including any additional proceeds it may receive from
us if the underwriters exercise their option to purchase additional shares) (i) to repay $ million of outstanding borrowings under our Credit Agreement, under which $ million was
outstanding and which had an interest rate of     % as of     , 2026, (ii) to pay expenses incurred in connection with this offering and the Organizational Transactions and (iii) for general
corporate purposes. See "Use of Proceeds."

As a result of the Organizational Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investors in this offering will collectively own      shares of our Class A
common stock and we will hold      Series A Units of Holdings LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ATS Investment Holdings will own      Series B Units of Holdings LLC and
     shares of Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ATS Pubco Holdings will own    shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders of Holdings LLC Series A Preferred Units will own    shares of our Class A
common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class A common stock will collectively represent approximately     % of the
voting power in us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class B common stock will collectively represent approximately     % of the
voting power in us.

------

##### [**Table of Contents**](#toc)
The diagram below depicts our historical organizational structure prior to the completion of the Organizational Transactions. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

![LOGO](g22113g11l93.jpg)

The diagram below depicts our expected organizational structure immediately following completion of the Organizational Transactions. This diagram is provided for illustrative purposes only and does not purport to represent all legal entities owned or controlled by us, or owning a beneficial interest in us.

![LOGO](g22113g35b60.jpg)

(1) Upon completion of this offering, our Principal Stockholder will control the voting power in AEVEX Corp. as
follows: (i) approximately  % (or approximately  % if the underwriters exercise their option to purchase additional shares in full) through its control of ATS Investment Holdings and (ii) approximately
  % through its control of ATS Pubco Holdings.

------

##### [**Table of Contents**](#toc)
(2) Shares of Class A common stock and Class B common stock will vote as a single class. Each outstanding
share of Class A common stock and Class B Common stock will be entitled to one vote on all matters to be voted on by stockholders generally. The shares of Class B common stock have no economic rights. In accordance with the Exchange
Agreement to be entered into in connection with the Organizational Transactions, ATS Investment Holdings (and its permitted transferees) will be entitled to exchange Series B Units of Holdings LLC, together with an equal number of shares of
Class B common stock, for shares of Class A common stock determined in accordance with the Exchange Agreement or, at our election, for cash from a substantially concurrent public offering or private sale (based on the price of our
Class A common stock in such public offering or private sale).

(3) Assumes no exercise of the underwriters' option to purchase additional shares. If the underwriters
exercise their option to purchase additional shares in full, (i) the holders of Class A common stock will have  % of the voting power in AEVEX Corp., with  % held by ATS Pubco Holdings, (ii) ATS Investment
Holdings, through ownership of the Class B common stock, will have   % of the voting power of AEVEX Corp., (iii) ATS Investment Holdings will own   % of the outstanding LLC Units and (iv) AEVEX Corp. will own
  % of the outstanding LLC Units.

Following the consummation of the Organizational Transactions, AEVEX Corp. will be a holding company and its sole assets will be its direct equity interest in Holdings LLC and equity in certain corporations acquired prior to the IPO, each of which own an interest in Holdings LLC. As the sole managing member of Holdings LLC, AEVEX Corp. will operate and control all of the business and affairs of Holdings LLC and its subsidiaries. Accordingly, although AEVEX Corp. will initially own a minority economic interest in Holdings LLC following the consummation of this offering, AEVEX Corp. will have 100% of the voting power and will control management of Holdings LLC, subject to certain exceptions. The financial results of Holdings LLC and its consolidated subsidiaries will be consolidated in our financial statements.

Our post-offering organizational structure will allow each owner of Holdings LLC, initially AEVEX Corp. and ATS Investment Holdings (the "LLC Unitholders"), to retain its equity ownership in Holdings LLC, an entity that is classified as a partnership for United States federal income tax purposes, in the form of LLC Units. Investors in this offering will, by contrast, hold their equity ownership in AEVEX Corp., a Delaware corporation that is a domestic corporation for United States federal income tax purposes, in the form of shares of Class A common stock. We believe that the LLC Unitholders generally will find it advantageous to hold its equity interests in an entity that is not taxable as a corporation for United States federal income tax purposes. The LLC Unitholders, like AEVEX Corp., will be allocated their proportionate share of any taxable income of Holdings LLC.

The LLC Unitholders will also hold shares of our Class B common stock. Although these shares of Class B common stock have only voting and no economic rights, they will allow the LLC Unitholders to exercise voting power over AEVEX Corp., the sole managing member of Holdings LLC, at a level that is greater than their overall equity ownership of our business. Class B common stock is entitled to one vote per share. When the LLC Unitholders exchange Series B Units of Holdings LLC for shares of our Class A common stock or, at our election, for cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale), pursuant to the Exchange Agreement described below, they will also be required to deliver an equivalent number of shares of Class B common stock. Any shares of Class B common stock so delivered will be cancelled.

**Amended and Restated Operating Agreement of Holdings LLC** 

In connection with the completion of this offering, we will amend and restate Holdings LLC's existing operating agreement, which we refer to as the "LLC Operating Agreement." The operations of Holdings LLC, and the rights and obligations of the LLC Unitholders, will be set forth in the LLC Operating Agreement. The LLC Operating Agreement will be filed as an exhibit to the registration statement of which this prospectus forms a part.

------

##### [**Table of Contents**](#toc)
***Sole Managing Member***

In connection with this offering, we will become a member and the sole managing member of Holdings LLC. As the sole managing member, we will be able to control all of the day-to-day business affairs and decision-making of Holdings LLC without the approval of any other member, unless otherwise stated in the LLC Operating Agreement. As such, through our officers and directors, we will be responsible for all operational and administrative decisions of Holdings LLC and the day-to-day management of Holdings LLC's business. Pursuant to the LLC Operating Agreement, we cannot be removed, under any circumstances, as the sole managing member of Holdings LLC except by our election.

***Compensation***

We will not be entitled to compensation for our services as managing member. We will be entitled to reimbursement by Holdings LLC for fees and expenses incurred on behalf of Holdings LLC, including all expenses associated with this offering and maintaining our corporate existence.

***Capitalization of Holdings LLC Upon Completion of this Offering***

The LLC Operating Agreement will authorize the issuance of an unlimited number of Series A Units and Series B Units. In connection with the completion of this offering, the LLC Operating Agreement will be amended and restated to recapitalize the interests currently held by the existing owners of Holdings LLC into new classes of common membership units, which are comprised of Series A Units and Series B Units and we refer to collectively as the "LLC Units." The Series A Units and Series B Units each represent a substantially identical interest in Holdings LLC except that Series A Units will only be held by AEVEX Corp. and Series B Units will be held by other members of Holdings LLC who will also hold a corresponding number of shares of Class B Common Stock. Each LLC Unit will entitle the holder to a pro rata share of the net profits and net losses and distributions of Holdings LLC. Holders of LLC Units will have no voting rights, except as expressly provided in the LLC Operating Agreement. Series B Units will not be entitled to any voting rights as the holders of such units will be entitled to exercise voting rights through their corresponding shares of Class B Common Stock.

The currently outstanding Series A Preferred Units of Holdings LLC are expected to convert into Class A Common Stock in connection with the Organizational Transactions and the terms of such securities as specified in the existing LLC Operating Agreement. See "Organizational Structure—Organizational Transactions" and Note 18, "Subsequent Events—Series A Preferred Units" to the audited consolidated financial statements included elsewhere in this prospectus.

The LLC Operating Agreement will also reflect a split of LLC Units such that one LLC Unit can be acquired with the net proceeds received in the initial offering from the sale of one share of our Class A common stock.

In addition, the LLC Operating Agreement will authorize the issuance to us of an unlimited number of convertible preferred units and non-convertible preferred units (collectively, the "Holdings Preferred Units"). There will be no Holdings Preferred Units outstanding upon completion of this offering, however Holdings LLC may issue Holdings Preferred Units to us in connection with the future issuance by the Company of preferred stock or certain debt securities. See "Description of Capital Stock—Preferred Stock."

***Distributions***

The LLC Operating Agreement will generally require quarterly "tax distributions" to be made by Holdings LLC to its members. Tax distributions generally will be made to each member of Holdings LLC, including us, on a pro rata basis among the LLC Unitholders at a tax rate that will be determined by us. The tax rate used to determine tax distributions will apply regardless of the actual final tax

------

##### [**Table of Contents**](#toc)
liability of any such member. We expect Holdings LLC may make distributions out of distributable cash periodically to the extent permitted by agreements governing indebtedness of Holdings LLC and necessary to enable Holdings LLC to cover its operating expenses and other obligations, including our tax liability and obligations under the Tax Receivable Agreement. Our Board will determine the appropriate uses for any excess cash so accumulated, which may include, among other uses, dividends, repurchases of our Class A common stock and the payment of other expenses. We will have no obligation to distribute such cash (or other available cash other than any declared dividend) to our stockholders. No adjustments to the redemption or exchange ratio of LLC Units for shares of Class A common stock will be made as a result of either (i) any cash distribution by us or (ii) any cash that we retain and do not distribute to stockholders. To the extent that we do not distribute such excess cash as dividends on our Class A common stock and instead, for example, hold such cash balances or lend them to Holdings LLC, holders of LLC Units would benefit from any value attributable to such cash balances as a result of their ownership of Class A common stock following an exchange of their LLC Units.

***Exchange Rights***

The LLC Operating Agreement provides that ATS Investment Holdings (and certain permitted transferees thereof) may, pursuant to the terms of the Exchange Agreement described below, exchange its Series B Units of Holdings LLC for shares of our Class A common stock on a one-for-one basis, or, at our election, for cash, from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). A holder of Series B Units of Holdings LLC will also be required to deliver to us an equivalent number of shares of Class B common stock to effectuate an exchange. As a holder surrenders or exchanges its Series B Units of Holdings LLC, our interest in Holdings LLC will be correspondingly increased. See "—Exchange Agreement."

***Issuance of LLC Units Upon Exercise of Options or Issuance of Other Equity Compensation***

Upon the exercise of options issued by us, or the issuance of other types of equity compensation by us (such as the issuance of restricted or non-restricted stock, payment of bonuses in stock or settlement of stock appreciation rights in stock), we will be required to acquire from Holdings LLC a number of Series A Units of Holdings LLC equal to the number of shares of Class A common stock being issued in connection with the exercise of such options or issuance of other types of equity compensation. When we issue shares of Class A common stock in settlement of stock options granted to persons that are not officers or employees of Holdings LLC or its subsidiaries, we will make, or be deemed to make, a capital contribution to Holdings LLC equal to the aggregate value of such shares of Class A common stock, and Holdings LLC will issue to us a number of Series A Units of Holdings LLC equal to the number of shares of Class A common stock we issued. When we issue shares of Class A common stock in settlement of stock options granted to persons that are officers or employees of Holdings LLC or its subsidiaries, we will be deemed to have sold directly to the person exercising such award a portion of the value of each share of Class A common stock equal to the exercise price per share, and we will be deemed to have sold directly to Holdings LLC (or the applicable subsidiary of Holdings LLC) the difference between the exercise price and market price per share for each such share of Class A common stock. In cases where we grant other types of equity compensation to employees of Holdings LLC or its subsidiaries, on each applicable vesting date we will be deemed to have sold to Holdings LLC (or such subsidiary) the number of vested shares of Class A common stock at a price equal to the market price per share, Holdings LLC (or such subsidiary) will deliver the shares to the applicable person, and we will be deemed to have made a capital contribution in Holdings LLC equal to the purchase price for such shares in exchange for an equal number of Series A Units of Holdings LLC.

***Maintenance of One-to-One Ratio of Shares of Class A Common Stock and LLC Units Owned by AEVEX Corp.***

Our amended and restated certificate of incorporation and the LLC Operating Agreement will require that (1) we at all times maintain a ratio of one Series A Unit of Holdings LLC owned by us for each share of Class A

------

##### [**Table of Contents**](#toc)
common stock issued by us (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities), and (2) Holdings LLC at all times maintains (i) a one-to-one ratio between the number of shares of Class A common stock issued by us and the number of Holdings LLC Interests owned by us and (ii) a one-to-one ratio between the number of shares of Class B common stock issued and outstanding and the number of LLC Units owned by LLC Unitholders (other than us) and their permitted transferees, collectively.

***Transfer Restrictions***

The LLC Operating Agreement generally does not permit transfers of LLC Units by members, subject to limited exceptions. Any transferee of LLC Units must assume, by operation of law or written agreement, all of the obligations of a transferring member with respect to the transferred units, even if the transferee is not admitted as a member of Holdings LLC.

***Dissolution***

The LLC Operating Agreement will provide that the unanimous consent of all members holding voting units will be required to voluntarily dissolve Holdings LLC. In addition to a voluntary dissolution, Holdings LLC will be dissolved upon a change of control transaction under certain circumstances, as well as upon the entry of a decree of judicial dissolution or other circumstances in accordance with Delaware law. Upon a dissolution event, the proceeds of a liquidation will be distributed in the following order: (1) first, to pay the expenses of winding up Holdings LLC; (2) second, to pay debts and liabilities owed to creditors of Holdings LLC, other than members; (3) third, to pay debts and liabilities owed to members; and (4) fourth, to the members pro rata in accordance with their respective percentage ownership interests in Holdings LLC (as determined based on the number of LLC Units held by a member relative to the aggregate number of all outstanding LLC Units).

***Confidentiality***

Each member will agree to maintain the confidentiality of Holdings LLC's confidential information. This obligation excludes information independently obtained or developed by the members, information that is in the public domain or otherwise disclosed to a member, in either such case not in violation of a confidentiality obligation or disclosures required by law or judicial process or approved by our chief executive officer.

***Indemnification and Exculpation***

The LLC Operating Agreement provides for indemnification of the manager, members and officers of Holdings LLC and their respective subsidiaries or affiliates. To the extent permitted by applicable law, Holdings LLC will indemnify us, as its managing member, its authorized officers, its other employees and agents from and against any losses, liabilities, damages, costs, expenses, fees or penalties incurred by any acts or omissions of these persons, provided that the acts or omissions of these indemnified persons are not the result of fraud, intentional misconduct or a violation of the implied contractual duty of good faith and fair dealing, or any lesser standard of conduct permitted under applicable law.

We, as the managing member, and the authorized officers and other employees and agents of Holdings LLC will not be liable to Holdings LLC, its members or their affiliates for damages incurred by any acts or omissions of these persons, provided that the acts or omissions of these exculpated persons are not the result of fraud, or intentional misconduct.

***Amendments***

The LLC Operating Agreement may be amended with the consent of the holders of a majority in voting power of the outstanding LLC Units. Notwithstanding the foregoing, no amendment to any of the provisions that

------

##### [**Table of Contents**](#toc)
expressly requires the approval or action of certain members may be made without the consent of such members and no amendment to the provisions governing the authority and actions of the managing member or the dissolution of Holdings LLC may be amended without the consent of the managing member.

**Tax Receivable Agreement** 

We intend to enter into a Tax Receivable Agreement with the TRA Rights Holders. The Tax Receivable Agreement will, among other things, provide for the payment by us to such persons of 85% of the amount of certain tax savings (calculated using certain assumptions), if any, that we actually realize as a result of (i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. We retain the benefit of the remaining 15% of these, if any. If the Tax Receivable Agreement terminates early, we could be required to make a substantial, immediate lump-sum payment.

We expect that payments that we may make under the Tax Receivable Agreement will be substantial. For example, if we acquire all of the Class B Units held by the TRA Rights Holders in taxable transactions as of this offering, based on an initial public offering price of $ per share (which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) and on certain assumptions, including that (i) there are no material changes in relevant tax law and (ii) we earn sufficient taxable income in each year to realize on a current basis all tax benefits that are subject to the Tax Receivable Agreement, we would expect that the resulting reduction in tax payments for us, as determined for purposes of the Tax Receivable Agreement, would aggregate to approximately $ million, substantially all of which would be realized over the next 15 years, and we would be required to pay to the TRA Rights Holders 85% of such amount, or $ million, over the same period. These amounts have been prepared for informational purposes only. The actual increases in tax basis with respect to future exchanges or purchases of LLC Units may differ materially from the amounts set forth above because the potential future reductions in our tax payments, as determined for purposes of the Tax Receivable Agreement, and the payment we will be required to make under the Tax Receivable Agreement, will each depend on a number of factors, including the market value of our Class A common stock at the time of the exchange or purchase, the prevailing federal tax rates applicable to us over the life of the Tax Receivable Agreement (as well as the assumed combined state and local tax rate), the amount and timing of the taxable income that we generate in the future and the extent to which future exchanges or purchases of LLC Units are taxable transactions. Payments under the Tax Receivable Agreement are not conditioned on the TRA Rights Holders' continued ownership of an interest in Holdings LLC or us. There is no maximum term for the Tax Receivable Agreement, and the obligation to make payments to the TRA Rights Holders will terminate when all tax benefits payable to the TRA Rights Holders under the Tax Receivable Agreement have been paid in full. There may be a material negative effect on our liquidity if, as described below, the payments under the Tax Receivable Agreement exceed the actual benefits we receive in respect of the tax attributes subject to the Tax Receivable Agreement and/or distributions to us by Holdings LLC are not sufficient to permit us to make payments under the Tax Receivable Agreement. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. This summary does not purport to be complete and is qualified in its entirety by the provisions of the form of Tax Receivable Agreement, a copy of which will be filed as an exhibit in a future filing.

In addition, the TRA Rights Holders will not reimburse us for any payments previously made if such tax basis increases or other tax benefits are subsequently disallowed by the IRS. Such amounts may reduce our future obligations, if any, under the Tax Receivable Agreement; however, a challenge to any tax benefits initially claimed by us may not arise for a number of years following the initial time of such payment or, even if challenged early, such excess cash payment may be greater than the amount of future cash payments, if any, we might otherwise be required to make under the terms of the Tax Receivable Agreement and, as a result, there might not be future cash payments from which to net against. As a result, in such circumstances we could make

------

##### [**Table of Contents**](#toc)
payments to the TRA Rights Holders under the Tax Receivable Agreement that are greater than our actual cash tax savings and may not be able to recoup those payments, which could negatively impact our liquidity.

Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, which tax reporting positions will be based on the advice of our tax advisors. Any payments made by us to the TRA Rights Holders under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make payments under the Tax Receivable Agreement, such payments generally will be deferred and will accrue interest until paid. Furthermore, our future obligation to make payments under the Tax Receivable Agreement could make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that may be deemed realized under the Tax Receivable Agreement.

In addition, the Tax Receivable Agreement provides that (1) in the event that we breach any of our material obligations under the Tax Receivable Agreement, (2) upon certain changes of control or (3) if, with the written approval of a majority of our independent directors, we elect an early termination of the Tax Receivable Agreement, our obligations under the Tax Receivable Agreement (with respect to all LLC Units, whether or not LLC Units have been exchanged or acquired before or after such transaction) would accelerate and become payable in a lump sum amount equal to the present value of the anticipated future tax benefits calculated based on certain assumptions, including that we would have sufficient taxable income to fully utilize the deductions arising from the tax deductions, tax basis and other tax attributes subject to the Tax Receivable Agreement. These provisions in the Tax Receivable Agreement may result in situations where the TRA Rights Holders have interests that differ from or are in addition to those of our other stockholders. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control. There can be no assurance that we will be able to fund our obligations under the Tax Receivable Agreement.

Finally, because we are a holding company with no operations of our own, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of Holdings LLC to make distributions to us. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, such payments will be deferred and will accrue interest until paid.

**Exchange Agreement** 

We will enter into the Exchange Agreement with ATS Investment Holdings. Under the Exchange Agreement, ATS Investment Holdings (and certain permitted transferees thereof) may (subject to the terms of the Exchange Agreement) surrender its Series B Units of Holdings LLC to Holdings LLC or, at our election, exchange its Series B Units of Holdings LLC for shares of our Class A common stock on a one-for-one basis, or, at our election, for cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). The holders of Series B Units of Holdings LLC will also be required to deliver to us an equivalent number of shares of Class B common stock to effectuate an exchange. Any shares of Class B common stock so delivered will be cancelled. As a holder surrenders or exchanges its Series B Units of Holdings LLC, our interest in Holdings LLC will be correspondingly increased.

**Registration Rights Agreement** 

We intend to enter into the Registration Rights Agreement with our Principal Stockholder, in connection with this offering. The Registration Rights Agreement will provide our Principal Stockholder certain registration rights whereby, following our initial public offering and the expiration of any related lock-up period, our Principal Stockholder can require us to register under the Securities Act shares of Class A common stock directly or indirectly owned by it or issuable to it upon exchange of LLC Units. The Registration Rights Agreement will also provide for piggyback registration rights for our Principal Stockholder. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

------

##### [**Table of Contents**](#toc)
**MANAGEMENT** 

The following table sets forth certain information with respect to our directors, director nominees and executive officers as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
|  Brian Raduenz | 60 | Executive Chairman |
|  Roger Wells | 53 | Chief Executive Officer and Director |
|  Todd Booth | 55 | Chief Financial Officer |
|  Christi Morrison | 51 | Chief Legal Officer |
|  Brett Hush | 62 | Senior Vice President, Tactical Systems |
|  Michael Jackson | 53 | Senior Vice President, Global Solutions |
|  Bradley Feldmann | 64 | Director Nominee |
|  Matthew Klein | 55 | Director Nominee |
|  Brandon Levitan | 37 | Director Nominee |
|  Matthew Norton | 47 | Director Nominee |
|  Benjamin Spacapan | 36 | Director Nominee |

---

**Brian Raduenz** has served as our Executive Chairman since October 2025. Prior to his role as Executive Chairman, he served as our Chief Executive Officer since 2017. Prior to the formation of AEVEX, he served as CEO of Merlin Global Services, a leading provider of flight operations, aircraft maintenance, and aviation training support to the DoD intelligence community. During the past ten years, Mr. Raduenz led the company through significant organic growth and infrastructure development. Before joining Merlin, he served 20 years in the U.S. Air Force as a commander, flight test engineer, and program manager for a variety of manned and unmanned Intelligence, Surveillance and Reconnaissance (ISR) acquisition programs. During his first of two tours in Washington D.C., he was responsible for Pentagon post- 9/11 oversight of Remotely Piloted Aircraft (RPA) budgets. He later served as the Director of White House Presidential Contingency Programs under President George W. Bush. Mr. Raduenz's final decade in the Air Force focused on leading government oversight of MQ-1 Predator and MQ-9 Reaper production, development, and sustainment. Since February 2025, Mr. Raduenz serves as a director on the Audit Committee and the Compensation Committee for Karman Holdings. Mr. Raduenz received his Air Force Commission and a B.S. in Electrical Engineering from the U.S. Air Force Academy. He also holds an M.S. in Electrical Engineering from the Air Force Institute of Technology, and an M.S. in Military Studies from Air University. We believe Mr. Raduenz is qualified to serve on our Board given his deep industry experience and his insight into our business as our Chief Executive Officer from 2017 to 2025.

**Roger Wells** has served as our Chief Executive Officer since October 2025. Mr. Wells previously served as our President since April 2025. Prior to joining the Company, Mr. Wells was Chief Operating Officer, Executive Vice President and President at Mercury Systems from 2021 to 2025, a leading provider of advanced defense electronics. Before his tenure at Mercury Systems, Mr. Wells held senior leadership positions at FLIR Systems, ICX Technologies and Northrop Grumman. At FLIR Systems, he served as Vice President and General Manager of Unmanned Systems and Integrated Solutions, where he led the development and deployment of cutting-edge unmanned technologies. His earlier roles at Northrop Grumman included serving as a Director, where he managed complex defense programs and initiatives. Mr. Wells received a B.S. in Electrical Engineering from the University of Tennessee, Knoxville and an M.S. in Systems Engineering from George Mason University. We believe Mr. Wells is qualified to serve on our Board given his deep industry experience and his insight into our business as our Chief Executive Officer.

**Todd Booth** has served as our Chief Financial Officer since September 2025. Prior to joining the Company, Mr. Booth held the position of Senior Vice President and Chief Financial Officer at Teledyne FLIR, a global leader in sensing solutions for defense, industrial, and commercial applications, from 2021 to 2025. Mr. Booth previously served as the Chief Financial Officer, Aerospace and Defense Electronics & Chief Operating Officer Aerospace and Defense Electronics UK for Teledyne from 2020 to 2021. Mr. Booth also served as Executive

------

##### [**Table of Contents**](#toc)
Vice President and Chief Financial Officers of 3D Systems Corporation from 2019 to 2020. Earlier in his career, he also held leadership roles at Ernst & Young and KPMG, both international professional services firms, where he developed a strong foundation in audit, risk management, and financial strategy across a range of industries including aerospace, defense, automotive, energy, and industrial automation. Mr. Booth received a B.A. in Accounting from Michigan State University.

**Christi Morrison** has served as our Chief Legal Officer since February 2026. Prior to joining the Company, Ms. Morrison held the position of Vice President, Deputy General Counsel and Corporate Secretary at Weatherford (NASDAQ: WFRD), a leading global energy services company, from 2022 to 2025. Prior to becoming Deputy General Counsel, Ms. Morrison held various Counsel roles since beginning at Weatherford in 2014 as Senior Corporate Counsel. Ms. Morrison also served as Vice President, General Counsel of Spark Energy in 2012 and, prior to that, Vice President - Assistant General Counsel from 2010 to 2012. Ms. Morrison received a B.A. in Psychology from Texas A&M University and a J.D. from University of Houston Law Center.

**Brett Hush** has served as our Senior Vice President of Tactical Systems since September 2025. Prior to joining the Company, Mr. Hush served as Executive Vice President and General Manager of Loitering Munition Systems at AeroVironment, Inc. (NASADQ: AVAV) from 2010 to 2025. He also held the role of Vice President of the Controls Division at Teledyne Technologies, a diversified industrial conglomerate specializing in instrumentation, digital imaging, aerospace, and defense electronics, from 2006 to 2010. Mr. Hush earned a B.S. in Electrical Engineering from Clarkson University and an M.S. in Electrical Engineering from Syracuse University.

**Michael Jackson** has served as our Senior Vice President of Global Solutions since February 2025. Prior to joining the Company, Mr. Jackson held the position of Vice President, Strategy & Growth at Parry Labs from 2022 to 2025. Mr. Jackson previously worked for Volansi, Inc. a developer of autonomous aerial delivery drones, as Director of Flight Operations from 2019 to 2020, Vice President of Operations from 2020 to 2022 and Senior Vice President of Programs and Operations in 2022. Earlier in his career, Mr. Jackson held multiple command positions within Air Force Special Operations Command, a major command of the United States Air Force specializing in the delivery of specialized airpower and global special operations, where he served as Commander of the 27th Special Operations Group and Commander of the Joint Special Operations Air Component–Central. Mr. Jackson earned a B.S. in Political Science from the United States Air Force Academy, an M.S. in Aeronautical Sciences from Embry-Riddle Aeronautical University and an M.S. in Joint Campaign Planning and Strategy, Military Joint Operations Planning and Strategy from National Defense University.

**Bradley Feldmann** will begin serving on our Board upon completion of this offering. Mr. Feldmann has served as the Chairman and CEO of Neology, Inc., a global transportation technology company, since February 2022. Prior to joining Neology, he served as President of Cubic Corporation from 2013 to 2021, where he also served as CEO from 2014 to 2021 and Chairman of the Board from 2018 to 2021. Mr. Feldmann previously served as President of Cubic Defense Systems, Inc. from 2008 to 2013. Mr. Feldmann also previously served as Chief Operating Officer for OMNIPLEX World Services Corporation from 2007 to 2008 and President and CEO of UsProtect Corp. from 2005 to 2006. Mr. Feldmann is on the Special Security Agreement board of directors for QinetiQ, a defense technology company. Mr. Feldmann has held various executive positions at both publicly and privately owned companies and has three decades of executive leadership experience across technology, defense, transportation, security, government services and payments industries. Mr. Feldmann is a certified director by the National Association of Corporate Directors. Mr. Feldmann received a B.S. in Electrical Engineering from the U.S. Air Force Academy and an MBA from San Diego State University. We believe Mr. Feldmann is qualified to serve on our Board given his extensive leadership and industry experience in private and public institutions.

**Matthew Klein** will begin serving on our Board upon completion of this offering. Mr. Klein has served as the Executive Vice President and CFO of KEEL, a comprehensive, large scale steel fabricator, since October 2024. Prior to joining KEEL, Mr. Klein was Executive Vice President and CFO at LinQuest from 2019 to 2024, Senior Vice President and CFO of Vectrus from 2014 to 2019, Division CFO at Exelis Systems Corporation from

------

##### [**Table of Contents**](#toc)
2011 to 2014 and Assistant Controller at ITT Electronic Systems from 2007 to 2011. Mr. Klein received a B.S. in Accounting from Indiana University. We believe Mr. Klein is qualified to serve as a director given his extensive industry experience and financial acumen.

**Brandon Levitan** will begin serving on our Board upon completion of this offering. Mr. Levitan has been part of the MDP team since 2013, where he currently serves as a Managing Director with MDP's Technology and Government team. He is a current board member of Axonis, Harmonia Holdings Group, Omni Federal, T2S Solutions and Unison. In addition, Mr. Levitan was formerly on the board of directors of LinQuest. Prior to joining MDP, Mr. Levitan co-founded Walaris, which develops software-defined, hardware-enabled autonomous situational awareness systems for counter-UAS, perimeter surveillance and critical infrastructure protection. Prior to that, Mr. Levitan worked as an analyst for Citi's M&A group. Mr. Levitan received a B.S. in Applied Economics and Management from Cornell University and an MBA from Stanford University. We believe Mr. Levitan is qualified to serve on our Board given his technical expertise and his experience serving on the boards of technology and government services companies.

**Matthew Norton** will begin serving on our Board upon completion of this offering. Mr. Norton has been part of the MDP team since 2004, where he currently serves as a Partner and Head of MDP's Technology & Government team. Mr. Norton is also a board member of Axonis, Harmonia Holdings Group, National Security Space Association (NSSA), Omni Federal, T2S Solutions, SpiderOak, Unison, Carnegie Learning, Illinois Venture Capital Association (IVCA) and Lightspeed Systems. In addition, Mr. Norton was formerly on the Boards of Directors of two public companies, Boise Cascade Company and Boise Inc., and several private companies such as Aderant, BlueCat Networks, Fieldglass, Fleet Complete, Kaufman Hall, LinQuest, LGS Innovations and NFP. Prior to joining MDP, Mr. Norton worked as an investment banking analyst at Merrill Lynch. Mr. Norton received a B.S. and an MBA from the Wharton School at the University of Pennsylvania. We believe Mr. Norton is qualified to serve on our Board given his extensive experience in technology and government investment and his service on the boards of multiple technology and defense-focused companies.

**Benjamin Spacapan** will begin serving on our Board upon completion of this offering. Mr. Spacapan has been part of the MDP team since 2021, where he currently serves as a Director with MDP's Technology & Government team. Mr. Spacapan is also a board member of Axonis, Harmonia Holdings Group, Omni Federal and T2S Solutions. Prior to joining MDP, Mr. Spacapan worked as an Analyst at UBS Investment Bank and later went on to work as an Associate and Vice President on the Middle Market Private Equity team of H.I.G. Capital. Mr. Spacapan received an A.B. in Near Eastern History from Princeton University and both a J.D. and MBA from Harvard University. We believe Mr. Spacapan is qualified to serve on our Board given his investment expertise and his board service in defense and government technology.

**Family Relationships** 

There are no family relationships between any of our executive officers, directors or director nominees.

**Corporate Governance** 

***Board Composition and Director Independence***

Our business and affairs are managed under the direction of our Board. Following completion of this offering, our Board will be composed of seven directors. Our certificate of incorporation will provide that the authorized number of directors may be changed only by resolution of our Board. In addition, the Director Designation Agreement will prohibit us from increasing or decreasing the size of our Board without the prior written consent of MDP. Our certificate of incorporation will also provide that our Board will be divided into three classes of directors, with the classes as nearly equal in number as possible. Subject to any earlier resignation or removal in accordance with the terms of our certificate of incorporation and bylaws, our Class I directors will be Bradley Feldmann and Benjamin Spacapan and will serve until the first annual meeting of stockholders following the completion of this offering, our Class II directors will be Matthew Klein and Brandon Levitan and will serve until the second annual meeting of stockholders following the completion of this offering

------

##### [**Table of Contents**](#toc)
and our Class III directors will be Matthew Norton, Brian Raduenz and Roger Wells and will serve until the third annual meeting of stockholders following the completion of this offering. Upon completion of this offering, we expect that each of our directors will serve in the classes as indicated above. This classification of our Board could have the effect of increasing the length of time necessary to change the composition of a majority of the Board. In general, at least two annual meetings of stockholders will be necessary for stockholders to effect a change in a majority of members of the Board. In addition, our certificate of incorporation will provide that our directors may be removed with or without cause by the affirmative vote of at least a majority of the voting power of our outstanding shares of stock entitled to vote thereon, voting together as a single class for so long as MDP beneficially owns 40% or more, in the aggregate, of the total number of shares of our common stock then outstanding. If MDP's aggregate beneficial ownership falls below 40% of the total number of shares of our common stock outstanding, then our directors may be removed only for cause upon the affirmative vote of at least 66 2/3% of the voting power of our outstanding shares of stock entitled to vote thereon.

In addition, at any time when MDP has the right to designate at least one nominee for election to our Board, MDP will also have the right to have one of its nominated directors hold one seat on each Board committee, subject to satisfying any applicable stock exchange rules or regulations regarding the independence of Board committee members. The listing standards of NYSE require that, subject to specified exceptions, each member of a listed company's audit, compensation and nominating and corporate governance committees be independent and that audit committee members also satisfy independence criteria set forth in Rule 10A-3 under the Exchange Act.

Our Board has determined that, with the exception of Brian Raduenz and Roger Wells, all other members of the Board meet the requirements to be independent directors. In making this determination, our Board considered the relationships that each such non-employee director has with AEVEX and all other facts and circumstances that our Board deemed relevant in determining their independence, including beneficial ownership of our common stock.

See "Certain Relationships and Related Party Transactions—Director Designation Agreement" for more information.

***Controlled Company Status***

After completion of this offering, MDP will continue to control a majority of the voting power in us. As a result, we will be a "controlled company." Under NYSE rules, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements that, within one year of the date of the listing of its common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has a board of directors that is composed of a majority of "independent directors," as defined
under the rules of such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has a compensation committee that is composed entirely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has a nominating and corporate governance committee that is composed entirely of independent directors.

We do not intend to rely on this exemption immediately following this offering but may do so in the future. As a result, we may not have a majority of independent directors on our Board. In addition, our Compensation and Nominating Committee may not consist entirely of independent directors or be subject to annual performance evaluations. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements.

***Board Committees***

Upon completion of this offering, our Board will have an audit committee (our "Audit Committee") and a compensation and nominating committee (our "Compensation and Nominating Committee"). The composition,

------

##### [**Table of Contents**](#toc)
duties and responsibilities of these committees will be as set forth below. In the future, our Board may establish other committees, as it deems appropriate, to assist it with its responsibilities.

---

| | | |
|:---|:---|:---|
| **Board Member** | **Audit Committee** | **Compensation and Nominating<br>Committee** |
|  Brian Raduenz |  |  |
|  Roger Wells |  |  |
|  Bradley Feldmann\* | X | X |
|  Matthew Klein\* | X |  |
|  Brandon Levitan\* |  | X |
|  Matthew Norton\* |  | X |
|  Benjamin Spacapan\* | X |  |

---

**\*** ***Denotes director nominee*** 

***Audit Committee***

Following this offering, our Audit Committee will be composed of Bradley Feldmann, Matthew Klein and Benjamin Spacapan, with Matthew Klein serving as chair of the committee. We intend to comply with the audit committee requirements of the SEC and NYSE, which require that the Audit Committee be composed of at least one independent director at the closing of this offering, a majority of independent directors within 90 days following this offering and all independent directors within one year following this offering. We anticipate that, prior to the completion of this offering, our Board will determine that Bradley Feldmann and Matthew Klein meet the independence requirements of Rule 10A-3 under the Exchange Act and the applicable listing standards of NYSE. We anticipate that, prior to our completion of this offering, our Board will determine that Bradley Feldmann and Matthew Klein are "audit committee financial experts" within the meaning of SEC regulations and applicable listing standards of NYSE. The Audit Committee's responsibilities upon completion of this offering will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, approving the compensation of, and assessing the qualifications, performance and independence of our
independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving audit and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing on a periodic basis, or as appropriate, with management, the risks we face and our policies, programs
and controls with respect to risk assessment and risk management, including our major financial risk exposures and cybersecurity risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and the independent registered public accounting firm our annual and
quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our management's discussion and analysis of financial condition and results of operations to be
included in our annual and quarterly reports to be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the rotation of partners of the independent registered public accounting firm on our engagement team
in accordance with requirements established by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing management's report on its assessment of the effectiveness of internal control over financial
reporting and any changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing policies and procedures for the receipt, retention, follow-up and resolution of accounting-related complaints and concerns;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending, based upon the Audit Committee's review and discussions with management and the independent
registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring our compliance with legal and regulatory requirements as they relate to our financial statements and
accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the Audit Committee report required by the rules of the SEC to be included in our annual proxy
statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investigating any matters received, and reports to the Board periodically, with respect to ethics issues,
complaints and associated investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the audit committee charter and the committee's performance at least annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing all related party transactions for potential conflict of interest situations and approving all such
transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and our independent registered public accounting firm our earnings
releases and scripts.

***Compensation and Nominating Committee***

Following this offering, our Compensation and Nominating Committee will be composed of Bradley Feldmann, Brandon Levitan and Matthew Norton, with Matthew Norton serving as chair of the committee. The Compensation and Nominating Committee's responsibilities upon completion of this offering will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing and approving corporate goals and objectives relevant to the compensation of our chief
executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance of our chief executive officer in light of such corporate goals and objectives and
determining and approving the compensation of our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the compensation of our other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, compensating and overseeing the work of any compensation consultant, legal counsel or other advisor
retained by the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting the independence assessment outlined in NYSE rules with respect to any compensation consultant, legal
counsel or other advisor retained by the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing and reassessing the adequacy of the committee charter in its compliance with the listing
requirements of NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and establishing our overall management compensation, philosophy and policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing and administering our compensation and similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to our Board with respect to director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management the compensation discussion and analysis to be included in our annual
proxy statement or Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to our Board criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to the rights of MDP under the Director Designation Agreement as described in "Certain
Relationships and Related Party Transactions—Director Designation Agreement," identifying and recommending to our Board the persons to be nominated for election as directors and to each of our Board's committees;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to our Board best practices and corporate governance principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to our Board a set of corporate governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to our Board the functions, duties and compositions of the committees of our Board.

**Risk Oversight** 

Our Board will oversee the risk management activities designed and implemented by our management. Our Board will execute its oversight responsibility for risk management both directly and through its committees. The full Board will also consider specific risk topics, including risks associated with our strategic plan, business operations and capital structure. In addition, our Board will receive detailed regular reports from members of our senior management and other personnel that include assessments and potential mitigation of the risks and exposures involved with their respective areas of responsibility.

Our Board will delegate to the Audit Committee oversight of our risk management process. The other committees of our Board will also consider and address risk as they perform their respective committee responsibilities. All committees will report to the full Board as appropriate, including when a matter rises to the level of a material or enterprise level risk.

**Compensation Committee Interlocks and Insider Participation** 

None of our executive officers currently serves, or in the past fiscal year has served, as a member of the Board or compensation committee of any entity that has one or more executive officers serving on our Board or Compensation and Nominating Committee.

**Code of Business Conduct and Ethics** 

Prior to completion of this offering, we intend to adopt a code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers responsible for financial reporting. Upon the closing of this offering, our code of business conduct and ethics will be available on our website. We intend to disclose any amendments to the code, or any waivers of its requirements, on our website.

------

##### [**Table of Contents**](#toc)
**EXECUTIVE COMPENSATION** 

We are an "emerging growth company," as defined in the JOBS Act, for purposes of the SEC's executive compensation disclosure rules. In accordance with such rules, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End Table, as well as limited narrative disclosures regarding executive compensation for our last completed fiscal year. Further, our reporting obligations extend only to our "named executive officers," who are the individuals who served as our principal executive officer for any portion of fiscal year 2025 and our next two other most highly compensated officers at the end of fiscal year 2025. Accordingly, our "Named Executive Officers" or "NEOs" are:

---

| | |
|:---|:---|
| **Name** | **Principal Position** |
| Roger Wells<sup>(1)</sup> | Chief Executive Officer |
| Brian Raduenz<sup>(2)</sup> | Executive Chairman of the Board and Former Chief Executive Officer |
| Jeremy Watrous | Chief Operating Officer |
| Michael Jackson<sup>(3)</sup> | SVP, Global Solutions |

---

(1) Mr. Wells was appointed as our Chief Executive Officer, effective as of October 31, 2025.

(2) Mr. Raduenz stepped down as our Chief Executive Officer, effective as of October 31, 2025, and was
succeeded by Mr. Wells. Since such date, Mr. Raduenz transitioned to the role of Executive Chairman of the Board.

(3) Mr. Jackson commenced employment as our SVP, Global Solutions, effective as of February 18, 2025.

Our compensation objectives have been to recruit and retain a talented team of employees to grow and develop our business, and to reward those employees for accomplishments related to our growth and development. Historically, the Board determined the compensation for (i) our Chief Executive Officer based on such factors as it deemed relevant under the circumstances and (ii) the rest of our management team based on the recommendations of our Chief Executive Officer. In setting compensation, our Chief Executive Officer and the Board did not seek to allocate long-term and current compensation, or cash and noncash compensation, in any particular percentage. Instead, they reviewed each element of compensation independently and determined the appropriate amount for each element, as discussed below. We believe that our historical compensation-setting processes have been effective for a privately held company, but we expect the Board to reevaluate our compensation-setting processes following this offering.

**Summary Compensation Table** 

The following table summarizes the compensation awarded to, earned by or paid to our NEOs for the fiscal year ended December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fiscal Year** | **Salary<br>($)<sup>(1)</sup>** | **Bonus<br>($)<sup>(2)</sup>** | **Non-Equity<br>Incentive Plan<br>Compensation<br>($)<sup>(3)</sup>** | **All Other<br>Compensation<br>($)<sup>(4)</sup>** | **Total<br>($)** |
|  Roger Wells | 2025 | 337981 | 237500 |  |  | 575481 |
|  *Chief Executive Officer* |  |  |  |  |  |  |
|  Brian Raduenz | 2025 | 594859 | 150000 |  |  | 744859 |
|  *Executive Chairman* | 2024 | 595855 |  |  |  | 595855 |
|  Jeremy Watrous | 2025 | 351923 |  | 40000 | 13533 | 405456 |
|  *Chief Operating Officer* | 2024 | 301539 |  | 50000 | 11123 | 362662 |
|  Michael Jackson | 2025 | 249616 | 50000 | 73750 | 9077 | 382443 |
|  *SVP, Global Solutions* |  |  |  |  |  |  |

---

(1) Amounts included in this column reflect the NEO's service fees (for Mr. Raduenz) or annual base
salary earned during the fiscal year.

(2) Amounts in this column represent (i) for Mr. Wells, the guaranteed bonus for 2025 pursuant to his offer
letter, (ii) for Mr. Raduenz, incentive fees paid at the discretion of our Board pursuant to his consulting agreement and (iii) for Mr. Jackson, the one-time bonus pursuant to his offer
letter.

------

##### [**Table of Contents**](#toc)
(3) Amounts in this column represent annual performance-based cash bonuses earned by our NEOs under the AEVEX
Aerospace Incentive Compensation Plan (the "ICP") in fiscal year 2025 and paid in the subsequent fiscal year, based on current performance levels.

(4) Amounts in this column represent matching contributions under our 401(k) plan.

**Narrative Disclosure to Summary Compensation Table** 

***Letter Agreements with Messrs. Wells, Watrous and Jackson***

Mr. Wells is party to an offer letter with us entered into on March 7, 2025, Mr. Watrous is party to a promotion letter with us entered into on July 1, 2023, which amended the terms of his original offer letter dated August 26, 2021, and Mr. Jackson is party to an offer letter with us entered into on January 21, 2025. These letter agreements with us provide for basic terms of employment, including base salary (for 2025, $475,000, $353,800 and $295,000 for Messrs. Wells, Watrous and Jackson, respectively).

Mr. Wells' offer letter provides for a guaranteed bonus for calendar year 2025 in the amount of $237,500, $100,000 of which is payable within 30 days of his first day of employment and the remainder of which is payable no later than the end of the first quarter of 2026, in accordance with the Company's regular annual bonus payment process. In addition, Mr. Wells' offer letter provides that, starting in fiscal year 2026, he is eligible for cash bonus in the amount of 50% to 100% of his annual base salary based on his achievement of targets set annually in coordination with MDP. Mr. Jackson's offer letter provides for a sign-on bonus in the amount of $50,000, payable upon his first paycheck after his start date.

Each of Messrs. Wells, Watrous and Jackson is subject to a restrictive covenants agreement. Mr. Watrous' restrictive covenants agreement contains a non-solicitation (and, for Messrs. Wells and Jackson, non-competition) restriction during the employment term and for two years thereafter, as well as a perpetual confidentiality covenant (and, for Messrs. Wells and Jackson, perpetual non-disparagement covenant).

***Consulting Agreement with Mr. Raduenz***

Pursuant to a consulting agreement by and among TCFI AEVEX LLC, Radz Group II LLC and Mr. Raduenz, dated as of January 1, 2025 (the "Raduenz Consulting Agreement"), Mr. Raduenz was entitled to the following in exchange for services he provided in 2025: (i) consulting fees at a rate of $50,000 per month, and (ii) eligibility to earn an annual incentive fee as determined by the board of directors of Holdings LLC based on performance metrics specified by such board. Prior to 2025, Mr. Raduenz provided service to the Company pursuant to a consulting agreement by and among TCFI AEVEX LLC, Radz Group LLC and Mr. Raduenz, dated as of February 1, 2023, which contained substantially similar terms and conditions and provided for consulting fees at a rate of $45,835 per month. With respect to 2025, Mr. Raduenz received $150,000 in incentive fees paid at the discretion of our Board under the Raduenz Consulting Agreement. In addition, the Raduenz Consulting Agreement contains a perpetual confidentiality covenant, as well as non-solicitation and non-disparagement covenants during the consulting term and for one year thereafter.

***Incentive Unit Awards***

We believe that long-term equity-based compensation is an important component of our executive compensation program and that providing a significant portion of our executive officers' total compensation package in equity-based compensation aligns the incentives of our executives with the interests of our investors and with our long-term corporate success. In furtherance of this philosophy, we established a profits interests program in 2020 under which each of our NEOs has been granted profits interests ("Incentive Units"). The Incentive Units are intended to qualify as "profits interests" under U.S. federal income tax law and have economic characteristics similar to stock options (e.g., representing the right to share in any increase in the fair market value of Holdings LLC after their respective dates of grant). In connection with his appointment as the Chief Executive Officer, Mr. Wells received an award of 1,000,000 Incentive Units in April 2025, which award consists of 250,000 Incentive

------

##### [**Table of Contents**](#toc)
Units subject to performance-vesting and 750,000 Incentive Units subject to time-vesting. In connection with his commencement of employment as SVP, Global Solutions, Mr. Jackson received an award of 50,000 Incentive Units in April 2025, all of which are subject to time-vesting. Our other NEOs did not receive any award of Incentive Units in fiscal year 2025. Additional details regarding grants of Incentive Units made to each of our NEOs is included in the "Outstanding Equity Awards at Fiscal Year End Table" below.

***Cash Incentive Bonuses under the ICP***

Mr. Wells is eligible to receive a target cash bonus equal to 50% to 100% of his base salary, starting in fiscal year 2026. Mr. Raduenz was not eligible to participate in the ICP, but was instead eligible to receive an annual incentive fee at the discretion of the board of directors of Holdings LLC pursuant to the Raduenz Consulting Agreement. Mr. Raduenz did not receive an incentive fee with respect to fiscal year 2025. For fiscal year 2025, each of Messrs. Watrous and Jackson was eligible to receive a target cash bonus equal to 40% and 30%, respectively, of his base salary pursuant to the ICP (for Mr. Jackson, pro-rated for partial year of service). The performance metric for each of their bonus for fiscal year 2025 consisted solely of company performance. For purposes of the ICP for fiscal year 2025, company performance was determined by calculating the percentage of achieved profitability, as measured by Adjusted EBITDA. Actual bonus amounts received by Messrs. Watrous and Jackson in respect of fiscal year 2025 are reported in the Summary Compensation Table.

***Other Benefits***

We currently maintain a tax-qualified retirement savings plan intended to provide benefits under Section 401(k) of the Code. Each of Messrs. Watrous and Jackson are eligible to participate in our 401(k) plan, and receive matching contributions from us equal to a maximum of 4% of base salary.

We do not maintain a defined benefit pension plan or nonqualified deferred compensation plan.

**Outstanding Equity Awards at Fiscal Year End Table** 

The following table shows, for each of the NEOs, all Incentive Unit awards that were outstanding as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** |
| **Name** |<br>**Grant Date** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Exercisable<sup>(2)</sup>** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Unexercisable<sup>(3)</sup>** | **Equity<br>Incentive Plan<br>Awards:<br>Number of<br>Securities<br>Underlying<br>Unexercised<br>Unearned<br>Options (#)<sup>(4)</sup>** | **Option<br>Exercise<br>Price<br>($)<sup>(5)</sup>** | **Option<br>Expiration<br>Date** |
|  Roger Wells | 4/7/2025 | 0 | 750000 | 250000 | N/A | N/A |
|  Brian Raduenz | 12/30/2020 | 500000 | 0 |  | N/A | N/A |
|  Jeremy Watrous | 12/30/2020 | 150000 | 0 |  | N/A | N/A |
|  | 06/14/2022 | 70000 | 30000 |  | N/A | N/A |
|  | 05/30/2023 | 51667 | 48333 |  | N/A | N/A |
|  | 11/29/2023 | 62500 | 87500 |  | N/A | N/A |
|  Michael Jackson | 4/1/2025 | 0 | 50000 |  | N/A | N/A |

---

(1) This table reflects information regarding time-vesting Incentive Units granted to our NEOs and
performance-vesting Incentive Units granted to Mr. Wells that were outstanding as of December 31, 2025. The Incentive Units are intended to constitute profits interests for U.S. federal income tax purposes. Despite the fact that the
Incentive Units do not require the payment of an exercise price or have an expiration date but rather participate in distributions attributable to the appreciation in the fair market value of Holdings LLC, or profits of Holdings LLC, after their
respective dates of grant (i.e., in excess of the respective participation threshold for such grant), they are most similar economically to stock options. Accordingly,

------

##### [**Table of Contents**](#toc)
they are classified as "options" under the definition provided in Item 402(a)(6)(i) of Regulation S-K as an instrument with an "option-like feature." The Incentive Units are within the scope of ASC Topic 710.

(2) Awards in this column represent time-vesting Incentive Units that have vested in accordance with their terms.

(3) Awards in this column represent time-vesting Incentive Units that are unvested as of December 31, 2025.
The Incentive Units granted to Mr. Wells on April 7, 2025, Mr. Watrous on June 14, 2022, May 30, 2023 and November 29, 2023 and Mr. Jackson on April 1, 2025 vest as to (i) 40% on the second anniversary of the
applicable grant date and (ii) the remaining 60% in 36 equal monthly installments thereafter. The Incentive Units granted to Messrs. Raduenz and Watrous on December 30, 2020 vest as to (i) 40% on March 18, 2022 and (ii) the
remaining 60% in 36 equal monthly installments thereafter, in each case, subject to each of the NEOs' continued employment or service, as applicable, with us.

(4) Awards in this column represent performance-vesting Incentive Units granted to Mr. Wells that are unvested
as of December 31, 2025. Such performance-vesting Incentive Units will vest in full upon the date the Company has made aggregate distributions under the Holdings LLC Agreement equal to or greater than the threshold of $1,454,130,942.00 (subject
to certain automatic increases), subject to Mr. Wells' continued employment with us.

(5) The participation threshold value for the Incentive Units equals $328,185,000, except for the Incentive Units
granted to Mr. Watrous on May 30, 2023 and November 29, 2023, which have a participation threshold of $668,706,742 and $755,127,825, respectively, and the Incentive Units granted to Mr. Wells on April 7, 2025 and
Mr. Jackson on April 1, 2025, which have a participation threshold of $1,116,455,583.56. The Incentive Units are not traditional options, and therefore, there is no exercise price or expiration date, but rather any vested Incentive Units
participate in distributions attributable to the appreciation in the fair market value of Holdings LLC, or profits of Holdings LLC, after their respective dates of grant (i.e., in excess of the respective participation threshold for such grant).

**Potential Payments Upon Termination or Change in Control** 

We entered into a severance agreement with each of Messrs. Wells and Watrous, dated as of March 9, 2025 and March 25, 2025, respectively (the "Wells Severance Agreement" and the "Watrous Severance Agreement," as applicable).

The Wells Severance Agreement provides that, upon termination of Mr. Wells' employment by us for any reason other than for "cause," or by Mr. Wells for "good reason," each as defined therein, subject to Mr. Wells' execution and non-revocation of a general release of all claims in favor of us and compliance with cooperation duties, Mr. Wells will be entitled to severance consisting of (in addition to accrued benefits) (i) 12 months of continued base salary payments, (ii) a pro-rated annual bonus for the year termination occurs (if, based on actual performance as of the end of the month immediately preceding the termination date, the Company's performance is tracking to achieve full year performance) and (iii) reimbursement of COBRA premiums for up to 12 months following such termination. The Watrous Severance Agreement provides that, upon termination of Mr. Watrous' employment by us for any reason other than for "cause," or by Mr. Watrous for "good reason," each as defined therein, subject to Mr. Watrous' execution and non-revocation of a general release of all claims in favor of us and compliance with cooperation duties, Mr. Watrous will be entitled to severance consisting of (in addition to accrued benefits) 12 months of continued base salary payments.

Each of the Wells Severance Agreement and Watrous Severance Agreement also provides that upon a termination of employment due to death or disability, each of Messrs. Wells and Watrous will be entitled to severance consisting of accrued benefits. None of our NEOs are party to any arrangements which provide for any potential payments or benefits upon a change in control, other than as described below with respect to the Incentive Units.

The incentive equity agreements pursuant to which each of the NEOs was granted Incentive Units also contain a confidentiality covenant applicable during the term of employment or engagement, as applicable, non-solicitation (and non-competition, for Messrs. Wells and Jackson) restrictions applicable during the term of employment or engagement, as applicable, and for one year thereafter, as well as perpetual non-disparagement provisions.

------

##### [**Table of Contents**](#toc)
In addition, the time-vesting Incentive Units granted to each of the NEOs will vest in full upon the consummation of a Sale of Holdings LLC (as defined in that certain amended and restated limited liability company agreement of Holdings LLC, dated as of March 18, 2020), subject to his continued engagement or employment, as applicable, by us or any subsidiaries through such date. If the NEO's service is terminated by us without "cause" or by such the NEO for "good reason," each as defined therein, within 90 days before a Sale of Holdings LLC, then we will pay such NEO the following: (i) if (and only if) the NEO's vested Incentive Units were repurchased in accordance with the terms of his incentive equity agreement prior to such Sale of Holdings LLC, an amount equal to the excess of the consideration that would have been received in respect of the vested Incentive Units held by him immediately prior to termination in such Sale of Holdings LLC if such Incentive Units were not repurchased hereunder over the consideration paid to such NEO hereunder for the repurchase of such Incentive Units and (ii) the amount the NEO would have received in respect of the unvested Incentive Units had such NEO held such unvested Incentive Units through the consummation of the Sale of Holdings LLC, in each case, with such payment being made in the same form as would have been paid in such Sale of Holdings LLC.

The consummation of this offering will not constitute a change in control for purposes of the Incentive Units.

**Actions Taken in Connection with this Offering** 

***2026 Omnibus Incentive Plan***

In order to incentivize our employees and other service providers following the completion of this offering, we anticipate that our Board will adopt the 2026 Plan for eligible employees, consultants, and directors prior to the completion of this offering. Our NEOs will be eligible to participate in the 2026 Plan, which we expect will become effective upon the consummation of this offering. We anticipate that the 2026 Plan will provide for the grant of options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards, and substitute awards intended to align the interests of service providers, including our NEOs, with those of our stockholders.

*Securities to be Offered* 

Subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the 2026 Plan, a number of shares of common stock equal to % of the number of shares of common stock outstanding at the closing of this offering (on a fully diluted basis) (the "Share Reserve") will be reserved for issuance pursuant to awards under the 2026 Plan. The total number of shares reserved for issuance under the 2026 Plan will be increased annually on January 1 of each calendar year beginning in 2027 and ending and including January 1, 2036, by the lesser of (i) % of the aggregate number of shares of common stock, outstanding on December 31 of the immediately preceding calendar year and (ii) the number of shares of common stock as is determined by our Board. Shares of common stock subject to an award that expires or is canceled, forfeited, exchanged, settled in cash or otherwise terminated without delivery of shares and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the 2026 Plan.

*Administration* 

The 2026 Plan will be administered by a committee of our Board (the "Committee"), except to the extent our Board does not duly authorize such Committee to administer the 2026 Plan and in which case our Board will serve as the administrator. The Committee has broad discretion to administer the 2026 Plan, including the power to determine the eligible individuals to whom awards will be granted, the number and type of awards to be granted and the terms and conditions of awards. The Committee may also accelerate the vesting or exercise of any award and make all other determinations and to take all other actions necessary or advisable for the administration of the 2026 Plan. To the extent the 2026 Plan administrator is not the Committee, our Board will retain the authority to take all actions permitted by the administrator under the 2026 Plan. Additionally, our Board retains the right to exercise the authority of the Committee to the extent consistent with applicable law.

------

##### [**Table of Contents**](#toc)
*Eligibility* 

Our employees, consultants and non-employee directors, and employees and consultants of our affiliates, will be eligible to receive awards under the 2026 Plan.

*Non-Employee Director Compensation Limits* 

Under the 2026 Plan, in a single calendar year, a non-employee director may not be granted awards for such individual's service on our Board having a value, taken together with any cash fees paid to such non-employee director, in excess of $(except that for any year in which a non-employee director (i) first commences service on our Board, (ii) serves on a special committee of our Board or (iii) serves as lead director or non-executive chair of our Board, such limit will be increased to $). Such limits will not be applied to awards or other compensation, if any, provided to a non-employee director during any period in which such individual was an employee of us or any Affiliate or was otherwise providing services to the Company or to any Affiliate other than in the capacity as a non-employee director.

*Types of Awards* 

Stock Options. We may grant stock options to eligible persons, except that incentive stock options may only be granted to persons who are our employees or employees of one of our subsidiaries, in accordance with Section 422 of the Code. The exercise price of a stock option generally cannot be less than 100% of the fair market value of a share of common stock on the date on which the stock option is granted and the stock option must not be exercisable for longer than 10 years following the date of grant. In the case of an incentive stock option granted to an individual who owns (or is deemed to own) at least 10% of the total combined voting power of all classes of our equity securities, the exercise price of the option must be at least 110% of the fair market value of a share of common stock on the date of grant and the option must not be exercisable more than five years from the date of grant.

Stock Appreciation Rights. A stock appreciation right ("SAR") is the right to receive an amount equal to the excess of the fair market value of one share of common stock on the date of exercise over the grant price of the SAR. The grant price of a SAR generally cannot be less than 100% of the fair market value of a share of common stock on the date on which the SAR is granted. The term of a SAR may not exceed 10 years. SARs may be granted in connection with, or independent of, other awards. The Committee has the discretion to determine other terms and conditions of a SAR award.

Restricted Stock Awards. A restricted stock award is a grant of shares of common stock subject to the restrictions on transferability and risk of forfeiture imposed by the Committee. Unless otherwise determined by the Committee and specified in the applicable award agreement, the holder of a restricted stock award has rights as a stockholder, including the right to vote the shares of common stock subject to the restricted stock award or to receive dividends on the shares of common stock subject to the restricted stock award during the restriction period. In the discretion of the Committee or as set forth in the applicable award agreement, dividends distributed prior to vesting may be subject to the same restrictions and risk of forfeiture as the restricted stock with respect to which the distribution was made.

Restricted Stock Units. A restricted stock unit is a right to receive cash, shares of common stock or a combination of cash and shares of common stock at the end of a specified period equal to the fair market value of one share of common stock on the date of vesting. Restricted stock units may be subject to the restrictions, including on transferability and forfeitability, imposed by the Committee. If the Committee so provides, a grant of restricted stock units may provide a participant with the right to receive dividend equivalents.

Performance Awards. A performance award is an award that vests and/or becomes exercisable or distributable subject to the achievement of certain performance goals during a specified performance period, as established by the Committee. Performance awards (which include performance stock units) may be granted

------

##### [**Table of Contents**](#toc)
alone or in addition to other awards under the 2026 Plan, and may be paid in cash, shares of common stock, other property or any combination thereof, in the sole discretion of the Committee.

Stock Awards. A stock award is a transfer of unrestricted shares of common stock on terms and conditions, if any, determined by the Committee.

Dividend Equivalents. Dividend equivalents entitle a participant to receive cash, shares of common stock, other awards or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of common stock. Dividend equivalents may be granted on a free-standing basis or in connection with another award (other than stock options, SARs, restricted stock or stock awards).

Other Stock-Based Awards. Other stock-based awards are awards denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, the value of our shares of common stock. Cash Awards. Cash awards may be granted on terms and conditions, including vesting conditions, and for consideration, including no consideration or minimum consideration as required by applicable law, as the Committee determines in its sole discretion.

Substitute Awards. In connection with an entity's merger or consolidation with us or our acquisition of an entity's property or stock, awards may be granted in substitution for any other award granted before the merger or consolidation by such entity or its affiliates.

*Certain Transactions* 

If any change is made to our capitalization, such as a share split, share combination, share dividend, exchange of shares or other recapitalization, merger or otherwise, that results in an increase or decrease in the number of outstanding shares of common stock, appropriate adjustments will be made by the Committee in the shares subject to an award under the 2026 Plan. The Committee will also have the discretion to make certain adjustments to awards in the event of a change in control, such as accelerating the vesting or exercisability of awards, requiring the surrender of an award, with or without consideration, or making any other adjustment or modification to the award that the Committee determines is appropriate in light of such transaction.

*Clawback* 

All awards granted under the 2026 Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any applicable law related to such actions.

*Plan Amendment and Termination* 

Our Board or the Committee may amend or terminate any award, award agreement or the 2026 Plan at any time; however, stockholder approval will be required for any amendment to the extent necessary to comply with applicable law. Stockholder approval will be required to make amendments that (i) increase the aggregate number of shares that may be issued under the 2026 Plan or (ii) change the classification of individuals eligible to receive awards under the 2026 Plan. The 2026 Plan will remain in effect for a period of 10 years (unless earlier terminated by our Board).

***Director Compensation***

Prior to this offering, none of AEVEX Corp.'s directors have received any compensation for their services as a member of the Board. AEVEX Corp. does not currently have a formal policy with respect to compensation of non-employee directors for service as directors. Following the completion of this offering, AEVEX Corp. will implement a formal policy pursuant to which its non-employee directors will be eligible to receive compensation for service on the Board and committees of the Board.

------

##### [**Table of Contents**](#toc)
**PRINCIPAL STOCKHOLDERS AND SELLING STOCKHOLDERS** 

The following table sets forth information about the beneficial ownership of our Class A common stock and Class B common stock as of , after giving effect to the Organizational Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person or group known to us who beneficially owns more than 5% of our Class A common stock or
Class B common stock immediately prior to this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the selling stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and director nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our Named Executive Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors, director nominees and executive officers as a group.

The numbers of shares of Class A common stock and Class B common stock (together with the same amount of LLC Units) beneficially owned and percentages of beneficial ownership before this offering that are set forth below are based on the number of shares and LLC Units to be issued and outstanding prior to this offering after giving effect to the Organizational Transactions. See "Organizational Structure." The numbers of shares of Class A common stock and Class B common stock (together with the same amount of LLC Units) beneficially owned and percentages of beneficial ownership after the offering that are set forth below are based on shares of Class A common stock to be issued and outstanding immediately after the offering, assuming no exercise by the underwriters of their option to purchase additional shares. This number excludes shares of Class A common stock issuable in exchange for LLC Units and upon conversion of shares of our Class B common stock, each as described under "Organizational Structure" and "Certain Relationships and Related Party Transactions—Amended and Restated Operating Agreement." If all outstanding LLC Units were exchanged and all outstanding shares of Class B common stock were converted, we would have shares of Class A common stock outstanding immediately after this offering.

Concurrently with this offering, we will issue to the LLC Unitholders shares of Class B common stock. The number of shares of Class B common stock will depend in part on the price at which shares of Class A common stock are sold in this offering after the offering. For purposes of the presentation of the total number of shares of Class B common stock beneficially owned, we have assumed that the shares of Class A common stock will be sold at $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus.

For information regarding material transactions between us and the selling stockholders, see "Certain Relationships and Related Party Transactions."

Unless otherwise noted below, the address for each beneficial owner listed on the table is 440 Stevens Ave #150 Solana Beach, California, 92075. We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the tables below have sole voting and investment power with respect to all

------

##### [**Table of Contents**](#toc)
Class A common stock that they beneficially own, subject to applicable community property laws. Beneficial ownership representing less than 1% is denoted with an asterisk (\*).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares of Common Stock Beneficially Owned Prior to this Offering** | **Shares of Common Stock Beneficially Owned Prior to this Offering** | **Shares of Common Stock Beneficially Owned Prior to this Offering** | **Shares of Common Stock Beneficially Owned Prior to this Offering** | **Shares of Common Stock Beneficially Owned Prior to this Offering** | **Shares of Common Stock Beneficially Owned After this<br>Offering** | **Shares of Common Stock Beneficially Owned After this<br>Offering** | **Shares of Common Stock Beneficially Owned After this<br>Offering** | **Shares of Common Stock Beneficially Owned After this<br>Offering** |
| **Name of Beneficial Owner** | **Shares<br>of<br>Class A<br>Common<br>Stock** | **% of<br>Class A<br>Common<br>Stock<br>Outstanding** | **Shares<br>of<br>Class B<br>Common<br>Stock** | **% of<br>Class B<br>Common<br>Stock<br>Outstanding** | **% of<br>Combined<br>Voting<br>Power<sup>(1)</sup>** | **Shares<br>of<br>Class A<br>Common<br>Stock** | **Shares<br>of<br>Class B<br>Common<br>Stock** | **% of<br>Combined<br>Voting Power<br>Assuming the<br>Underwriters'<br>Option Is Not<br>Exercised<sup>(1)</sup>** | **% of<br>Combined<br>Voting Power<br>Assuming the<br>Underwriters'<br>Option Is<br>Exercised in<br>Full<sup>(1)</sup>** |
|  | | **%** | | **%** | **%** | | | **%** | **%** |
| **5% Stockholders:** | | | | | | | | | |
|  MDP Funds<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
|  **Named Executive Officers, Directors and Director Nominees:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Raduenz<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roger Wells |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeremy Watrous |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Jackson |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley Feldmann |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew Klein |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandon Levitan |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew Norton |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benjamin Spacapan |  |  |  |  |  |  |  |  |  |
|  **All executive officers, directors and director nominees as a group (11 individuals)** |  |  |  |  |  |  |  |  |  |

---

(1) Each share of Class A common stock and Class B common stock entitles the registered holder thereof to
one vote and each share on all matters presented to stockholders for a vote generally, including the election of directors. The Class A common stock and Class B common stock will vote as a single class on all matters except as required by
law or the certificate of incorporation.

(2) Represents     shares of Class A common stock held directly by ATS Pubco Holdings,
    shares of Class A common stock held directly by ATS Pubco Seller Holdings, LLC ("ATS Pubco Seller") and     shares of Class B common stock held directly by ATS Investment Holdings. Each share of
Class B common stock corresponds to an LLC Unit and is exchangeable for one share of Class A common stock. These shares represent approximately    % of the shares of Class A common stock that would be outstanding immediately
following this offering if all outstanding LLC Units were exchanged. Madison Dearborn Partners, LLC ("MDP LLC") is the sole general partner of Madison Dearborn Partners VII-B, L.P. (the "Fund VII-B GP") and MDP VII-A&C,
L.P. (the "Fund VII-A&C GP"). Fund VII-B GP is the sole general partner of Madison Dearborn Capital Partners VII-B, L.P. ("Fund VII-B") and Madison Dearborn Capital Partners VII Executive-B, L.P. ("Fund VII
Executive-B"). The sole general partner of Madison Dearborn Capital Partners VII-C, LP ("Fund VII-C") is Fund VII-A&C GP. Each of ATS Investment Holdings, LLC, ATS Pubco Holdings and ATS Pubco Seller are controlled by Fund
VII-B, Fund VII Executive-B and Fund VII-C. The principal place of business of each of MDP LLC, Fund VII-B GP, Fund VII-A&C GP, Fund VII-B, Fund VII-C and Fund VII Executive-B is 70 West Madison Street, Suite 4600, Chicago, IL 60602.

(3) Includes     shares of Class A common stock issuable upon conversion of Holdings LLC
Series A Preferred Units.

------

##### [**Table of Contents**](#toc)
**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

**Policies for Approval of Related Party Transactions** 

Prior to completion of this offering, we intend to adopt a written policy with respect to the review, approval and ratification of related party transactions. Under the policy, our Audit Committee is responsible for reviewing and approving related party transactions. In the course of its review and approval of related party transactions, our Audit Committee will consider the relevant facts and circumstances to decide whether to approve such transactions. In particular, our policy requires our Audit Committee to consider, among other factors it deems appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the related person's relationship to us and interest in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the material facts of the proposed transaction, including the proposed aggregate value of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on a director or a director nominee's independence in the event the related person is a director
or an immediate family member of the director or director nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the benefits to us of the proposed transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the availability of other sources of comparable products or services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of whether the proposed transaction is on terms that are comparable to the terms available to an
unrelated third party or to employees generally.

The Audit Committee may only approve those transactions that are in, or are not inconsistent with, our best interests and those of our stockholders, as the Audit Committee determines in good faith.

In addition, under our code of business conduct and ethics, which will be adopted prior to the consummation of this offering, our employees and directors will have an affirmative responsibility to disclose any transaction or relationship that reasonably could be expected to be considered a related party transaction or to give rise to a conflict of interest.

All of the transactions described below were entered into prior to the adoption of our written related party transactions policy (which policy will be adopted prior to the consummation of this offering), but all were approved by our Board considering similar factors to those described above.

**Amended and Restated Operating Agreement** 

In connection with the completion of this offering, we will amend and restate Holdings LLC's existing operating agreement, which we refer to as the "LLC Operating Agreement." The operations of Holdings LLC and the rights and obligations of the LLC Unitholders will be set forth in the LLC Operating Agreement. See "Organizational Structure—Amended and Restated Operating Agreement of Holdings LLC."

**Related Party Transactions** 

Other than compensation and consulting arrangements for our directors and Named Executive Officers, which are described in the section entitled "Executive Compensation," below we describe transactions since January 1, 2023 to which we were a participant or will be a participant, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the
immediate family of, or person sharing the household with, the foregoing persons, had or will have a direct or indirect material interest.

------

##### [**Table of Contents**](#toc)
**Registration Rights Agreement** 

In connection with this offering, we intend to enter into a registration rights agreement with our Principal Stockholder. Our Principal Stockholder will be entitled to request that we register their shares of capital stock on a long-form or short-form registration statement on one or more occasions in the future, which registrations may be "shelf registrations." Our Principal Stockholder will be entitled to participate in certain of our registered offerings, subject to the restrictions in the Registration Rights Agreement. We will pay expenses in connection with the exercise of these rights. The registration rights described in this paragraph apply to (1) shares of our Class A common stock held indirectly by our Principal Stockholder and its affiliates, and (2) any of our capital stock (or that of our subsidiaries) issued or issuable with respect to the Class A common stock described in clause (1) with respect to any dividend, distribution, recapitalization, reorganization, or certain other corporate transactions ("Registrable Securities"). These registration rights are also for the benefit of any subsequent holder of Registrable Securities; provided that any particular securities will cease to be Registrable Securities when they have been sold in a registered public offering, sold in compliance with Rule 144 of the Securities Act or repurchased by us or our subsidiaries. In addition, with the consent of the Company and holders of a majority of Registrable Securities, certain Registrable Securities will cease to be Registrable Securities if they can be sold without limitation under Rule 144 of the Securities Act.

**Tax Receivable Agreement** 

We intend to enter into a Tax Receivable Agreement with the TRA Rights Holders, that will require us to pay such persons 85% of the amount of certain tax savings (calculated using certain assumptions), if any, that we realize (or, under certain circumstances, are deemed to realize) as a result of (i) certain increases in the tax basis of assets of Holdings LLC and its subsidiaries resulting from purchases or exchanges of LLC Units, (ii) certain other tax attributes of Holdings LLC and its subsidiaries and the Blocker Entity that existed prior to this offering, including existing tax basis and our allocable share of existing tax basis acquired in connection with this offering and increases to such allocable share of existing tax basis, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. We retain the benefit of the remaining 15% of these, if any. If the Tax Receivable Agreement terminates early, we could be required to make a substantial, immediate lump-sum payment. These payment obligations are obligations of AEVEX Corp. and not of Holdings LLC. See "Organizational Structure—Tax Receivable Agreement."

**Director Designation Agreement** 

In connection with this offering, we will enter into a Director Designation Agreement with MDP. The Director Designation Agreement will provide MDP the right to designate to the Board a number of designees equal to at least: (i) 100% of the total number of directors comprising the Board, so long as MDP beneficially owns shares of Class A common stock representing at least 40% of the total amount of shares of Class A common stock it owns as of the date of this offering, (ii) 40% of the total number of directors, in the event that MDP beneficially owns shares of Class A common stock representing at least 30% but less than 40% of the total amount of shares of Class A common stock it owns as of the date of this offering, (iii) 30% of the total number of directors, in the event that MDP beneficially owns shares of Class A common stock representing at least 20% but less than 30% of the total amount of shares of Class A common stock it owns as of the date of this offering, (iv) 20% of the total number of directors, in the event that MDP beneficially owns shares of Class A common stock representing at least 10% but less than 20% of the total amount of shares of Class A common stock it owns as of the date of this offering and (v) one director, in the event that MDP beneficially owns shares of Class A common stock representing at least 5% of the total amount of shares of Class A common stock it owns as of the date of this offering. In each case, MDP's nominees must comply with applicable law and stock exchange rules. In addition, MDP shall be entitled to designate the replacement for any of its Board designees whose Board service terminates prior to the end of the director's term, regardless of MDP's beneficial ownership at that time. MDP shall also have the right to have its designees participate on committees of our Board proportionate to its

------

##### [**Table of Contents**](#toc)
voting power, subject to compliance with applicable law and stock exchange rules. The Director Designation Agreement will also prohibit us from increasing or decreasing the size of our Board without the prior written consent of MDP. This agreement will terminate at such time as MDP beneficially owns less than 5% of the shares of Class A common stock it beneficially owns as of the date of this offering.

**Indemnification of Officers and Directors** 

Upon completion of this offering, we intend to enter into indemnification agreements with each of our executive officers, directors and director nominees (collectively, the "Indemnification Agreements"). The Indemnification Agreements will provide our executive officers and directors with contractual rights to indemnification, expense advancement and reimbursement, to the fullest extent permitted under the DGCL. Additionally, we may enter into Indemnification Agreements with any new directors or officers that may be broader in scope than the specific indemnification provisions contained in Delaware law. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our officers and directors pursuant to the foregoing agreements, we have been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act, and is therefore unenforceable.

**Reserved Share Program** 

At our request, an affiliate of BofA Securities, Inc., a participating Underwriter, has reserved for sale, at the initial public offering price, up to 5% of the shares offered by this prospectus for sale to some of our directors, officers, employees, distributors, dealers, business associates and related persons. See "Underwriting—Reserved Share Program."

**Lease Arrangements** 

In March 2023, we entered into a lease whereby we rent two hangars in French Valley, California from an entity owned by members of our management team, including Brian Raduenz. The lease rates for these facilities were determined to be at fair market value based on market intelligence reviewed in advance of signing the leases. Total payments under the lease totaled $0.2 million, $0.3 million, and $0.3 million for the years ended December 31, 2023, 2024 and 2025, respectively. In February 2025, the buildings leased from the aforementioned entity were sold to a non-related third party and are no longer owned by related parties.

We have also entered into a contractual arrangement with an entity owned by members of our management team, including Brian Raduenz and Jeremy Watrous, to lease an aircraft in support of an internal company R&D project. Payments under this arrangement for the years ended December 31, 2023, 2024 and 2025 totaled $0.1 million, $0.3 million and $0.3 million respectively. The original lease term was 1-year with automatic 6-month renewal options thereafter. Subsequent to December 31, 2025, we and the entity agreed that the lease term will expire on March 31, 2026 but shall automatically renew for successive 6-month terms, unless either party provides written termination notice.

**Loan Authorization Agreement** 

On October 9, 2025, a wholly owned subsidiary of ours entered into a Loan Authorization Agreement with the Bank of Montreal from which we may from time to time request loans and letters of credit in an aggregate principal amount of $60 million. The loans are payable on demand and we have 15 days to honor any demand for payment. Further, the availability of loans and letters of credit will automatically terminate on demand. We may make principal payments on the loans at any time and in any amount without premium or penalty. Interest on the loans is computed at a variable rate, which may change daily, and is payable quarterly. The loans are guaranteed by funds affiliated with our Principal Stockholder. During November and December 2025, we borrowed $20 million under the Loan Authorization Agreement. Subsequently, during December 2025, the Company repaid the $20 million previously borrowed under the Loan Authorization Agreement. We intend to terminate the Loan Authorization Agreement prior to the closing of this offering.

------

##### [**Table of Contents**](#toc)
**Unit Purchase Agreement** 

On February 9, 2026, Holdings LLC entered into a Unit Purchase Agreement with Radz Capital AEVEX Holdings Inc., pursuant to which Holdings LLC issued 14,067 Series A Preferred Units under the Limited Liability Company Agreement of Holdings LLC for aggregate cash proceeds of approximately $14.1 million. The transaction closed during February 2026. On March 12, 2026, Holdings LLC entered into a Unit Purchase Agreement with Radz Capital AEVEX Holdings Inc., pursuant to which Holdings LLC issued 1,275 Series A Preferred Units under the Limited Liability Company Agreement of Holdings LLC for aggregate cash proceeds of approximately $1.3 million. The transaction closed during March 2026. Brian Raduenz, our Executive Chairman, is the President of Radz Capital AEVEX Holdings, Inc. See Note 18, "Subsequent Events—Series A Preferred Units" to the audited consolidated financial statements included elsewhere in this prospectus.

------

##### [**Table of Contents**](#toc)
**DESCRIPTION OF CERTAIN INDEBTEDNESS** 

*The following is a summary of the material provisions relating to our material indebtedness. The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the corresponding agreement or instrument, including the definitions of certain terms therein that are not otherwise defined in this prospectus. You should refer to the relevant agreement or instrument for additional information, copies of which are filed as exhibits to the registration statement of which this prospectus is a part.* 

**Credit Facilities** 

On March 18, 2020 (which, for purposes of this section, will be referred to as the "Closing Date"), AEVEX Holdings, LLC, one of our operating subsidiaries (the "Borrower"), entered into the Credit Agreement. The Credit Agreement provides for (i) a senior secured initial term loan facility in an original aggregate principal amount of $145 million, (ii) a senior secured incremental term loan facility in an original aggregate principal amount of $55 million, (iii) a senior secured initial delayed draw term loan facility with commitments in an original aggregate principal amount of $30 million, (iv) a senior secured 2020 incremental delayed draw term loan facility with commitments in an original aggregate principal amount of $45 million, and (v) a senior secured 2021 incremental delayed draw term loan facility with commitments in an original aggregate principal amount of $50 million (collectively, the "Existing Term Loan Facility"). The Credit Agreement also provides for a super priority senior secured revolving credit facility in an aggregate principal amount of $25 million (the "Existing Revolving Credit Facility" and, together with the Existing Term Loan Facility, the "Existing Credit Facilities"). The Existing Revolving Credit Facility includes a $5 million sublimit for the issuance of letters of credit. As of December 31, 2025, we had $259 million outstanding under the Existing Term Loan Facility and $0 outstanding under the Existing Revolving Credit Facility. The Existing Term Loan Facility matures on March 18, 2028. Borrowings, if any, under the Existing Revolving Credit Facility mature on March 18, 2028.

The Existing Term Loan Facility bear interest at a rate equal to (i) 5.00% plus the Base Rate equal to the highest of (w) the prime rate, (x) the Federal funds open rate plus 0.50% per annum and (y) a daily Term SOFR rate based on an interest period of one month plus 1.00% per annum or (ii) Term SOFR plus 6.00% per annum subject to a 1.00% Term SOFR floor. The Existing Revolving Credit Facility bears interest at a rate as set forth in the grid below that corresponds to the most recent first lien net leverage ratio calculation.

---

| | | |
|:---|:---|:---|
| **First Lien Net<br>Leverage Ratio** | **Term SOFR Rate Loans** | **Base Rate Loans** |
|  ≥3.50x | 4.00% | 3.00% |
|  <3.50x | 3.75% | 2.75% |

---

In addition to paying interest on loans outstanding under the Existing Term Loan Facility and the Existing Revolving Credit Facility, we are required to pay a commitment fee of 0.50% per annum of unused commitments under the Existing Revolving Credit Facility. We are required to pay customary fronting, issuance, and administrative fees for the issuance of letters of credit.

**Voluntary Prepayments** 

We may voluntarily prepay without premium or penalty, in whole or in part, subject to minimum amounts and certain notice requirements, the Existing Credit Facilities.

------

##### [**Table of Contents**](#toc)
**Mandatory Prepayments** 

The Credit Agreement requires us to prepay, subject to certain exceptions, the Term Loan (i) with a portion of our excess cash flow in an amount ranging from 0% to 50% of excess cash flow depending on our first lien net leverage ratio, (ii) with 100% of the net cash proceeds of certain asset sales and dispositions, subject to certain reinvestment rights, and (iii) with 100% of the proceeds from certain debt issuances, in each case, subject to certain exceptions.

**Final Maturity and Amortization** 

The Existing Term Loan Facility and the Existing Revolving Credit Facility will each mature on March 18, 2028. The Existing Term Loan Facility requires quarterly amortization payments equal to approximately 0.25% of the original principal amount of the Existing Term Loan Facility. The Existing Revolving Credit Facility does not amortize.

**Guarantors** 

All obligations under the Credit Agreement are required to be guaranteed by certain of our existing and future direct and indirect material wholly owned domestic restricted subsidiaries, other than certain excluded subsidiaries.

**Security** 

All obligations under the Credit Agreement are secured, subject to permitted liens and other customary exceptions set forth in the Credit Agreement and relevant security documents, by a first priority perfected security interest in substantially all of our and the guarantors' personal property.

**Certain Covenants, Representations and Warranties** 

The Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations, and negative covenants. The negative covenants restrict our ability, among other things, to (subject to certain exceptions set forth in the Credit Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness or other contingent obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create liens;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate, merge, liquidate, or dissolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, transfer, or otherwise dispose of its assets, including capital stock of any subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends on its equity interests or make other payments in respect of capital stock;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make prepayments in respect of certain debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify organizational documents in a manner that is materially adverse to the lenders under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to Athena Technology Solutions Purchaser, LLC, modify its holding company status; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into burdensome agreements with negative pledge clauses or restrictions on subsidiary distributions.

------

##### [**Table of Contents**](#toc)
**Financial Covenants** 

The Credit Agreement requires the Borrower to maintain a first lien net leverage ratio, determined in accordance with the terms of the Credit Agreement, of no greater than 9.00:1.00. As of September 30, 2025, the Borrower was in compliance with the financial covenant in the Credit Agreement.

**Events of Default** 

The lenders under the Credit Agreement are permitted to accelerate the loans and terminate commitments thereunder or exercise other remedies upon the occurrence of certain customary events of default, subject to certain grace periods and exceptions. These events of default include, among others, payment defaults, cross- defaults to certain material indebtedness, covenant defaults, material inaccuracy of representations and warranties, certain events of bankruptcy, material judgments, material defects with respect to lenders' perfection on the collateral and changes of control, none of which are expected to be triggered by this offering.

In connection with the completion of this offering and the New Credit Facilities, we intend to repay all of our outstanding borrowings under the Credit Agreement. See "Use of Proceeds."

**New Credit Facilities** 

We currently anticipate entering into (i) a senior secured term loan facility with an expected initial aggregate principal amount of approximately $100 million, (ii) a senior secured delayed draw term loan facility with an expected initial aggregate principal amount of approximately $75 million and (iii) a senior secured revolving credit facility with an expected aggregate principal amount of approximately $200 million, which is expected to include a sublimit for the issuance of letters of credit in an amount up to $40 million and a sublimit for swingline loans in an amount up to $30 million, pursuant to a new credit agreement shortly after the closing of this offering. The New Credit Facilities are not committed and there is no guarantee that the New Credit Facilities will be made available. The closing of the New Credit Agreement, if it occurs, is expected to be subject to the consummation of this offering, repayment of the obligations under the Credit Agreement and certain other conditions set forth in the New Credit Agreement. We expect that the New Credit Agreement will contain customary covenants and conditions that will, among other things, limit our ability to incur additional indebtedness, incur liens on assets, enter into agreements related to mergers and acquisitions, dispose of assets or pay dividends and make distributions.

Borrowings under the Revolving Credit Facility and the Delayed Draw Term Loan Facility may vary significantly from time to time depending on our cash needs at any given time. The Revolving Credit Facility is expected to be undrawn at the closing of this offering. The Delayed Draw Term Loan Facility is not expected to be borrowed at the closing of this offering. The borrowing under the Term Loan Facility is expected to occur on the date on which the Term Loan Facility is established and amounts borrowed under the Term Loan Facility cannot be reborrowed.

**Interest Rates and Fees** 

Each of the Term Loan Facility, Revolving Credit Facility and Delayed Draw Term Loan Facility is expected to bear interest at a rate equal to SOFR + 2.75% for Term SOFR Loans and 1.75% for Base Rate Loans until delivery of a compliance certificate with respect to the first full fiscal quarter ending after the effective date of the New Credit Agreement, and thereafter, as set forth in the grid below that corresponds to the most recent secured net leverage ratio calculation:

---

| | | |
|:---|:---|:---|
| **Secured Net Leverage Ratio** | **Term SOFR** | **Base Rate** |
|  ≥2.50:1.00 | 3.00% | 2.00% |
|  < 2.50:1.00 and ≥ 2.00:1.00 | 2.75% | 1.75% |
|  < 2.00:1.00 and ≥ 1.50:1.00 | 2.50% | 1.50% |
|  < 1.50: 1.00 | 2.25% | 1.25% |

---

------

##### [**Table of Contents**](#toc)
A commitment fee equal to 0.50% until delivery of a compliance certificate with respect to the first full fiscal quarter ending after the effective date of the New Credit Agreement, and thereafter, as set forth in the grid below that corresponds to the most recent secured net leverage ratio calculation shall apply on the unused commitments under the Revolving Credit Facility:

---

| | |
|:---|:---|
| **Secured Net Leverage Ratio** | **Commitment<br>Fee Rate** |
|  > 1.50:1.00 | 0.50% |
|  ≤ 1.50 and > 1.00:1.00 | 0.375% |
|  ≤ 1.00:1.00 | 0.25% |

---

**Voluntary Prepayments** 

We may voluntarily prepay without premium or penalty, in whole or in part, subject to minimum amounts and certain notice requirements, the New Credit Facilities.

**Mandatory Prepayments** 

The New Credit Agreement requires us to prepay, subject to certain exceptions, the Term Loan Facility and the Delayed Draw Term Loan Facility (to the extent funded), (i) with 100% of the net cash proceeds of certain asset sales and dispositions, subject to certain reinvestment rights, and (ii) with 100% of the proceeds from certain debt issuances, in each case, subject to certain exceptions.

**Final Maturity and Amortization** 

The New Credit Facilities are expected to mature five years following the effective date of the New Credit Agreement. The Term Loan Facility and the Delayed Draw Term Loan Facility (to the extent funded) are expected to amortize in equal quarterly installments, commencing with the last day of the first full fiscal quarter ending after the effective date of the New Credit Agreement, in aggregate annual amounts according to the following amortization schedule:

---

| | |
|:---|:---|
| **Payment Dates** | **Annual Amortization Amount (percent of principal)** |
|  Year 1 | 2.50% |
|  Year 2 | 2.50% |
|  Year 3 | 7.50% |
|  Year 4 | 7.50% |
|  Year 5 | 10.00% |

---

The New Revolving Credit Facility is not expected to amortize.

**Guaranty and Security** 

All obligations under the New Credit Agreement are expected to be required to be (i) guaranteed by certain of our existing and future direct and indirect material wholly owned domestic restricted subsidiaries, other than certain excluded subsidiaries and (ii) secured, subject to permitted liens and other customary exceptions set forth in the New Credit Agreement and relevant security documents, by a first priority perfected security interest in substantially all of our and the guarantors' personal property.

------

##### [**Table of Contents**](#toc)
**Certain Covenants, Representations and Warranties** 

The New Credit Facilities are expected to contain customary representations and warranties, affirmative covenants, reporting obligations, and negative covenants. The covenants are expected to restrict our ability, among other things, to (subject to certain exceptions set forth in the Credit Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness or other contingent obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create liens;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate, merge, liquidate, or dissolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, transfer, or otherwise dispose of assets, including capital stock of any subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends on its equity interests or make other payments in respect of capital stock;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make voluntary prepayments in respect of certain debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to Athena Technology Solutions Purchaser, LLC, modify its holding company status; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into burdensome agreements with negative pledge clauses or restrictions on subsidiary distributions.

**Financial Covenants** 

In addition, the New Credit Facilities are expected to require us to comply with the following financial covenants (subject to certain equity cure rights):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintenance of a maximum interest coverage ratio not to exceed 3.00:1.00 tested as of the last day of each fiscal
quarter (which is expected to commence with the first full fiscal quarter ending after the effective date of the New Credit Agreement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintenance of a maximum total net leverage ratio not to exceed 3.50:1.00 tested as of the last day of each
fiscal quarter (which is expected to commence with the first full fiscal quarter ending after the effective date of the New Credit Agreement), which is expected to (x) step down to 3.00:1.00 after the twelfth full fiscal quarter ending after the
effective date of the New Credit Agreement or (y) step up temporarily to 4.00:1.00 during the four fiscal quarters following the consummation of a material acquisition, which will be defined in the New Credit Agreement (and the New Credit Agreement
is expected to limit such temporary step up to no more than two times during the life of the New Credit Agreement).

**Events of Default** 

The New Credit Facilities are also expected to contain customary events of default, including, among others: (i) failure to pay principal, interest, fees or other amounts under the New Credit Facilities when due, taking into account any applicable grace period; (ii) any representation or warranty proving to have been incorrect in any material respect when made; (iii) failure to perform or observe covenants or other terms of the New Credit Facilities subject to certain grace periods; (iv) a cross default with respect to other material indebtedness; (v) bankruptcy and insolvency events; (vi) a "change of control" and (vii) the invalidity or impairment of any loan document or any security interest.

------

##### [**Table of Contents**](#toc)
**DESCRIPTION OF CAPITAL STOCK** 

The following is a description of the material terms of our amended and restated certificate of incorporation and our amended and restated bylaws, as each will be in effect at or prior to the consummation of this offering. The following description may not contain all of the information that is important to you. To understand the material terms of our Class A common stock, you should read our amended and restated certificate of incorporation and amended and restated bylaws that will be in effect at the closing of this offering, copies of which are or will be filed with the SEC as exhibits to the registration statement, of which this prospectus is a part.

**General** 

At or prior to the consummation of this offering, we will file our amended and restated certificate of incorporation (our "certificate"), and we will adopt our amended and restated by-laws (our "bylaws"). Our certificate will authorize capital stock consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common stock, par value $0.0001 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of preferred stock, with a par value per share that may be established by the
Board in the applicable certificate of designations.

We are selling shares of Class A common stock in this offering (shares if the underwriters exercise in full their option to purchase additional shares). All shares of our Class A common stock outstanding upon consummation of this offering will be fully paid and non-assessable. We are issuing shares of Class B common stock to the LLC Unitholders simultaneously with this offering (shares if the underwriters exercise in full their option to purchase additional shares of our Class A common stock). Upon completion of this offering, we expect to have shares of Class A common stock outstanding (shares if the underwriters exercise in full their option to purchase additional shares) and shares of Class B common stock outstanding (shares if the underwriters exercise in full their option to purchase additional shares).

The following summary describes the material provisions of our capital stock and is qualified in its entirety by reference to the certificate and our bylaws and to the applicable provisions of the DGCL. We urge you to read our certificate and our bylaws, which are included as exhibits to the registration statement of which this prospectus forms a part.

Certain provisions of our certificate and our bylaws summarized below may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares of common stock.

**Class A Common Stock** 

Holders of shares of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. The holders of our Class A common stock do not have cumulative voting rights in the election of directors.

Holders of shares of our Class A common stock will vote together with holders of our Class B common stock as a single class on all matters presented to our stockholders for their vote or approval, except for certain amendments to our certificate of incorporation described below or as otherwise required by applicable law or the certificate.

------

##### [**Table of Contents**](#toc)
Holders of shares of our Class A common stock are entitled to receive dividends when and if declared by our Board out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of our Class A common stock will be entitled to receive pro rata our remaining assets available for distribution.

Holders of shares of our Class A common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the Class A common stock.

**Class B Common Stock** 

Holders of shares of our Class B common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. The holders of our Class B common stock do not have cumulative voting rights in the election of directors.

Holders of shares of our Class B common stock will vote together with holders of our Class A common stock as a single class on all matters presented to our stockholders for their vote or approval, except for certain amendments to our certificate of incorporation described below or as otherwise required by applicable law or the certificate.

Holders of our Class B common stock do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation or the sale of all or substantially all of our assets. Additionally, holders of shares of our Class B common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the Class B common stock. Any amendment of our certificate of incorporation that gives holders of our Class B common stock (1) any rights to receive dividends or any other kind of distribution, (2) any right to convert into or be exchanged for Class A common stock or (3) any other economic rights will require, in addition to stockholder approval, the affirmative vote of holders of our Class A common stock voting separately as a class.

Upon the consummation of this offering, the LLC Unitholders will own 100% of our outstanding Class B common stock.

**Preferred Stock** 

Upon the consummation of this offering, we will have no shares of preferred stock outstanding.

Under the terms of our certificate that will become effective at or prior to the consummation of this offering, our Board is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval. Our Board has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our Board to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Additionally, the issuance of preferred stock

------

##### [**Table of Contents**](#toc)
may adversely affect the holders of our Class A common stock by restricting dividends on the Class A common stock, diluting the voting power of the Class A common stock or subordinating the liquidation rights of the Class A common stock. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our Class A common stock.

**Forum Selection** 

See "Risk Factors—Risks Related to Our Class A Common Stock and This Offering—Our certificate of incorporation will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us."

**Anti-Takeover Provisions** 

Our certificate, bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, that are intended to enhance the likelihood of continuity and stability in the composition of our

------

##### [**Table of Contents**](#toc)
Board. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile change of control and enhance the ability of our Board to maximize stockholder value in connection with any unsolicited offer to acquire us. In certain instances outlined below, these provisions do not take effect until MDP's beneficial ownership of our Class A common stock drops below a certain percentage. As a result, the anti-takeover effect of these provisions is expected to increase over time as MDP's beneficial ownership decreases. In each instance, these changes will occur automatically pursuant to the terms of our certificate and bylaws and without further action by our Board or stockholders upon MDP's ownership crossing the applicable thresholds. However, these provisions may have an anti-takeover effect and may delay, deter or prevent a merger or acquisition of us by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of Class A common stock held by stockholders.

These provisions include:

***Classified Board.*** Our certificate will provide that our Board will be divided into three classes of directors, with the classes as nearly equal in number as possible, and with the directors serving three-year terms. As a result, approximately one-third of our Board will be elected each year. The classification of the directors will have the effect of making it more difficult for stockholders to change the composition of our Board. Our certificate will also provide that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed exclusively pursuant to a resolution adopted by our Board. Upon completion of this offering, we expect that our Board will have seven members.

***Stockholder Action by Written Consent.*** Our certificate will preclude stockholder action by written consent at any time when MDP controls, in the aggregate, less than 35% in voting power of our outstanding common stock.

***Special Meetings of Stockholders.*** Our certificate and bylaws will provide that, except as required by law, special meetings of our stockholders may be called at any time only by or at the direction of our Board or the chair of our Board; provided, however, at any time when MDP controls, in the aggregate, at least 35% in voting power of the stock of the Company entitled to vote generally in the election of directors, special meetings of our stockholders shall also be called by our Board or the chair of our Board at the request of MDP. Our bylaws will prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of us.

***Advance Notice Procedures.*** Our bylaws will establish advance notice procedures for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our Board or a committee of our Board, and provided, however, that at any time when MDP controls, in the aggregate, at least 10% of the voting power of the stock of the Company entitled to vote generally in the election of directors, such advance notice procedure will not apply to MDP. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our Board or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary timely written notice, in proper form, of the stockholder's intention to bring that business before the meeting. Although the bylaws will not give our Board the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, the bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us. These provisions do not apply to nominations by MDP pursuant to the Director Designation Agreement. See "Certain Relationships and Related Party Transactions—Director Designation Agreement" for more details with respect to the Director Designation Agreement.

------

##### [**Table of Contents**](#toc)
***Removal of Directors; Vacancies.*** Our certificate will provide that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote thereon, voting together as a single class; provided, however, at any time when MDP controls less than 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of capital stock of the Company entitled to vote thereon, voting together as a single class. In addition, our certificate will provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on our Board that results from an increase in the number of directors and any vacancies on our Board will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director or by the stockholders; provided, however, at any time when MDP beneficially owns, in the aggregate, less than 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, any newly created directorship on our Board that results from an increase in the number of directors and any vacancy occurring on our Board may only be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director (and not by the stockholders).

***Supermajority Approval Requirements.*** Our certificate and bylaws will provide that our Board is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part, our bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware and our certificate. For as long as MDP controls, in the aggregate, at least 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, any amendment, alteration, rescission or repeal of our bylaws by our stockholders will require the affirmative vote of a majority in voting power of the outstanding shares of our stock entitled to vote on such amendment, alteration, change, addition, rescission or repeal. At any time when MDP controls, in the aggregate, less than 40% in voting power of our outstanding shares of the stock of the Company entitled to vote generally in the election of directors, any amendment, alteration, rescission or repeal of our bylaws by our stockholders will require the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class.

The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation's certificate of incorporation, unless the certificate requires a greater percentage.

Our certificate will provide that at any time when MDP beneficially owns, in the aggregate, less than 40% in voting power of the stock of the Company entitled to vote generally in the election of directors, the following provisions in our certificate may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 66 2/3% (as opposed to a majority threshold that would apply if MDP beneficially owns, in the aggregate, 40% or more) in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision requiring a 66 2/3% supermajority vote for stockholders to amend our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions providing for a classified board of directors (the election and term of our directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding resignation and removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding entering into business combinations with interested stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding stockholder action by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding calling special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding filling vacancies on our Board and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision establishing the Court of Chancery of the State of Delaware as the exclusive forum for certain
litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision establishing the federal district courts of the United States as the exclusive forum for litigation
arising under the Securities Act;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions eliminating monetary damages for breaches of fiduciary duty by a director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amendment provision requiring that the above provisions be amended only with a 66 2/3% supermajority vote.

The combination of the classification of our Board, the lack of cumulative voting and the supermajority voting requirements will make it more difficult for our existing stockholders to replace our Board as well as for another party to obtain control of us by replacing our Board. Because our Board has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management.

***Authorized but Unissued Shares.*** Our authorized but unissued shares of common stock and preferred stock will be available for future issuance without stockholder approval, subject to stock exchange rules. These additional shares of capital stock may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. One of the effects of the existence of authorized but unissued common stock or preferred stock may be to enable our Board to issue shares of capital stock to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive our stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.

***Business Combinations.*** Upon completion of this offering, we will not be subject to the provisions of Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a three-year period following the time that the person becomes an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes, among other things, a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation's voting stock.

Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: (1) before the stockholder became an interested stockholder, the board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; (2) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or (3) at or after the time the stockholder became an interested stockholder, the business combination was approved by the board of directors and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

A Delaware corporation may "opt out" of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or bylaws resulting from a stockholders' amendment approved by at least a majority of the outstanding voting shares.

We will opt out of Section 203; however, our certificate of incorporation will contain similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to such time, our Board approved either the business combination or the transaction which resulted in the
stockholder becoming an interested stockholder;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or subsequent to that time, the business combination is approved by our Board and by the affirmative vote of
holders of at least 66 2/3% of our outstanding voting stock that is not owned by the interested stockholder.

Under certain circumstances, this provision will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with us for a three-year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance with our Board because the stockholder approval requirement would be avoided if our Board approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing changes in our Board and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests.

Our certificate of incorporation will provide that MDP, and any of its direct or indirect transferees and any group as to which such persons are a party, do not constitute "interested stockholders" for purposes of this provision.

**Limitations on Liability and Indemnification of Officers and Directors** 

The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors' fiduciary duties, subject to certain exceptions. Our certificate of incorporation will include a provision that eliminates the personal liability of directors for monetary damages for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions will be to eliminate the rights of us and our stockholders, through stockholders' derivative suits on our behalf, to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches resulting from grossly negligent behavior. However, exculpation will not apply to any director if the director has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions or derived an improper benefit from his or her actions as a director.

Our bylaws will provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL. We also will be expressly authorized to carry director and officer liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance will be useful to attract and retain qualified directors and officers.

The limitation of liability, indemnification and advancement provisions that will be included in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors for breaches of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

**Corporate Opportunity Doctrine** 

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our certificate will, to

------

##### [**Table of Contents**](#toc)
the maximum extent permitted from time to time by Delaware law, renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to certain of our officers, directors or stockholders or their respective affiliates, other than those officers, directors, stockholders or affiliates who are our or our subsidiaries' employees. Our certificate will provide that, to the fullest extent permitted by law, none of MDP or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his or her director and officer capacities) or its, his or her affiliates will have any duty to refrain from (1) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (2) otherwise competing with us or our affiliates. In addition, to the fullest extent permitted by law, in the event that MDP or any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself, himself or herself or its, his or her affiliates or for us or our affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. Our certificate will not renounce our interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of AEVEX Corp. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted to undertake the opportunity under our certificate, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business.

**Dissenters' Rights of Appraisal and Payment** 

Under the DGCL, with certain exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation of AEVEX Corp. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their shares of capital stock as determined by the Delaware Court of Chancery.

**Stockholders' Derivative Actions** 

Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares of capital stock at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of law.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our Class A common stock will be Equiniti Trust Company, LLC. The transfer agent's address is 6201 15th Avenue, Brooklyn, NY 11219 and its phone number is 651-328-4405.

**Listing** 

We have applied to list our Class A common stock on NYSE under the trading symbol "AVEX."

------

##### [**Table of Contents**](#toc)
**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, there has been no public market for our Class A common stock. Future sales of substantial amounts of our Class A common stock in the public market (including shares of our Class A common stock issuable upon redemption or exchange of LLC Units), or the perception that such sales may occur, could adversely affect the prevailing market price of our Class A common stock. No prediction can be made as to the effect, if any, future sales of shares, or the availability of shares for future sales, will have on the prevailing market price of our Class A common stock from time to time. The number of shares available for future sale in the public market is subject to legal and contractual restrictions, some of which are described below. The expiration of these restrictions will permit sales of substantial amounts of our Class A common stock in the public market, or could create the perception that these sales may occur, which could adversely affect the prevailing market price of our Class A common stock. These factors could also make it more difficult for us to raise funds through future offerings of Class A common stock or other equity or equity-linked securities.

**Sale of Restricted Shares** 

Upon completion of this offering, we will have pro forma shares of Class A common stock outstanding as of December 31, 2025 (pro forma shares as of December 31, 2025 if the underwriters exercise in full their option to purchase additional shares). Of these shares of Class A common stock, the shares of Class A common stock being sold in this offering, plus any shares sold upon exercise of the underwriters' option to purchase additional shares, will be freely tradable without restriction under the Securities Act, except for any such shares which may be held or acquired by an "affiliate" of ours, as that term is defined in Rule 144 promulgated under the Securities Act ("Rule 144"), which shares will be subject to the volume limitations and other restrictions of Rule 144 described below. The remaining shares of Class A common stock (or shares of Class A common stock, including shares of Class A common stock issuable upon redemption or exchange of the LLC Units, as described below) will be "restricted securities," as that phrase is defined in Rule 144, and may be resold only after registration under the Securities Act or pursuant to an exemption from such registration, including, among others, the exemptions provided by Rule 144 and 701 under the Securities Act, which rules are summarized below. These remaining shares of Class A common stock that will be outstanding upon completion of this offering will be available for sale in the public market after the expiration of market stand-off agreements with us and the lock-up agreements described in "Underwriters," taking into account the provisions of Rules 144 and 701 under the Securities Act.

In addition, pursuant to the Exchange Agreement, the LLC Unitholders, including our Principal Stockholder, may from time to time after the consummation of this offering, exchange their LLC Units for shares of Class A common stock on a one-for-one basis, or, at our election, for cash, from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). The LLC Unitholders will also be required to deliver to us a number of shares of Class B common stock equivalent to the number of shares of Class A common stock being exchanged to effectuate an exchange. Any shares of Class B common stock so delivered will be cancelled. Upon consummation of this offering, the LLC Unitholders will hold LLC Units, all of which will be exchangeable for shares of our Class A common stock or, at our election, for cash from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). The shares of Class A common stock we issue upon such exchanges would be "restricted securities" as defined in Rule 144 unless we register such issuances. However, we intend to enter into a Registration Rights Agreement with our Principal Stockholder that will require us to register these shares of Class A common stock, subject to certain conditions. See "—Registration Rights" and "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

Under the terms of the LLC Operating Agreement, except pursuant to a valid exchange under the terms of the Exchange Agreement, all of the LLC Units received by the LLC Unitholders in the Organizational Transactions will be subject to restrictions on disposition.

------

##### [**Table of Contents**](#toc)
**Rule 144** 

Persons who became the beneficial owner of shares of our Class A common stock prior to the completion of this offering may not sell their shares until the earlier of (1) the expiration of a six-month holding period, if we have been subject to the reporting requirements of the Exchange Act and have filed all required reports for at least 90 days prior to the date of the sale, or (2) a one-year holding period.

At the expiration of the six-month holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our Class A common stock provided current public information about us is available, and a person who was one of our affiliates at any time during the three months preceding a sale would be entitled to sell within any three-month period only a number of shares of Class A common stock that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our Class A common stock then outstanding, which will equal approximately
     shares immediately after this offering, based on the number of shares of our Class A common stock outstanding after completion of this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Class A common stock during the four calendar weeks preceding the
filing of a notice on Form 144 with respect to the sale.

At the expiration of the one-year holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our Class A common stock without restriction. A person who was one of our affiliates at any time during the three months preceding a sale would remain subject to the volume restrictions described above.

Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us. The sale of these shares, or the perception that sales will be made, could adversely affect the price of our Class A common stock after this offering.

**Rule 701** 

In general, under Rule 701, any of our employees, directors or officers who acquired shares from us in connection with a compensatory stock or option plan or other compensatory written agreement before the effective date of this offering are, subject to applicable lock-up restrictions, eligible to resell such shares in reliance upon Rule 144 beginning 90 days after the date of this prospectus. If such person is not an affiliate and was not our affiliate at any time during the preceding three months, the sale may be made subject only to the manner-of-sale restrictions of Rule 144. If such a person is an affiliate, the sale may be made under Rule 144 without compliance with the holding period requirements under Rule 144, but subject to the other Rule 144 restrictions described above.

**Stock Plans** 

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our Class A common stock issued or reserved for issuance under the 2026 Plan. The first such registration statement is expected to be filed soon after the date of this prospectus and will automatically become effective upon filing with the SEC. Accordingly, shares of Class A common stock registered under such registration statement will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us, Rule 144 restrictions applicable to our affiliates or the lock-up restrictions described below.

**Lock-Up Agreements** 

We, each of our officers and directors, the selling stockholders and other stockholders and optionholders owning substantially all of our Class A common stock and options or other securities to acquire Class A common stock have agreed that, without the prior written consent of the representatives on behalf of the underwriters, we

------

##### [**Table of Contents**](#toc)
and they will not, subject to limited exceptions, directly or indirectly sell or dispose of any of the shares of Class A common stock or securities convertible into or exchangeable for, or that represent the right to receive, shares of common stock, including LLC Units, during the period from the date of the first public filing of the registration statement on Form S-1 filed in connection with this offering continuing through the date that is 180 days after the date of this prospectus. The lock-up restrictions and specified exceptions are described in more detail under "Underwriters." may, in their discretion, release all or any portion of the securities subject to these lock-up agreements. See "Underwriters."

Prior to the consummation of the offering, certain of our employees, including our executive officers, and/or directors may enter into written trading plans that are intended to comply with Rule 10b5-1 under the Exchange Act. Sales under these trading plans would not be permitted until the expiration of the lock-up agreements relating to the offering described above.

Following the lock-up periods set forth in the agreements described above, and assuming that do not release any parties from these agreements, all of the shares of our Class A common stock that are restricted securities or are held by our affiliates as of the date of this prospectus will be eligible for sale in the public market in compliance with Rule 144 under the Securities Act.

**Registration Rights Agreement** 

We intend to enter into a Registration Rights Agreement with our Principal Stockholder in connection with this offering. The Registration Rights Agreement will provide our Principal Stockholder certain registration rights whereby, following our initial public offering and the expiration of any related lock-up period, our Principal Stockholder can require us to register under the Securities Act shares of Class A common stock (including shares issuable to it upon exchange of its LLC Units). The Registration Rights Agreement will also provide for piggyback registration rights for our Principal Stockholder. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

------

##### [**Table of Contents**](#toc)
**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS** 

The following discussion is a summary of certain material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership and disposition of our Class A common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax consequences relating thereto. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated or proposed thereunder (the "Treasury Regulations"), judicial decisions and published rulings, and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), in each case as in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our Class A common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to those discussed below regarding the tax consequences of the purchase, ownership and disposition of our Class A common stock.

This discussion is limited to Non-U.S. Holders who purchase our Class A common stock pursuant to this offering and who hold our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A common stock as part of a hedge, straddle or other risk reduction strategy or as
part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies and other financial institutions (except to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or traders in securities, commodities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that elect to use a mark-to-market method of accounting for their holdings in our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and
corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pass-through entities other than partnerships (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option
or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own or have owned (actually or constructively) more than five percent of our capital stock (except
to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules as a result of any item of gross income with respect to our
Class A common stock being taken in account in an "applicable financial statement" (as defined in Section 451(b)(3) of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" (within the meaning of Section 897(l)(2) of the Code) and
entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans.

------

##### [**Table of Contents**](#toc)
In addition, this discussion does not address the tax treatment of partnerships (or other entities or arrangements that are treated as partnerships for U.S. federal income tax purposes) or persons that hold our Class A common stock through such partnerships. If any entity or arrangement classified as a partnership for U.S. federal income tax purposes holds our Class A common stock, the U.S. federal income tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our Class A common stock and partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them of the purchase, ownership, and disposition of our Class A common stock.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.

**Definition of a Non-U.S. Holder** 

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Class A common stock that is neither a "United States person" (as defined below) nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes. For purposes of this discussion, a "United States person" is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or
organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and all substantial decisions of
which are under the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income
tax purposes.

**Distributions** 

As described in the section entitled "Dividend Policy," we do not anticipate declaring or paying dividends to holders of our Class A common stock in the foreseeable future. However, if we do make distributions of cash or property on our Class A common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes generally will constitute a non-taxable return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its Class A common stock, but not below zero. Any excess amounts generally will be treated as capital gains from the sale or exchange of such shares and will be treated as described below under "Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, backup withholding, and Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act ("FATCA")), dividends paid to a Non-U.S. Holder of our Class A common stock will generally be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided that the Non-U.S. Holder furnishes to the applicable withholding agent prior to the payment of the dividends a valid IRS Form W-8BEN or W-8BEN-E (or other applicable

------

##### [**Table of Contents**](#toc)
documentation or successor form) certifying qualification for the lower treaty rate). Such Non-U.S. Holder will be required to update such forms and certifications, as applicable, from time to time as required by law. A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with such Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, such Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), such Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above if such Non-U.S. Holder satisfies applicable certification and disclosure requirements. To claim the exemption, such Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI (or a successor form), certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States. Such Non-U.S. Holder will be required to update such forms and certifications, as applicable, from time to time as required by law. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different treatment.

Any such effectively connected dividends will generally be subject to U.S. federal income tax on a net-income basis at the regular graduated rates generally applicable to "United States persons" (as defined in the Code). A Non-U.S. Holder that is a corporation also may be subject to an additional branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected dividends. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different treatments.

**Sale or Other Taxable Disposition** 

Subject to the discussion below on backup withholding and FATCA, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present
in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class A common stock constitutes a U.S. real property interest (a "USRPI"), by reason of our
status as a U.S. real property holding corporation (a "USRPHC") for U.S. federal income tax purposes at any time within the shorter of (1) the five-year period preceding the Non-U.S. Holder's disposition of our Class A common stock and (2) the Non-U.S. Holder's holding period for our Class A common stock. Generally, a domestic corporation is a USRPHC if, on any
applicable determination date, the fair market value of its USRPIs equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus certain other business assets.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates generally applicable to a United States person. A Non-U.S. Holder that is a corporation also may be subject to an additional branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected gain.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain realized from the sale

------

##### [**Table of Contents**](#toc)
or other taxable disposition of our Class A common stock, which may generally be offset by U.S. source capital losses of the Non-U.S. Holder for the applicable taxable year (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance that we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our Class A common stock will not be subject to U.S. federal income tax if our Class A common stock is "regularly traded on an established securities market," as defined by applicable Treasury Regulations, during the calendar year in which the taxable disposition occurs, and such Non-U.S. Holder owned, actually and constructively, five percent or less of our Class A common stock throughout the shorter of (1) the five-year period ending on the date of the sale or other taxable disposition or (2) the Non-U.S. Holder's holding period. No assurance can be provided that our Class A common stock will be considered regularly traded on an established securities market at all times for purposes of the rules described above. If we are or were to become a USRPHC and our Class A common stock were not considered to be "regularly traded" on an established securities market during the calendar year in which the relevant disposition by a Non-U.S. Holder occurs, then the foregoing exception would not apply and such Non-U.S. Holder (regardless of the percentage of stock owned) would be subject to U.S. federal income tax on a sale or other taxable disposition of our Class A common stock and a 15% U.S. federal withholding tax would apply to the gross proceeds from such disposition.

The determination of whether a Non-U.S. Holder owns (actually and constructively) 5% or less of our Class A common stock and the potential application of the "regularly traded" exception is complex and subject to uncertainty. Non-U.S. Holders should consult their tax advisors regarding such determination, the consequences of these rules on their investment, and potentially applicable income tax treaties that may provide for different treatment.

**Information Reporting and Backup Withholding** 

Payments of distributions on our Class A common stock to a Non-U.S. Holder generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI (or other applicable or successor form), or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our Class A common stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class A common stock within the United States or conducted through certain U.S.-related brokers by a Non-U.S. Holder generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person, or the Non-U.S. Holder otherwise establishes an exemption. If a Non-U.S. Holder does not provide the certification described above or the applicable withholding agent has actual knowledge or reason to know that such Non-U.S. Holder is a United States person, payments of dividends or of proceeds of the sale or other taxable disposition of our Class A common stock may be subject to backup withholding at a rate currently equal to 24% of the gross proceeds of such distribution, sale, or taxable disposition. Proceeds of a sale or other taxable disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

------

##### [**Table of Contents**](#toc)
Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be claimed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

Non-U.S. Holders should consult their tax advisors regarding information reporting and backup withholding.

**Additional Withholding Tax on Payments Made to Foreign Accounts** 

Withholding taxes may be imposed under FATCA and other administrative guidance issued thereunder, on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the discussion of certain proposed Treasury Regulations below) gross proceeds from the sale or other disposition of, our Class A common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code) (including, in some cases, when such foreign financial institution or non-financial foreign entity is acting as an intermediary), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) if the foreign entity is not a "foreign financial entity," the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each direct and indirect substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise establishes that it qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to noncompliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the Code, applicable Treasury Regulations, and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from a sale or other disposition of our Class A common stock, the U.S. Department of the Treasury has released proposed regulations (which may be relied upon by taxpayers until final regulations are issued) that eliminate FATCA withholding on gross proceeds. We will not pay additional amounts or "gross up" payments to Non-U.S. Holders as a result of any withholding or deduction for taxes imposed under FATCA. Under certain circumstances, certain Non-U.S. Holders might be eligible for refunds or credits of such taxes. Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Class A common stock.

------

##### [**Table of Contents**](#toc)
**UNDERWRITING** 

We, the selling stockholders and the underwriters named below have entered into an underwriting agreement with respect to the shares of Class A common stock being offered by us. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares of Class A common stock indicated in the following table. Goldman Sachs & Co. LLC, BofA Securities, Inc. and Jefferies LLC are the representatives of the underwriters.

---

| | |
|:---|:---|
| **Underwriting** | **Number of Shares of Class<br>A Common Stock** |
|  Goldman Sachs & Co. LLC |  |
|  BofA Securities, Inc. |  |
|  Jefferies LLC |  |
|  J.P. Morgan Securities LLC |  |
|  RBC Capital Markets, LLC |  |
|  Robert W. Baird & Co. Incorporated |  |
|  William Blair & Company, L.L.C. |  |
|  Raymond James & Associates, Inc. |  |
|  Needham & Company, LLC |  |
|  Academy Securities, Inc. |  |
|  Capital One Securities, Inc. |  |
|  PNC Capital Markets LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |

---

The underwriters are committed to take and pay for all of the shares of Class A common stock being offered, if any are taken, other than the shares of Class A common stock covered by the option described below unless and until this option is exercised.

The underwriters have an option to buy up to an additional shares of Class A common stock from us or the selling stockholders to cover sales by the underwriters of a greater number of shares of Class A common stock than the total number set forth in the table above. They may exercise that option for 30 days. If any shares of Class A common stock are purchased pursuant to this option, the underwriters will severally purchase shares of Class A common stock in approximately the same proportion as set forth in the table above.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us and the selling stockholders. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares of Class A common stock from us.

**<u>Paid by Us</u>**

---

| | | |
|:---|:---|:---|
|  | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
|  Total | $| $|

---

**<u>Paid by the Selling Stockholders</u>**

---

| | | |
|:---|:---|:---|
|  | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
|  Total | $| $|

---

Shares of Class A common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover page of this prospectus. Any shares of Class A common stock sold by

------

##### [**Table of Contents**](#toc)
the underwriters to securities dealers may be sold at a discount of up to $ per share from the initial public offering price. After the initial offering of the shares of Class A common stock, the representatives may change the offering price and the other selling terms. The offering of the shares of Class A common stock by the underwriters is subject to their receipt and acceptance of the shares of Class A common stock being offered and subject to the underwriters' right to reject any order in whole or in part.

We and our officers, directors, and substantially all of our stockholders, including the selling stockholders, have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of our and their Class A common stock or LLC Units or securities convertible into or exchangeable for shares of Class A common stock or LLC Units during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of . This agreement does not apply to any existing employee benefit plans. See "Shares Available for Future Sale" for a discussion of certain transfer restrictions.

Prior to the offering, there has been no public market for shares of our Class A common stock. The initial public offering price has been negotiated between us and the representatives. Among the factors to be considered in determining the initial public offering price of the shares of Class A common stock, in addition to prevailing market conditions, will be our historical performance, estimates of our business potential and earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

We have applied to list our Class A common stock on NYSE under the symbol "AVEX."

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares of Class A common stock sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our Class A common stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the Class A common stock. As a result, the price of the Class A common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not

------

##### [**Table of Contents**](#toc)
required to engage in these activities and may end any of these activities at any time. These transactions may be effected on NYSE, in the over-the-counter market or otherwise.

We and the selling stockholders estimate that the total expenses of this offering, excluding underwriting discounts and commissions, will be approximately $. We and the selling stockholders have also agreed to reimburse the underwriters for certain of their expenses in an amount up to $. In addition, the underwriters have agreed to reimburse us for approximately $ of certain of our expenses that we have incurred in connection with this offering, including fees payable to Solebury in connection with their services related to this offering.

We and the selling stockholders have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act of 1933.

**Reserved Share Program** 

At our request, an affiliate of BofA Securities, Inc., a participating Underwriter, has reserved for sale, at the initial public offering price, up to 5% of the shares offered by this prospectus for sale to some of our directors, officers, employees, distributors, dealers, business associates and related persons. If these persons purchase reserved shares it will reduce the number of shares available for sale to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered by this prospectus.

***Other Relationships***

We have retained Solebury, an affiliate of PNC Capital Markets LLC, to act as a financial adviser in connection with our preparation for this offering.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses. In particular, PNC Bank, National Association, an affiliate of PNC Capital Markets LLC, an underwriter in this offering, is agent and a lender under the Existing Revolving Credit Facility. In addition, certain of the underwriters in this offering or their affiliates may be lenders under the New Credit Facilities upon consummation thereof.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of ours (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

***Selling Restrictions***

*European Economic Area* 

In relation to each Member State of the European Economic Area (each, a "Relevant State"), no shares of Class A common stock have been offered or will be offered pursuant to the offering to the public in that Relevant

------

##### [**Table of Contents**](#toc)
State prior to the publication of a prospectus in relation to the shares of Class A common stock which have been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that the shares of Class A common stock may be offered to the public in that Relevant State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any legal entity which is a "qualified investor" as defined under Article 2 of the Prospectus
Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the
Prospectus Regulation), subject to obtaining the prior consent of representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of the shares of Class A common stock shall require us or any of the representatives to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression "offer to the public" in relation to the shares of Class A common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

*United Kingdom* 

No shares of Class A common stock have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares of Class A common stock which has been approved by the Financial Conduct Authority, except that the shares of Class A common stock may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus
Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of
the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in any other circumstances falling within Section 86 of the FSMA,

provided that no such offer of the shares of Class A common stock shall require the issuer or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the expression an "offer to the public" in relation to the shares of Class A common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

This prospectus has not been approved by an authorised person in the U.K. This prospectus is for distribution only to persons who: (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as

------

##### [**Table of Contents**](#toc)
amended (the "Financial Promotion Order"); (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order; (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities that may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This prospectus is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus relates is available only to relevant persons and will be engaged in only with relevant persons.

*Canada* 

The shares of Class A common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions, and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of Class A common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

*Hong Kong* 

No securities have been offered or sold, and no securities may be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent; or to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong ("SFO") and any rules made under that Ordinance; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong ("CO") or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO. No document, invitation or advertisement relating to the securities has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made under that Ordinance.

This prospectus has not been registered with the Registrar of Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described in this prospectus and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

------

##### [**Table of Contents**](#toc)
*Japan* 

The offering has not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948 of Japan, as amended, the "FIEA"), and the Initial Purchaser will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIFA and any other applicable laws, regulations and ministerial guidelines of Japan.

*Brazil* 

THE OFFER AND SALE OF THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE BRAZILIAN SECURITIES COMMISSION (COMISSÃO DE VALORES MOBILIÁRIOS, OR "CVM") AND, THEREFORE, WILL NOT BE CARRIED OUT BY ANY MEANS THAT WOULD CONSTITUTE A PUBLIC OFFERING IN BRAZIL UNDER CVM RESOLUTION NO 160, DATED 13 JULY 2022, AS AMENDED ("CVM RESOLUTION 160") OR UNAUTHORIZED DISTRIBUTION UNDER BRAZILIAN LAWS AND REGULATIONS. THE SECURITIES MAY ONLY BE OFFERED TO BRAZILIAN PROFESSIONAL INVESTORS (AS DEFINED BY APPLICABLE CVM REGULATION), WHO MAY ONLY ACQUIRE THE SECURITIES THROUGH A NON-BRAZILIAN ACCOUNT, WITH SETTLEMENT OUTSIDE BRAZIL IN NON-BRAZILIAN CURRENCY. THE TRADING OF THESE SECURITIES ON REGULATED SECURITIES MARKETS IN BRAZIL IS PROHIBITED.

*Singapore* 

This prospectus has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

The shares of Class A common stock are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

*Switzerland* 

The shares of Class A common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this prospectus nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market

------

##### [**Table of Contents**](#toc)
Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.

*Dubai International Financial Center* 

This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of Class A common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

*Australia* 

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission ("ASIC"), in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the shares may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The shares of Class A common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

------

##### [**Table of Contents**](#toc)
**LEGAL MATTERS** 

The validity of the issuance of our Class A common stock offered in this prospectus will be passed upon for us by Kirkland & Ellis LLP, Chicago, Illinois. Certain partners of Kirkland & Ellis LLP are members of a limited partnership that is an investor in one or more investment funds affiliated with MDP. Kirkland & Ellis LLP represents entities affiliated with MDP in connection with legal matters. Certain legal matters will be passed upon for the underwriters by Latham & Watkins LLP, New York, New York.

------

##### [**Table of Contents**](#toc)
**EXPERTS** 

The financial statement of AEVEX Corp. as of December 31, 2025 included in this Prospectus has been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The consolidated financial statements of Athena Technology Solutions Holdings, LLC as of December 31, 2025 and 2024 and for the years then ended included in this Prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

------

##### [**Table of Contents**](#toc)
**WHERE YOU CAN FIND MORE INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act to register our Class A common stock being offered in this prospectus. This prospectus, which forms part of the registration statement, does not contain all of the information included in the registration statement and the attached exhibits. You will find additional information about us and our Class A common stock in the registration statement. References in this prospectus to any of our contracts, agreements or other documents are not necessarily complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contracts, agreements or documents. The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

Upon the completion of this offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements and other information with the SEC. These reports, proxy statements, and other information will be available for inspection and copying at the website of the SEC referred to above.

We also maintain a website at www.aevex.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The information contained on, or that can be accessed through, our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our Class A common stock.

------

##### [**Table of Contents**](#toc)
**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

**AEVEX CORP.** 

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#fin22113_11) |  | F-2 |
|  [Balance Sheet](#fin22113_12) |  | F-3 |
|  [Notes to Financial Statement](#fin22113_13) |  | F-4 |

---

**ATHENA TECHNOLOGY SOLUTIONS HOLDINGS, LLC** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#fin22113_1) | F-5 |
|  [Consolidated Balance Sheets](#fin22113_2) | F-6 |
|  [Consolidated Statements of Operations](#fin22113_3) | F-7 |
|  [Consolidated Statements of Changes in Equity](#fin22113_4) | F-8 |
|  [Consolidated Statements of Cash Flows](#fin22113_5) | F-9 |
|  [Notes to Consolidated Financial Statements](#fin22113_6) | F-11 |

---

------

##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholders of AEVEX Corp.

***Opinion on the Financial Statement - Balance Sheet***

We have audited the accompanying balance sheet of AEVEX Corp. (the "Company") as of December 31, 2025, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Diego, California

March 23, 2026

We have served as the Company's auditor since 2025.

------

##### [**Table of Contents**](#toc)
**AEVEX Corp.** 

**Balance Sheet** 

**December 31, 2025** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $— |
|  **Liabilities and Stockholder's Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | $— |
|  Stockholder's Equity: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Holdings LLC | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.01 par value per share, 1,000 shares authorized, issued and outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholder's equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholder's equity | $— |

---

*See accompanying notes to the financial statements.*

------

##### [**Table of Contents**](#toc)
**1.** **Organization** 

AEVEX Corp. (the "Company") was formed as a Delaware corporation on October 27, 2025. The Company was formed for the purpose of completing a public offering and related transactions in order to carry on the business of Athena Technology Solutions Holdings, LLC and its subsidiaries ("Holdings LLC"). As the manager of Holdings LLC, the Company is expected to operate and control all of the business and affairs of Holdings LLC and, through Holdings LLC, continue to conduct the business now conducted by these subsidiaries.

**2.** **Summary of Significant Accounting Policies** 

**Basis of Presentation**

The accompanying financial statement is presented in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Separate statements of operations and comprehensive income, changes in stockholders' equity, and cash flows have not been presented because there have been no activities in this entity as of December 31, 2025. The functional currency of the Company is the U.S. dollar.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our financial statement and the accompanying notes. Actual results could materially differ from these estimates.

**3.** **Receivable from Holding LLC** 

In connection with the issuance of common stock to Holdings LLC, the Company recognized a receivable balance of $10. Receivables arising from the issuance of capital stock are recorded as subscriptions receivable and presented as a deduction from stockholder's equity until the receivable is settled in cash.

**4.** **Common Stock** 

As of December 31, 2025, the Company was authorized to issue 1,000 shares of common stock, par value $0.01 per share, and had issued 1,000 shares of common stock to Holdings, LLC.

**5.** **Subsequent Events** 

The Company has evaluated subsequent events through March 23, 2026, which is the date that this financial statement was available to be issued.

------

##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Members of Athena Technology Solutions Holdings, LLC

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of Athena Technology Solutions Holdings, LLC and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations, of changes in equity and of cash flows for the years then ended, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Diego, California

March 23, 2026

We have served as the Company's auditor since 2024.

------

##### [**Table of Contents**](#toc)
**Athena Technology Solutions Holdings, LLC** 

**Consolidated Balance Sheets** 

**December 31, 2025 and 2024** 

**(In thousands, except unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Assets** | **Assets** | **Assets** |
|  Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $27908 | $45603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 55215 | 24026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 79680 | 17842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 4134 | 9015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 23479 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 190416 | 100376 |
|  Goodwill | 292328 | 292328 |
|  Customer relationships, net | 110250 | 126552 |
|  Other intangible assets, net | 1864 | 1316 |
|  Property and equipment, net | 19586 | 21125 |
|  Operating lease right-of-use assets | 7697 | 9871 |
|  Other assets | 478 | 489 |
|  Asset held for sale | 4376 | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $626995 | $556631 |
|  **Liabilities, Mezzanine Equity and Equity** |  |  |
|  Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $23700 | $7562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 21760 | 12757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 10942 | 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent consideration |  | 10243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 2720 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 3426 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 62548 | 39564 |
|  Contingent consideration, net of current portion |  | 87907 |
|  Long-term debt, net of current portion | 255780 | 257697 |
|  Operating lease liabilities, net of current portion | 4700 | 7189 |
|  Series A preferred units derivative liability | 19999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 343027 | 392357 |
|  Commitments and contingencies (Note 11) |  |  |
|  Mezzanine Equity: |  |  |
|  Series A preferred units, no par value, 100,000 and 0 units authorized, issued and outstanding as of December 31, 2025 and 2024, respectively | 80371 |  |
|  Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units, no par value, 88,532,824 and 80,745,873 units authorized, issued and outstanding as of December 31, 2025 and 2024, respectively | 199016 | 159529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total members' equity | 199016 | 159529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest | 4581 | 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 203597 | 164274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, mezzanine equity, and equity | $626995 | $556631 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Athena Technology Solutions Holdings, LLC** 

**Consolidated Statements of Operations** 

**Years Ended December 31, 2025 and 2024** 

**(In thousands, except unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Products | $319351 | $292429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 113582 | 99763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 432933 | 392192 |
|  Cost of revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Products | 244735 | 199920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 93895 | 82000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cost of revenue | 338630 | 281920 |
|  Gross profit | 94303 | 110272 |
|  Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative | 41626 | 33780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 25439 | 12997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 16606 | 18119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in contingent consideration | 2435 | (61599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 86106 | 3297 |
|  Income from operations | 8197 | 106975 |
|  Other income (expense), net: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (32346) | (29584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 699 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 6841 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense, net | (24806**)** | (28019) |
| (Loss) income before income taxes | (16609**)** | 78956 |
|  Provision for income taxes | 171 | 363 |
|  Net (loss) income | (16780**)** | 78593 |
|  Net income attributable to noncontrolling interest | 106 | 44 |
|  Net (loss) income attributable to Athena Technology Solutions Holdings, LLC | $(16886) | $78549 |
|  Net (loss) income per Class A unit: |  |  |
|  Basic | $(0.20) | $0.98 |
|  Diluted | $(0.20) | $0.38 |
|  Weighted average Class A units outstanding: |  |  |
|  Basic | 88532824 | 80432217 |
|  Diluted | 88532824 | 88219168 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Athena Technology Solutions Holdings, LLC** 

**Consolidated Statements of Changes in Equity** 

**Years Ended December 31, 2025 and 2024** 

**(In thousands, except unit amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A Units** | **Class A Units** | **Noncontrolling**<br>**Interest** | **Total**<br>**Equity** |
|  | **Units** | **Amount** | **Noncontrolling**<br>**Interest** | **Total**<br>**Equity** |
|  Balance at December 31, 2023 | 70566335 | $91313 | $5096 | $96409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity issued in business combination | 448430 | 3547 |  | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to members |  | (90853) |  | (90853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to noncontrolling interest |  |  | (395) | (395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of equity in settlement of contingent consideration liability | 9731108 | 76973 |  | 76973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  | 78549 | 44 | 78593 |
|  Balance at December 31, 2024 | 80745873 | 159529 | 4745 | 164274 |
|  Distributions to members |  | (5000) |  | (5000) |
|  Distributions to noncontrolling interest |  |  | (270) | (270) |
|  Stock compensation expense |  | 173 |  | 173 |
|  Issuance of equity in settlement of contingent consideration liability | 7786951 | 61650 |  | 61650 |
|  Accretion of Series A preferred units |  | (450) |  | (450) |
|  Net (loss) income |  | (16886) | 106 | (16780) |
|  Balance at December 31, 2025 | 88532824 | $199016 | $4581 | $203597 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Athena Technology Solutions Holdings, LLC** 

**Consolidated Statement of Cash Flows** 

**Years Ended December 31, 2025 and 2024** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** |
|  **Operating activities** |  |  |
|  Net (loss) income | $(16780) | $78593 |
|  Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |  |
|  Depreciation and amortization | 21369 | 21342 |
|  Amortization of debt issuance costs | 983 | 1088 |
|  Stock compensation expense | 173 |  |
|  Change in contingent consideration | 2435 | (61599) |
|  Deferred income taxes | 144 | 260 |
|  Noncash operating lease expense | 3089 | 2885 |
|  Credit loss expense |  | 114 |
|  Provision for inventory obsolescence | 1822 | 7030 |
|  Gain on sale of equipment |  | (110) |
|  Changes in operating assets and liabilities, net of acquisition: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (31189) | 46290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | (61838) | 35641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 7693 | (4868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (15747) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 16105 | (19380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 8355 | (7603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 7780 | (2883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent consideration | (38935) | (29103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (3098) | (2706) |
|  Net cash (used in) provided by operating activities | (97639) | 64912 |
|  **Investing activities** |  |  |
|  Acquisition of long-lived assets | (988) |  |
|  Acquisition, net of cash acquired | (2077) | (3017) |
|  Proceeds from sale of property and equipment |  | 318 |
|  Purchases of property and equipment | (7479) | (8478) |
|  Net cash used in investing activities | (10544) | (11177) |
|  **Financing activities** |  |  |
|  Proceeds from notes payable, net of issuance costs |  | 54450 |
|  Proceeds from Series A preferred units, net of issuance costs | 99920 |  |
|  Distributions to members | (5000) | (90853) |
|  Distributions to noncontrolling interest | (270) | (395) |
|  Payments of contingent consideration |  | (19553) |
|  Repayment of notes payable | (2720) | (2583) |
|  Proceeds from Loan Authorization Agreement | 20000 |  |
|  Repayment of Loan Authorization Agreement | (20000) |  |
|  Payments of debt issuance costs | (311) |  |
|  Payments of deferred offering costs | (1131) |  |
|  Proceeds from revolving credit facility | 20000 | 15000 |
|  Repayment of revolving credit facility | (20000) | (15000) |
|  Net cash provided by (used in) financing activities | 90488 | (58934) |
|  Net decrease in cash and cash equivalents | (17695) | (5199) |
|  Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 45603 | 50802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $27908 | $45603 |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** |
|  Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $30998 | $28207 |
|  Supplemental disclosures of noncash financing and investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment in accounts payable and accrued expenses | $253 | $209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A preferred units accretion | 450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity issued in business combination |  | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRA final net working capital adjustment and holdbacks |  | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs in accrued expenses | 2711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of fixed assets to inventory | 4878 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of inventory to fixed assets | 243 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity issued in settlement of contingent consideration | 61650 | 76973 |

---

*See accompanying notes to the consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**1.** **The Company** 

**Business Activity** 

Athena Technology Solutions Holdings, LLC (the "Company" or "ATSH") was formed as a Delaware limited liability company on February 13, 2020. The Company, through its operating subsidiaries, which include AEVEX Holdings, LLC, is a leading provider of full-spectrum airborne intelligence solutions for the global intelligence community.

**Presentation and Consolidation** 

The accompanying consolidated financial statements present the financial position, results of operations, and cash flows of the Company and its subsidiaries, including a variable interest entity ("VIE") for which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of the Company and its subsidiaries is the U.S. dollar. All dollar amounts disclosed in these notes to the consolidated financial statements are expressed in thousands.

**Limited Liability Companies** 

The Company and most of its subsidiaries are limited liability companies formed under their respective states' Limited Liability Company Acts (the "Acts"). The parties to the Limited Liability Company Agreements are designated as members. Under the Acts, members are not liable for liabilities of limited liability companies.

**2.** **Summary of Significant Accounting Policies** 

This summary of significant accounting policies of the Company is presented to assist in understanding the consolidated financial statements. The consolidated financial statements and accompanying notes are representations of the Company's management. These accounting policies conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and have been consistently applied in the presentation of the consolidated financial statements.

**Segment Information** 

The Company determined its operating segments after considering the Company's organizational structure and the information regularly reviewed by the chief operating decision maker ("CODM") to evaluate financial performance and allocate resources. The Company's chief executive officer, who is the CODM, reviews financial information on an operating segment basis for purposes of evaluating financial performance and allocating resources. Based on these factors, the Company determined that it operates and manages its business as two operating segments: i) Tactical Systems and ii) Global Solutions and, accordingly, has two reportable segments for financial reporting purposes. The Tactical Systems segment designs, develops, and manufactures autonomous systems and technologies for defense and national security customers. The Global Solutions segment delivers full-spectrum mission services, aircraft modification, and engineering support across manned and unmanned platforms.

**Use of Estimates** 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of consolidated assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of consolidated revenues and expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual results could materially differ from those estimates. On an on-going basis, management evaluates its significant estimates, including those related to slow-moving or obsolete inventory, estimated useful lives of long-lived assets, the valuation of acquired intangible assets, goodwill impairment testing, the recognition of revenue over time for certain customer contracts, the valuation of the Series A preferred units embedded derivative liability, and the valuation of the Company's contingent consideration liability.

------

##### [**Table of Contents**](#toc)
**Concentrations** 

Financial instruments which potentially subject the Company to a concentration of credit risk consist principally of cash, accounts receivable and contract assets. Cash balances are exposed to credit risk since the Company periodically maintains balances in excess of federally insured limits. The Company does not believe it is exposed to any significant credit risk on these deposits. The Company provides a range of technologically advanced services and solutions to government organizations, primarily approved agencies and subcontractors of the U.S. Government, and is subject to certain business risks specific to that industry. Sales to government organizations may be affected by changes in procurement policies, budget considerations, changing concepts of national defense, political developments, and other factors. The Company generally does not require collateral or other security for its accounts receivable. Substantially all accounts receivable as of December 31, 2025 are expected to be collected in 2026. The Company does not believe it has significant exposure to credit risk, as accounts receivable and contract assets are primarily from contracts where the U.S. Government is the primary customer.

Significant customers are those which represent more than 10 percent of the Company's total revenue or gross accounts receivable balance. Revenue from the U.S. Government and agencies of the U.S. Government, when they are direct customers of the Company, represented 78% and 81% of total revenue for the years ended December 31, 2025 and 2024, respectively. Revenue from the U.S. Government and agencies of the U.S. Government is included in the Company's Tactical Systems segment and the Global Solutions segment. Accounts receivable from customer A represented 67% of consolidated accounts receivable as of December 31, 2025. Accounts receivable from customer A and customer B represented 42% and 15%, respectively, of consolidated accounts receivable as of December 31, 2024.

**Cash and Cash Equivalents** 

The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company did not have any restricted cash as of December 31, 2025 or 2024.

**Accounts Receivable and Allowance for Expected Credit Losses** 

Accounts receivable represent billed and unbilled accounts receivable that are stated net of the allowance for expected credit losses. Accounts receivable are recorded when invoices are issued based on the amounts expected to be collected.

An allowance for credit losses is recorded based on a review of outstanding receivables and the consideration of the age of the receivable balance, historical losses, customer credit quality, current economic conditions, and other factors that may affect the customers' ability to pay. Accounts receivable are typically due within 30 to 45 days after the date of the invoice and balances more than 90 days old are considered past due. Accounts receivable are written off when they are determined to be uncollectible. The Company does not accrue interest on past due receivables. The allowance for credit losses was $0 as of December 31, 2025 and 2024. During the year ended December 31, 2025, the Company recognized $0 of credit loss expense and $0 of receivables were written off. During the year ended December 31, 2024, the Company recognized $114 of credit loss expense and $114 of receivables were written off.

Accounts receivable consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| (In thousands) | **2025** | **2024** |
|  Billed accounts receivable | $17911 | $12845 |
|  Unbilled accounts receivable | 37304 | 11181 |
|  Less: Allowance for credit losses |  |  |
|  Total accounts receivable | $55215 | $24026 |

---

------

##### [**Table of Contents**](#toc)
**Inventories** 

Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. The Company evaluates inventories for obsolescence and slow-moving items on an ongoing basis for possible write-downs to net realizable value. Write-downs to net realizable value establish a new cost basis and are not subsequently reversed based on changes in underlying facts and circumstances.

**Business Combinations** 

Business combinations are accounted for in accordance with Accounting Standards Codification ("ASC") Topic 805, *Business Combinations*, which requires that the identifiable assets acquired and the liabilities assumed be recognized and measured, with limited exceptions, at their acquisition-date fair value. The determination of estimated fair values requires judgment and involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. The recorded fair values are subject to adjustments during a measurement period of up to one year from the acquisition date. The measurement period provides the Company with the ability to adjust the fair values of acquired assets and assumed liabilities for new information that is obtained about circumstances that existed as of the acquisition date.

For contingent consideration arrangements, a liability is recognized at estimated fair value as of the acquisition date, with subsequent fair value adjustments recognized in operations on the consolidated statements of operations. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of operations.

Asset acquisitions are accounted for using a cost accumulation model, with the cost of the acquisition allocated to the acquired assets based on their relative fair values. Assets acquired and liabilities assumed are recognized at cost, which is the consideration the acquirer transfers to the seller, including direct transaction costs, on the acquisition date. Goodwill is not recognized in an asset acquisition.

**Goodwill** 

Goodwill is recognized for the excess of the acquisition-date fair value of the consideration transferred over the acquisition-date fair value of the identifiable assets acquired and liabilities assumed in business combinations. Goodwill is not amortized, but is subject to impairment testing. Impairment testing is performed annually in the fourth quarter or when there is indication that a triggering event has occurred, such as a significant adverse change in the Company's business. Impairment testing for goodwill is performed at the reporting unit level. For goodwill impairment testing, the Company has the option to first perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill. If the Company determines that it is not more likely than not, no additional test is required. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then a quantitative impairment test is performed by comparing the fair value of the reporting unit with its carrying value.

The quantitative testing of goodwill for impairment requires the Company to make several estimates related to projected future cash flows to determine the fair value of the reporting units to which goodwill has been assigned. The Company determines whether each reporting unit's fair value exceeds its carrying amount, including goodwill, based upon projections of future revenues, expenses, and cash flows discounted to their present value, as well as the application of a market approach. Internal operational budgets and long-range strategic plans are used as a basis for the cash flow analysis. The Company also utilizes assumptions related to working capital, capital expenditures, and terminal growth rates. The discount rate applied to the cash flow

------

##### [**Table of Contents**](#toc)
analysis is based on the weighted average cost of capital ("WACC") for each reporting unit. These valuation approaches require the application of Level 3 valuation inputs. If the Company determines that the carrying value of a reporting unit exceeds its estimated fair value, an impairment to goodwill is recognized equal to the excess, and limited to the total amount of goodwill allocated to the reporting unit, as a charge in the consolidated statements of operations.

The Company completed its annual goodwill impairment test during the fourth quarter of the years ended December 31, 2025 and 2024 and determined that no impairment had occurred.

**Intangible Assets** 

Finite-lived intangible assets consist of customer relationships, technology and trade names that are amortized based on their pattern of economic benefit over their estimated useful lives.

**Property and Equipment** 

Property and equipment are stated at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred. Development costs for internal-use software are capitalized during the application development stage. When property and equipment is sold or otherwise disposed of, the asset's cost and accumulated depreciation are removed from the accounts and the gain or loss is included in operations.

Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets and their estimated residual values. Leasehold improvements are amortized over the remaining term of the lease (including any renewal periods that are deemed to be reasonably certain) or the estimated useful lives of the improvement, whichever is shorter. Amortization of internal-use software commences when it is ready for its intended use. Costs to acquire and deliver aircraft leased by the Company to third-party customers, net of the estimated residual value of the aircraft, are depreciated over the expected term of the lease.

The estimated useful lives for consolidated financial statement reporting of depreciation expense are:

---

| | |
|:---|:---|
|  Aircraft | 5 to 20 years |
|  Furniture and equipment | 5 to 7 years |
|  Computers and software | 3 years |
|  Leasehold improvements | lesser of 5 years or life of lease |
|  Vehicles | 5 years |

---

**Impairment of Long-Lived Assets** 

The Company reviews the carrying value of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of long-lived assets is measured by comparing the carrying amount of the assets or asset group to the undiscounted cash flows that the assets or asset group are expected to generate. If the undiscounted cash flows of such assets are less than the carrying amount, the impairment to be recognized is measured by the amount by which the carrying amount of such assets exceeds their fair value. There were no impairment losses recognized for the years ended December 31, 2025 and 2024.

**Revenue Recognition** 

The Company derives revenue primarily from contracts with U.S. Government agencies and prime contractors doing business with U.S. Government agencies, under time and materials contracts, cost-plus-fixed-fee contracts, and fixed-price contracts. The Company considers all such contracts to be within the scope of ASC 606, *Revenue from Contracts with Customers*, ("ASC 606"). The Company recognizes revenue based on a five-step process,

------

##### [**Table of Contents**](#toc)
which includes: (i) identifying the contract with a customer; (ii) identifying the performance obligations in the contract; (iii) determining the transaction price; (iv) allocating the transaction price; and (v) recognizing revenue when or as the Company satisfies a performance obligation. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

At the inception of each contract, the Company evaluates the promised products and services and applies judgment to determine whether the contract should be accounted for as having one or more performance obligations. A performance obligation is a promise to transfer a distinct product or service to a customer and represents the unit of account for revenue recognition. The Company's contracts generally provide for a set of integrated or highly interrelated tasks or services and are therefore accounted for as a single performance obligation. However, in cases where the Company provides more than one distinct good or service within a customer contract, the contract is separated into individual performance obligations which are accounted for discretely.

Once the Company identifies the performance obligations, the Company determines the transaction price. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring services or goods to the customer for the Company's contracts and consists of milestone-based fees. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company's judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company may constrain a portion of the transaction price based upon its anticipated ability to meet certain contractual requirements. The Company's contracts generally do not contain penalties, credits, price concessions, or other types of potential variable consideration. Unexercised contract options and indefinite delivery and indefinite quantity ("IDIQ") contracts are not included in contract values until they are exercised. When an option or IDIQ task order is exercised or awarded, the Company assesses whether it represents a new contract or a modification to an existing contract, and further assesses the service deliverables included therein to determine what performance obligations exist. Warranties are provided on certain contracts, but do not typically provide for services beyond standard assurances and are therefore not considered to be a separate performance obligation.

A substantial amount of the Company's revenue is derived from contracts with the U.S. Government. These contracts are subject to the Federal Acquisition Regulation ("FAR") and the prices of contract deliverables are typically based on estimated or actual costs plus margin. As a result, the standalone selling prices of the products and services in these contracts are typically equal to the selling prices stated in the contract, thereby eliminating the need to allocate (or reallocate) the transaction price to the multiple performance obligations, if determined. In the Company's non-U.S. Government contracts, when standalone selling prices are not directly observable, the Company also generally uses the expected cost-plus margin approach to determine standalone selling price. In determining the appropriate margin under the cost-plus margin approach, the Company considers historical margins on similar products sold to similar customers or within similar geographies where objective evidence is available. The Company may also consider its cost structure, the nature of the proposal, the effects of customization of pricing, its practices used to establish pricing of bundled products, the expected technological life of the product, margins earned on similar contracts with different customers and other factors to determine the appropriate margin.

The Company has elected the following practical expedients: (1) the Company does not account for significant financing components if the period between revenue recognition and when the customer pays for the product or service will be one year or less, (2) the Company recognizes revenue equal to the amount it has a right to invoice when the amount corresponds directly with the value to the customer of the Company's performance to date (right-to-invoice), and (3) the Company does not account for shipping and handling activities as a separate performance obligation, but rather as an activity performed to transfer the promised good or service.

------

##### [**Table of Contents**](#toc)
The Company recognizes revenue for each performance obligation identified when, or as, the performance obligation is satisfied by transferring the promised goods or services to the customer. Revenue from sale of products contracts, except for U.S. Government contracts, is generally recognized at a point-in-time when control is transferred to the customer. Revenue from service contracts is generally recognized over time as the work performed by the Company typically involves a continuous transfer of control to the customer. For most U.S. Government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay for costs incurred plus a reasonable profit, and take control of any work in process. The Company's contracts with international governments and commercial customers contain similar termination for convenience clauses whereby the Company has a legally enforceable right to receive payment for costs incurred and a reasonable profit for products or services that do not have alternative uses to the Company. For revenue recognized under the right-to-invoice practical expedient, the Company has an unconditional right to invoice the customer at an amount that corresponds directly with the value of the Company's performance completed to date. The Company typically invoices its customers monthly with payment terms not to exceed 30 to 45 days. Revenues are recognized over time as control is continuously transferred to the customer during the contract.

For performance obligations satisfied over time and not using the right-to-invoice practical expedient, revenue is generally recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with, and thereby best depict, transfer of control to the customer. Contract costs include labor, materials, subcontractors' costs, other direct costs, and indirect costs applicable on government and commercial contracts.

Due to the nature of the work required to be performed on many performance obligations, the estimation of total cost at completion is complex, subject to many variables and requires significant judgment. Factors that require judgment and must be considered in estimating the cost of the work to be completed include the nature and complexity of the work to be performed, subcontractor performance and the risk and impact of delayed performance. Factors that must be considered in estimating the total transaction price include contractual cost or performance incentives (such as incentive fees, award fees and penalties, if applicable) and other forms of variable consideration, as well as the Company's historical experience and expectation for performance on the contract.

On a quarterly basis, the Company conducts its contract cost Estimate at Completion ("EAC") process by reviewing the progress and execution of outstanding performance obligations within its contracts. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities, and the related changes in estimates of revenues and costs.

The below table summarizes the favorable (unfavorable) impact of changes in the estimated progress towards completion across programs for the following periods:

---

| | | |
|:---|:---|:---|
| (In thousands, except unit amounts) | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  Revenue | $(2433) | $5464 |
|  Basic net (loss) income per Class A unit | $(0.03) | $0.07 |
|  Diluted net (loss) income per Class A unit | $(0.03) | $0.06 |

---

When estimates of total costs to be incurred on a contract exceed total estimates of the transaction price, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is evident, which the Company refers to as a loss contract reserve. As of December 31, 2025 and 2024, the loss contract reserve balance was $51 and $572, respectively, which are included in accrued expenses and other current liabilities in the consolidated balance sheets.

------

##### [**Table of Contents**](#toc)
Customer contracts may be modified to change the scope, price, specifications, or other terms within the existing arrangement. Contract modifications are evaluated by management to determine whether the modification should be accounted for as part of the original performance obligation(s) or as a separate contract. If the modification adds distinct goods or services and increases the contract value proportionate to the stand-alone selling price of the additional goods or services, it will be accounted for as a separate contract. Generally, the Company's contract modifications do not include goods or services which are distinct and, therefore, are accounted for as part of the original performance obligation(s).

Costs to fulfill a contract generally include costs such as labor, materials, subcontractor costs, and identifiable indirect costs associated with or allocable to a specific contract. Costs are expensed to cost of revenue as incurred unless they qualify for capitalization and deferral. The Company does not incur significant incremental costs to obtain contracts and does not typically pay commissions for sales. The costs incurred to obtain a contract would have been incurred regardless of whether the contract was obtained and, therefore, these costs are expensed when incurred. As of December 31, 2025 and 2024, the Company has not capitalized or deferred any contract-related costs.

*Contract Assets and Liabilities* 

For each of the Company's contracts, the timing of revenue recognition, customer billings and cash collections results in a net contract asset or liability. Fixed-price contracts are typically billed to the customer either using progress payments, whereby amounts are billed monthly as costs are incurred or work is completed, or performance-based payments, which are based upon the achievement of specific, measurable events or accomplishments defined and valued at contract inception. Cost-type contracts are billed to the customer on a monthly or semi-monthly basis.

Contract assets and unbilled accounts receivable reflect revenue recognized in advance of customer billing. Contract assets represent conditional rights to consideration for satisfied performance obligations that become a receivable when the conditions are satisfied. Unbilled accounts receivable represent rights to consideration that are unconditional. Such rights are considered unconditional if only the passage of time is required before payment of that consideration is due. Contract payment retentions included in contract assets are not considered a significant financing component of the Company's contracts as the payment terms are intended to protect the customer in the event the Company does not perform on its obligations under the contract.

Contract liabilities reflect payments made in advance of the satisfaction of performance under contracts. Payments received in advance from customers are included in contract liabilities until such obligations are satisfied either over time as costs are incurred, or at a point in time when control is transferred. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements. Contract liabilities are recorded in deferred revenue in the consolidated balance sheets.

Contract assets as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Balance at beginning of year | $17842 | $53483 |
|  Net change | 61838 | (35641) |
|  Balance at end of year | $79680 | $17842 |

---

------

##### [**Table of Contents**](#toc)
Contract liabilities as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Balance at beginning of year | $3162 | $6045 |
|  New additions to contract liabilities | 10264 | 2535 |
|  Revenue recognized that was included in deferred revenue at the beginning of the period | (2484) | (5418) |
|  Balance at end of year | $10942 | $3162 |

---

Changes in contract assets and contract liabilities are primarily due to the timing of payments from customers and the Company satisfying performance obligations during the normal course of business.

*Disaggregation of Revenue* 

The following table presents the disaggregation of revenue from contracts with customers by customer location for the years ended December 31, 2025 and 2024. In addition, refer to the consolidated statements of operations for the disaggregation of revenue by products versus services and to Note 15 for disaggregation of revenue by reportable segment.

---

| | | |
|:---|:---|:---|
| (In thousands) | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  United States | $424026 | $383992 |
|  Other foreign countries | 8907 | 8200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | $432933 | $392192 |

---

*Performance Obligations* 

As of December 31, 2025, the Company had $503,123 of remaining performance obligations. The Company expects to recognize approximately 96.6% of the remaining performance obligations as revenue in 2026 and 3.4% in 2027.

**Advertising Costs** 

Advertising costs are expensed as incurred and included in selling, general and administrative expenses on the consolidated statement of operations. The Company recorded advertising costs of $545 and $175 for the years ended December 31, 2025 and 2024 respectively.

**Research and Development** 

R&D costs include employee and contractor compensation, supplies and materials for new product development, and facility costs. R&D costs are expensed as incurred.

**Incentive Units** 

In 2020, the Company implemented an Incentive Equity Agreement, which is designed to attract and retain talent. Eligible participants include employees, managers of the board and consultants. Incentive Units generally vest based on continued service over a five-year vesting period ("time vesting units"). Upon a change in control or the sale of all, or substantially all, of the Company's assets, the time vesting units vest in full if the holder has been continuously employed by the Company or any of its subsidiaries from the issue date through the date on

------

##### [**Table of Contents**](#toc)
which the transaction is consummated. In addition, certain other Incentive Units ("performance vesting units") vest only if the holder has been continuously employed by the Company or any of its subsidiaries through the date on which aggregate cash distributions by the Company to certain Class A unitholders exceed the specified threshold. Vesting of Incentive Units (defined as both "time-vesting units" and "performance vesting units") does not accelerate upon consummation of an initial public offering.

Employee unvested Incentive Units are automatically forfeited for no consideration upon holder's termination, and employee vested Incentive Units are automatically forfeited for no consideration upon termination by the Company for cause or termination by the holder without good reason. Further, upon the employee's termination by the Company without cause or a termination by holder for good reason, the Company and certain members have the right for 12 months from the date of termination (but not the obligation) to purchase all or any portion of the Incentive Units that are then vested at a purchase price equal to fair market value as of the termination date.

The Incentive Units are issued as profits interests in the LLC for U.S. federal income tax purposes and do not require the payment of an exercise price but rather entitle the holder to participate in the future appreciation of the Class A units from and after the date of issue. Each Incentive Unit is issued with a Participation Threshold. The Participation Threshold represents the cumulative distributions that are required to have been made by the Company to holders of Class A units pursuant to its LLC agreement before a holder of an Incentive Unit is entitled to receive any distributions or payments in respect of such holder's Incentive Units. After the Participation Threshold has been met, the holders of vested Incentive Units are entitled to receive distributions, if and when paid, in the same amount per unit as distributions paid to Class A unit holders.

The board may (but shall not be obligated to) make distributions at any time or from time to time, and the board may elect to make such distributions in cash, property and/or securities of the Company or any of its subsidiaries. The Company performed an analysis of the key features of the Incentive Units to determine whether the nature of the Incentive Units are (a) an equity award which should be accounted for under ASC 718, *Compensation – Stock Compensation* or (b) a bonus arrangement which should be accounted for under ASC 710, *Compensation – General* ("ASC 710"). Based on the features of the Incentive Units, the awards do not meet the criteria to be considered stock compensation and should be accounted for as compensation contracts under ASC 710 because the employee is generally required to provide service and maintain current employment to be eligible to receive a distribution. Accordingly, compensation expense for the employee Incentive Units will be recognized only when the Company concludes it is probable that the holder will receive a distribution.

**Deferred Financing Costs** 

Financing costs incurred in obtaining or refinancing a revolving credit facility are recorded as prepaid expenses and other assets. Financing costs incurred in obtaining or refinancing debt that is not a revolving credit facility are recorded as a direct reduction to the carrying amount of the related debt. Deferred financing costs are amortized to interest expense over the term of the underlying debt arrangement. Amortization of deferred financing costs, which is included in interest expense, was $983 and $1,088 for the years ended December 31, 2025 and 2024, respectively.

**Deferred Offering Costs**

Deferred offering costs, which consist of direct incremental legal, consulting, accounting, and other fees relating to the Company's anticipated initial public offering ("IPO"), are capitalized and will be recorded as a reduction of proceeds from the IPO upon the consummation of the IPO. There were $3,842 of deferred offering costs included in prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2025. Of the costs included in the consolidated balance sheet as of December 31, 2025, $1,131 and $2,711 were paid and unpaid, respectively.

------

##### [**Table of Contents**](#toc)
**Income Taxes** 

A provision for income taxes is not recorded for limited liability companies which have elected to be treated as partnerships for income tax purposes because income taxes resulting from their operations are the responsibility of their members. Certain of the Company's operating subsidiaries are taxed as C corporations for which a provision for income taxes was recorded for the years ended December 31, 2025 and 2024 in accordance with ASC 740, *Income Taxes*. The Company recognizes for these operating subsidiaries deferred tax assets and liabilities for the expected future tax consequences of events that have been included in their tax returns or the consolidated financial statements. Deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amount and the tax basis of assets and liabilities, along with net operating loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. See Note 13 for additional information.

The Company evaluates its tax positions for any uncertainties based on the technical merits of the positions taken. The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be upheld on examination by taxing authorities. The Company has analyzed the tax positions taken and has concluded that, as of December 31, 2025 and 2024, there were no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the consolidated financial statements. Management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain state jurisdictions.

**Leases** 

The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified assets means the lessee has both the right to obtain substantially all the economic benefits from the use of the asset and the right to direct the use of the asset. Leases are classified at lease commencement as either operating or finance leases. During the years ended December 31, 2025 and 2024, all of the Company's leases were classified as operating leases.

Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term. Lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of a lease and are measured based on the present value of fixed lease payments over the lease term and ROU assets are adjusted for any prepaid or accrued lease payments and unamortized lease incentives or initial direct costs. The Company's lease arrangements typically do not have a readily determinable implicit interest rate. In such situations, in determining the present value of fixed lease payments, the Company uses its secured incremental borrowing rate ("IBR") based on the information available at the lease commencement date, including the lease term. ROU assets are assessed for impairment consistent with the Company's long-lived assets impairment accounting policy.

Lease expense for operating leases is recognized on a straight-line basis over the term of the lease beginning on the lease commencement date.

The Company recognizes ROU assets and lease liabilities for all leases other than those with a term of 12 months or less. In the event that any of the leases contain non-lease components, the Company has elected the practical expedient to account for each separate lease component and the associated non-lease component(s) as a single lease component.

The Company is a lessor in one aircraft lease arrangement. The Company accounts for each lease component and any non-lease components associated with its lessor lease separately with amounts allocated to the lease

------

##### [**Table of Contents**](#toc)
and non-lease components based on stand-alone prices. Lease components and non-lease components are separated if (a) the lessee can benefit from the right of use either on its own or together with other resources that are readily available to the lessee, and (b) the right of use is neither highly dependent on nor highly interrelated with other rights to use underlying assets in the contract. Rental revenue associated with the lessor operating lease is recognized on a straight-line basis over the term of the lease. Periods covered by an option to extend the lease are included in the lease term if the lessee/customer is reasonably certain to exercise that option.

Some leasing arrangements, both lessee and lessor, require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. These variable lease payments are recognized as incurred over the lease term. The Company's lease agreements do not contain any material residual value guarantees or any material restrictions or covenants.

**Fair Value Measurements** 

ASC 820, *Fair Value Measurements*, requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Level 1: Quoted prices in active markets for identical assets or liabilities which are easily traded;

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3: Unobservable inputs that are supported by little or no active market quotes and that are significant to the fair value of the assets or liabilities.

The fair value measurement of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company's consolidated financial instruments include cash, accounts receivable, accounts payable, and certain accrued expenses and other current liabilities. The fair value of accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their carrying value because of their short-term nature. The estimated fair value of the Term Loans (discussed in Note 9) is classified in Level 2 of the fair value hierarchy and approximates their carrying value as interest incurred is variable based on market rates.

As described in Note 17, during December 2025 the Company issued Series A preferred units with conversion features that represent an embedded derivative that is accounted for separately from the Series A preferred units and remeasured at fair value at each reporting date, with the changes in fair value recorded through earnings. The derivative liability was recorded at its estimated fair value at issuance and as of December 31, 2025 using a third-party valuation specialist and a probability weighted expected return method ("PWERM") using the "With and Without" approach (a form of an income approach). Under this approach management considered the various conversion scenarios that constitute the embedded derivative. The estimated fair value of the derivative liability was measured using Level 3 inputs which, as presented in the table below, resulted in the liability being considered a Level 3 financial instrument. The significant unobservable inputs included: the estimated future cash flows of the Company, estimated WACC, estimated scenario probability and timing, expected stock price

------

##### [**Table of Contents**](#toc)
volatility, and risk-free interest rate. The following table presents the liability balance as of December 31, 2025 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liability |  |  | $19999 | $19999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  | $19999 | $19999 |

---

As described in Note 3, the Company is party to an earnout agreement that was settled using a combination of cash and Class A units. The liability for this obligation was recorded at its estimated fair value as of December 31, 2024 using third-party valuations. In determining the portion of the liability to be settled in cash, the excess of the actual EBITDA recognized over the contractual threshold was discounted using an appropriate discount rate. In determining the estimated fair value of the liability to be settled in Class A units, the estimated enterprise value of the Company was measured using primarily the income approach, which is based on the estimated future cash flows of the Company that were discounted using an appropriate discount rate. The estimated enterprise value was then allocated to the Class A units using the Option Pricing Method. The estimated fair value of the contingent consideration liability was measured using Level 3 inputs which, as presented in the table below, resulted in the contingent consideration liability being considered a Level 3 financial instrument. The significant unobservable inputs included: the estimated future cash flows of the Company, estimated WACC, expected volatility, estimated timing of a liquidity event, risk-free interest rate, the terms of the earnout arrangement and the actual EBITDA recognized. The liability was $0 as of December 31, 2025 because it was settled during the year then ended. The following table presents the liability balance as of December 31, 2024 (in thousands):.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent consideration |  |  | $98150 | $98150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  | $98150 | $98150 |

---

**Members' Equity** 

As of December 31, 2025 and 2024, the Company's ownership was comprised of 88,532,824 and 80,745,873 Class A (common) units issued and outstanding, respectively. As of December 31, 2025, the Company was authorized to issue 88,532,824 Class A units and 7,479,111 Incentive Units. As of December 31, 2024, the Company was authorized to issue 80,745,873 Class A units and 7,204,111 Incentive Units. Each member holding Class A units is entitled to one vote per Class A unit held by such member on all matters to be voted on by the members. The members holding Incentive Units are not entitled to vote with respect to such Incentive Units on any matter to be voted on by the members. All members entitled to vote shall vote together as a single class. Refer to Note 14 for further information regarding the Incentive Units.

**Variable Interest Entities** 

The determination of whether an entity in which the Company holds a direct or indirect variable interest in a VIE is based on several factors, including whether the entity's total equity investment at risk at the time of investment is sufficient to finance the entity's activities without additional subordinated financial support or whether the holders of the equity investment at risk have the power through voting rights to direct the activities that most significantly impact the entity's performance. This determination is made at the inception of the variable interest and upon the occurrence of a reconsideration event. The Company makes judgments regarding the identification of a VIE first on a qualitative analysis, and then a quantitative analysis, if necessary.

------

##### [**Table of Contents**](#toc)
In evaluating whether the Company is the primary beneficiary of a VIE, it considers both its direct and indirect economic interests in the entity. Determining which reporting entity, if any, is the primary beneficiary of a VIE is primarily a qualitative approach focused on identifying which reporting entity has both (1) the power to direct the activities of a VIE that most significantly impact such entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. This analysis requires the exercise of judgment. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact a VIE's economic performance including, but not limited to, the ability to direct a VIE's operating decisions and activities.

**Held for Sale** 

The Company classifies assets and liabilities to be sold ("disposal group") as held for sale in the period when all of the applicable criteria are met, including: (i) management, having the authority to approve the action, commits to a plan to sell, (ii) the disposal group is available to sell in its present condition, (iii) there is an active program to locate a buyer, (iv) the disposal group is being actively marketed at a reasonable price in relation to its fair value, (v) significant changes to the plan to sell are unlikely, and (vi) the sale of the disposal group is generally probable of being completed within one year. Management performs an assessment at least quarterly, or when events or changes in business circumstances indicate that a change in classification may be necessary. Assets and liabilities identified as held for sale are presented separately within the consolidated balance sheets, with adjustments made, if necessary, to measure the disposal group at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Gains on the sale of a disposal group are not recognized until the date of sale. Depreciation of property, plant and equipment and amortization of intangible and right-of-use assets are not recorded while these assets are classified as held for sale. For each period that a disposal group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. Gains or losses recognized upon the sale of a disposal group that does not qualify as a discontinued operation are included in loss from operations in the consolidated statements of operations. Refer to Note 16 for further discussion.

**Earnings Per Class A Unit** 

Basic earnings (loss) per unit attributable to ATSH is calculated by dividing the net income (loss) attributable to ATSH by the weighted average number of Class A units that were outstanding during the period without consideration of potentially dilutive units. Diluted earnings (loss) per share attributable to ATSH reflects the potential dilution that could occur if securities or other contracts to issue units were exercised or converted into units or resulted in the issuance of units that then shared in the earnings of the Company unless inclusion of such shares would be anti-dilutive. The Series A preferred units have been excluded from the calculation of earnings (loss) per share because no Class A units would be issuable if December 31, 2025 was the end of the contingency period. Refer to Note 17 for discussion of the terms and conditions of the Series A preferred units. The following table presents earnings (loss) per Class A unit for the years ended December 31, 2025 and 2024:

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| (In thousands, except unit amounts) | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  **Numerator** |  |  |
|  Net (loss) income attributable to ATSH  | $(16886) | $78549 |
|  Series A preferred units accretion | (450) |  |
|  Net (loss) income attributable to Class A unitholders – basic | (17336) | 78549 |
|  Less: Change in fair value of contingent consideration related to Class A units |  | (44775) |
|  Net (loss) income attributable to Class A unitholders – diluted | $(17336) | $33774 |
|  **Denominator:** |  |  |
|  Weighted-average units outstanding - basic | 88532824 | 80432217 |
|  Dilutive effect of contingent consideration Class A units earned as of December 31, 2024 |  | 7786951 |
|  Weighted-average units outstanding - diluted | 88532824 | 88219168 |
|  Basic net (loss) income per unit | $(0.20) | $0.98 |
|  Diluted net (loss) income per unit | $(0.20) | $0.38 |

---

**JOBS Act Accounting Election** 

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups ("JOBS") Act of 2012. The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. The Company has elected to use the extended transition period under the JOBS Act for the adoption of certain accounting standards until the earlier of the date the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements of the Company may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

**New Accounting Pronouncements – Adopted** 

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.* Among other new disclosure requirements, the ASU requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. The Company adopted this standard for the year ended December 31, 2024 on a retrospective basis and the segment disclosures in Note 15 comply with the new requirements. The adoption of the standard did not have an impact on the Company's consolidated financial position, results of operations, or liquidity.

In March 2024, the FASB issued ASU 2024-01, *Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards* ("ASU 2024-01"). This guidance is intended to improve U.S. GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards ("profits interest awards") should be accounted for in accordance with Topic 718. The amendments in ASU 2024-01 are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. The amendments in ASU 2024-01 should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. The Company's early adoption of ASU 2024-01, effective January 1, 2024, did not have a material impact on its consolidated financial statements.

------

##### [**Table of Contents**](#toc)
In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09") to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity's tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. The Company adopted this ASU prospectively as of January 1, 2025, and its adoption only impacted the Company's disclosures and did not have a material effect on its consolidated financial statements or results of operations. See Note 13 for additional information.

**New Accounting Pronouncements – Not Yet Adopted**

In November 2024, the FASB issued ASU 2024-03, *Income Statement (Topic 220): Disaggregation of Income Statement Expenses*, which requires additional disclosures of certain amounts included in the expense captions presented on the consolidated statement of operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its consolidated financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06*—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software* ("ASU 2025-06"). ASU 2025-06 simplifies capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The amendment requires entities to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project and 2) it is probable that the project will be completed and the software will be used to perform the function intended. This guidance is effective for all entities for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years. Companies are permitted to apply the amendments using a prospective, retrospective, or modified transition approach. Early adoption is permitted. The Company is currently evaluating this guidance and the impact on its consolidated financial statements and related disclosures.

**3.** **Acquisitions** 

**RapidFlight Holdings** 

On August 25, 2025, the Company acquired select assets and intellectual property from RapidFlight Holdings, LLC for $1,500 of cash and $202 of transaction costs. This transaction has been accounted for as an asset acquisition. Accordingly, the total acquisition cost of $1,702 was allocated on a relative fair value basis to the assets acquired, of which $852 was recognized as developed technology intangible assets, $137 was recognized as fixed assets and $713 was recognized as inventory. The developed technology is being amortized over an estimated useful life of 5 years.

**Veth Research Associates** 

Business combinations are accounted for using the acquisition method as required by ASC Topic 805, *Business Combinations*. Goodwill is measured as the excess of the acquisition-date fair value of consideration transferred over the fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is attributed to management's assessment of projected increases in overall revenues derived from the synergy of the combined service offerings, increased market penetration from the acquired customer base, and certain economies of scale. The consolidated financial statements include the results of operations and cash flows of companies acquired in business combinations from the acquisition date.

------

##### [**Table of Contents**](#toc)
On September 12, 2024, the Company acquired 100% of the equity interests of Veth Research Associates, LLC ("VRA"). VRA is a highly specialized firm operating in the U.S defense industry, known for its cutting-edge advancements in navigation and autonomous systems. The VRA acquisition was accounted for as a business combination in accordance with ASC Topic 805.

The fair value of consideration transferred to the seller for the VRA acquisition includes $6,510 of cash and 448,430 Class A units with an estimated fair value of $3,547. $3,933 of cash was paid at closing, $2,077 of cash was paid in January 2025 and $500 of cash was paid in January 2026. Therefore, the business combination related payable balance in accrued expenses and other current liabilities on the consolidated balance sheet at December 31, 2025 and 2024 was $500 and $2,577, respectively.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition.

---

| | |
|:---|:---|
| (In thousands) | **Veth Research<br>Associates, LLC** |
|  Cash and cash equivalents | $916 |
|  Accounts receivable | 236 |
|  Other identifiable assets | 16 |
|  Intangible assets, trade name | 158 |
|  Intangible assets, developed technology | 1232 |
|  Intangible assets, customer relationships | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total identifiable assets | 4558 |
|  Accounts payable and accrued expenses | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total identifiable net assets | 4479 |
|  Goodwill | 5578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fair value of consideration transferred | $10057 |

---

Assets acquired and liabilities assumed were recognized at their estimated fair values as of September 12, 2024. The estimated fair value of the identified intangible assets was determined by the Company as of the closing date. The trade name and developed technology were valued using the relief-from-royalty method under the income approach. Under this method, the value that the owner of the asset receives from not having to pay a royalty fee is estimated, as the owner is relieved from paying such fees since it owns the intangible asset. Significant assumptions included estimated future revenues, royalty rates, tax rates, discount rates, and economic useful lives. The fair value of customer relationships was estimated using the multi-period excess earnings method, an income approach, which converts projected revenues and costs into cash flows. Significant assumptions used in the discounted cash flow analysis for customer relationships were the revenue growth rate, customer attrition rate, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), contributory asset charge, and the discount rate. The fair value of the trade name, developed technology and customer relationships intangible assets were determined to be $158, $1,232 and $2,000, respectively, and are being amortized over estimated useful lives of 4 years, 6 years and 8 years, respectively.

The goodwill recognized in the VRA acquisition was primarily attributable to the assembled workforce of VRA, synergies associated with the Company acquiring key intellectual property used in their unmanned aerial vehicle ("UAV") products, and the potential for future technological development. Goodwill recognized is deductible for income tax purposes.

Acquisition costs incurred in business combinations were $264 for the year ended December 31, 2024. Acquisition costs were expensed as incurred and are included in selling, general and administrative expenses in the consolidated statement of operations.

------

##### [**Table of Contents**](#toc)
The results of operations of VRA have been included in the consolidated financial statements of the Company from September 12, 2024, the closing date of the acquisition. For the year ended December 31, 2024, the Company's consolidated results of operations included $873 of VRA revenue. VRA is reported within the Company's Tactical Systems segment.

*Unaudited Pro Forma Financial Information* 

The following unaudited pro forma financial information summarizes the combined results of the Company and VRA as if the acquisition had occurred on January 1, 2024. The pro forma results have been prepared for comparative purposes only, and do not necessarily represent what the results of operations would have been had the acquisition been completed on January 1, 2024. In addition, these pro forma results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved. The unaudited pro forma financial information includes adjustments for the pro forma impact of the allocation of the purchase price recognized in connection with the acquisition of VRA (as summarized above). These adjustments primarily relate to the impact of incremental amortization expense attributable to the acquired intangible assets.

---

| | |
|:---|:---|
| (In thousands) | **Year Ended**<br>**December 31, 2024** |
|  Pro forma total revenue | $395460 |
|  Pro forma net income | $80851 |

---

**Tribe Aerospace** 

As part of the acquisition of Tribe Aerospace, LLC in 2022, the Company agreed to pay contingent consideration to the sellers for any EBITDA (as defined in the earnout arrangement) recognized over certain thresholds during the earnout period from 2022 through 2024.

The contingent consideration was settled using a combination of cash and Class A units based on converting a portion of each contingent payment to units at the fixed contractual price per unit.

During the year ended December 31, 2025, $61,650 of the $98,150 liability outstanding at December 31, 2024 was settled via the issuance of 7,786,951 Class A Units. On October 16, 2025, the Company and the sellers agreed that the final remaining amount due from the Company to the sellers is $40,972, which represented the remaining liability to be paid in cash (including accrued interest) in the following five installments: $5,000 that was paid on October 16, 2025, $5,243 (plus all additional accrued but unpaid interest on the outstanding balance) that was paid on December 15, 2025, and $10,243 (plus all additional accrued but unpaid interest on the outstanding balance) that were scheduled to be paid on each of February 28, 2026, May 31, 2026 and August 31, 2026. On December 22, 2025, the Company paid $30,729, plus additional accrued interest, to the sellers in full settlement of all remaining amounts due under the earnout arrangement. Interest accrued at 10% per annum.

During the year ended December 31, 2025, the contingent consideration liability was adjusted as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In thousands) | **Balances at<br>December 31,<br>2024** | **Change in<br>Fair Value** | **Cash<br>Payments** | **Fair Value of<br>Equity**<br>**Issued** | **Balances at<br>December 31,<br>2025** |
|  Contingent consideration, current portion | $10243 | $— | $(10243) | $— | $— |
|  Contingent consideration, net of current portion | 87907 | 2435 | (28692) | (61650) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liability | $98150 | $2435 | $(38935) | $(61650) | $— |

---

------

##### [**Table of Contents**](#toc)
The change in fair value of the liability represents accretion of the discounted liability outstanding during the year ended December 31, 2025.

During the year ended December 31, 2024, the contingent consideration liability was adjusted as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In thousands) | **Balances at<br>December 31,<br>2023** | **Change in Fair<br>Value** | **Cash<br>Payments** | **Fair Value of<br>Equity<br>Issued** | **Balances at<br>December 31,<br>2024** |
|  Contingent consideration, current portion | $45914 | $12985 | $(48656) | $— | $10243 |
|  Contingent consideration, net of current portion | 239464 | (74584) |  | (76973) | 87907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liability | $285378 | $(61599) | $(48656) | $(76973) | $98150 |

---

The change in fair value represents the decrease in the estimated 2024 earnout liability based on actual EBITDA recognized for the year ended December 31, 2024, partially offset by the change in the estimated fair value of the Class A units to be issued upon settlement of the 2024 earnout period. The decrease in the estimated 2024 earnout liability during the year ended December 31, 2024 was primarily due to 2024 actual EBITDA being less than forecast. This shortfall was primarily due to the timing of customer funding and deliveries under the Company's largest program moving from 2024 to future periods that are beyond the end of the earnout arrangement.

**4.** **Inventories** 

Inventories consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Parts and raw materials | $2224 | $3076 |
|  Work in progress | 1910 | 5939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total inventories, net | $4134 | $9015 |

---

Work in progress contains $0 and $3,410 of aircraft being modified for future sale or lease as of December 31, 2025 and 2024, respectively. Inventory balances are net of the reserves for slow moving, excess or obsolete inventories of $1,822 and $2,270 at December 31, 2025 and 2024, respectively.

**5. Prepaid Expenses and Other Current Assets**

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Vendor prepayments | $15361 | $— |
|  Deferred offering costs | 3842 |  |
|  Other | 4276 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total prepaid expenses and other current assets | $23479 | $3890 |

---

------

##### [**Table of Contents**](#toc)
**6.** **Property and Equipment** 

Property and equipment consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Aircraft held for lease | $8594 | $9610 |
|  Furniture and equipment | 15052 | 13919 |
|  Leasehold improvements | 4986 | 3218 |
|  Assets not yet placed in service | 578 | 1091 |
|  Computers and software | 6091 | 4475 |
|  Vehicles | 961 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment | 36262 | 33231 |
|  Less: accumulated depreciation | (16676) | (12106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment, net | $19586 | $21125 |

---

Depreciation expense was $4,564 and $2,958 for the years ended December 31, 2025 and 2024, respectively. Accumulated depreciation for aircraft held for lease was $1,178 and $1,120 as of December 31, 2025 and 2024, respectively. Depreciation expense recorded for aircraft held for lease in the years ended December 31, 2025 and 2024 was $58 and $0, respectively, as the aircraft were not in service during 2024 while undergoing improvements to further extend their useful lives.

**7.** **Intangible Assets and Goodwill** 

Intangible assets consisted of the following as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| (In thousands) | **Weighted<br>Average<br>Useful Life** | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net Carrying<br>Amount** |
|  Customer relationships | 12.7 years | $202100 | $(91850) | $110250 |
|  Technology | 5.6 years | 2084 | (327) | 1757 |
|  Trade names | 4.0 years | 158 | (51) | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total intangible assets |  | $204342 | $(92228) | $112114 |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| (In thousands) | **Weighted<br>Average<br>Useful Life** | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net Carrying<br>Amount** |
|  Customer relationships | 12.7 years | $202100 | $(75548) | $126552 |
|  Technology | 6.0 years | 1232 | (62) | 1170 |
|  Trade names | 4.0 years | 158 | (12) | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total intangible assets |  | $203490 | $(75622) | $127868 |

---

Amortization expense related to finite-lived intangible assets was $16,606 and $18,119 for the years ended December 31, 2025 and 2024, respectively. Future amortization expense is estimated to be $16,717 in 2026, $16,717 in 2027, $15,670 in 2028, $15,249 in 2029, $15,126 in 2030, and $32,635 thereafter.

------

##### [**Table of Contents**](#toc)
The following table presents changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2024. There were no changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| (In thousands) | **Tactical<br>Systems** | **Global<br>Solutions** | **Total** |
|  Balance at January 1, 2024 | $286750 | $– $| 286750 |
|  VRA Acquisition | 5578 | – | 5578 |
|  Balance at December 31, 2024 | $292328 | $– $| 292328 |

---

The carrying amounts of goodwill at December 31, 2025 and 2024 were net of accumulated impairment losses of $5,371 and $52,906 for the Tactical Systems and Global Solutions reportable segments, respectively.

**8.** **Accrued Expenses and Other Current Liabilities** 

Accrued expenses and other current liabilities consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Payroll and related expenses | $9089 | $6490 |
|  Contract costs | 7299 | 1030 |
|  Professional services | 3435 | 722 |
|  Business combination related payable | 500 | 2577 |
|  Other | 1437 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accrued expenses and other current liabilities | $21760 | $12757 |

---

**9.** **Debt** 

The Company had the following debt outstanding as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Term Loans | $259135 | $261855 |
|  Revolving Credit Facility |  |  |
|  Less: unamortized debt issuance costs | (635) | (1438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | $258500 | $260417 |

---

**Credit Agreement** 

On March 18, 2020 the Company entered into a Credit Agreement (as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, Amendment No. 3 to Credit Agreement, dated as of May 15, 2023, Amendment No. 4 to Credit Agreement, dated as of April 30, 2024 and Amendment No. 5 to Credit Agreement, dated as of September 15, 2025, the "Credit Agreement") with a syndicate of lenders, Ankura Trust Company, LLC, as administrative agent and PNC Bank, National Association as revolving agent and collateral agent.

The Credit Agreement provides for a senior secured term loan facility (the "Term Loan") in an original aggregate principal amount of $325,000. The Credit Agreement also provides for a super priority senior secured revolving credit facility in an aggregate principal amount of $25,000 (the "Revolving Credit Facility" and, together with the Term Loan, the "Credit Facilities"). The Revolving Credit Facility includes a $5,000 sublimit for the issuance of letters of credit. As of December 31, 2025, $24,515 is available to be borrowed under the Revolving Credit Facility and the unused letters of credit are $4,515.

------

##### [**Table of Contents**](#toc)
The Term Loans bear interest at a rate equal to (i) 5.00% plus the base rate equal to the highest of (w) the prime rate, (x) the Federal funds open rate plus 0.50% per annum and (y) a daily Term SOFR rate based on an interest period of one month plus 1.00% per annum or (ii) Term SOFR plus 6.00% per annum subject to a 1.00% Term SOFR floor. The Revolving Credit Facility bears interest at a rate that corresponds to the most recent first lien net leverage ratio calculation. As of December 31, 2025, the interest rate was 9.92% for the Term Loans and 9.75% for the Revolving Credit Facility. As of December 31, 2024, the interest rate was 10.57% for the Term Loans and 10.25% for the Revolving Credit Facility.

In addition to paying interest on loans outstanding under the Term Loan and the Revolving Credit Facility, the Company is required to pay a commitment fee of 0.50% per annum of unused commitments under the Revolving Credit Facility. The Company is also required to pay customary fronting, issuance, and administrative fees for the issuance of letters of credit.

The borrowings are guaranteed and secured by substantially all assets of the Company and its subsidiaries. The Company is required to comply with a maximum consolidated first lien net leverage ratio. As of December 31, 2025 and 2024, the Company was in compliance with the covenants in the Credit Agreement.

Term Loan principal payments of $680 (0.25% of the aggregate amount borrowed) are due on the last business day of each quarter. A mandatory prepayment of principal may be due after the end of each fiscal year if the Company has Excess Cash Flow, as defined in the Credit Agreement. A mandatory prepayment of principal may be due upon the receipt of net proceeds from a casualty event or from certain nonordinary course dispositions in excess of $2,500 individually or $5,000 in the aggregate in any one fiscal year.

On September 15, 2025, the Company amended the Credit Agreement to (a) extend the maturity date of the Term Loans and the Revolving Credit Facility from March 18, 2026, to March 18, 2028 and (b) modify the financial covenant to a consolidated first lien net leverage ratio of 9.00x tested quarterly starting with the quarter ended September 30, 2025.

Future principal maturities of debt are due as follows:

---

| | |
|:---|:---|
| (In thousands) |  |
|  Year ending December 31, 2026 | $2720 |
|  Year ending December 31, 2027 | 2720 |
|  March 18, 2028 | 253695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt maturities | $259135 |

---

**Loan Authorization Agreement**

On October 9, 2025, a wholly owned subsidiary of the Company entered into a Loan Authorization Agreement with the Bank of Montreal from which the Company may from time to time request loans and letters of credit in an aggregate principal amount of $60,000. The loans bear interest at a rate equal to the greater of (i) the prime rate minus 0.25% per annum and (ii) Term SOFR plus a credit spread adjustment of 0.15% and margin of 2.75% per annum, subject to a floor of 0.00%. The loans are payable on demand and the Company has 15 days to honor any demand for payment. Further, the availability of loans and letters of credit will automatically terminate on demand. The Company may make principal payments on the loans at any time and in any amount without premium or penalty. Interest on the loans is computed at a variable rate, which may change daily, and is payable quarterly. The loans are guaranteed by funds affiliated with Madison Dearborn Partners, LLC, the Company's equity sponsor. During November and December 2025, the Company borrowed $20,000 under the Loan Authorization Agreement. Subsequently, during December 2025, the Company repaid the $20,000 previously borrowed under the Loan Authorization Agreement. As of December 31, 2025, $60,000 is available to be borrowed under the Loan Authorization Agreement.

------

##### [**Table of Contents**](#toc)
**10.** **Leases** 

**Leases as Lessee** 

The Company leases buildings, warehouses, and office facilities. The lease terms are generally between 1 to 5 years. The Company has the option to extend the term of its leases for certain warehouses; however, these extension options have not been included in determining the Company's operating lease liabilities and related ROU assets as the Company is not reasonably certain to exercise these options.

The following table presents components of lease expense recognized during the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
|  | **2025** | **2024** |
|  Operating lease cost | $3810 | $3715 |
|  Short-term lease cost | 316 | 170 |
|  Variable lease cost | 196 | 277 |
|  Sub-lessor lease income | (38) | (154) |
|  Total lease cost | $4284 | $4008 |

---

Supplemental cash flow information for the year ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
| (In thousands) | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** |
|  Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating cash flows from operating leases | $3819 | $3537 |
|  ROU assets obtained in exchange for new lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | $915 | $305 |

---

The weighted-average remaining lease term and weighted-average discount rate as of December 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Weighted-average remaining lease term (years): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 2.5 | 3.1 |
|  Weighted-average discount rate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 7.1% | 7.3% |

---

------

##### [**Table of Contents**](#toc)
The table below reconciles the undiscounted future minimum lease payments under non-cancelable operating leases with terms of more than one year to the total operating liabilities recognized on the consolidated balance sheet at December 31, 2025:

---

| | |
|:---|:---|
| (In thousands) |  |
| 2026 | $3871 |
| 2027 | 2959 |
| 2028 | 1551 |
| 2029 | 373 |
| 2030 | 125 |
|  Total future minimum lease payments | 8879 |
|  Imputed interest | (753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value of operating lease liabilities | $8126 |

---

**Related Parties** 

The Company has certain leases whereby it rents warehouse and hangar space with entities owned by management or members of the Company. These leases range in terms from month-to-month agreements, to having expiration dates through March 2028. Total payments made to these related parties were approximately $1,629 and $2,066 during the years ended December 31, 2025 and 2024, respectively. Total lease cost related to these leases was $1,627 and $2,100 during the years ended December 31, 2025 and 2024, respectively. The following table presents the ROU assets and lease liabilities recognized as of December 31, 2025 and 2024 related to these leases with related parties:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Operating lease ROU assets | $2188 | $3940 |
|  Operating lease liabilities | 1070 | 1237 |
|  Operating lease liabilities, net of current portion | 1228 | 2854 |

---

In addition to the related party leases discussed above, refer to Note 16 for discussion of a related party lease with a consolidated VIE.

**Leases as Lessor** 

The Company leases one aircraft in property and equipment to a third-party lessee under two sequential operating lease agreements. The term of the first lease is two years. The term of the second lease is seven years, which begins after the conclusion of the first lease and after the Company has completed a structural overhaul of the aircraft. The leases are combined into a single contract for accounting purposes because (1) they were negotiated at the same time and (2) they share a commercial objective. The individual leases within the combined contract are treated as individual lease components. Nonlease components within the combined contract are composed of maintenance costs for periodic engine and propeller replacements. The nonlease components are accounted for under ASC 606 and are recognized as revenue at the point in time that control of the replacement engines and propellers is transferred to the customer.

The rental revenue for the years ended December 31, 2025 and 2024 was $58 and $299, respectively, of which $26 and $183 was from variable consideration. The receivable balance due as of December 31, 2025 and 2024 was $62 and $0, respectively.

------

##### [**Table of Contents**](#toc)
**Maturity Analysis of Lease Payments to be Received as Lessor** 

As of December 31, 2025, the undiscounted cash flows to be received from lease payments of the aircraft operating lease on an annual basis for the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| (In thousands) |  |
| 2026 | $566 |
| 2027 | 559 |
| 2028 | 480 |
| 2029 | 481 |
| 2030 | 486 |
|  Thereafter | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total undiscounted cash flows | $3510 |

---

**11.** **Commitments and Contingencies** 

**Government Regulation** 

The Company is subject to various state and federal laws and regulations, which, among other things, impose limits on interest rate charges and insurance premiums and require licensing and other qualifications.

**Litigation** 

*Viking* 

Ikhana Group LLC (Ikhana), a wholly owned subsidiary acquired by the Company in 2020, previously entered into a Data License Agreement ("DLA") with Viking Aircraft Ltd. ("Viking"), which authorized Ikhana to access, use, copy and create derivatives of defined Viking data for Ikhana's development of specific aircraft modifications. On June 23, 2023, Viking informed Ikhana and the Company that it intended to terminate the DLA based on Ikhana and the Company's alleged misuse of certain Viking data. On July 17, 2023, Ikhana filed a complaint in the United States District Court for the Southern District of California against Viking. Ikhana complaint asserted three causes of action related to Viking's purported termination of the DLA. On August 25, 2023, Viking filed its answer to the complaint and asserted seven of its own counterclaims against Ikhana and the Company, including for alleged breaches of DLA and misuse of Viking's trade secrets and trademarks. On the same day, Viking filed a motion for preliminary injunction against Ikhana and the Company. That motion sought, among other things, to have Ikhana withdraw a pending application with the Federal Aviation Administration (FAA) to amend one of its supplemental aircraft type certificates. On September 15, 2023, Ikhana amended its complaint to assert against Viking an antitrust claim under Section 2 of the Sherman Act. On November 7, 2023, following briefing on the matter, the court partially granted Viking motion for preliminary injunction. Following extended negotiations, the parties entered into a confidential settlement agreement resolving the litigation. The Court dismissed the litigation on June 18, 2024. As a result of the confidential settlement agreement, after a specified transition period the Company can no longer use the defined Viking data or perform specific aircraft modifications. Accordingly, the Company wrote off $4,760 of inventory used to perform aircraft modifications with the recognition of an inventory obsolescence charge during the year ended December 31, 2024.

In connection with the resolution of the litigation in the Southern District of California, Viking agreed to acquire a portfolio of Supplemental Type Certificates owned by Ikhana or its affiliated entities (the "STC Portfolio"). The parties were unable to reach an agreement on the price of the STC Portfolio through direct negotiations and instead elected to submit the matter to binding arbitration. On December 17, 2024, the parties submitted an official Notice of Intent to Arbitrate.

In June 2025, the arbitrator determined the purchase price of the STC Portfolio to be $7,605. Pursuant to the STC Transfer Agreement, Viking paid Ikhana $6,844 at closing with the balance of $761 to be held in escrow for one year from closing

------

##### [**Table of Contents**](#toc)
for certain liabilities, obligations and claims. As a result, during the year ended December 31, 2025, the Company recognized as other income a gain on sale of the STC Portfolio of $6,844, which represents the portion of the purchase price that has been realized as of December 31, 2025.

*Other* 

The Company may be subject to various claims and legal proceedings that arise in the ordinary course of its business activities. Management believes that any liability that may ultimately result from the resolution of these matters will not have a material effect on the financial condition or results of operations of the Company.

Costs associated with the Company's involvement in legal proceedings are expensed as incurred.

**Government Rate Filings** 

At the beginning of each year, the Company files its provisional billing rates with the U.S. Government. The Company uses these rates for billing purposes throughout the fiscal year. Within six months of its fiscal year-end, the Company files an Incurred Cost Proposal with the U.S. Government which details its actual costs and actual rates incurred for that year. The Company will then be notified by the government at some time in the future, which may be up to six years later, that the indirect rates have either been accepted by the government or that the government intends to conduct an incurred cost audit. Both options will eventually result in a final indirect rate letter that the Company must approve and sign off on with the government. Once that process has been completed, the Company will apply those approved rates to contracts that require being closed out (i.e., issuance of a final invoice) which may result in an amount owed to or due from the government. The Company has recorded an estimated rate impact in the accompanying consolidated financial statements. As of December 31, 2025 and 2024, the estimated rate reserve was $142 and $384, respectively, which is recorded in deferred revenue in the consolidated balance sheets.

**12.** **Retirement Plans** 

The Company maintains a qualified 401(k) deferred compensation plan (the "Plan"). All employees are eligible to participate in the Plan. The Plan provides for discretionary Company matching contributions. The Company's contributions to the Plan were $2,761 and $2,458 for the years ended December 31, 2025 and 2024, respectively.

**13.** **Income Taxes** 

The Company is structured as a partnership and therefore is generally not subject to income taxes. Income taxes resulting from its operations are the responsibility of its members. The Company has wholly owned operating subsidiaries which are regarded corporations, subject to U.S. federal, state, and foreign taxes for the years ended December 31, 2025 and 2024.

(Loss) income before income taxes for the years ended December 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
| (In thousands) | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  United States | $(16609) | $78930 |
|  Foreign |  | 26 |
| (Loss) income before income taxes | $(16609) | $78956 |

---

The provision for income taxes for operating subsidiaries taxed as C corporations was $171 and $363 during the years ended December 31, 2025 and 2024, respectively.

------

##### [**Table of Contents**](#toc)
The following table summarizes the differences between the reported provision for income taxes and income tax expense at the United States statutory rate of 21% as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| (In thousands) | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Amount** | **Rate** |
|  Income tax expense at federal statutory rate | $(3488) | 21.0% |
|  State and local income taxes, net of federal tax benefit \* | 41 | (0.2)% |
|  Change in valuation allowance | 392 | (2.4)% |
|  Effect of flow-through entity | 3148 | (19.0)% |
|  Other | 78 | (0.5)% |
|  Income tax expense | $171 | (1.1)% |

---

\* State taxes in Virginia made up the majority (greater than 50%) of the tax effect in this category 

The following table summarizes the differences between the reported provision for income taxes and income tax expense at the United States statutory rate of 21% as of December 31, 2024:

---

| | |
|:---|:---|
| (In thousands) | **Year Ended**<br>**December 31, 2024** |
|  Income tax expense at federal statutory rate | $16580 |
|  State and local income taxes, net of federal tax benefit | (108) |
|  Effect of flow-through entity | (17170) |
|  Foreign tax effects | 1 |
|  Change in valuation allowance | 800 |
|  Other, net | 260 |
|  Income tax expense | $363 |

---

The provision for income taxes for the years ended December 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
| (In thousands) | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. federal | $70 | $139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | (43) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign |  | 9 |
|  Total current | 27 | 103 |
|  Deferred |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. federal | 95 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 49 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign |  |  |
|  Total deferred | 144 | 260 |
|  Provision for income taxes | $171 | $363 |

---

------

##### [**Table of Contents**](#toc)
Significant components of the deferred income tax assets and liabilities at December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Deferred income tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | $227 | $244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R&D costs |  | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 134 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOL and tax credit carryforwards | 1436 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest deduction carryforwards | 1053 | 781 |
|  Total deferred income tax assets | 2960 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: valuation allowance | (2907) | (2431) |
|  Total deferred income tax assets, net | $53 | $380 |
|  Deferred income tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | $— | $(140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROU assets | (127) | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment | (16) | (51) |
|  Total deferred income tax liabilities | (143) | (326) |
|  Net deferred income tax (liabilities) assets | $(90) | $54 |

---

Total income taxes paid (refunded) were $(83) and $67 during the years ended December 31, 2025 and 2024, respectively. These represent state income tax payments, as no U.S. federal or foreign payments were made.

Income taxes paid during the year ended December 31, 2025 that exceeded 5 percent of total income taxes paid (net of refunds received) in the following jurisdictions were as follows:

---

| | |
|:---|:---|
| (In thousands) | **Year Ended<br>December 31, 2025** |
|  California | $29 |
|  Texas | 24 |
|  Virginia | (137) |
|  Other | 1 |
|  Total income taxes paid (refunded) | $(83) |

---

As of December 31, 2025, the Company has $406 of state net operating loss ("NOL") carryforwards that expire between 2041 – 2044 and $158 of non-US NOL carryforwards that will expire between 2032 – 2044. As of December 31, 2025, the Company also has $5,365 of U.S. federal and $3,545 of state NOL carryforwards that do not expire. As of December 31, 2025, the Company has $90 of state credit carryforwards that do not expire.

Management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated by the regarded corporations to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred at the regarded corporations over the three-year period ended December 31, 2025. Such objective evidence limits the ability to consider other subjective evidence, such as the Company's projections for future profitability. On the basis of this evaluation, as of December 31, 2025 and 2024, a valuation allowance of $2,907 and $2,431, respectively, has been recorded to recognize only the portion of the deferred tax assets that is more likely than not to be realized. The valuation allowance recorded is primarily related to U.S. federal deferred tax assets that are not expected to

------

##### [**Table of Contents**](#toc)
be realized. The amount of the deferred tax assets considered realizable, however, could be adjusted if additional objectively verifiable positive evidence materializes in future reporting periods, such as a demonstrated operating profitability. The following table presents the change in the valuation allowance for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Beginning balance | $2431 | $1631 |
|  Change in valuation allowance in tax expense | 476 | 800 |
|  Ending balance | $2907 | $2431 |

---

The Company accounts for uncertainty in income taxes in accordance with ASC Subtopic 740-10. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company did not have unrecognized tax benefits as of December 31, 2025 or 2024.

The Company files tax returns in the U.S. federal and state jurisdictions. The Company is no longer subject to U.S. federal examinations by the Internal Revenue Service for years before 2022 and is no longer subject to examinations by state authorities before 2021.

**14.** **Incentive Units** 

The following table summarizes Incentive Units activity during the year ended December 31, 2025:

---

| | |
|:---|:---|
|  | **Incentive<br>Units** |
|  Outstanding – December 31, 2024 | 5725164 |
|  Granted | 2100000 |
|  Forfeited | (441168) |
|  Repurchased | (253498) |
|  Outstanding – December 31, 2025 | 7130498 |
|  Vested – December 31, 2025 | 3666580 |
|  Authorized – December 31, 2025 | 7479111 |

---

The compensation expense related to the Incentive Units recognized during the years ended December 31, 2025 and 2024 was $1,377 and $152, respectively.

**15.** **Segment Information** 

The Company's chief operating decision making officer ("CODM") is the Company's Chief Executive Officer. Effective October 2025, the Company's CODM reevaluated how the Company measures performance and allocates resources, and modified the Company's internal reporting, budgeting and forecasting and the responsibilities of his direct reports. As a result, the Company's Aircraft Modification & Integration business was combined with the Company's Global Solutions business and they now constitute a single Global Solutions operating and reportable segment. The Company's Tactical Systems segment remains unchanged. Consistent with how the Company evaluates its performance and the way the Company is now organized internally, the Company reports its activities in two segments: i) Tactical Systems, and ii) Global Solutions. The segment information presented below conforms with these two reportable segments, which are organized based on the nature of the Company's products and services offered.

------

##### [**Table of Contents**](#toc)
The CODM uses revenue and Segment Adjusted EBITDA to assess segment performance, to make decisions regarding the allocation of capital and other investments, and to monitor budget versus actual results. The CODM considers budget-to-actual variances on a quarterly basis for both revenue and Segment Adjusted EBITDA when making decisions about allocating capital and personnel to the segments and when assessing performance of the segments. Total segment expenses in the aggregate are regularly reported to the CODM and are comprised of cost of revenue, selling, general and administrative expenses, and R&D expenses, excluding depreciation expense. The CODM does not regularly review assets by segment. Therefore, the Company does not disclose assets by segment.

The Company defines Segment Adjusted EBITDA as net income (loss) before certain unallocated Corporate expenses, interest income and expense, income tax expense (benefit), depreciation and amortization expense, other income (expense), changes in the fair value of contingent consideration liabilities, IPO-related costs, asset impairments, business acquisition costs, and restructuring costs, as well as certain non-recurring items.

Financial information for each reportable segment is as follows for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands) | **Tactical<br>Systems** | **Global<br>Solutions** | **Total<br>Segments** |
|  Total segment revenue | $321995 | $110938 | $432933 |
|  Total segment expenses | 283787 | 102766 | 386553 |
|  Segment Adjusted EBITDA | $38208 | $8172 | 46380 |
|  Less unallocated amounts: |  |  |  |
|  Corporate<sup>(1)</sup> |  |  | (8802) |
|  Interest expense |  |  | (32346) |
|  Interest income |  |  | 699 |
|  Change in contingent consideration |  |  | (2435) |
|  Depreciation and amortization |  |  | (21369) |
|  Other income, net<sup>{2)</sup> |  |  | 6841 |
|  IPO-related costs |  |  | (3398) |
|  Other<sup>{3)</sup> |  |  | (2179) |
|  Loss before income taxes |  |  | $(16609) |

---

(1) Corporate primarily consists of costs related to executive and staff functions, including the Chief Executive
Officer, the Chief Operating Officer, Information Technology, Human Resources, Legal, Finance, Business Development, Corporate Development, and Administration, which benefit the enterprise as a whole.

(2) Other income, net includes a $6,844 gain related to a non-recurring legal settlement. Refer to Note 11 for
further discussion.

(3) Other includes $1,593 of legal expenses related to the legal settlement discussed in (2) above and $586 of
marketing expenses related to the rebranding of the Company.

------

##### [**Table of Contents**](#toc)
Financial information for each reportable segment is as follows for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands) | **Tactical Systems** | **Global Solutions** | **Total Segments** |
|  Total segment revenue | $298189 | $94003 | $392192 |
|  Total segment expenses | 213743 | 96706 | 310449 |
|  Segment Adjusted EBITDA | $84446 | $(2703) | 81743 |
|  Less unallocated amounts: |  |  |  |
|  Corporate<sup>(1)</sup> |  |  | (4731) |
|  Interest expense |  |  | (29584) |
|  Interest income |  |  | 1436 |
|  Change in contingent consideration |  |  | 61599 |
|  Depreciation and amortization |  |  | (21342) |
|  Other income, net |  |  | 129 |
|  Business acquisition costs |  |  | (264) |
|  Restructuring – severance |  |  | (147) |
|  Other<sup>{2)</sup> |  |  | (9883) |
|  Income before income taxes |  |  | $78956 |

---

(1) Corporate primarily consists of costs related to executive and staff functions, including the Chief Executive
Officer, the Chief Operating Officer, Information Technology, Human Resources, Legal, Finance, Business Development, Corporate Development, and Administration, which benefit the enterprise as a whole.

(2) Other includes (i) $3,796 of business process improvement costs, and (ii) $1,327 of legal fees and a $4,760
inventory obsolescence charge related to a non-recurring legal settlement. Refer to Note 11 for further discussion.

Substantially all of the Company's long-lived tangible assets were in the United States as of December 31, 2025 and 2024.

**16.** **Variable Interest Entity** 

In 2022 the Company entered into an arrangement with a related party to lease an aircraft, for the purpose of performing specified R&D activities. The VIE is a related party because it is owned by management or members of the Company. The Company concluded that it held an implicit variable interest in the entity through the rental agreement and that it met the requirements for consolidation pursuant to the VIE sub-sections of ASC 810. The Company consolidated the VIE because it is the primary beneficiary, having the power to direct the activities that most significantly affect the VIE's economic performance. Additionally, the Company has the obligation to absorb losses that could be significant to the VIE through implied obligations resulting from the lease arrangement, specifically the indeterminate nature of the lease term, and the nature of the related party relationship. The VIE's principal asset, the aircraft, can only be used to settle the obligations of the VIE.

The original lease term was 1-year with automatic 6-month renewal options thereafter. During 2025, the Company and the VIE agreed that the lease term will expire on March 31, 2026 but shall automatically renew for successive 6-month terms, unless either party provides written termination notice. The lease may be terminated by either party at any time, for any reason. The lease does not contain a residual value guarantee and the Company is not obligated to provide any financial support to the VIE other than the lease payments. The Company does not have an equity interest in the VIE. As a result, the non-controlling interest reported in the Company's consolidated balance sheets represents the net assets of the VIE, and the net income of the VIE is reported in the Company's consolidated statements of operations as being attributable to the non-controlling interest. Total payments made to the VIE were approximately $300 during each of the years ended December 31, 2025 and 2024. Total costs related to the lease, which were eliminated in consolidation, were $300 during each of the years ended December 31, 2025 and 2024. The Company did not make any payments to the VIE that were not a result of the lease arrangement. The VIE made distributions totaling $270 and $395 to its members during the years ended December 31, 2025 and 2024, respectively.

------

##### [**Table of Contents**](#toc)
As a result of the aircraft becoming available to sell in its present condition in October 2025 and all of the other held for sale criteria having been met, the aircraft was determined to be held for sale for accounting purposes. Accordingly, during October 2025 the Company reclassified the aircraft from property and equipment to asset held for sale in the Company's consolidated balance sheet as of December 31, 2025 (and as of December 31, 2024 for comparability purposes) and ceased depreciation. No loss was recognized to measure the aircraft at the lower of its carrying value or fair value less costs to sell. The Company's consolidated balance sheets as of December 31, 2025 and 2024 include the following assets of the VIE. The VIE did not have any outstanding obligations as of December 31, 2025 or 2024:

---

| | | |
|:---|:---|:---|
| (In thousands) | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Cash and cash equivalents | $205 | $171 |
|  Aircraft held for sale, net (net of accumulated depreciation of $928 and $729) | 4376 | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4581 | $4745 |

---

Depreciation expense related to the aircraft held for sale was $199 and $265 for the years ended December 31, 2025 and 2024, respectively.

**17. Series A Preferred Units** 

In December 2025, the Company entered into a Unit Purchase Agreement with two investors pursuant to which the Company issued 100,000 Series A preferred units for aggregate cash proceeds of $100,000. The transaction closed in December 2025, at which time the investors executed a joinder to the Limited Liability Company Agreement (the "LLC Agreement") and became members of the Company. Contemporaneously with the closing of the Unit Purchase Agreement, the Company amended and restated its LLC Agreement to confer the agreed upon rights and obligations to the holders of the Series A preferred units.

Under the LLC Agreement, the Series A preferred units accrue a preferred return at a rate of 5.0% per annum through June 4, 2027, compounding annually. The preferred return is added to each holder's Series A preferred capital and included in the unreturned Series A preferred capital balance. If a qualified public offering has not occurred prior to June 4, 2027 then the preferred return rate increases to 8% for the next 12-month period, with an additional 1% increase in the preferred return rate on June 4, 2028 and June 4, 2029. Holders of Series A preferred units have a liquidation and dividend preference over all other unitholders, until they have received all accrued returns and return of the initial capital.

The Series A preferred units also provide holders with certain conversion rights. Upon the occurrence of a liquidity event, the Series A preferred investors may elect to convert all outstanding Series A preferred units into Class A units at a conversion price determined by reference to 80% of the fair market value of a Class A unit. In a liquidity event, which would include a qualified public offering, the Series A preferred unitholders are not eligible to receive the preferred return and the conversion shares are calculated by dividing any unreturned capital contributions by 80% of the initial public offering price. The right to convert upon various liquidity events, including a qualified public offering, represents an embedded derivative required to be accounted for separately from the Series A preferred units and remeasured at fair value at each reporting date, with the changes in fair value recorded through earnings.

Beginning on the fifth anniversary of issuance, the Series A preferred investors may require the Company to redeem all outstanding Series A preferred units for cash at their liquidation value, subject to applicable legal and contractual restrictions (the "Investor Put Right").

The Company also has the right, at its discretion, to redeem all or a portion of the outstanding Series A preferred units: (i) at any time between December 4, 2027 and June 1, 2030, or (ii) at any time on or after June 1, 2031.

------

##### [**Table of Contents**](#toc)
The redemption price per Series A preferred unit is determined formulaically based on the liquidation value at the time and the date of redemption, as follows:

• on or before December 4, 2028, the redemption price is 102% of the liquidation value of each Series A preferred
unit being redeemed.

• after December 4, 2028 but on or before December 4, 2029, the redemption price is 101% of the liquidation value
of each Series A preferred unit being redeemed.

• on or after December 4, 2029, the redemption price is equal to the liquidation value of each Series A preferred
unit being redeemed.

If any required redemption is delayed beyond 180 days due to applicable restrictions, the Series A preferred rate increases to 15% per annum. Following a public offering, holders are entitled to short-form demand registration rights.

Except as specifically provided in the LLC Agreement, the Series A preferred units do not confer general voting rights.

The Series A preferred units are classified as mezzanine equity in the consolidated balance sheet because they are redeemable at the option of the holders, pursuant to the Investor Put Right. The $100,000 fair value at issuance (net of $80 of issuance costs) was allocated between the Series A preferred units and the embedded derivative, with the net proceeds first allocated to the derivative at its estimated fair value of $19,999 and the remainder of $79,921 allocated to the Series A preferred units. As of December 31, 2025, the Company increased the carrying value of the Series A preferred units to $80,371, which represents their maximum redemption value ($1 per unit, plus the preferred return of $370 for the year ended December 31, 2025), less the estimated fair value of the embedded derivative. This resulted in the $450 increase in the carrying value of the Series A preferred units since issuance, with a corresponding decrease in members' equity.

**18. Subsequent Events**

The Company has evaluated subsequent events through March 23, 2026, which is the date that these consolidated financial statements were available to be issued.

**Series A Preferred Units** 

On February 9, 2026, the Company entered into a Unit Purchase Agreement with Radz Capital AEVEX Holdings Inc., pursuant to which the Company issued 14,067 Series A Preferred units under the LLC Agreement for aggregate cash proceeds of $14,067. The transaction closed during February 2026. On March 12, 2026, the Company entered into a Unit Purchase Agreement with Radz Capital AEVEX Holdings Inc., pursuant to which the Company issued 1,275 Series A Preferred units under the LLC Agreement for aggregate cash proceeds of $1,275. The transaction closed during March 2026. Mr. Raduenz, Executive Chairman of the Company, is the President of Radz Capital AEVEX Holdings Inc.

**Class A Units and Incentive Units** 

During February 2026, the Company reached an agreement with a former employee to: i) pay $1,086 for the repurchase of vested Incentive Units pursuant to the terms of the Incentive Equity Agreement which permits the Company to repurchase such shares within 12 months of an employee's termination date, and ii) pay $1,048 for the employee's Class A units. The $1,048 was paid in February 2026 and the $1,086 is due to be paid by October 31, 2026.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares** 

**AEVEX Corp.** 

**Class A Common Stock**![LOGO](g22113g03a01.jpg)

**Goldman Sachs & Co. LLC** 

**BofA Securities** 

**Jefferies** 

**J.P. Morgan** 

**RBC Capital Markets** 

**Baird** 

**William Blair** 

**Raymond James** 

**Needham & Company** 

**Academy Securities** 

**Capital One Securities** 

**PNC Capital Markets LLC** 

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

------

##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13. Other Expenses of Issuance and Distribution** 

The following table sets forth all costs and expenses, other than the underwriting discounts and commissions payable by us, in connection with the offer and sale of the securities being registered. All amounts shown are estimates except for the Securities and Exchange Commission, or SEC, registration fee and the FINRA filing fee.

---

| | |
|:---|:---|
|  SEC registration fee | $\* |
|  FINRA filing fee | \* |
|  NYSE listing fee | \* |
|  Printing expenses | \* |
|  Legal fees and expenses | \* |
|  Accounting fees and expenses | \* |
|  Transfer agent fees and registrar fees | \* |
|  Miscellaneous expenses | \* |
|  Total expenses | $\* |

---

\* To be provided by amendment.

**Item 14. Indemnification of Directors and Officers** 

Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct, knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our certificate of incorporation will provide for this limitation of liability.

Section 145 of the DGCL ("Section 145") provides that a Delaware corporation may indemnify any person who was, is or is threatened to be made party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was illegal. A Delaware corporation may indemnify any persons who were or are a party to any threatened, pending or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests, provided that no indemnification is permitted without judicial approval if the officer, director, employee or agent is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director has actually and reasonably incurred.

------

##### [**Table of Contents**](#toc)
Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his or status as such, whether or not the corporation would otherwise have the power to indemnify him under Section 145.

Our bylaws will provide that we will indemnify our directors and officers to the fullest extent authorized by the DGCL and must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking by or on behalf of an indemnified person to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.

Upon completion of this offering, we intend to enter into Indemnification Agreements with each of our executive officers and directors. The Indemnification Agreements will provide the executive officers and directors with contractual rights to indemnification, expense advancement and reimbursement, to the fullest extent permitted under the DGCL.

The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our certificate of incorporation or bylaws, agreement, vote of stockholders or disinterested directors or otherwise.

We will maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers. The proposed form of Underwriting Agreement to be filed as Exhibit 1.1 to this Registration Statement provides for indemnification of our directors and officers by the underwriters party thereto against certain liabilities arising under the Securities Act or otherwise.

**Item 15. Recent Sales of Unregistered Securities** 

Set forth below is information regarding securities sold by us within the past three years that were not registered under the Securities Act. Also included is the consideration, if any, received by us for such securities and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed.

Since January 1, 2023, we have made sales of the following unregistered securities:

On October 27, 2025, AEVEX Corp. issued 1,000 shares of its common stock to Holdings LLC for $10.00. The issuance of such shares of common stock was not registered under the Securities Act because the shares were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

**Item 16. Exhibits and Financial Statement Schedules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1\* | Form of Underwriting Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Certificate of Incorporation of AEVEX Corp., as currently in effect](d22113dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Form of Amended and Restated Certificate of Incorporation of AEVEX Corp., to be in effect prior to the consummation of this offering](d22113dex32.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [Bylaws of AEVEX Corp., as currently in effect](d22113dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | [Form of Amended and Restated Bylaws of AEVEX Corp., to be in effect prior to the closing of this offering](d22113dex34.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Form of Registration Rights Agreement](d22113dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1\* | Opinion of Kirkland & Ellis LLP |
| 10.1§ | [Credit Agreement, dated as of March 18, 2020, by and among Athena Technology Solutions Purchaser, LLC, AEVEX Holdings, LLC (f/k/a TCFI AEVEX LLC), the other borrowers and guarantors party thereto from time to time, the lenders party thereto from time to time, Ankura Trust Company, LLC, as administrative agent, and PNC Bank, National Association, as revolving agent and collateral agent](d22113dex101.htm) |
| 10.2§ | [Amendment No.1 to the Credit Agreement, dated as of October 28, 2020, by and among AEVEX Holdings, LLC (f/k/a TCFI AEXEX LLC), Athena Technology Solutions Purchaser, LLC, the other guarantors party thereto, the lenders party thereto, Ankura Trust Company, LLC, as administrative agent, and PNC Bank, National Association, as revolving agent and collateral agent](d22113dex102.htm) |
| 10.3§ | [Amendment No.2 to the Credit Agreement, dated as of May 7, 2021, by and among AEVEX Holdings, LLC (f/k/a/ TCFI AEXEX LLC), Athena Technology Solutions Purchaser, LLC, the other guarantors party thereto, the lenders party thereto, Ankura Trust Company, LLC, as administrative agent, and PNC Bank, National Association, as revolving agent and collateral agent](d22113dex103.htm) |
| 10.4§ | [Amendment No. 3 to the Credit Agreement, dated as of May 15, 2023, by and among AEVEX Holdings, LLC, Athena Technology Solutions Purchaser, LLC, the other guarantors party thereto, the lenders party thereto, Ankura Trust Company, LLC, as administrative agent, and PNC Bank, National Association, as revolving agent and collateral agent](d22113dex104.htm) |
| 10.5§ | [Amendment No. 4 to the Credit Agreement, dated as of April 30, 2024, by and among AEXEX Holdings, LLC, Athena Technology Solutions Purchaser, LLC, the other guarantors party thereto, the lenders party thereto, Ankura Trust Company, LLC, as administrative agent, and PNC Bank, National Association, as revolving agent and collateral agent](d22113dex105.htm) |
| 10.6§ | [Amendment No. 5 to the Credit Agreement, dated as of September 15, 2025, by and among AEVEX Holdings, LLC, Athena Technology Solutions Purchaser, LLC, the other guarantors party thereto, the lenders party thereto, Ankura Trust Company, LLC, as administrative agent, and PNC Bank, National Association, as revolving agent and collateral agent](d22113dex106.htm) |
| 10.7 | [Consulting Agreement, dated as of January 1, 2025, by and among TCFI AEVEX LLC, Radz Group II LLC and Brian Raduenz](d22113dex107.htm) |
| 10.8 | [Offer Letter, dated as of March 7, 2025, by and between AEVEX Aerospace, LLC and Roger Wells](d22113dex108.htm) |
| 10.9 | [Promotion Letter, dated as of July 1, 2023, by and between AEVEX Aerospace, LLC and Jeremy Watrous](d22113dex109.htm) |
| 10.10 | [Offer Letter, dated as of January 21, 2025, by and between AEVEX Aerospace, LLC and Michael Jackson](d22113dex1010.htm) |
| 10.11 | [Severance Agreement, dated as of March 25, 2025, by and between AEVEX Aerospace, LLC and Jeremy Watrous](d22113dex1011.htm) |
| 10.12 | [Severance Agreement, dated as of March 9, 2025, by and between AEVEX Aerospace, LLC and Roger Wells](d22113dex1012.htm) |
| 10.13+ | [Form of AEVEX Corp. 2026 Omnibus Incentive Plan](d22113dex1013.htm) |
| 10.14+ | [Form of Indemnification Agreement](d22113dex1014.htm) |
| 10.15 | [Form of Director Designation Agreement](d22113dex1015.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 10.16\* | Form of Tax Receivable Agreement |
| 10.17\* | Form of Exchange Agreement |
| 10.18\* | Form of Amended and Restated Limited Liability Agreement of Athena Technology Solutions Holdings, LLC |
| 21.1 | [List of subsidiaries of AEVEX Corp.](d22113dex211.htm) |
| 23.1\* | Consent of Kirkland & Ellis LLP (included in Exhibit 5.1) |
| 23.2 | [Consent of Independent Registered Public Accounting Firm, as to AEVEX Corp.](d22113dex232.htm) |
| 23.3 | [Consent of Independent Registered Public Accounting Firm, as to Athena Technology Solutions Holdings, LLC](d22113dex233.htm) |
| 24.1 | [Powers of attorney (included on signature page)](d22113ds1.htm#sig) |
| 99.1 | [Consent of Bradley Feldmann](d22113dex991.htm) |
| 99.2 | [Consent of Matthew Klein](d22113dex992.htm) |
| 99.3 | [Consent of Brandon Levitan](d22113dex993.htm) |
| 99.4 | [Consent of Matthew Norton](d22113dex994.htm) |
| 99.5 | [Consent of Benjamin Spacapan](d22113dex995.htm) |
| 107 | [Filing Fee Table](d22113dexfilingfees.htm) |

---

\* Indicates to be filed by amendment.

+ Indicates a management contract or compensatory plan or arrangement.

§ Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be provided on a supplemental basis to the Securities and Exchange Commission upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial statement schedules No financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements or notes.

**Item 17. Undertakings** 

The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions referenced in Item 14 of this Registration Statement, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered hereunder, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of
prospectus filed as part of this Registration Statement in reliance upon Rule 430A and

------

##### [**Table of Contents**](#toc)
contained in the form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Solana Beach, State of California, on March 23, 2026.

---

| | |
|:---|:---|
| AEVEX Corp. | AEVEX Corp. |
| By: | /s/ Roger Wells |
| Name: | Roger Wells |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY** 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Roger Wells | Chief Executive Officer and Director | March 23, 2026 |
| <br> Roger Wells | (Principal Executive Officer) |  |
| /s/ Todd Booth | Chief Financial Officer | March 23, 2026 |
| Todd Booth | (Principal Financial and Accounting Officer) |  |
| /s/ Brian Raduenz | Executive Chairman | March 23, 2026 |
| <br> Brian Raduenz |  |  |

---

## Exhibit 3.1

**Exhibit 3.1** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**AEVEX CORP.** 

**ARTICLE ONE** 

The name of the corporation is AEVEX Corp. (the "<u>Corporation</u>").

**ARTICLE TWO** 

The address of the Corporation's registered office in the State of Delaware is located at 1209 Orange Street, in the City of Wilmington, New Castle County, Delaware 19801. The name of its registered agent at such address is National Registered Agents, Inc.

**ARTICLE THREE** 

The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.

**ARTICLE FOUR** 

The total number of shares of stock which the Corporation has authority to issue is One Thousand (1,000) shares of Common Stock, par value $0.01 per share.

**ARTICLE FIVE** 

The name and mailing address of the sole incorporator are as follows:

NAME <u> MAILING ADDRESS</u> <br> Robert A. Jannusch 333 West Wolf Point Plaza Chicago, Illinois 60654

**ARTICLE SIX** 

The Corporation is to have perpetual existence.

**ARTICLE SEVEN** 

In furtherance and not in limitation of the powers conferred by statute, the board of directors of the Corporation is expressly authorized to make, alter or repeal the bylaws of the Corporation.

------

**ARTICLE EIGHT** 

Meetings of stockholders may be held within or without the State of Delaware, as the bylaws of the Corporation may provide. The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to time by the board of directors or in the bylaws of the Corporation. Election of directors need not be by written ballot unless the bylaws of the Corporation so provide.

**ARTICLE NINE** 

To the fullest extent permitted by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended, a director or officer of this Corporation shall not be liable to the Corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director. Any repeal or modification of this ARTICLE NINE shall not adversely affect any right or protection of a director or officer of the Corporation existing at the time of such repeal or modification.

**ARTICLE TEN** 

The Corporation expressly elects not to be governed by §203 of the General Corporation Law of the State of Delaware.

**ARTICLE ELEVEN** 

The Corporation reserves the right to amend, alter, change or repeal any provision contained in this certificate of incorporation in the manner now or hereafter prescribed herein and by the laws of the State of Delaware, and all rights conferred upon stockholders herein are granted subject to this reservation.

**ARTICLE TWELVE** 

To the maximum extent permitted from time to time under the law of the State of Delaware, the Corporation renounces any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to its officers, directors or stockholders, other than those officers, directors or stockholders who are employees of the Corporation. No amendment or repeal of this ARTICLE TWELVE shall apply to or have any effect on the liability or alleged liability of any officer, director or stockholder of the Corporation for or with respect to any opportunities of which such officer, director, or stockholder becomes aware prior to such amendment or repeal.

\* \* \* \* \*

------

I, THE UNDERSIGNED, being the sole incorporator hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do make this certificate, hereby declaring and certifying that this is my act and deed and the facts stated herein are true, and accordingly have hereunto set my hand on the 27th day of October, 2025.

---

| |
|:---|
| */s/ Robert A. Jannusch* |
| Robert A. Jannusch, Sole Incorporator |

---

## Exhibit 3.2

**Exhibit 3.2** 

**Form of** 

**AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**AEVEX Corp.** 

**\* \* \* \* \*** 

AEVEX Corp., a corporation duly organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the "<u>Corporation</u>"), DOES HEREBY CERTIFY as follows:

**FIRST**: The present name of the Corporation is AEVEX Corp. The Corporation was incorporated under the name AEVEX Corp. by the filing of its original Certificate of Incorporation with the Delaware Secretary of State on October 27, 2025 (the "<u>Certificate of Incorporation</u>").

**SECOND**: The Board of Directors of the Corporation, pursuant to a unanimous written consent, adopted resolutions authorizing the Corporation to amend, integrate and restate the Certificate of Incorporation of the Corporation in its entirety to read as set forth in <u>Exhibit</u> <u>A</u> attached hereto and made a part hereof (the "<u>Restated Certificate</u>").

**THIRD**: The Restated Certificate restates and integrates and further amends the Certificate of Incorporation of this Corporation.

**FOURTH**: That the stockholders of the Corporation approved and adopted the Restated Certificate by written consent in accordance with Section 228 of the General Corporation Law of the State of Delaware.

**FIFTH**: The Restated Certificate has been duly adopted in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware.

\* \* \* \* \*

------

IN WITNESS WHEREOF, AEVEX Corp. has caused this Amended and Restated Certificate of Incorporation to be executed by its duly authorized officer on this day of , 2026.

---

| |
|:---|
| **AEVEX CORP.** |
| By: |
| Name: |
| Title: |

---

------

**<u>Exhibit A</u>**

**AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**AEVEX CORP.** 

**ARTICLE ONE** 

The name of the corporation is AEVEX Corp. (the "<u>Corporation</u>").

**ARTICLE TWO** 

The address of the Corporation's registered office in the State of Delaware is located at 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at such address is National Registered Agents, Inc.

**ARTICLE THREE** 

The nature and purpose of the business of the Corporation is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the General Corporation Law of the State of Delaware ("<u>DGCL</u>").

**ARTICLE FOUR** 

Section 1. <u>Authorized Shares</u>. The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is shares, consisting of three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. shares of Preferred Stock, par value $0.0001 per share (the "<u>Preferred Stock</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. shares of Class A Common Stock, par value $0.0001 per share (the "<u>Class</u> <u>A</u> <u>Common Stock</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. shares of Class B Common Stock, par value $0.0001 per share (the "<u>Class</u> <u>B Common Stock</u>" and, together with the Class A Common Stock, the "<u>Common Stock</u>").

The Preferred Stock and the Common Stock shall have the designations, rights, powers, and preferences and the qualifications, restrictions, and limitations thereof, if any, set forth below.

Section 2. <u>Preferred Stock</u>. The Board of Directors of the Corporation (the "<u>Board</u>") is authorized, subject to limitations prescribed by law, to provide, by resolution or resolutions for the issuance of shares of Preferred Stock in one or more series, and with respect to each series, to establish the number of shares to be included in each such series, and to fix the voting powers (if any), designations, powers, preferences, and relative, participating, optional, or other special rights, if any, of the shares of each such series, and any qualifications, limitations, or restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, and

------

liquidation preferences, any or all of which may be greater than the rights of the Common Stock. The powers (including voting powers), preferences, and relative, participating, optional, and other special rights of each series of Preferred Stock and the qualifications, limitations, or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. Subject to the rights of the holders of any series of Preferred Stock, the number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then-outstanding) without the separate vote of the holders of the Preferred Stock as a class, irrespective of the provisions of Section 242(b)(2) of the DGCL. For the avoidance of doubt, and notwithstanding the foregoing, the Corporation shall be governed by Section 242(d) of the DGCL.

Section 3. <u>Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voting Rights</u>. Except as otherwise required by the DGCL or as provided by or pursuant to the provisions of this Certificate of Incorporation (as it may be amended from time to time, including pursuant to any certificate of designation relating to any series of Preferred Stock, the "<u>Certificate</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each holder of Class A Common Stock shall be entitled to one (1) vote for each share of Class A Common Stock held of record by such holder on all matters to be voted upon by stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each holder of Class B Common Stock shall be entitled to one (1) vote for each share of Class B Common Stock held of record by such holder on all matters to be voted upon by stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as otherwise required in this Certificate or by applicable law, the holders of Class A Common Stock and Class B Common Stock shall vote together as a single class on all matters on which stockholders are generally entitled to vote (and, if any holders of Preferred Stock are entitled to vote together with the holders of Common Stock, as a single class with such holders of Preferred Stock); provided, however, that, except as otherwise required by law or this Certificate, the holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate (including any certificate of designation relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate (including any certificate of designation relating to any series of Preferred Stock) or pursuant to the DGCL. Subject to the rights of the holders of any series of Preferred Stock, the number of authorized shares of Class A Common Stock or Class B Common Stock may be increased or decreased (but not below the number of shares thereof then-outstanding) without the separate vote of the holders of the Class A Common Stock or Class B Common Stock, as applicable, irrespective of the provisions of Section 242(b)(2) of the DGCL. For the avoidance of doubt, the Corporation does not intend by the foregoing sentence to opt out of the provisions of Section 242(d) of the DGCL, and intends that Section 242(d) be applicable to the Corporation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The holders of shares of Common Stock shall not have cumulative voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends</u>. Subject to applicable law and the rights, if any, of the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Class A Common Stock with respect to the payment of dividends in cash, stock or property of the Corporation, such dividends may be declared and paid on the Class A Common Stock out of the assets of the Corporation that are by law available therefor at such times and in such amounts as the Board in its discretion shall determine. Dividends shall not be declared or paid on the Class B Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Liquidation, Dissolution, etc</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation as required by law and of the preferential and other amounts, if any, to which the holders of Preferred Stock shall be entitled, the holders of all outstanding shares of Class A Common Stock shall be entitled to participate in the distribution of the remaining assets of the Corporation available for distribution to holders of Class A Common Stock ratably in proportion to the number of shares held by each such stockholder. The holders of shares of Class B Common Stock, as such, shall not be entitled to receive any assets of the Corporation in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reclassification</u>. Neither the Class A Common Stock nor the Class B Common Stock may be subdivided, split, combined, consolidated, reclassified, or otherwise changed unless contemporaneously therewith the other class of Common Stock and the common units of Athena Technology Solutions Holdings, LLC, a Delaware limited liability company (the "<u>LLC Units</u>"), are subdivided, consolidated, reclassified, or otherwise changed in the same proportion and in the same manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Exchange</u>. The holders of Class B Common Stock other than the Corporation shall, to the extent provided in the Exchange Agreement and the LLC Agreement (each, defined below) and in accordance with the terms and conditions of the Exchange Agreement and the LLC Agreement, as applicable, have the right to exchange the Class B Common Stock and the LLC Units held by them, for the number of fully paid and nonassessable shares of Class A Common Stock determined in accordance with the terms of the Exchange Agreement. Upon the exchange of an LLC Unit for one share of Class A Common Stock in accordance with the terms and conditions of the Exchange Agreement and the LLC Agreement, as applicable, one share of Class B Common Stock held by the exchanging holder shall automatically and without further action on the part of the Corporation be transferred to the Corporation for no consideration, and shall be automatically retired and cancelled and shall no longer be issued or outstanding and may not be reissued and shall return to the status of authorized but unissued shares of Class B Common Stock. The Corporation shall at all times when any shares of Class B Common Stock and LLC Units shall be outstanding, reserve and keep available out of its authorized but unissued Class A Common Stock such number of shares of Class A Common Stock as shall from time to time be sufficient to effect the exchange of all outstanding shares of

------

Class B Common Stock and LLC Units into shares of Class A Common Stock in accordance with the terms of the Exchange Agreement and the LLC Agreement. If at any time the number of authorized but unissued shares of Class A Common Stock shall not be sufficient to effect the exchange of all outstanding LLC Units, the Corporation will take such corporate actions within its power as may, in the opinion of its counsel, be necessary to cause this Certificate to be amended so as to increase the number of authorized shares of Class A Common Stock to such number as shall be sufficient for such purpose. "<u>Exchange Agreement</u>" means that certain Exchange Agreement, dated on or about the date hereof, among the Corporation, Athena Technology Solutions Holdings, LLC, ATS Investment Holdings, LLC and holders of LLC Units party thereto, as it may be amended and/or restated from time to time, a copy of which is available from the Corporation upon request and without cost. "<u>LLC Agreement</u>" means that certain Amended and Restated Limited Liability Company Agreement of Athena Technology Solutions Holdings, LLC, dated on or about the date hereof, as it may be amended and/or restated from time to time, a copy of which is available from the Corporation upon request and without cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Automatic Transfer</u>. No share of Class B Common Stock may be sold, exchanged or otherwise transferred, other than in connection with (i) the original issuance of the shares of Class B Common Stock to ATS Investment Holdings, LLC pursuant to the Exchange Agreement, (ii) the exchange of an LLC Unit as set forth in <u>Section</u> <u>3(e)</u> of this <u>ARTICLE FOUR</u> and in the Exchange Agreement and the LLC Agreement, and (iii) the transfer of an LLC Unit by a holder of LLC Units to a "Permitted Transferee" of such holder as defined in the LLC Agreement. In the event that any outstanding shares of Class B Common Stock are sold, exchanged or otherwise transferred other than as provided in the foregoing clauses (i), (ii) and (iii), or such outstanding shares of Class B Common Stock shall otherwise cease to be held by a holder of a corresponding number, based on the exchange rate then in effect, of LLC Units (including a transferee of a LLC Unit) for any reason, such shares of Class B Common Stock shall upon such sale, exchange or other transfer, or upon ceasing to be held by such holder, automatically and without further action on the part of the Corporation or any holder of Class B Common Stock be transferred to the Corporation for no consideration and thereupon shall be automatically retired and cancelled and shall no longer be issued or outstanding and may not be reissued and shall return to the status of authorized but unissued shares of Class B Common Stock. Certificates representing outstanding shares of Class B Common Stock shall contain a legend referencing the restrictions of transfers set forth herein.

**ARTICLE FIVE** 

Section 1. <u>Board of Directors</u>. Except as otherwise provided in this Certificate or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board.

------

Section 2. <u>Number of Directors</u>. Subject to any rights of the holders of any series of Preferred Stock then-outstanding to elect additional directors under specified circumstances or otherwise, the number of directors which shall constitute the Board shall be seven and, thereafter, shall be fixed from time to time exclusively by resolution of the Board; *provided* that, before the Trigger Date (as defined hereinafter), the size of the Board of Directors may also be fixed by the holders of a majority of the voting power present or represented by proxy at a duly convened meeting of stockholders or by a consent of stockholders in lieu of a meeting in accordance with Section 228 of the DGCL.

Section 3. <u>Classes of Directors</u>. The directors of the Corporation, other than those who may be elected by the holders of any series of Preferred Stock, shall be divided into three classes, hereby designated Class I, Class II, and Class III.

Section 4. <u>Election and Term of Office</u>. Subject to the rights of the holders of any series of Preferred Stock then-outstanding, the directors shall be elected by a plurality of the votes cast. The term of office of the initial Class I directors shall expire at the first annual meeting of stockholders following the date the Class A Common Stock is first publicly traded (the "<u>IPO Date</u>"), the term of office of the initial Class II directors shall expire at the second annual meeting of stockholders after the IPO Date, and the term of office of the initial Class III directors shall expire at the third annual meeting of the stockholders after the IPO Date. The Board may assign directors already in office to Class I, Class II and Class III. At each annual meeting of stockholders after the IPO Date, directors elected to replace those of a class whose terms expire at such annual meeting shall be elected to hold office until the third succeeding annual meeting after their election and until their respective successors shall have been duly elected and qualified. Each such director shall hold office until the annual meeting of stockholders for the year in which such director's term expires and a successor is duly elected and qualified or until his or her earlier death, resignation, or removal. Nothing in this Certificate shall preclude a director from serving consecutive terms. Elections of directors need not be by written ballot unless the Bylaws of the Corporation (as amended and/or restated, the "<u>Bylaws</u>") shall so provide.

Section 5. <u>Newly-Created Directorships and Vacancies</u>. Subject to any rights of the holders of any series of Preferred Stock then-outstanding, newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the Board resulting from death, resignation, disqualification, removal from office, or any other cause may be filled only by resolution of a majority of the directors then in office, although less than a quorum, or by a sole remaining director, and may not be filled in any other manner; *provided* that, before the Trigger Date, vacant and newly created directorships may also be filled by a plurality vote of the stockholders entitled to vote thereon at a duly convened meeting of stockholders or by a consent of a majority in voting power of the stock entitled to vote thereon in accordance with Section 228 of the DGCL; and further provided that any vacancy or newly created directorship relating to a director entitled to be nominated by MDP pursuant to the Director Designation Agreement dated on or about the IPO Date, as it may be amended or supplemented, a copy of which is available from the Corporation upon request and without cost, may only be filled with the person nominated by MDP. A director elected or appointed to fill a vacancy shall serve for the unexpired term of his or her predecessor in office and until his or her successor is elected and qualified or until his or her earlier death, resignation, or removal. A director elected or appointed to fill a position resulting from an increase in the number of directors shall hold office until the next election of the class for which such director shall have been elected or appointed and until his or her successor is elected and qualified, or until his or her earlier death, resignation, or removal. No decrease in the authorized number of directors shall shorten the term of any incumbent director.

------

Section 6. <u>Removal and Resignation of Directors</u>. Notwithstanding any other provision of this Certificate, (i) prior to the Trigger Date, directors may be removed with or without cause upon the affirmative vote of stockholders representing at least a majority of the voting power of the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class, and (ii) on and after the Trigger Date, directors may only be removed for cause and only upon the affirmative vote of stockholders representing at least 66 <u><sup>2</sup></u>/<u><sub>3</sub></u>% of the voting power of the then-outstanding shares of Voting Stock (as defined hereinafter). Any director may resign at any time upon notice in writing or by electronic transmission to the Corporation.

Section 7. <u>Rights of Holders of Preferred Stock</u>. Notwithstanding the provisions of this <u>ARTICLE FIVE</u>, whenever the holders of one or more series of Preferred Stock shall have the right, voting separately or together by series, to elect directors at an annual or special meeting of stockholders, the election, term of office, filling of vacancies, and other features of such directorship shall be subject to the rights of such series of Preferred Stock. During any period when the holders of any series of Preferred Stock, voting separately as a series or together with one or more series, have the right to elect additional directors, then upon commencement and for the duration of the period during which such right continues (i) the then otherwise total authorized number of directors of the Corporation shall automatically be increased by such specified number of directors, and the holders of such Preferred Stock shall be entitled to elect the additional directors so provided for or fixed pursuant to said provisions, and (ii) each such additional director shall serve until such director's successor shall have been duly elected and qualified, or until such director's right to hold such office terminates pursuant to said provisions, whichever occurs earlier, subject to his or her earlier death, resignation, disqualification, or removal. Except as otherwise provided by the Board in the resolution or resolutions establishing such series, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such stock, the terms of office of all such additional directors elected by the holders of such stock, or elected to fill any vacancies resulting from the death, resignation, disqualification, or removal of such additional directors, shall forthwith terminate (in which case each such director thereupon shall cease to be qualified as, and shall cease to be, a director), and the total authorized number of directors of the Corporation shall automatically be reduced accordingly.

Section 8. <u>Advance Notice</u>. Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws.

Section 9. <u>Definitions</u>. For purposes of this Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliated Companies</u>" shall mean (A) in respect of MDP, any entity that controls, is controlled by, or under common control with MDP (other than the Corporation and any company that is controlled by the Corporation) and any investment funds managed or advised by MDP, and (B) in respect of the Corporation, any entity controlled by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>MDP</u>" means Madison Dearborn Partners, LLC.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Trigger Date</u>" means the first date on which MDP and its Affiliated Companies cease to beneficially own in the aggregate (directly or indirectly) at least 40% or more of the voting power of the then outstanding shares of Class A Common Stock (determined assuming that each LLC Unit owned by holders other than the Corporation were exchanged for Class A Common Stock in accordance with the terms and conditions of either the Exchange Agreement or LLC Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Voting Stock</u>" means the capital stock of the Corporation then entitled to vote generally in the election of directors.

**ARTICLE SIX** 

Section 1. <u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by the DGCL as it now exists or may hereafter be amended (but, in the case of any such amendment, only to the extent such amendment permits the Corporation to provide broader exculpation than permitted prior thereto), no director or officer of the Corporation shall be liable to the Corporation or its stockholders for monetary damages arising from a breach of fiduciary duty as a director or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amendment, repeal, or modification of the foregoing paragraph shall not adversely affect any right or protection of a director or officer of the Corporation existing at the time of such amendment, repeal, or modification with respect to any act, omission, or other matter occurring prior to such amendment, repeal, or modification. Solely for purposes of <u>Section</u> <u>1(a)</u> and <u>1(b)</u> of this <u>ARTICLE SIX</u>, "officer" has the meaning provided in Section 102(b)(7) of the DGCL.

**ARTICLE SEVEN** 

Section 1. <u>Action by Written Consent</u>. Prior to the first date (the "<u>Stockholder Consent Trigger Date</u>") on which MDP and its Affiliated Companies cease to beneficially own in the aggregate (directly or indirectly) at least 35% of the voting power of the then-outstanding Voting Stock, any action which is required or permitted to be taken by the Corporation's stockholders may be taken without a meeting, without prior notice, and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of the Corporation's stock entitled to vote thereon were present and voted. On and after the Stockholder Consent Trigger Date, any action required or permitted to be taken by the Corporation's stockholders may be taken only at a duly called annual or special meeting of the Corporation's stockholders and the power of stockholders to act by consent in writing without a meeting is specifically denied; *provided*, *however*, that any action required or permitted to be taken by the holders of Preferred Stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice, and without a vote, to the extent expressly so provided in the resolutions creating such series of Preferred Stock.

------

Section 2. <u>Special Meetings of Stockholders</u>. Subject to the rights of the holders of any series of Preferred Stock then-outstanding and to the requirements of applicable law, special meetings of stockholders of the Corporation may be called only (i) by or at the direction of the Board or the Chair of the Board pursuant to a written resolution adopted by the affirmative vote of the majority of the total number of directors that the Corporation would have if there were no vacancies, and (ii) prior to the Stockholder Consent Trigger Date, by the Chair of the Board at the request of MDP in the manner provided for in the Bylaws. Any business transacted at any special meeting of stockholders shall be limited to the purpose or purposes stated in the notice of the meeting.

**ARTICLE EIGHT** 

Section 1. <u>Certain Acknowledgments</u>. It is hereby acknowledged that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) certain of the directors, partners, principals, officers, members, managers, employees, operating partners, and/or contractors of MDP or its Affiliated Companies may serve as directors or officers of the Corporation, (ii) MDP and its Affiliated Companies engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, and (iii) the Corporation and its Affiliated Companies may engage in material business transactions with MDP and its Affiliated Companies, and the Corporation is expected to benefit therefrom,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provisions of this <u>ARTICLE EIGHT</u> are set forth to regulate to the fullest extent permitted by law certain affairs of the Corporation as they may involve MDP and/or its Affiliated Companies and/or their respective directors, partners, principals, officers, members, managers, employees, operating partners, and/or contractors, including any of the foregoing who serve as officers or directors of the Corporation (MDP and/or its Affiliated Companies and all such other persons each an "<u>Exempted Person</u>" and collectively, the "<u>Exempted Persons</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this <u>ARTICLE EIGHT</u> constitutes the renunciation of corporate opportunities pursuant to Section 122(17) of the DGCL, which authorizes a corporation to renounce specified classes and categories of business opportunities.

Section 2. <u>Renunciation of Corporate Opportunities</u>. To the fullest extent permitted by the DGCL, but subject to <u>Section</u> <u>3</u> of this <u>ARTICLE EIGHT</u>, the Corporation hereby renounces any interest or expectancy in, or being offered an opportunity to participate in, any and all business opportunities: (a) originated or acquired by an Exempt Person; (b) in which the Exempt Person has an interest; or (c) that is received from any person or entity by an Exempt Person. The business opportunities renounced under this paragraph include any actual or potential investment or business opportunity or prospective economic advantage in which the Corporation could, but for this paragraph, have an interest or expectancy (including, without limitation, acquisitions, dispositions, business combinations, financings or investment opportunities), whether or not such opportunities are in the same or similar lines of business in which the Corporation is engaged or intends to engage.

------

Section 3. <u>Excluded Opportunities</u>. Notwithstanding the foregoing provisions of this <u>ARTICLE EIGHT</u>, but subject to <u>Section</u> <u>4</u> of this <u>ARTICLE EIGHT</u>, the Corporation does not renounce any interest or expectancy it may have in any business opportunity that is (a) expressly offered to a person solely in his or her capacity as a director or officer of the Corporation, and not in any other capacity; (b) offered to, or acquired by, a person while he or she is a full-time employee of the Corporation; or (c) that has been developed using the confidential information of the Corporation or any of its subsidiaries.

Section 4. <u>Certain Matters Deemed Not Corporate Opportunities</u>. In addition to and notwithstanding the foregoing provisions of this <u>ARTICLE EIGHT</u>, a corporate opportunity shall not be deemed to belong to the Corporation if it is a business opportunity the Corporation is not financially able or contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the Corporation's business or is of no practical advantage to it, or that is one in which the Corporation has no interest or reasonable expectancy.

Section 5. <u>Amendment of this Article</u>. Notwithstanding anything to the contrary elsewhere contained in this Certificate, subject to the rights of the holders of any series of Preferred Stock then-outstanding, and in addition to any vote required by applicable law, the affirmative vote of MDP, so long as MDP and/or its Affiliated Companies continues to beneficially own any outstanding shares of Voting Stock, shall be required to alter, amend, or repeal, or to adopt any provision inconsistent with, this <u>ARTICLE EIGHT</u>; *provided*, *however*, that, to the fullest extent permitted by law, neither the alteration, amendment, or repeal of this <u>ARTICLE EIGHT</u> nor the adoption of any provision of this Certificate inconsistent with this <u>ARTICLE EIGHT</u> shall apply to or have any effect on the liability or alleged liability of any Exempted Person for or with respect to any activities or opportunities which such Exempted Person becomes aware of prior to such alteration, amendment, repeal, or adoption.

Section 6. <u>Deemed Notice</u>. Any person or entity purchasing or otherwise acquiring or holding any interest in any shares of the Corporation shall be deemed to have notice of and to have consented to the provisions of this <u>ARTICLE EIGHT</u>.

**ARTICLE NINE** 

Section 1. <u>Section</u> <u>203 of the DGCL</u>. The Corporation expressly elects not to be subject to the provisions of Section 203 of the DGCL.

Section 2. <u>Business Combinations with Interested Stockholders</u>. Notwithstanding any other provision in this Certificate to the contrary, the Corporation shall not engage in any Business Combination (as defined hereinafter), at any point in time at which the Common Stock is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), with any Interested Stockholder (as defined hereinafter) for a period of three years following the time that such stockholder became an Interested Stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to such time the Board approved either the Business Combination or the transaction which resulted in such stockholder becoming an Interested Stockholder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon consummation of the transaction which resulted in such stockholder becoming an Interested Stockholder, such stockholder owned at least 85% of the Voting Stock of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the Voting Stock outstanding (but not the outstanding Voting Stock owned by such Interested Stockholder) those shares owned (i) by Persons (as defined hereinafter) who are directors and also officers of the Corporation, and (ii) employee stock plans of the Corporation in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at or subsequent to such time, the Business Combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 <sup>2</sup>/<sub>3</sub>% of the outstanding Voting Stock which is not owned by such Interested Stockholder.

Section 3. <u>Exceptions to Prohibition on Interested Stockholder Transactions</u>. The restrictions contained in this <u>ARTICLE NINE</u> shall not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a stockholder becomes an Interested Stockholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that the stockholder ceases to be an Interested Stockholder, and (ii) would not, at any time within the three-year period immediately prior to a Business Combination between the Corporation and such stockholder, have been an Interested Stockholder but for the inadvertent acquisition of ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required hereunder of a proposed transaction which (i) constitutes one of the transactions described in the second sentence of this <u>Section</u> <u>3(b)</u> of <u>ARTICLE NINE</u>, (ii) is with or by a Person who either was not an Interested Stockholder during the previous three years or who became an Interested Stockholder with the approval of the Board, and (iii) is approved or not opposed by a majority of the directors then in office (but not less than one) who were directors prior to any Person becoming an Interested Stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to: (x) a merger or consolidation of the Corporation (except for a merger in respect of which, pursuant to Section 251(f) of the DGCL, no vote of the stockholders of the Corporation is required); (y) a sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation (other than to any direct or indirect wholly-owned subsidiary or to the Corporation) having an aggregate market value equal to 50% or more of either that aggregate market value of all of the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding Stock (as defined hereinafter) of the Corporation; or (z) a proposed tender or exchange offer for 50% or more of the outstanding Voting Stock of the Corporation. The Corporation shall give not less than 20 days' notice to all Interested Stockholders prior to the consummation of any of the transactions described in clause (x) or (y) of the second sentence of this <u>Section</u> <u>3(b)</u> of <u>ARTICLE NINE</u>.

------

Section 4. <u>Definitions</u>. As used in this <u>ARTICLE NINE</u> only, and unless otherwise provided by the express terms of this <u>ARTICLE NINE</u>, the following terms shall have the meanings ascribed to them as set forth in this <u>Section</u> <u>4</u> and, to the extent such terms are defined elsewhere in this Certificate, such definitions shall not apply to this <u>ARTICLE NINE</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliate</u>" means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Associate,</u>" when used to indicate a relationship with any Person, means (i) any corporation, partnership, unincorporated association, or other entity of which such Person is a director, officer, or general partner or is, directly or indirectly, the owner of 20% or more of any class of Voting Stock, (ii) any trust or other estate in which such Person has at least a 20% beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity, and (iii) any relative or spouse of such Person, or any relative of such spouse, who has the same residence as such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Business Combination</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any merger or consolidation of the Corporation (other than a merger effected pursuant to Sections 253 or 267 of the DGCL) or any direct or indirect majority-owned subsidiary of the Corporation with (A) the Interested Stockholder, or (B) any other corporation, partnership, unincorporated association, or entity if the merger or consolidation is caused by the Interested Stockholder and as a result of such merger or consolidation <u>Section</u> <u>2</u> of this <u>ARTICLE NINE</u> is not applicable to the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions), except proportionately as a stockholder of the Corporation, to or with the Interested Stockholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding Stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any Stock of the Corporation or of such subsidiary to the Interested Stockholder, except (A) pursuant to the exercise, exchange, or conversion of securities exercisable for, exchangeable for, or convertible into Stock of the Corporation or any such subsidiary which securities were outstanding prior to the time that the Interested Stockholder became such, (B) pursuant to an exchange of LLC Units into Class A Common Stock, to the extent provided in the Exchange Agreement and the LLC Agreement, (C) pursuant to a merger under Sections 251(g), 253 or 267 of the DGCL, (D) pursuant to a dividend or distribution paid or made, or the exercise, exchange, or conversion of securities exercisable for,

------

exchangeable for, or convertible into Stock of the Corporation or any such subsidiary which security is distributed, pro rata to all holders of a class or series of Stock of the Corporation subsequent to the time the Interested Stockholder became such, (E) pursuant to an exchange offer by the Corporation to purchase Stock made on the same terms to all holders of such Stock, or (F) any issuance or transfer of Stock by the Corporation; *provided*, *however*, that in no case under items (D)-(F) of this <u>Section</u> <u>4(c)(iii)</u> of <u>ARTICLE NINE</u> shall there be an increase in the Interested Stockholder's proportionate share of the Stock of any class or series of the Corporation or of the Voting Stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of increasing the proportionate share of the Stock of any class or series, or securities convertible into the Stock of any class or series, of the Corporation or of any such subsidiary which is owned by the Interested Stockholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of Stock not caused, directly or indirectly, by the Interested Stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any receipt by the Interested Stockholder of the benefit, directly or indirectly (except proportionately as a stockholder of the Corporation), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly permitted in <u>Sections 4(c)(i)</u>-<u>(iv)</u> of <u>ARTICLE NINE</u>) provided by or through the Corporation or any direct or indirect majority-owned subsidiary of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>control,</u>" including the terms "<u>controlling</u>," "<u>controlled by</u>" and "<u>under common control with</u>," means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise. A Person who is the owner of 20% or more of the outstanding Voting Stock of any corporation, partnership, unincorporated association, or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary; notwithstanding the foregoing, a presumption of control shall not apply where such Person holds Voting Stock, in good faith and not for the purpose of circumventing this <u>ARTICLE NINE</u>, as an agent, bank, broker, nominee, custodian, or trustee for one or more owners who do not individually or as a group (as such term is used in Rule 13d-5 under the Exchange Act ("<u>Rule 13d-5</u>"), as such Rule 13d-5 is in effect as of the date of this Certificate) have control of such entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Interested Stockholder</u>" means any Person (other than the Corporation and any direct or indirect majority-owned subsidiary of the Corporation) that (i) is the owner of 15% or more of the outstanding Voting Stock of the Corporation, or (ii) is an Affiliate or Associate of the Corporation and was the owner of 15% or more of the outstanding Voting Stock of the Corporation at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such Person is an Interested Stockholder, and the affiliates and associates of such Person. Notwithstanding anything in this <u>ARTICLE NINE</u> to the contrary, the term "Interested Stockholder" shall not include:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) MDP or any of its Affiliated Companies, or any other Person with whom any of the foregoing are acting as a group or in concert for the purpose of acquiring, holding, voting, or disposing of shares of Stock of the Corporation; (y) any Person who would otherwise be an Interested Stockholder either in connection with or because of a transfer, sale, assignment, conveyance, hypothecation, encumbrance, or other disposition of 5% or more of the outstanding Voting Stock of the Corporation (in one transaction or a series of transactions) by MDP or any of its affiliates or associates to such Person; *provided*, *however*, that such Person was not an Interested Stockholder prior to such transfer, sale, assignment, conveyance, hypothecation, encumbrance, or other disposition; or (z) any Person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Corporation, *provided* that, for purposes of this clause (z) only, such Person shall be an Interested Stockholder if thereafter such Person acquires additional shares of Voting Stock of the Corporation, except as a result of further action by the Corporation not caused, directly or indirectly, by such Person; *provided*, that, for the purpose of determining whether a Person is an Interested Stockholder, the Voting Stock of the Corporation deemed to be outstanding shall include Stock deemed to be owned by the Person through application of this definition of "owned" but shall not include any other unissued Stock of the Corporation which may be issuable pursuant to any agreement, arrangement, or understanding, or upon exercise of conversion rights, warrants, or options, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>owner</u>," including the terms "<u>own</u>" and "<u>owned</u>," when used with respect to any Stock, means a Person that individually or with or through any of its Affiliates or Associates beneficially owns such Stock, directly or indirectly; or has (A) the right to acquire such Stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement, or understanding, or upon the exercise of conversion rights, exchange rights, warrants, or options, or otherwise; *provided*, *however*, that a Person shall not be deemed the owner of Stock tendered pursuant to a tender or exchange offer made by such Person or any of such Person's Affiliates or Associates until such tendered Stock is accepted for purchase or exchange, (B) the right to vote such Stock pursuant to any agreement, arrangement, or understanding; *provided*, *however*, that a Person shall not be deemed the owner of any Stock because of such Person's right to vote such Stock if the agreement, arrangement, or understanding to vote such Stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more Persons, or (C) has any agreement, arrangement, or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in (B) of this <u>Section</u> <u>4(f)</u> of <u>ARTICLE NINE</u>), or disposing of such Stock with any other Person that beneficially owns, or whose affiliates or associates beneficially own, directly or indirectly, such Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Person</u>" means any individual, corporation, partnership, unincorporated association, or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Stock</u>" means, with respect to any corporation, any capital stock of such corporation and, with respect to any other entity, any equity interest of such entity; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Voting Stock</u>" means, with respect to any corporation, the capital stock of the Corporation entitled to vote generally in the election of directors, and, with respect to any entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity. Every reference to a percentage of Voting Stock shall refer to such percentage of the votes of such Voting Stock.

**ARTICLE TEN** 

Section 1. <u>Amendments to the Bylaws</u>. Subject to the rights of holders of any series of Preferred Stock then-outstanding, in furtherance and not in limitation of the powers conferred by law, prior to the Trigger Date, the Bylaws may be amended, altered, or repealed and new bylaws made by (i) the Board, or (ii) in addition to any vote of the holders of any class or series of capital stock of the Corporation required herein (including any certificate of designation relating to any series of Preferred Stock) and any other vote otherwise required by applicable law or the Bylaws, the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of Voting Stock, voting together as a single class. On and after the Trigger Date, the Bylaws may be amended, altered, or repealed and new bylaws made by (i) the Board, or (ii) in addition to any vote of the holders of any class or series of capital stock of the Corporation required herein (including any certificate of designation relating to any series of Preferred Stock), and any other vote otherwise required by applicable law the Bylaws, the affirmative vote of the holders of at least 66 <u><sup>2</sup></u>/<u><sub>3</sub></u>% of the voting power of the then-outstanding Voting Stock, voting together as a single class.

Section 2. <u>Amendments to this Certificate</u>. Subject to the rights of holders of any series of Preferred Stock then-outstanding, and in addition to any other vote required by law or this Certificate, no provision of <u>ARTICLE FIVE</u>, <u>ARTICLE SIX</u>, <u>ARTICLE SEVEN</u>, <u>ARTICLE NINE</u>, <u>ARTICLE TEN</u>, or <u>ARTICLE ELEVEN</u> of this Certificate may be altered, amended, or repealed in any respect, nor may any provision of this Certificate or the Bylaws inconsistent therewith be adopted, unless (i) prior to the Trigger Date, such alteration, amendment, repeal, or adoption is approved by the affirmative vote of the holders of a majority of the voting power of all outstanding shares of Voting Stock, voting together as a single class, and (ii) on and after the Trigger Date, such alteration, amendment, repeal, or adoption is approved by the affirmative vote of holders of at least 66 <u><sup>2</sup></u>/<u><sub>3</sub></u>% of the voting power of all outstanding shares of Voting Stock, voting together as a single class.

**ARTICLE ELEVEN** 

Section 1. <u>Exclusive Forum</u>. Unless this Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the state or federal court located in the State of Delaware with jurisdiction) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, employee, or stockholder of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, the Certificate or the Bylaws, or (iv) any action asserting a claim governed by the internal affairs doctrine; *provided*

------

Section 2. <u>Notice</u>. Any Person purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation (including, without limitation, shares of Common Stock) shall be deemed to have notice of and to have consented to the provisions of this <u>ARTICLE ELEVEN</u>.

**ARTICLE TWELVE** 

If any provision or provisions of this Certificate shall be held to be invalid, illegal, or unenforceable as applied to any circumstance for any reason whatsoever, the validity, legality, and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate (including, without limitation, each portion of any paragraph of this Certificate containing any such provision held to be invalid, illegal, or unenforceable that is not itself held to be invalid, illegal, or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired thereby.

## Exhibit 3.3

**Exhibit 3.3** 

<u>BYLAWS</u> 

<u>OF</u> 

<u>AEVEX CORP.</u> 

A Delaware corporation

*(Adopted as of October 27, 2025)* 

ARTICLE I

<u>OFFICES</u> 

<u>Section</u> <u>1 Registered Office</u>. The registered office of the corporation in the State of Delaware shall be located at 1209 Orange Street, in the City of Wilmington, New Castle County, Delaware 19801. The name of the corporation's registered agent at such address shall be National Registered Agents, Inc. The registered office and/or registered agent of the corporation may be changed from time to time by action of the board of directors.

<u>Section</u> <u>2 Other Offices</u>. The corporation may also have offices at such other places, both within and without the State of Delaware, as the board of directors may from time to time determine or the business of the corporation may require.

ARTICLE II

<u>MEETINGS OF STOCKHOLDERS</u> 

<u>Section</u> <u>1 Annual Meetings</u>. An annual meeting of the stockholders shall be held each year within one hundred twenty (120) days after the close of the immediately preceding fiscal year of the corporation for the purpose of electing directors and conducting such other proper business as may come before the meeting. The date, time and place, if any, and/or the means of remote communication, of the annual meeting shall be determined by the board of directors of the corporation. No annual meeting of stockholders need be held if not required by the corporation's certificate of incorporation or by the General Corporation Law of the State of Delaware.

<u>Section</u> <u>2 Special Meetings</u>. Special meetings of stockholders may be called for any purpose (including, without limitation, the filling of board vacancies and newly created directorships) and may be held at such time and place, within or without the State of Delaware, and/or by means of remote communication, as shall be stated in a written notice of meeting or in a duly executed waiver of notice thereof. Such meetings may be called at any time by a majority of the members of the board of directors or the president and shall be called by the president upon the written request of holders of shares entitled to cast not less than a majority of the votes at the meeting, which written request shall state the purpose or purposes of the meeting and shall be delivered to the president. The date, time and place, if any, and/or remote communication, of any special meeting of stockholders shall be determined by the board of directors of the corporation. On such written request, the president shall fix a date and time for such meeting within ten (10) days after receipt of a request for such meeting in such written request.

<u>Section</u> <u>3 Place of Meetings</u>. The board of directors may designate any place, either within or without the State of Delaware, and/or by means of remote communication, as the place of meeting for any annual meeting or for any special meeting called by the board of directors. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the principal executive office of the corporation.

------

<u>Section</u> <u>4 Notice</u>. Whenever stockholders are required or permitted to take any action at a meeting, written or printed notice stating the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of special meetings, the purpose or purposes, of such meeting, shall be given to each stockholder entitled to vote at such meeting and to each director not less than ten (10) nor more than sixty (60) days before the date of the meeting. All such notices shall be delivered, either personally, by mail, or by a form of electronic transmission consented to by the stockholder to whom the notice is given, by or at the direction of the board of directors, the president or the secretary, and if mailed, such notice shall be deemed to be delivered when deposited in the United States mail, postage prepaid, addressed to the stockholder at his, her or its address as the same appears on the records of the corporation. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice; (b) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (c) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice; and (d) if by any other form of electronic transmission, when directed to the stockholder. Any such consent shall be revocable by the stockholder by written notice to the corporation. Any such consent shall be deemed revoked if (1) the corporation is unable to deliver by electronic transmission two consecutive notices given by the corporation in accordance with such consent and (2) such inability becomes known to the secretary or an assistant secretary of the corporation or to the transfer agent. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened.

<u>Section</u> <u>5 Stockholders List</u>. The officer who has charge of the stock ledger of the corporation shall make, at least ten (10) days before every meeting of the stockholders, a complete list of the stockholders entitled to vote at such meeting arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, for a period of at least ten (10) days prior to the meeting: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, and/or (ii) during ordinary business hours, at the principal place of business of the corporation. In the event that the corporation determines to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to stockholders of the corporation. If the meeting is to be held at a place, then the list shall be produced and kept at the time and place of the meeting for the duration of the meeting, and may be inspected by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder for the duration of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.

<u>Section</u> <u>6 Quorum</u>. The holders of a majority of the issued and outstanding shares of capital stock, entitled to vote thereon, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders, except as otherwise provided by statute or by the corporation's certificate of incorporation. If a quorum is not present, the holders of a majority of the shares present in person or represented by proxy at the meeting, and entitled to vote at the meeting, may adjourn the meeting to another time and/or place.

<u>Section</u> <u>7 Adjourned Meetings</u>. When a meeting is adjourned to another time and place, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

------

<u>Section</u> <u>8 Vote Required</u>. When a quorum is present, the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders, unless the question is one upon which by express provisions of an applicable law or of the corporation's certificate of incorporation a different vote is required, in which case such express provision shall govern and control the decision of such question.

<u>Section</u> <u>9 Voting Rights</u>. Except as otherwise provided by the General Corporation Law of the State of Delaware or by the corporation's certificate of incorporation or any amendments thereto and subject to Section 3 of Article VI hereof, every stockholder shall at every meeting of the stockholders be entitled to one vote in person or by proxy for each share of common stock held by such stockholder.

<u>Section</u> <u>10 Proxies</u>. Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the corporation generally. Any proxy is suspended when the person executing the proxy is present at a meeting of stockholders and elects to vote, except that when such proxy is coupled with an interest and the fact of the interest appears on the face of the proxy, the agent named in the proxy shall have all voting and other rights referred to in the proxy, notwithstanding the presence of the person executing the proxy. At each meeting of the stockholders, and before any voting commences, all proxies filed at or before the meeting shall be submitted to and examined by the secretary or a person designated by the secretary, and no shares may be represented or voted under a proxy that has been found to be invalid or irregular.

<u>Section</u> <u>11 Action by Written Consent</u>. Unless otherwise provided in the corporation's certificate of incorporation, any action required to be taken at any annual or special meeting of stockholders of the corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken and bearing the dates of signature of the stockholders who signed the consent or consents, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in the state of Delaware, or the corporation's principal place of business, or an officer or agent of the corporation having custody of the book or books in which proceedings of meetings of the stockholders are recorded. Delivery made to the corporation's registered office shall be by hand or by certified or registered mail, return receipt requested or by reputable overnight courier service, or by facsimile or email with confirmation of receipt. All consents properly delivered in accordance with this section shall be deemed to be recorded when so delivered. No written consent shall be effective to take the corporate action referred to therein unless, within sixty (60) days after the earliest dated consent delivered to the corporation as required by this section, written consents signed by the holders of a sufficient number of shares to take such corporate action are so recorded. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing. Any action taken pursuant to such written consent or consents of the stockholders shall have the same force and effect as if taken by the stockholders at a meeting thereof.

------

Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used; provided that such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing.

<u>Section</u> <u>12 Action by Facsimile, Email or Other Electronic Transmission Consent</u>. A facsimile, email or other electronic transmission by a stockholder or proxyholder (or by any person authorized to act on such person's behalf) of a proxy or a written consent to an action to be taken (including the delivery of such a document in the .pdf, .tif, .gif, .peg or similar format attached to an email message) shall be deemed to be written, signed, dated and delivered to the corporation for the purposes of this Article; <u>provided</u> that any such facsimile, email or other electronic transmission sets forth or is delivered with information from which the corporation can determine (A) that the facsimile, email or other electronic transmission was transmitted by the stockholder or proxyholder or by a person authorized to act for the stockholder or proxyholder and (B) the date on which such stockholder or proxyholder or authorized person transmitted such facsimile, email or other electronic transmission. The date on which such facsimile, email or other electronic transmission is transmitted shall be deemed to be the date on which such consent or proxy was signed, unless otherwise provided in such consent. Any such facsimile, email or other electronic transmission of a consent or proxy shall be treated in all respects as an original executed consent or proxy and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of the board of directors or the Secretary of the corporation, each stockholder, proxyholder or other authorized person who delivered a consent or proxy by facsimile, email or other electronic transmission shall re-execute the original form thereof and deliver such original to the corporation at its registered office in the State of Delaware, its principal place of business or to an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded.

ARTICLE III

<u>DIRECTORS</u> 

<u>Section</u> <u>1 General Powers</u>. The business and affairs of the corporation shall be managed by or under the direction of the board of directors.

<u>Section</u> <u>2 Number, Election and Term of Office</u>. The initial number of directors which shall constitute the board of directors shall be one (1). Thereafter, the number of directors shall be established from time to time by resolution of the board. The directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote in the election of directors. The directors shall be elected in this manner at the annual meeting of the stockholders, except as otherwise provided in Section 4 of this Article III. Each director elected shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation or removal as hereinafter provided.

<u>Section</u> <u>3 Removal and Resignation</u>. Any director or the entire board of directors may be removed at any time, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors. Whenever the holders of any class or series are entitled to elect one or more directors by the provisions of the corporation's certificate of incorporation, the provisions of this section shall apply, in respect to the removal without cause of a director or directors so elected, to the vote of the holders of the outstanding shares of that class or series and not to the vote of the outstanding shares as a whole. Any director may resign at any time upon notice given in writing or by electronic transmission to the corporation.

------

<u>Section</u> <u>4 Vacancies</u>. Except as otherwise provided in the corporation's certificate of incorporation, board vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director. Each director so chosen shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation or removal as herein provided.

<u>Section</u> <u>5 Annual Meetings</u>. The annual meeting of each newly elected board of directors shall be held without notice (other than notice under these bylaws) immediately after, and at the same place, if any, as the annual meeting of stockholders.

<u>Section</u> <u>6 Other Meetings and Notice</u>. Regular meetings, other than the annual meeting, of the board of directors may be held without notice at such time and at such place, if any, as shall from time to time be determined by resolution of the board of directors and promptly communicated to all directors then in office. Special meetings of the board of directors may be called by or at the request of the president or any director on at least 24 hours notice to each director, either personally, by telephone, by mail or by electronic transmission.

<u>Section</u> <u>7 Quorum, Required Vote and Adjournment</u>. A majority of the total number of directors then in office authorized shall constitute a quorum for the transaction of business. The vote of a majority of directors present at a meeting at which a quorum is present shall be the act of the board of directors. If a quorum shall not be present at any meeting of the board of directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Except as otherwise required by the corporation's certificate of incorporation, each director shall be entitled to one vote on exactly the matter presented to the board for approval.

<u>Section</u> <u>8 Committees</u>. The board of directors may, by resolution passed by a majority of the whole board, designate one or more committees, each committee to consist of one or more of the directors of the corporation, which to the extent provided in such resolution or these bylaws shall have and may exercise the powers of the board of directors in the management and affairs of the corporation, except as otherwise limited by law. The board of directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the board of directors. Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.

<u>Section</u> <u>9 Committee Rules</u>. Each committee of the board of directors may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the board of directors designating such committee. Unless otherwise provided in such a resolution, the presence of a majority of the members of the committee then in office shall be necessary to constitute a quorum. In the event that a member and that member's alternate, if alternates are designated by the board of directors as provided in Section 8 of this Article III, of such committee is or are absent or disqualified, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in place of any such absent or disqualified member.

------

<u>Section</u> <u>10 Communications Equipment</u>. Members of the board of directors or any committee thereof may participate in and act at any meeting of such board or committee by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in the meeting pursuant to this section shall constitute presence in person at the meeting.

<u>Section</u> <u>11 Waiver of Notice and Presumption of Assent</u>. Any member of the board of directors or any committee thereof who is present at a meeting shall be conclusively presumed to have waived notice of such meeting, except when such member attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Such member shall be conclusively presumed to have assented to any action taken unless his or her dissent shall be entered in the minutes of the meeting or unless his or her written dissent to such action shall be filed with the person acting as the secretary of the meeting before the adjournment thereof or shall be forwarded by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to any member who voted in favor of such action.

<u>Section</u> <u>12 Action by Written Consent</u>. Unless otherwise restricted by the corporation's certificate of incorporation, any action required or permitted to be taken at any meeting of the board of directors, or of any committee thereof, may be taken without a meeting if all members of the board or committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the board of directors, or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

ARTICLE IV

<u>OFFICERS</u> 

<u>Section</u> <u>1 Number</u>. The officers of the corporation shall be elected by the board of directors and shall consist of a president, a secretary, and such other officers and assistant officers as may be deemed necessary or desirable by the board of directors. Any number of offices may be held by the same person. In its discretion, the board of directors may choose not to fill any office for any period as it may deem advisable.

<u>Section</u> <u>2 Election and Term of Office</u>. The officers of the corporation shall be elected annually by the board of directors at its first meeting held after each annual meeting of stockholders or as soon thereafter as conveniently may be. Vacancies may be filled or new offices created and filled at any meeting of the board of directors. Each officer shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation or removal as hereinafter provided.

<u>Section</u> <u>3 Removal</u>. Any officer or agent elected by the board of directors may be removed by the board of directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.

<u>Section</u> <u>4 Vacancies</u>. Any vacancy occurring in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the board of directors for the unexpired portion of the term by the board of directors then in office.

<u>Section</u> <u>5 Compensation</u>. Compensation of all officers shall be fixed by the board of directors, and no officer shall be prevented from receiving such compensation by virtue of his or her also being a director of the corporation.

------

<u>Section</u> <u>6 The President</u>. The president shall be the chief executive officer of the corporation; in the absence of the chairman of the board, shall preside at all meetings of the stockholders and board of directors at which he or she is present; subject to the powers of the board of directors, shall have general charge of the business, affairs and property of the corporation, and control over its officers, agents and employees; and shall see that all orders and resolutions of the board of directors are carried into effect. The president or any other duly-authorized officer of the corporation shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the board of directors to some other officer or agent of the corporation. The president shall have such other powers and perform such other duties as may be prescribed by the board of directors or as may be provided in these bylaws.

<u>Section</u> <u>7 Secretary and Assistant Secretaries</u>. The secretary shall attend all meetings of the board of directors, all meetings of the committees thereof and all meetings of the stockholders and record all the proceedings of the meetings in a book or books to be kept for that purpose. Under the president's supervision, the secretary shall give, or cause to be given, all notices required to be given by these bylaws or by law, shall have such powers and perform such duties as the board of directors, the president or these bylaws may, from time to time, prescribe, and shall have custody of the corporate seal of the corporation. The secretary, or an assistant secretary, shall have authority to affix the corporate seal to any instrument requiring it and when so affixed, it may be attested by his or her signature or by the signature of such assistant secretary. The board of directors may give general authority to any other officer to affix the seal of the corporation and to attest the affixing by his or her signature. The assistant secretary, or if there be more than one, the assistant secretaries in the order determined by the board of directors, shall, in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary and shall perform such other duties and have such other powers as the board of directors, the president, or secretary may, from time to time, prescribe.

<u>Section</u> <u>8 Other Officers, Assistant Officers and Agents</u>. Officers, assistant officers and agents, if any, other than those whose duties are provided for in these bylaws, shall have such authority and perform such duties as may from time to time be prescribed by resolution of the board of directors.

<u>Section</u> <u>9 Absence or Disability of Officers</u>. In the case of the absence or disability of any officer of the corporation and of any person hereby authorized to act in such officer's place during such officer's absence or disability, the board of directors may by resolution delegate the powers and duties of such officer to any other officer or to any director, or to any other person whom it may select.

ARTICLE V

<u>INDEMNIFICATION OF OFFICERS, DIRECTORS AND OTHERS</u> 

<u>Section</u> <u>1 Nature of Indemnity</u>. Each person who was or is made a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether brought by or in the right of the corporation or any of its subsidiaries and whether civil, criminal, administrative or investigative (hereinafter a "proceeding"), or any appeal of such proceeding, by reason of or arising out of the fact that such person, or any other person for whom such person is the legal representative, is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director, officer, manager, general partner, employee, fiduciary, or agent of another corporation or of a partnership, limited liability company, joint venture, trust or other enterprise, shall be indemnified and held harmless by the corporation to the fullest extent which it is empowered to do so unless prohibited from doing so by the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the corporation to provide broader indemnification rights than said law permitted the corporation to provide prior to such

------

amendment), against all expense, liability and loss (including attorneys' fees actually and reasonably incurred by such person in connection with such proceeding) incurred by such person in connection with such proceeding, and such indemnification shall inure to the benefit of his or her heirs, executors and administrators; provided that, except as provided in Section 2 of this Article V, the corporation shall indemnify any such person seeking indemnification in connection with a proceeding initiated by such person only if such proceeding was authorized by the board of directors of the corporation. The right to indemnification conferred in this Article V shall be a contract right and, subject to Sections 2 and 5 hereof, shall include the right to be paid by the corporation the expenses incurred in defending any such proceeding in advance of its final disposition. The corporation may, by action of its board of directors, provide indemnification to employees and agents of the corporation with the same scope and effect as the foregoing indemnification of directors and officers. The corporation hereby acknowledges that certain directors and officers affiliated with institutional investors (each, an "<u>indemnitee</u>") may have certain rights to indemnification, advancement of expenses and/or insurance provided by such institutional investors or certain of their affiliates (collectively, the "<u>Institutional Indemnitors</u>"). The corporation hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to the indemnitee are primary and any obligation of the Institutional Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by the indemnitee in accordance with this Article V without regard to any rights the indemnitee may have against the Institutional Indemnitors and (iii) that it irrevocably waives, relinquishes and releases the Institutional Indemnitors from any and all claims against the Institutional Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The corporation further agrees that no advancement or payment by the Institutional Indemnitors on behalf of an indemnitee with respect to any claim for which the indemnitee has sought indemnification from the corporation shall affect the foregoing and the Institutional Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the indemnitee against the corporation.

<u>Section</u> <u>2 Procedure for Indemnification of Directors and Officers</u>. Any indemnification of a director or officer of the corporation provided for under Section 1 of this Article V or advance of expenses provided for under Section 5 of this Article V shall be made promptly, and in any event within thirty (30) days, upon the written request of the director or officer. If a determination by the corporation that the director or officer is entitled to indemnification pursuant to this Article V is required, and the corporation fails to respond within 60 days to a written request for indemnity, the corporation shall be deemed to have approved the request. If the corporation wrongfully denies a written request for indemnification or advancing of expenses, in whole or in part, or if payment in full pursuant to such request is not properly made within thirty (30) days, the right to indemnification or advances as granted by this Article V shall be enforceable by the director or officer in any court of competent jurisdiction. Such person's costs and expenses incurred in connection with successfully establishing his or her right to indemnification, in whole or in part, in any such action shall also be indemnified by the corporation. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any, has been tendered to the corporation) that the claimant has not met the standards of conduct which make it permissible under the General Corporation Law of the State of Delaware for the corporation to indemnify the claimant for the amount claimed, but the burden of such defense shall be on the corporation. Neither the failure of the corporation (including its board of directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the General Corporation Law of the State of Delaware, nor an actual determination by the corporation (including its board of directors, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

------

<u>Section</u> <u>3 Article Not Exclusive</u>. The rights to indemnification and the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Article V shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of the corporation's certificate of incorporation, by-law, agreement, vote of stockholders or disinterested directors or otherwise.

<u>Section</u> <u>4 Insurance</u>. The corporation may purchase and maintain insurance on its own behalf and on behalf of any person who is or was a director, officer, employee, fiduciary, or agent of the corporation or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity, whether or not the corporation would have the power to indemnify such person against such liability under this Article V.

<u>Section</u> <u>5 Expenses</u>. Expenses incurred by any person described in Section 1 of this Article V in defending a proceeding shall be paid by the corporation in advance of such proceeding's final disposition, unless otherwise determined by the board of directors in the specific case, upon receipt of an undertaking by or on behalf of the director or officer or other person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation. Such expenses incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the board of directors deems appropriate.

<u>Section</u> <u>6 Employees and Agents</u>. Persons who are not covered by the foregoing provisions of this Article V and who are or were employees or agents of the corporation, or who are or were serving at the request of the corporation as employees or agents of another corporation, partnership, joint venture, trust or other enterprise, may be indemnified, and may be advanced expenses, to the extent authorized at any time or from time to time by the board of directors.

<u>Section</u> <u>7 Contract Rights</u>. The provisions of this Article V shall be deemed to be a vested contract right between the corporation and each director and officer who serves in any such capacity at any time while this Article V and the relevant provisions of the General Corporation Law of the State of Delaware or other applicable law are in effect. Such contract right shall vest for each director and officer at the time such person is elected or appointed to such position, and no repeal or modification of this Article V or any such law shall affect any such vested rights or obligations of any current or former director or officer with respect to any state of facts or proceeding regardless of when occurring.

<u>Section</u> <u>8 Merger or Consolidation</u>. For purposes of this Article V, references to "the corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under this Article V with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued.

<u>Section</u> <u>9 Exculpation</u>. The directors of the corporation and each of their respective affiliates shall, to the fullest extent permitted by Section 102(b)(7) of the General Corporation Law of the State of Delaware, be exculpated from any liability to the corporation or its stockholders arising out of the operation of the corporation or any actions in their capacity as directors of the corporation.

------

ARTICLE VI

<u>CERTIFICATES OF STOCK</u> 

<u>Section</u> <u>1 Form</u>. The shares of stock of the corporation shall be represented by certificates; provided that the board of directors may provide by resolution or resolutions that some or all of any or all classes or series of the corporation's stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the corporation. Notwithstanding the adoption of such a resolution by the board of directors, every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the corporation by the chief executive officer, the president or vice president, and by the treasurer, an assistant treasurer, the secretary, an assistant secretary or any two (2) authorized officers of the corporation representing the number of shares registered in certificate form; provided, however, that, where any such certificate is signed (a) by a transfer agent or an assistant transfer agent, or (b) by a transfer clerk acting on behalf of the corporation and a registrar, if the board of directors shall by resolution so authorize, the signature of such chief executive officer, president, vice president, treasurer, secretary, assistant treasurer, assistant secretary or any two (2) authorized officers may be facsimiles thereof. In case any officer or officers of the corporation who shall have signed, or whose facsimile signature or signatures shall have been used on, any such certificate shall cease to be such officer or officers, whether by reason of death, resignation or otherwise, before such certificate shall have been delivered by the corporation, such certificate may nevertheless be adopted by the corporation and be issued and delivered as though the person or persons who signed such certificate, or whose facsimile signature or signatures shall have been affixed thereto, had not ceased to be such officer or officers.

<u>Section</u> <u>2 Lost Certificates</u>. The board of directors may direct a new certificate or certificates to be issued in place of any certificate or certificates previously issued by the corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen, or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen, or destroyed certificate or certificates, or his or her legal representative, to give the corporation a bond sufficient to indemnify the corporation against any claim that may be made against the corporation on account of the loss, theft or destruction of any such certificate or the issuance of such new certificate.

<u>Section</u> <u>3 Fixing a Record Date for Stockholder Meetings</u>. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which record date shall not be more than sixty nor less than ten days before the date of such meeting. If no record date is fixed by the board of directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the next day preceding the day on which notice is given, or if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided that the board of directors may fix a new record date for the adjourned meeting.

<u>Section</u> <u>4 Fixing a Record Date for Action by Written Consent</u>. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which date shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the board of directors. If no record date has been fixed by the board of directors, the record date for determining

------

stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the board of directors is required by statute, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the board of directors and prior action by the board of directors is required by statute, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the board of directors adopts the resolution taking such prior action.

<u>Section</u> <u>5 Fixing a Record Date for Other Purposes</u>. In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment or any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purposes of any other lawful action, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto.

<u>Section</u> <u>6 Registered Stockholders</u>. Prior to the surrender to the corporation of the certificate or certificates for a share or shares of stock with a request to record the transfer of such share or shares, the corporation may treat the registered owner as the person entitled to receive dividends, to vote, to receive notifications, and otherwise to exercise all the rights and powers of an owner. The corporation shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof; <u>provided</u>, that, notwithstanding the foregoing, the stock of the corporation may be pledged to any lender, lenders or an agent for lenders (each individually and collectively, a "<u>Secured Lender Party</u>") as collateral for the indebtedness, liabilities and obligations of the corporation and/or any of its subsidiaries to such Secured Lender Party, any such pledged stock shall be subject to such Secured Lender Party's rights under any collateral documentation governing or pertaining to such pledge and the corporation shall recognize any claim to or interest in any such pledged stock or in favor of such Secured Lender Party.

<u>Section</u> <u>7 Subscriptions for Stock</u>. Unless otherwise provided for in the subscription agreement, subscriptions for shares shall be paid in full at such time, or in such installments and at such times, as shall be determined by the board of directors. Any call made by the board of directors for payment on subscriptions shall be uniform as to all shares of the same class or as to all shares of the same series. In case of default in the payment of any installment or call when such payment is due, the corporation may proceed to collect the amount due in the same manner as any debt due the corporation.

ARTICLE VII

<u>GENERAL PROVISIONS</u> 

<u>Section</u> <u>1 Dividends</u>. Dividends upon the capital stock of the corporation, subject to the provisions of the corporation's certificate of incorporation, if any, may be declared by the board of directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the corporation's certificate of incorporation. Before payment of any dividend, there may be set aside out of any funds of the corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or any other purpose and the directors may modify or abolish any such reserve in the manner in which it was created.

------

<u>Section</u> <u>2 Checks, Drafts or Orders</u>. All checks, drafts, or other orders for the payment of money by or to the corporation and all notes and other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation, and in such manner, as shall be determined by resolution of the board of directors or a duly authorized committee thereof.

<u>Section</u> <u>3 Contracts</u>. The board of directors may authorize any officer or officers, or any agent or agents, of the corporation to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.

<u>Section</u> <u>4 Loans</u>. The corporation may lend money to, or guarantee any obligation of, or otherwise assist any officer or other employee of the corporation or of its subsidiary, including any officer or employee who is a director of the corporation or its subsidiary, whenever, in the judgment of the directors, such loan, guaranty or assistance may reasonably be expected to benefit the corporation. The loan, guaranty or other assistance may be with or without interest, and may be unsecured, or secured in such manner as the board of directors shall approve, including, without limitation, a pledge of shares of stock of the corporation. Nothing in this section contained shall be deemed to deny, limit or restrict the powers of guaranty or warranty of the corporation at common law or under any statute.

<u>Section</u> <u>5 Fiscal Year</u>. The fiscal year of the corporation shall be fixed by resolution of the board of directors.

<u>Section</u> <u>6 Corporate Seal</u>. The board of directors shall provide a corporate seal which shall be in the form of a circle and shall have inscribed thereon the name of the corporation and the words "Corporate Seal, Delaware". The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.

<u>Section</u> <u>7 Voting Securities Owned By Corporation</u>. Voting securities in any other corporation or other entity (such as a limited liability company, limited partnership or trust) held by the corporation shall be voted as directed by the president, unless the board of directors specifically confers authority to vote with respect thereto, which authority may be general or confined to specific instances, upon some other person or officer. Any person authorized to vote securities shall have the power to appoint proxies, with general power of substitution.

<u>Section</u> <u>8 Inspection of Books and Records</u>. Any stockholder of record, in person or by attorney or other agent, shall, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose the corporation's stock ledger, a list of its stockholders, and its other books and records, and to make copies or extracts therefrom. A proper purpose shall mean any purpose reasonably related to such person's interest as a stockholder. In every instance where an attorney or other agent shall be the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing which authorizes the attorney or other agent to so act on behalf of the stockholder. The demand under oath shall be directed to the corporation at its registered office in the State of Delaware or at its principal place of business.

------

<u>Section</u> <u>9 Exclusive Jurisdiction</u>. Unless otherwise waived by resolution of the board of directors, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director or officer of the corporation to the corporation or the corporation's stockholders, (iii) any action asserting a claim against the corporation arising pursuant to any provision of the General Corporation Law of the State of Delaware or the corporation's certificate of incorporation or bylaws or (iv) any action asserting a claim against the corporation governed by the internal affairs doctrine.

<u>Section</u> <u>10 Section Headings</u>. Section headings in these bylaws are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.

<u>Section</u> <u>11 Inconsistent Provisions</u>. In the event that any provision of these bylaws is or becomes inconsistent with any provision of the corporation's certificate of incorporation, the General Corporation Law of the State of Delaware or any other applicable law, the provision of these bylaws shall not be given any effect to the extent of such inconsistency but shall otherwise be given full force and effect.

ARTICLE VIII

<u>AMENDMENTS</u> 

These bylaws may be amended, altered, or repealed and new bylaws adopted at any meeting of the board of directors by a majority vote. The fact that the power to adopt, amend, alter, or repeal the bylaws has been conferred upon the board of directors shall not divest the stockholders of the same powers.

\* \* \* \* \*

## Exhibit 3.4

**Exhibit 3.4** 

**Form of** 

**AMENDED AND RESTATED BYLAWS** 

**OF** 

**AEVEX CORP.** 

*A Delaware corporation* 

(Adopted as of , 2026)

ARTICLE I

<u>OFFICES</u> 

Section 1. <u>Offices</u>. AEVEX Corp. (the "<u>Corporation</u>") may have an office or offices other than its registered office at such place or places, either within or outside the State of Delaware, as the Board of Directors of the Corporation (the "<u>Board</u>") may from time to time determine or the business of the Corporation may require. The registered office of the Corporation in the State of Delaware shall be as stated in the Corporation's certificate of incorporation as then in effect (as amended, restated, modified, and/or supplemented from time to time, including any certificate of designation relating to any series of preferred stock, the "<u>Certificate of Incorporation</u>").

ARTICLE II

<u>MEETINGS OF STOCKHOLDERS</u> 

Section 1. <u>Place of Meetings</u>. The Board may designate a place, if any, either within or outside the State of Delaware, as the place of meeting for any annual meeting or for any special meeting of stockholders. The Board may, in its sole discretion, determine that meetings of stockholders shall not be held at any place, but may in addition to or instead be held solely by means of remote communication (including virtually) in accordance with Section 211(a)(2) of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>").

Section 2. <u>Annual Meeting</u>. An annual meeting of the stockholders shall be held at such date and time as is specified by resolution of the Board. At the annual meeting, stockholders shall elect directors to succeed those whose terms expire at such annual meeting and transact such other business as properly may be brought before the annual meeting pursuant to <u>Section</u> <u>11</u> of this ARTICLE II of these amended and restated bylaws (as amended, restated, modified, and/or supplemented from time to time, these "<u>Bylaws</u>"). The Board may postpone, reschedule, or cancel any annual meeting of stockholders previously scheduled by the Board.

Section 3. <u>Special Meetings</u>. Special meetings of the stockholders may only be called in the manner provided in the Certificate of Incorporation and may be held at such place, if any, either within or without the State of Delaware, and at such time and date as the Board or the Chair of the Board (the "<u>Chair</u>") or the Chief Executive Officer of the Corporation (the "<u>Chief Executive Officer</u>") shall determine and state in the notice of such meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice. The Board may postpone, reschedule, or cancel any special meeting of stockholders previously scheduled by the Board; *provided* that prior to the Stockholder Consent Trigger Date (as defined in the Certificate of Incorporation) any special meeting called at the request of the Principal Stockholder (as defined herein) or any Principal Stockholder Affiliate (as defined herein) may not be postponed, rescheduled, or canceled without the consent of the Principal Stockholder or such Principal Stockholder Affiliate, as the case may be, at whose request the meeting was originally called.

------

Section 4. <u>Notice of Meetings</u>. Whenever stockholders are required or permitted to take action at a meeting, notice of the meeting, which shall state the place, if any, date, and time of the meeting of the stockholders, the means of remote communications, if any, by which stockholders and proxyholders not physically present may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given, not less than 10 nor more than 60 days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting, except as otherwise provided herein or required by law (meaning, here and hereinafter, as required from time to time by the DGCL) or the Certificate of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Form of Notice</u>. All such notices shall be delivered in writing or by electronic transmission in the manner provided in Section 232 of the DGCL, or in any other manner permitted by the DGCL. If mailed, such notice shall be deemed given when deposited in the United States mail, postage prepaid, addressed to the stockholder at his, her, or its address as the same appears on the records of the Corporation. If delivered by courier service, notice shall be deemed given at the earlier of when the notice is received or left at such stockholder's address as the same appears on the records of the Corporation. If given by electronic mail, notice shall be deemed given when directed to such stockholder's electronic mail address unless the stockholder has notified the Corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail or such notice is prohibited by the DGCL. Notice to stockholders may also be given by other forms of electronic transmission consented to by the stockholder. If given by facsimile telecommunication, such notice shall be deemed given when directed to a number at which the stockholder has consented to receive notice by facsimile. If given by a posting on an electronic network together with separate notice to the stockholder of such specific posting, such notice shall be deemed given upon the later of: (A) such posting; and (B) the giving of such separate notice. If notice is given by any other form of electronic transmission, such notice shall be deemed given when directed to the stockholder. An affidavit of the secretary of the Corporation (the "<u>Secretary</u>") or an assistant secretary of the Corporation (the "<u>Assistant Secretary</u>"), the transfer agent of the Corporation (the "<u>Transfer Agent</u>"), or any other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Waiver of Notice</u>. Whenever notice is required to be given under any provisions of the DGCL, the Certificate of Incorporation, or these Bylaws, a written waiver thereof, signed by the stockholder entitled to notice, or a waiver by electronic transmission given by the stockholder entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Neither the business to be transacted at, nor the purpose of, any meeting of the stockholders of the Corporation need be specified in any waiver of notice of such meeting. Attendance of a stockholder of the Corporation at a meeting of such stockholders shall constitute a waiver of notice of such meeting, except when the stockholder attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and does not further participate in the meeting.

------

Section 5. <u>List of Stockholders</u>. The Corporation shall prepare, no later than the tenth day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; *provided*, *however*, if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect the stockholders entitled to vote as of the 10th day before the meeting date, arranged in alphabetical order and showing the address of each such stockholder and the number of shares registered in the name of each such stockholder. Nothing contained in this section shall require the Corporation to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period 10 days prior to the meeting date: (A) on a reasonably accessible electronic network, *provided* that the information required to gain access to such list is provided with the notice of the meeting; or (B) during ordinary business hours, at the principal place of business of the Corporation. In the event the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. Except as otherwise provided by law, the list shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this <u>Section</u> <u>5</u> or to vote in person or by proxy at any meeting of stockholders.

Section 6. <u>Quorum</u>. The holders of a majority in voting power of the outstanding capital stock entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders, except as otherwise provided by law, by the Certificate of Incorporation or these Bylaws. If a quorum is not present, the chair of the meeting or the holders of a majority of the voting power present in person or represented by proxy at the meeting and entitled to vote thereon may adjourn the meeting to another time and/or place from time to time until a quorum shall be present in person or represented by proxy. When a specified item of business requires a vote by a class or series (if the Corporation shall then have outstanding shares of more than one class or series) voting as a separate class or series, the holders of a majority in voting power of the outstanding stock of such class or series shall constitute a quorum (as to such class or series) for the transaction of such item of business. A quorum once established at a meeting shall not be broken by the withdrawal of enough votes to leave less than a quorum.

Section 7. <u>Adjourned Meetings</u>. Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place. When a meeting is adjourned to another time or place (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are (i) announced at the meeting at which the adjournment is taken, (ii) displayed, during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to participate in the meeting by means of remote communication or (iii) set forth in the notice of meeting given in accordance with these Bylaws. At the adjourned meeting the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the

------

adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix a new record date for notice of such adjourned meeting in accordance with these Bylaws, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

Section 8. <u>Vote Required</u>. Subject to the rights of the holders of any series of preferred stock then-outstanding, when a quorum has been established, all matters other than the election of directors shall be determined by the affirmative vote of the majority of voting power of capital stock present in person or represented by proxy at the meeting and entitled to vote on the subject matter, unless by express provisions of the DGCL or other applicable law, the rules of any stock exchange upon which the Corporation's securities are listed, any regulation applicable to the Corporation or its securities, the Certificate of Incorporation, or these Bylaws a minimum or different vote is required, in which case such minimum or different vote shall be the required vote for such matter. Except as otherwise provided in the Certificate of Incorporation, directors shall be elected by a plurality of the votes cast.

Section 9. <u>Voting Rights</u>. Subject to the rights of the holders of any series of preferred stock then-outstanding, except as otherwise provided by the DGCL or the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote in person or by proxy for each share of capital stock held by such stockholder which has voting power upon the matter in question. Voting at meetings of stockholders need not be by written ballot.

Section 10. <u>Proxies</u>. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the Corporation generally.

Section 11. <u>Advance Notice of Stockholder Business and Director Nominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Nominations of Directors and Other Business at Annual Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Only such business, including nominations of persons for election to the Board, shall be conducted at an annual meeting of the stockholders as shall have been brought before the meeting: (A) as specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board or any duly authorized committee thereof; (B) by or at the direction of the Board or any duly authorized committee thereof; or (C) by any stockholder of the Corporation who (1) was a stockholder of record at the time of giving of notice provided for in <u>Section</u> <u>11(a)(iii)</u> of this ARTICLE II, on the record date for determination of

------

stockholders of the Corporation entitled to vote at the meeting, and at the time of the annual meeting, (2) at the time of the meeting, is entitled to vote at the meeting, and (3) complies with the notice procedures set forth in <u>Section</u> <u>11(a)</u> of this ARTICLE II. For the avoidance of doubt, the foregoing clause (C) of this <u>Section</u> <u>11(a)(i)</u> of ARTICLE II shall be the exclusive means for a stockholder to make nominations or propose such business before an annual meeting of stockholders. Notwithstanding the foregoing or any other provisions in this <u>Section</u> <u>11</u> to the contrary, at any time prior to the date that Madison Dearborn Partners, LLC (the "<u>Principal Stockholder</u>") and any entity that controls, is controlled by, or under common control with the Principal Stockholder (other than the Corporation and any entity that is controlled by the Corporation), and any investment vehicles or funds managed or controlled, directly or indirectly, by or otherwise affiliated with the Principal Stockholder (the "<u>Principal Stockholder Affiliates</u>") cease to beneficially own in the aggregate (directly or indirectly) at least 10% of the voting power of the then outstanding shares of capital stock of the Corporation then entitled to vote generally in the election of directors (the "<u>Advance Notice Trigger Date</u>"), none of the notice, information, or compliance requirements of this <u>Section</u> <u>11</u> shall apply to any nominations or business brought before any annual or special meeting of stockholders by the Principal Stockholder or Principal Stockholder Affiliates, and such nominations or business shall be deemed properly brought before such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For nominations or other business to be properly brought before an annual meeting by a stockholder (any such stockholder of record, as required by <u>Sections 11(a)(i)</u> of this ARTICLE II, proposing business or nominating persons for election to the Board at a meeting of stockholders, the "<u>Noticing Stockholder</u>"), the Noticing Stockholder must have given timely notice thereof in proper written form as described in <u>Section</u> <u>11(a)(iii)</u> of this ARTICLE II to the Secretary; any such proposed business other than nominations of persons for election to the Board must be a proper matter for stockholder action; and the Noticing Stockholder and any other stockholder, if any, on whose behalf the business is being proposed or the nomination is being made (collectively with the Noticing Stockholder, the "<u>Holders</u>" and each a "<u>Holder</u>") must have acted in accordance with the representations set forth in the Solicitation Statement (as defined in <u>Section</u> <u>11(a)(iii)</u> of this ARTICLE II) required by these Bylaws and otherwise complied with the requirements with respect to such nominations or business set forth in this ARTICLE II of these Bylaws. To be timely, a stockholder's notice for such nominations or other business must be delivered by hand and received by the Secretary at the principal executive offices of the Corporation in proper written form not less than 90 days and not more than 120 days prior to the first anniversary of the preceding year's annual meeting of stockholders (which date shall, for purposes of the Corporation's first annual meeting of stockholders after its shares of Class A common stock, par value $0.0001 per share ("<u>Class</u> <u>A</u> <u>Common Stock</u>"), are first publicly traded, be deemed to have occurred on , 2026); *provided*, *however*, that if and only if the annual meeting is not scheduled to be held within a period that commences 30 days before such anniversary date and ends 70 days after such anniversary date, or if no annual meeting was held in the preceding year (other

------

than for purposes of the Corporation's first annual meeting of stockholders after its shares of Class A Common Stock are first publicly traded), such stockholder's notice must be delivered not earlier than the 120th day prior to the date of such annual meeting and by the later of: (A) the 10th day following the day the Public Announcement (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) of the date of the annual meeting is first made; or (B) the date which is 90 days prior to the date of the annual meeting. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Notices delivered pursuant to <u>Section</u> <u>11(a)</u> of this ARTICLE II will be deemed received on any given day only if received prior to the Close of Business (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) on such day (and otherwise shall be deemed received on the next succeeding Business Day (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II)). The number of nominees a stockholder may nominate for election at the annual meeting on its own behalf (or in the case of one or more stockholders giving the notice on behalf of a beneficial owner, the number of nominees such stockholders may collectively nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To be in proper written form, a Noticing Stockholder's notice to the Secretary must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to any business that the Noticing Stockholder (as defined below) proposes to bring before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a brief description of the business desired to be brought before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the reasons for conducting such business at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a description of any direct or indirect material interest of any party or Stockholder Associated Person of such party in such business (whether by holdings of securities, or by virtue of being a creditor or contractual counterparty of the Corporation or of a third party, or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the text of the proposal or business (including the specific text of any resolutions or actions proposed for consideration and if such business includes a proposal to amend these Bylaws, the specific language of the proposed amendment), which business must be a proper subject for stockholder action; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a description of all agreements, arrangements and understandings between each Holder and any Stockholder Associated Person of such Holder and any other person or persons (including their names) in connection with the proposal of such business by the Noticing Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as to each Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name, age, citizenship, and address of the Noticing Stockholder, as they appear on the Corporation's books, and, if different from the Corporation's books, the name and address of the Noticing Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the name, age, citizenship, and address of such Holder and each Stockholder Associated Person of such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as of the date of the notice (which information, for the avoidance of doubt, shall be updated and supplemented pursuant to <u>Section</u> <u>11(d)</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the class or series and number of shares of stock of the Corporation which are directly or indirectly held of record or beneficially owned by such Holder and each Stockholder Associated Person of such Holder (*provided* that, for the purposes of this <u>Section</u> <u>11(a)(iii)(B)(3)</u>, any such person shall in all events be deemed to beneficially own any shares of stock of the Corporation as to which such person has a right to acquire beneficial ownership at any time in the future (whether such right is exercisable immediately or only after the passage of time or the fulfillment of a condition or both)),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a description of all agreements, arrangements or understandings between such Holder and each Stockholder Associated Person of such Holder, on the one hand, and any other person or persons (naming such person or persons), on the other hand, in connection with such proposal of business and/or nomination, excluding engagements with financial, legal, strategic or other advisors in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a description of any Derivative Instrument (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) directly or indirectly held or beneficially held by such Holder and any Stockholder Associated Person of such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. whether and to the extent to which a Hedging Transaction (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) has been entered into by or on behalf of such Holder or any Stockholder Associated Person of such Holder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. a description of any proxy, contract, arrangement, understanding, or relationship (other than a revocable proxy given in response to a public proxy solicitation made pursuant to, and in accordance with, the Securities Exchange Act of 1934, as amended (the "Exchange Act")), pursuant to which each Holder and any Stockholder Associated Person of such Holder has any right to vote or has granted a right to vote any shares of stock or any other security of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. a description of any agreement, arrangement or understanding with respect to any rights to dividends or payments in lieu of dividends on the shares of the Corporation owned beneficially by each Holder or any Stockholder Associated Person of such Holder that are separated or separable pursuant to such agreement, arraignment or understanding from the underlying shares of stock or other security of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. any direct or indirect legal, economic or financial interest (including Short Interest) of each Holder and each Stockholder Associated Person, if any, of such Holder in the outcome of any (x) vote to be taken at any annual or special meeting of stockholders of the Corporation or (y) any meeting of stockholders of any other entity with respect to any matter that is related, directly or indirectly, to any nomination or business proposed by any Holder under these Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. any material pending or threatened action, suit, or proceeding (whether civil, criminal, investigative, administrative, or otherwise) in which any Holder or any Stockholder Associated Person of such Holder is, or is reasonably expected to be made, a party or material participant involving the Corporation or any of its officers, directors or employees, or any Affiliate of the Corporation, or any officer, director or employee of such Affiliate (the information required by this subclause (3) shall be referred to as the "<u>Specified Information</u>"); *provided*, *however*, that the Specified Information shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who otherwise would be required to disclose Specified Information hereunder solely as a result of being the stockholder directed to prepare and submit the notice required by this <u>Section</u> <u>11(a)</u> on behalf of a beneficial owner;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a representation by the Noticing Stockholder that such stockholder is a stockholder of record of the Corporation entitled to vote at such meeting on the nominations or other business proposed, that the Noticing Stockholder will continue to be a stockholder of record of the Corporation entitled to vote at such meeting on the matter proposed through the date of such meeting and that such Noticing Stockholder intends to appear in person or by proxy at such meeting to make such nominations or propose such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all information that would be required to be set forth in a Schedule 13D filed pursuant to Rule 13d-1(a) or an amendment pursuant to Rule 13d-2(a) if such a statement were required to be filed under the Exchange Act and the rules and regulations promulgated thereunder by each Holder and each Stockholder Associated Person, if any, of such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any other information relating to each Holder and each Stockholder Associated Person, if any, of such Holder that would be required to be disclosed in a proxy statement and form of proxy or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a representation by the Noticing Stockholder as to whether any Holder and/or any Stockholder Associated Person of such Holder intends or is part of a group which intends (A) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding capital stock required to elect the proposed nominee or approve or adopt the other business being proposed and/or (B) otherwise to solicit proxies or votes from stockholders in support of such nomination or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) in connection with a nomination for any persons for election as director, a representation by the Noticing Stockholder whether any Holder intends, or is part of a group which intends, (x) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding shares of capital stock required to approve or adopt the proposal or elect the nominee and/or (y) otherwise to solicit proxies or votes from stockholders in support of such proposal or nomination; and, if applicable, (z) to solicit proxies in support of any proposed nominee in accordance with Rule 14a-19 promulgated under the Exchange Act;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) a certification by the Noticing Stockholder that each Holder and any Stockholder Associated Person of such Holder has complied with all applicable federal, state and other legal requirements in connection with its acquisition of shares of capital stock or other securities of the Corporation and/or such person's acts or omissions as a stockholder of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) with respect to a nomination, the information and statement required by Rule 14a-19(b) of the Exchange Act (or any successor provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) to the extent known after reasonable investigation, the names and addresses of other stockholders (including beneficial owners) known by any Holder or Related Person of such Holder to provide financial support with respect to such proposal(s) or nomination(s) (it being understood that delivery of a revocable proxy with respect to such proposal or nomination shall not in itself require disclosure under this subclause (11)) and, to the extent known, the class and number of all shares of the Corporation's capital stock owned beneficially or of record by such other stockholder(s) or other beneficial owner(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) a representation by the Noticing Stockholder as to the accuracy of the information set forth in the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) as to each person whom the Noticing Stockholder proposes to nominate for election or re-election as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name, age, citizenship and address (business and residential) of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a complete biography and statement of such person's qualifications, including the principal occupation or employment of such person (at present and for the past five years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Specified Information for such person as if such person were a Holder (except that no disclosure will be required hereunder with respect to any Stockholder Associated Person of any proposed nominee unless such Stockholder Associated Person is also a Stockholder Associated Person of any Holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a complete and accurate description of all agreements, arrangements and understandings between each Holder and any Stockholder Associated Person of such Holder, on the one hand, and such person, on the other hand, (at present and for the past three years) including, without limitation, a complete and accurate description of all direct and indirect compensation and other monetary agreements, arrangements and understandings at present

------

and for the past three years between such person and such Holder(s) and any Stockholder Associated Person(s) of such Holder(s) (including all biographical, related party transaction and other information that would be required to be disclosed pursuant to the federal and state securities laws, including Rule 404 promulgated under Regulation S-K ("<u>Regulation S-K</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") (or any successor provision), if any Holder or such Stockholder Associated Person were the "registrant" for purposes of such rule and such person were a director or executive officer of such registrant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any other information relating to such person that would be required to be disclosed in a proxy statement or any other filings required to be made in connection with solicitation of proxies for the election of directors in a contested election or that is otherwise required pursuant to and in accordance with Section 14 of the Exchange Act, and the rules and regulations promulgated thereunder (including such person's written consent to being named in the Corporation's proxy statements and the accompanying proxy card as a proposed nominee of the Noticing Stockholder and to serving as a director if elected); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a completed and signed questionnaire, representation and agreement and any and all other information required by <u>Section</u> <u>11(d)</u> of this ARTICLE II.

In addition, any Noticing Stockholder who submits a notice pursuant to <u>Section</u> <u>11(a)</u> of this ARTICLE II is required to update and supplement the information disclosed in such notice, if necessary, in accordance with <u>Section</u> <u>11(c)</u> of this ARTICLE II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted or nominations made at an annual meeting except in accordance with the procedures set forth in <u>Section</u> <u>11(a)</u> of this ARTICLE II; provided that the foregoing shall not apply to any nominations or business brought by the Principal Stockholder or any Principal Stockholder Affiliate at any time prior to the Advance Notice Trigger Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II to the contrary, if the number of directors to be elected to the Board is increased effective after the time period for which nominations would otherwise be due under <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II and there is no Public Announcement naming the nominees for additional directorships at least 10 days prior to the last day a stockholder may deliver a notice of nomination in accordance with <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II, a stockholder's notice required by <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II shall also be considered timely, but only with respect to nominees for the additional directorships, if it shall be received by the Secretary at the principal executive offices of the Corporation not later than the Close of Business on the 10th day following the day on which such Public Announcement is first made by the Corporation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Special Meetings of Stockholders</u>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the notice of meeting. Only persons who are nominated in accordance and compliance with the procedures set forth in this <u>Section</u> <u>11(b)</u> of ARTICLE II shall be eligible for election to the Board at a special meeting of stockholders at which directors are to be elected. Nominations of persons for election to the Board may be made at a special meeting of stockholders at which directors are to be elected pursuant to the notice of meeting only: (i) by or at the direction of the Board, any duly authorized committee thereof, or stockholders (if stockholders are permitted to call a special meeting of stockholders pursuant to Section 2 of ARTICLE SEVEN of the Certificate of Incorporation); or (ii) *provided* that the Board or stockholders (if stockholders are permitted to call a special meeting of stockholders pursuant to Section 2 of ARTICLE SEVEN of the Certificate of Incorporation) has determined that directors are to be elected at such special meeting, by any stockholder of the Corporation who: (A) was a stockholder of record at the time of giving of notice provided for in this <u>Section</u> <u>11(b)</u> of ARTICLE II, and at the time of the special meeting; (B) is entitled to vote at the meeting; and (C) complies with the notice procedures provided for in this <u>Section</u> <u>11(b)</u> of ARTICLE II. For nominations to be properly brought by a stockholder at a special meeting of stockholders, the stockholder must have given timely notice thereof in proper written form as described in this <u>Section</u> <u>11(b)</u> of ARTICLE II to the Secretary. To be timely, a stockholder's notice for the nomination of persons for election to the Board must be received by the Secretary at the principal executive offices of the Corporation not earlier than the 120th day prior to such special meeting and not later than the Close of Business on the later of the 90th day prior to such special meeting or the 10th day following the day on which a Public Announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Notices delivered pursuant to this <u>Section</u> <u>11(b)</u> of ARTICLE II will be deemed received on any given day if received prior to the Close of Business on such day (and otherwise, on the next succeeding day). To be in proper written form, such stockholder's notice shall set forth all of the information required by, and otherwise be in compliance with, <u>Section</u> <u>11(a)(iii)</u> of this ARTICLE II. In addition, any stockholder who submits a notice pursuant to this <u>Section</u> <u>11(b)</u> of ARTICLE II is required to update and supplement the information disclosed in such notice, if necessary, in accordance with <u>Section</u> <u>11(c)</u> of this ARTICLE II and shall comply with <u>Section</u> <u>11(e)</u> of this ARTICLE II. The number of nominees a stockholder may nominate for election at the special meeting on its own behalf (or in the case of one or more stockholders giving the notice on behalf of a beneficial owner, the number of nominees such stockholders may collectively nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such special meeting. Notwithstanding the foregoing or anything else in this Section 11(b), at any time prior to the Advance Notice Trigger Date, the Principal Stockholder and any Principal Stockholder Affiliate may make nominations at any special meeting of stockholders at which directors are to be elected without compliance with the notice, information, or other requirements of this Section 11(b), and any such nominations shall be deemed properly brought before such meeting

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Update and Supplement of Stockholder's Notice</u>. Any stockholder who submits a notice of proposal for business or nomination for election pursuant to this <u>Section</u> <u>11</u> of ARTICLE II is required to update and supplement the information disclosed in such notice, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting of stockholders and as of the date that is 10 Business Days prior to the meeting of stockholders or any adjournment, recess, rescheduling or postponement thereof, and such update and supplement shall be delivered to, and received, by, the Secretary at the principal executive offices of the Corporation not later than five Business Days after the record date for the meeting of stockholders in the case of the update and supplement required to be made as of the record date, and not later than eight Business Days prior to the date for the meeting of stockholders or any adjournment, recess, rescheduling or postponement thereof in the case of the update and supplement required to be made as of 10 Business Days prior to the meeting of stockholders or any adjournment, recess, rescheduling or postponement thereof. In addition, if the Noticing Stockholder has delivered to the Corporation a notice relating to the nomination of directors, the Noticing Stockholder shall deliver to the Corporation not later than eight Business Days prior to the date of the meeting or any adjournment, recess, rescheduling or postponement thereof (or, if not practicable, on the first practicable date prior to the date to which the annual meeting has been adjourned or postponed) reasonable evidence that it has complied with the requirements of Rule 14a-19 of the Exchange Act (or any successor provision). For the avoidance of doubt, the obligation to update and supplement set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding nominees, matters, business and/or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Submission of Questionnaire, Representation, and Agreement</u>. To be qualified to be a nominee for election or re-election as a director of the Corporation, a person must deliver (in the case of a person nominated by a stockholder in accordance with <u>Sections 11(a)</u> or <u>11(b)</u> of this ARTICLE II, in accordance with the time periods prescribed for delivery of notice under such sections) to the Secretary at the principal executive offices of the Corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request of any stockholder of record identified by name within five Business Days of such written request) and a written representation and agreement (in the form provided by the Secretary upon written request of any stockholder of record identified by name within five Business Days of such written request) that such person: (i) is not and will not become a party to: (A) any agreement, arrangement, or understanding (whether written or oral) with, and has not given any commitment or assurance to, any person or entity as to

------

how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a "<u>Voting Commitment</u>") that has not been disclosed to the Corporation; or (B) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law; (ii) is not and will not become a party to any agreement, arrangement, or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement, or indemnification in connection with service or action as a director that has not been disclosed to the Corporation; and (iii) would be in compliance, and if elected as a director of the Corporation will comply, with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality, and stock ownership and trading policies and guidelines of the Corporation that are publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Update and Supplement of Nominee Information</u>. The Corporation may also, as a condition to any such nomination or business being deemed properly brought before an annual meeting of stockholders, require any Holder or any proposed nominee to deliver to the Secretary, within five Business Days of any such request, such other information as may reasonably be required by the Board to determine whether such proposed nominee is eligible under the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or any law or regulation applicable to the Corporation to serve as a director or independent director of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Authority of Chair; General Provisions</u>. Except as otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws and subject to the supervision of the Board, the chair of the meeting shall have the power and duty to determine whether any nomination or other business proposed to be brought before the meeting was made or brought in accordance with the procedures set forth in these Bylaws (including whether the Noticing Stockholder or Stockholder Associated Person or other person, if any, on whose behalf the nomination or proposal is made or solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies or votes in support of such Noticing Stockholder's nominee or proposal in compliance with such Noticing Stockholder's representation as required by <u>Section</u> <u>11(a)(iii)(B)(8)</u> of this ARTICLE II) and, if any nomination or other business is not made or brought in compliance with these Bylaws, to declare that such nomination or proposal of other business be disregarded and not acted upon; provided, however, that the foregoing shall not apply to, and the chair of the meeting shall have no authority to disregard, any nomination or business brought by the Principal Stockholder or any Principal Stockholder Affiliate at any time prior to the Advance Notice Trigger Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Effect on Other Rights</u>. Nothing in these Bylaws shall be deemed to: (A) confer upon any stockholder a right to have a nominee or any proposed business included in the Corporation's proxy statement, except as set forth in the Certificate of Incorporation or these Bylaws; (B) affect any rights of the holders of any series of preferred stock to elect directors pursuant to any applicable provisions of the Certificate of Incorporation; or (C) limit the exercise, the method, or timing of the exercise of the rights of the Principal Stockholder and the Principal Stockholder Affiliates granted by the

------

Corporation to nominate directors (pursuant to that Director Designation Agreement, dated as of on or about , 2026 (as amended and/or restated or supplemented from time to time, the "<u>Designation Agreement</u>")), by and among the Corporation and the investors named therein, which rights may be exercised without compliance with the provisions of <u>Section</u> <u>11</u> of this ARTICLE II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Definitions</u>. For purposes of this <u>Section</u> <u>11</u> of ARTICLE II, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Affiliate</u>" has the meaning attributed to such term in Rule 12b-2 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Associate</u>" has the meaning attributed to such term in Rule 12b-2 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Business Day</u>" shall mean each Monday, Tuesday, Wednesday, Thursday, and Friday that is not a day on which banking institutions in New York, NY are authorized or obligated by law or executive order to close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "<u>Close of Business</u>" shall mean 5:00 p.m. local time at the principal executive offices of the Corporation, and if an applicable deadline falls on the Close of Business on a day that is not a Business Day, then the applicable deadline shall be deemed to be the Close of Business on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Derivative Instrument</u>" means any short position, profits interest, option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, or any derivative or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Corporation, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits and risks that correspond substantially to the ownership of any class or series of shares of the Corporation, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to the price, value or volatility of any class or series of shares of the Corporation, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of the Corporation, through the delivery of cash or other property, or otherwise, and without regard to whether the stockholder and any Stockholder Related Person may have entered into transactions that hedge or mitigate the economic effect of such instrument, contract or right, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "<u>Hedging Transaction</u>" means, with respect to a stockholder or any Stockholder Associated Person, any hedging or other transaction (such as borrowed or loaned shares) or series of transactions, or any other agreement, arrangement, or understanding, the effect or intent of which is to increase or decrease the voting power or economic or pecuniary interest of such stockholder or any Stockholder Associated Person with respect to the Corporation's securities;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "<u>Public Announcement</u>" means disclosure (a) in a press release released by the Corporation, *provided* such press release is released by the Corporation following its customary procedures, as reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or a comparable news service, or is generally available on internet news sites, or (b) in a document publicly filed by the Corporation with the SEC pursuant to Sections 13, 14 or 15(d) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "<u>Stockholder Associated Person</u>" means, with respect to any Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A of the Exchange Act, or any successor instructions) with such Holder in a solicitation of proxies in respect of any business or director nomination proposed by such stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Affiliate or Associate of such Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any person who is a member of a "group" (as such term is used in Rule 13d-5 under the Exchange Act (or any successor provision)) with such Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "<u>Short Interest</u>" means any agreement, arrangement, understanding relationship or otherwise, including any repurchase or similar so-called "stock borrowing" agreement or arrangement, involving any stockholder or any Stockholder Associated Person, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) or any class or series of the shares of the Corporation by, manage the risk of share price changes for, or increase or decrease the voting power of, such stockholder or any Stockholder Associated Person with respect to any class or series of the shares or other securities of the Corporation, or which provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of any class or series of the shares or other securities of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) For purposes of these Bylaws, the words "include," "includes" or "including" is deemed to be followed by the words "without limitation." Where a reference in these Bylaws is made to any statue or regulation, such reference shall be to (1) the statute or regulation as amended from time to time (except as context may otherwise require) and (2) any rules or regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Proxy Card. Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board.

------

Section 12. <u>Requirement to Appear</u>. Notwithstanding anything to the contrary contained in <u>Section</u> <u>11</u>, if the Noticing Stockholder that has provided timely notice of a nomination or item of business in accordance with <u>Section</u> <u>11</u> (or a qualified representative of the Noticing Stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present such nomination or item of business, such proposed business shall not be transacted and such nomination shall be disregarded, notwithstanding that such proposed business or such nomination is set forth in the notice of meeting or other proxy materials and notwithstanding that proxies or votes in respect of such vote may have been received by the Corporation. For purposes of these Bylaws, to be considered a qualified representative of the Noticing Stockholder, a person must be a duly authorized officer, manager or partner of such Noticing Stockholder or must be authorized by a writing executed by such Noticing Stockholder or an electronic transmission delivered by such Noticing Stockholder to act for such Noticing Stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.

Section 13. <u>Fixing a Record Date for Stockholder Meetings</u>. In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than 60 days nor less than 10 days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the day next preceding the day on which notice is first given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided*, *however*, that the Board may fix a new record date for the adjourned meeting in conformity herewith; and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the foregoing provisions of this <u>Section</u> <u>13</u> of ARTICLE II at the adjourned meeting.

Section 14. <u>Action by Stockholders Without a Meeting</u>. So long as stockholders of the Corporation have the right to act by written consent in accordance with Section 1 of ARTICLE SEVEN of the Certificate of Incorporation, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Record Date</u>. For the purpose of determining the stockholders entitled to consent to corporate action without a meeting as may be permitted by the Certificate of Incorporation or the certificate of designation relating to any outstanding class or series of preferred stock, the Board may fix a record date, which record date shall not precede the date on which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than 10 (or the maximum number permitted by applicable law) days after the date on which the resolution fixing the record date is adopted by the Board. Any stockholder of record seeking to have the stockholders authorize or take action by consent in lieu of a meeting shall, by written notice delivered to the Secretary at the

------

Corporation's principal place of business during regular business hours, request that the Board fix a record date, which notice shall include the text of any proposed resolutions. Notices delivered pursuant to this <u>Section</u> <u>14(a)</u> of ARTICLE II will be deemed received on any given day only if received prior to the close of business on such day (and otherwise, shall be deemed received on the next succeeding Business Day). The Board shall promptly, but in all events within 10 days after the date on which such written notice is properly delivered to and deemed received by the Secretary, adopt a resolution fixing the record date (unless a record date has previously been fixed by the Board pursuant to the first sentence of this <u>Section</u> <u>14(a)</u> of ARTICLE II). If no record date has been fixed by the Board pursuant to this <u>Section</u> <u>14(a)</u> or otherwise within 10 days of receipt of a valid request by a stockholder, the record date for determining stockholders entitled to consent to corporate action without a meeting, when no prior action by the Board is required pursuant to applicable law, shall be the first date after the expiration of such 10 day time period on which a signed consent setting forth the action taken or proposed to be taken is delivered to the Corporation pursuant to <u>Section</u> <u>14(b)</u> of this ARTICLE II; *provided*, *however*, that if prior action by the Board is required by applicable law, the record date for determining stockholders entitled to consent to corporate action without a meeting shall in such an event be at the close of business on the day on which the Board adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Generally</u>. No consent shall be effective to take the corporate action referred to therein unless consents signed by a sufficient number of stockholders to take such action are delivered to the Corporation, in the manner required by this <u>Section</u> <u>14</u> of ARTICLE II, within 60 (or the maximum number permitted by applicable law) days of the first date on which a consent is delivered to the Corporation in the manner required by applicable law. The validity of any consent executed by a proxy for a stockholder pursuant to an electronic transmission transmitted to such proxy holder by or upon the authorization of the stockholder shall be determined by or at the direction of the Secretary. A written record of the information upon which the person making such determination relied shall be made and kept in the records of the proceedings of the stockholders. Any such consent shall be inserted in the minute book as if it were the minutes of a meeting of stockholders. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given by the Corporation (at its expense) to those stockholders as of the record date for the action by consent who have not consented and who would have been entitled to notice of the meeting if the action had been taken at a meeting and the record date for the notice of the meeting were the record date for the action by consent. A consent permitted by this Section 14 shall be delivered: (i) to the principal place of business of the Corporation; (ii) to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded; (iii) to the registered office of the Corporation in this State by hand or by certified or registered mail, return receipt requested; or (iv) subject to the next sentence, in accordance with § 116 of the DGCL to an information processing system, if any, designated by the corporation for receiving such consents. In the case of delivery pursuant to the foregoing clause (iv), such consent must set forth or be delivered with information that enables the Corporation to determine the date of delivery of such consent and the identity of the person giving such consent, and, if such consent is given by a person authorized to act for a stockholder or member as proxy, such consent must comply with the applicable provisions of Section 212(c)(2) and (3) of the DGCL.

------

Section 15. <u>Conduct of Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Meetings of stockholders shall be presided over by the Chair, if any, or in the Chair's absence or disability, by the Chief Executive Officer (the "<u>CEO</u>"), or in the CEO's absence or disability, by the President of the Corporation (the "<u>President</u>"), or in the President's absence or disability, by a Vice President of the Corporation (the "<u>Vice President</u>") (in the order as determined by the Board), or in the absence or disability of the foregoing persons by a director or officer designated by the Board, or in the absence or disability of such person, by a chair chosen at the meeting. The Secretary shall act as secretary of the meeting, but in the Secretary's absence or disability, the chair of the meeting may appoint any person to act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rules, Regulations, and Procedures</u>. The Board may adopt by resolution such rules, regulations, and procedures for the conduct of any meeting of stockholders of the Corporation as it shall deem appropriate including, without limitation, such guidelines and procedures as it may deem appropriate regarding the participation by means of remote communication of stockholders and proxyholders not physically present at a meeting. Except to the extent inconsistent with such rules, regulations, and procedures as adopted by the Board, the chair of any meeting of stockholders shall have the right and authority to prescribe such rules, regulations, and procedures and to do all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations, or procedures, whether adopted by the Board or prescribed by the chair of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies, or such other persons as the chair of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; (v) limitations on the time allotted to questions or comments by participants; and (vi) restrictions on the use of mobile phones, audio or video recording devices, and similar devices at the meeting. The chair of the meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a nomination or matter or business was not properly brought before the meeting and if such chair should so determine, such chair shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the chair of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. The chair of the meeting shall announce at the meeting when the polls for each matter to be voted upon at the meeting will be opened and closed. After the polls close, no ballots, proxies, or votes or any revocations or changes thereto may be accepted. The chair of the meeting shall have the power, right, and authority, for any or no reason, to convene, recess, and/or adjourn any meeting of stockholders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Inspectors of Elections</u>. The Corporation may, and to the extent required by law shall, in advance of any meeting of stockholders, appoint one or more inspectors of election to act at the meeting and make a written report thereof. One or more other persons may be designated as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the chair of the meeting shall appoint one or more inspectors to act at the meeting. Unless otherwise required by law, inspectors may be officers, employees, or agents of the Corporation. No person who is a candidate for an office at an election may serve as an inspector at such election. Each inspector, before entering upon the discharge of such inspector's duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of such inspector's ability. The inspector shall have the duties prescribed by law and, when the vote is completed, shall make a certificate of the result of the vote taken and of such other facts as may be required by law.

Section 16. <u>Remote Communication</u>. If authorized by the Board in its sole discretion, and subject to such guidelines and procedures as the Board may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) participate in a meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication;

*provided* that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Corporation.

ARTICLE III

<u>DIRECTORS</u> 

Section 1. <u>General Powers</u>. Except as otherwise provided in this Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board.

------

Section 2. <u>Regular Meetings and Special Meetings</u>. Regular meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by resolution of the Board and publicized among all directors. Special meetings of the Board may be called by: (i) the Chair, if any; (ii) by the Secretary upon the written request of a majority of the directors then in office; or (iii) if the Board then includes a director nominated or designated for nomination by the Principal Stockholder or any Principal Stockholder Affiliate, by any director so nominated or designated, and in each case shall be held at the place, if any, on the date and at the time as he, she, or they shall fix. Any and all business may be transacted at a special meeting of the Board.

Section 3. <u>Notice of Meetings</u>. Notice of regular meetings of the Board need not be given except as otherwise required by law or these Bylaws. Notice of each special meeting of the Board, and of each regular and annual meeting of the Board for which notice is required, shall be given by the Secretary as hereinafter provided in this <u>Section</u> <u>3</u> of this ARTICLE III. Such notice shall state the date, time, and place, if any, of the meeting. Notice of any special meeting, and of any regular or annual meeting for which notice is required, shall be given to each director at least: (A) 24 hours before the meeting if by telephone or by being personally delivered or sent by overnight courier, telecopy, electronic transmission, email, or similar means; or (B) five days before the meeting if delivered by mail to the director's residence or usual place of business. Such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage prepaid, or when transmitted if sent by telex, telecopy, electronic transmission, email, or similar means. Neither the business to be transacted at, nor the purpose of, any special meeting of the Board need be specified in the notice or waiver of notice of such meeting.

Section 4. <u>Waiver of Notice</u>. Any director may waive notice of any meeting of directors by a writing signed by the director or by electronic transmission. Any member of the Board or any committee thereof who is present at a meeting shall have waived notice of such meeting except when such member attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and does not further participate in the meeting. Such member shall be conclusively presumed to have assented to any action taken unless his or her dissent shall be entered in the minutes of the meeting or unless his or her written dissent to such action shall be filed with the person acting as the secretary of the meeting before the adjournment thereof or shall be forwarded by registered mail to the Secretary immediately after the adjournment of the meeting. Such right to dissent shall not apply to any member who voted in favor of such action.

Section 5. <u>Chair of the Board, Quorum, Required Vote, and Adjournment</u>. The Board may elect the Chair. The Chair must be a director and may be an officer of the Corporation. Subject to the provisions of these Bylaws and the direction of the Board, he, she, or they shall perform all duties and have all powers which are commonly incident to the position of Chair or which are delegated to him or her by the Board, preside at all meetings of the stockholders and Board at which he or she is present and have such powers and perform such duties as the Board may from time to time prescribe. If the Chair is not present at a meeting of the Board, the CEO (if the CEO is a director and is not also the Chair) shall preside at such meeting, and, if the CEO is not present at such meeting, a majority of the directors present at such meeting shall elect one of the directors present at the meeting to so preside. At all meetings of the Board, a majority of the directors then in office shall constitute a quorum for the transaction of business, *provided*, *however*, that a quorum shall never be less than one-third the total number of directors. Unless by express provision of an applicable law, the Certificate of Incorporation, or these Bylaws a different vote is required, the

------

vote of a majority of directors present at a meeting at which a quorum is present shall be the act of the Board. At any meeting of the Board, business shall be transacted in such order and manner as the Board may from time to time determine. If a quorum shall not be present at any meeting of the Board, the directors present thereat may, to the fullest extent permitted by law, adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 6. <u>Committees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may designate one or more committees, including an executive committee, consisting of one or more of the directors of the Corporation, and any committees required by the rules and regulations of such exchange as any securities of the Corporation are listed. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Except to the extent restricted by applicable law or the Certificate of Incorporation, each such committee, to the extent provided by the DGCL and in the resolution creating it, shall have and may exercise all the powers and authority of the Board. Each such committee shall serve at the pleasure of the Board. Each committee shall keep regular minutes of its meetings and report the same to the Board upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each committee of the Board may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such committee. Unless otherwise provided in such a resolution, the presence of at least a majority of the members of the committee shall be necessary to constitute a quorum. All matters shall be determined by a majority vote of the members present at a meeting at which a quorum is present. Unless otherwise provided in such a resolution, in the event that a member and that member's alternate, if alternates are designated by the Board, of such committee is or are absent or disqualified, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in place of any such absent or disqualified member.

Section 7. <u>Action by Written Consent</u>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or such committee, as the case may be, consent thereto in writing or by electronic transmission. After the action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board or committee in the same paper form or electronic form as the minutes are maintained.

Section 8. <u>Compensation</u>. The Board shall have the authority to fix the compensation, including fees, reimbursement of expenses, and equity compensation, of directors for services to the Corporation in any capacity, including for attendance of meetings of the Board or participation on any committees. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

------

Section 9. <u>Reliance on Books and Records</u>. A member of the Board, or a member of any committee designated by the Board, shall, in the performance of such member's duties, be fully protected in relying in good faith upon records of the Corporation and upon such information, opinions, reports, or statements presented to the Corporation by any of the Corporation's officers or employees, or committees of the Board, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

Section 10. <u>Telephonic and Other Meetings</u>. Unless restricted by the Certificate of Incorporation, any one or more members of the Board or any committee thereof may participate in a meeting of the Board or such committee by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. Participation by such means shall constitute presence in person at a meeting.

ARTICLE IV

<u>OFFICERS</u> 

Section 1. <u>Number and Election</u>. Subject to the authority of the CEO to appoint officers as set forth in <u>Section</u> <u>11</u> of this ARTICLE IV, the officers of the Corporation shall be elected by the Board and may consist of a CEO, a President, one or more Vice Presidents, a Secretary, a Chief Financial Officer (the "<u>CFO</u>"), a Treasurer (the "<u>Treasurer</u>"), and such other officers and assistant officers as may be deemed necessary or desirable by the Board. Any number of offices may be held by the same person. In its discretion, the Board may choose not to fill any office for any period as it may deem advisable.

Section 2. <u>Term of Office</u>. Each officer shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation, or removal as hereinafter provided.

Section 3. <u>Removal</u>. Any officer or agent of the Corporation may be removed with or without cause by the Board, a duly authorized committee thereof or by such officers as may be designated by a resolution of the Board, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer appointed by the CEO in accordance with <u>Section</u> <u>11</u> of this ARTICLE IV may also be removed by the CEO in his or her sole discretion.

Section 4. <u>Vacancies</u>. Any vacancy occurring in any office because of death, resignation, removal, disqualification, or otherwise may be filled by the Board or the CEO in accordance with <u>Section</u> <u>11</u> of this ARTICLE IV.

Section 5. <u>Compensation</u>. Compensation of all executive officers shall be approved by the Board or a duly authorized committee thereof, and no officer shall be prevented from receiving such compensation by virtue of his or her also being a director of the Corporation.

Section 6. <u>Chief Executive Officer</u>. The CEO shall have the powers and perform the duties incident to that position. The CEO shall, in the absence of the Chair, or if a Chair shall not have been elected, preside at each meeting of (a) the Board if the CEO is a director and (b) the stockholders. Subject to the powers of the Board and the Chair, the CEO shall be in general and active charge of the entire business and affairs of the Corporation and shall be its chief policy-making officer. The CEO shall have such other powers and perform such other duties as may be

------

prescribed by the Board or provided in these Bylaws. The CEO is authorized to execute bonds, mortgages, and other contracts requiring a seal under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board to some other officer or agent of the Corporation. Whenever the President is unable to serve, by reason of sickness, absence, or otherwise, the CEO shall perform all the duties and responsibilities and exercise all the powers of the President.

Section 7. <u>President</u>. The President of the Corporation shall, subject to the powers of the Board, the Chair, and the CEO, have general charge of the business, affairs, and property of the Corporation, and, in the absence of the CEO, control over its officers, agents, and employees. The President shall see that all orders and resolutions of the Board are carried into effect. The President is authorized, in the absence of the CEO, to execute bonds, mortgages, and other contracts requiring a seal under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board to some other officer or agent of the Corporation. The President shall, in the absence of the CEO, act with all of the powers and be subject to all of the restrictions of the CEO. The President shall have such other powers and perform such other duties as may be prescribed by the Chair, the CEO, the Board, or as may be provided in these Bylaws or otherwise are incident to the position of President.

Section 8. <u>Vice Presidents</u>. The Vice President, or if there shall be more than one, the Vice Presidents, in the order determined by the Board or the Chair, shall, perform such duties and have such powers as the Board, the Chair, the CEO, the President, or these Bylaws may, from time to time, prescribe or which otherwise are incident to the position of Vice President. The Vice Presidents may also be designated as Executive Vice Presidents or Senior Vice Presidents, as the Board may from time to time prescribe.

Section 9. <u>Secretary and Assistant Secretaries</u>. The Secretary shall attend all meetings of the Board (other than executive sessions thereof) and all meetings of the stockholders and record all the proceedings of the meetings in a book or books to be kept for that purpose or shall ensure that his or her designee attends each such meeting to act in such capacity. Under the Board's supervision, the Secretary shall give, or cause to be given, all notices required to be given by these Bylaws or by law; shall have such powers and perform such duties as the Board, the Chair, the CEO, the President, or these Bylaws may, from time to time, prescribe or which otherwise are incident to the position of Secretary; and shall have custody of the corporate seal of the Corporation. The Secretary, or an Assistant Secretary, shall have authority to affix the corporate seal to any instrument requiring it and when so affixed, it may be attested by his or her signature or by the signature of such Assistant Secretary. The Board may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his or her signature. The Assistant Secretary, or if there be more than one, any of the Assistant Secretaries, shall in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board, the Chair, the CEO, the President, or Secretary may, from time to time, prescribe.

------

Section 10. <u>Chief Financial Officer and Treasurer</u>. The CFO shall have the custody of the corporate funds and securities; shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation as shall be necessary or desirable in accordance with applicable law or generally accepted accounting principles; shall deposit all monies and other valuable effects in the name and to the credit of the Corporation as may be ordered by the Chair or the Board; shall receive, and give receipts for, moneys due and payable to the Corporation from any source whatsoever; shall cause the funds of the Corporation to be disbursed when such disbursements have been duly authorized, taking proper vouchers for such disbursements; and shall render to the Board, at its regular meeting or when the Board so requires, an account of the financial condition and operations of the Corporation; shall have such powers and perform such duties as the Board, the Chair, the CEO, the President, or these Bylaws may, from time to time, prescribe or which otherwise are incident to the position of CFO. The Treasurer shall in the absence or disability of the CFO, perform the duties and exercise the powers of the CFO, subject to the power of the Board. The Treasurer, if any, shall perform such other duties and have such other powers as the Board may, from time to time, prescribe.

Section 11. <u>Appointed Officers</u>. In addition to officers designated by the Board in accordance with this ARTICLE IV, the CEO shall have the authority to appoint other officers below the level of Board-appointed Vice President as the CEO may from time to time deem expedient and may designate for such officer's titles that appropriately reflect their positions and responsibilities. Such appointed officers shall have such powers and shall perform such duties as may be assigned to them by the CEO or the senior officer to whom they report, consistent with corporate policies. An appointed officer shall serve until the earlier of such officer's resignation or such officer's removal by the CEO or the Board at any time, either with or without cause.

Section 12. <u>Other Officers, Assistant Officers, and Agents</u>. Officers, assistant officers, and agents, if any, other than those whose duties are provided for in these Bylaws, shall have such authority and perform such duties as may from time to time be prescribed by resolution of the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board.

Section 13. <u>Officers' Bonds or Other Security</u>. If required by the Board, any officer of the Corporation shall give a bond or other security for the faithful performance of such officer's duties, in such amount and with such surety as the Board may require.

Section 14. <u>Delegation of Authority</u>. The Board may by resolution delegate the powers and duties of such officer to any other officer or to any director, or to any other person whom it may select.

ARTICLE V

<u>CERTIFICATES OF STOCK</u> 

Section 1. <u>Form</u>. The shares of stock of the Corporation shall be represented by certificates, *provided* that the Board may provide by resolution that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. If shares are represented by certificates, the certificates shall be in such form as required by applicable law and as determined by the Board. Each certificate shall certify the number of shares owned by such holder in the Corporation and shall be signed by, or in the name of the Corporation by two authorized officers

------

of the Corporation including, but not limited to, the Chair (if an officer), the CEO, the President, a Vice President, the CFO, the Treasurer, the Secretary, and an Assistant Secretary. Any or all signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed, or whose facsimile signature or signatures have been used on, any such certificate or certificates shall cease to be such officer, transfer agent, or registrar of the Corporation whether because of death, resignation, or otherwise before such certificate or certificates have been issued by the Corporation, such certificate or certificates may nevertheless be issued as though the person or persons who signed such certificate or certificates or whose facsimile signature or signatures have been used thereon had not ceased to be such officer, transfer agent, or registrar of the Corporation at the date of issue. All certificates for shares shall be consecutively numbered or otherwise identified. The Board may appoint a bank or trust company organized under the laws of the United States or any state thereof to act as its transfer agent, registrar, or both in connection with the transfer of any class or series of securities of the Corporation. The Corporation, or its designated transfer agent or other agent, shall keep a book or set of books to be known as the stock transfer books of the Corporation, containing the name of each holder of record, together with such holder's address and the number and class or series of shares held by such holder and the date of issue. When shares are represented by certificates, the Corporation shall issue and deliver to each holder to whom such shares have been issued or transferred, certificates representing the shares owned by such holder, and shares of stock of the Corporation shall only be transferred on the books of the Corporation by the holder of record thereof or by such holder's attorney duly authorized in writing, upon surrender to the Corporation or its designated transfer agent or other agent of the certificate or certificates for such shares endorsed by the appropriate person or persons, with such evidence of the authenticity of such endorsement, transfer, authorization, and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps. In that event, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate or certificates, and record the transaction on its books. When shares are not represented by certificates, shares of stock of the Corporation shall only be transferred on the books of the Corporation by the holder of record thereof or by such holder's attorney duly authorized in writing, with such evidence of the authenticity of such transfer, authorization, and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps, and within a reasonable time after the issuance or transfer of such shares, the Corporation shall, if required by applicable law, send the holder to whom such shares have been issued or transferred a written statement of the information required by applicable law. Unless otherwise provided by applicable law, the Certificate of Incorporation, these Bylaws, or any other instrument, the rights and obligations of the holders of uncertificated stock, and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.

Section 2. <u>Lost Certificates</u>. The Corporation may issue or direct a new certificate or certificates or uncertificated shares to be issued in place of any certificate or certificates previously issued by the Corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the owner of the lost, stolen, or destroyed certificate. When authorizing such issue of a new certificate or certificates or uncertificated shares, the Corporation may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen, or destroyed certificate or certificates, or his or her legal representative, to give the Corporation a bond in such sum as it may direct, sufficient to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft, or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

------

Section 3. <u>Registered Stockholders</u>. The Corporation shall be entitled to recognize the exclusive right of a person registered on its records as the owner of shares of stock to receive dividends, to vote, to receive notifications, and otherwise to exercise all the rights and powers of an owner, except as otherwise required by applicable law. The Corporation shall not be bound to recognize any equitable or other claim to or interest in such share or shares of stock on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise required by applicable law.

Section 4. <u>Fixing a Record Date for Purposes Other Than Stockholder Meetings or Actions by Written Consent</u>. In order that the Corporation may determine the stockholders entitled to receive payment of any dividend, other distribution or allotment, or any rights, or the stockholders entitled to exercise any rights in respect of any change, conversion, or exchange of stock, or for the purposes of any other lawful action (other than stockholder meetings and stockholder consents which are expressly governed by <u>Sections 12</u>, <u>13</u> and <u>14</u> of ARTICLE II hereof), the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

ARTICLE VI

<u>GENERAL PROVISIONS</u> 

Section 1. <u>Dividends</u>. Subject to and in accordance with applicable law, the Certificate of Incorporation and any certificate of designation relating to any series of preferred stock, dividends upon the shares of capital stock of the Corporation may be declared and paid by the Board in accordance with applicable law. Dividends may be paid in cash, in property, or in shares of the Corporation's capital stock, subject to the provisions of applicable law and the Certificate of Incorporation. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends a reserve or reserves for any proper purpose. The Board may modify or abolish any such reserves in the manner in which they were created.

Section 2. <u>Checks, Notes, Drafts, Etc</u>. All checks, notes, drafts, or other orders for the payment of money of the Corporation shall be signed, endorsed, or accepted in the name of the Corporation by such officer, officers, person, or persons as from time to time may be designated by the Board, or by an officer or officers authorized by the Board to make such designation.

Section 3. <u>Contracts</u>. In addition to the powers otherwise granted to officers pursuant to ARTICLE IV, the Board may authorize any officer or officers, or any agent or agents, in the name and on behalf of the Corporation to enter into or execute and deliver any and all deeds, bonds, mortgages, contracts, and other obligations or instruments, and such authority may be general or confined to specific instances.

Section 4. <u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board.

------

Section 5. <u>Corporate Seal</u>. The Board may provide a corporate seal which shall be in the form of a circle and shall have inscribed thereon the name of the Corporation and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. Notwithstanding the foregoing, no seal shall be required by virtue of <u>Section</u> <u>5</u> of this ARTICLE VI.

Section 6. <u>Voting Securities Owned By Corporation</u>. Voting securities in any other corporation or entity held by the Corporation shall be voted by the Chair, CEO, the President, or the CFO, unless the Board specifically confers authority to vote with respect thereto, which authority may be general or confined to specific instances, upon some other person or officer. Any person authorized to vote securities shall have the power to appoint proxies, with general power of substitution.

Section 7. <u>Facsimile/Electronic Signatures</u>. In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in these Bylaws, docusign, facsimile, and other forms of electronic signatures of any officer or director of the Corporation may be used to the fullest extent permitted by applicable law.

Section 8. <u>Section Headings</u>. Section headings in these Bylaws are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.

Section 9. <u>Inconsistent Provisions</u>. In the event that any provision (or part thereof) of these Bylaws is or becomes inconsistent with any provision of the Certificate of Incorporation, the DGCL, any other applicable law, or the Designation Agreement, the provision (or part thereof) of these Bylaws shall be construed to be consistent with such other provision or provisions, and to the extent such provision may not be so construed, such provision shall be deemed amended to incorporate such other provision so as to eliminate any such inconsistency and as so amended shall be given full force and effect.

ARTICLE VII

<u>INDEMNIFICATION</u> 

Section 1. <u>Right to Indemnification and Advancement</u>. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved (including involvement, without limitation, as a witness) in any actual or threatened action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "<u>proceeding</u>"), by reason of the fact that he or she is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, manager, officer, employee, or agent of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan (an "<u>indemnitee</u>"), whether the basis of such proceeding is alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended, against all expense, liability, and loss (including attorneys' fees and related disbursements, judgments, fines, excise taxes, or penalties under the Employee Retirement Income Security Act of 1974, as amended from time to time ("<u>ERISA</u>") and any other penalties and

------

amounts paid or to be paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith, and such indemnification shall continue as to an indemnitee who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the indemnitee's heirs, executors, and administrators; *provided*, *however*, that, except as provided in <u>Section</u> <u>2</u> of this ARTICLE VII with respect to proceedings to enforce rights to indemnification and advance of expenses (as defined herein), the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized in the specific case by the Board of the Corporation. In addition to the right to indemnification conferred herein, an indemnitee shall also have the right, to the fullest extent not prohibited by law, to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition (an "<u>advance of expenses</u>"); *provided*, *however*, that if and to the extent that the DGCL requires, an advance of expenses shall be made only upon delivery to the Corporation of an undertaking (an "<u>undertaking</u>"), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (a "<u>final adjudication</u>") that such indemnitee is not entitled to be indemnified for such expenses under <u>Section</u> <u>1</u> of this ARTICLE VII or otherwise. The Corporation may also, by action of its Board, provide indemnification and advancement to employees and agents of the Corporation. Any reference to an officer of the Corporation in this ARTICLE VII shall be deemed to refer exclusively to the Chair, CEO, President, CFO, Secretary, and Treasurer appointed pursuant to ARTICLE IV, and to any Vice President, Assistant Secretary, assistant treasurer, or other officer of the Corporation appointed by the Board or the CEO pursuant to ARTICLE IV of these Bylaws, and any reference to an officer of any other enterprise shall be deemed to refer exclusively to an officer appointed by the Board or equivalent governing body of such other entity pursuant to the certificate of incorporation and bylaws or equivalent organizational documents of such other enterprise. The fact that any person who is or was an employee of the Corporation or an employee of any other enterprise has been given or has used the title of "Vice President" or any other title, including any title granted to such person by the CEO pursuant to <u>Section</u> <u>11</u> of ARTICLE IV, that could be construed to suggest or imply that such person is or may be an officer of the Corporation or of such other enterprise shall not result in such person being constituted as, or being deemed to be, an officer of the Corporation or of such other enterprise for purposes of this ARTICLE VII unless such person's appointment to such office was approved by the Board pursuant to ARTICLE IV.

Section 2. <u>Procedure for Indemnification</u>. Any claim for indemnification or advance of expenses by an indemnitee under <u>Section</u> <u>2</u> of this ARTICLE VII shall be made promptly, and in any event within 45 days (or, in the case of an advance of expenses, 20 days, *provided* that the director or officer has delivered the undertaking contemplated by <u>Section</u> <u>1</u> of this ARTICLE VII if required), upon the written request of the indemnitee. If the Corporation denies a written request for indemnification or advance of expenses, in whole or in part, or if payment in full pursuant to such request is not made within 45 days (or, in the case of an advance of expenses, 20 days, *provided* that the indemnitee has delivered the undertaking contemplated by <u>Section</u> <u>1</u> of this ARTICLE VII if required), the right to indemnification or advances as granted by this ARTICLE VII shall be enforceable by the indemnitee in any court of competent jurisdiction. Such person's costs and expenses incurred in connection with successfully establishing his or her right to indemnification, in whole or in part, in any such action shall also be indemnified by the Corporation to the fullest extent permitted by applicable law. It shall be a defense to any such action (other than an action brought to enforce a claim for the advance of expenses where the

------

undertaking required pursuant to <u>Section</u> <u>1</u> of this ARTICLE VII, if any, has been tendered to the Corporation) that the claimant has not met the applicable standard of conduct which makes it permissible under the DGCL for the Corporation to indemnify the claimant for the amount claimed, but the burden of proof shall be on the Corporation to the fullest extent permitted by law. Neither the failure of the Corporation (including the Board, a committee thereof, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including the Board, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

Section 3. <u>Insurance</u>. The Corporation may purchase and maintain insurance on its own behalf and on behalf of any person who is or was or has agreed to become a director, officer, employee, or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, partner, member, trustee, administrator, employee, or agent of another corporation, partnership, joint venture, limited liability company, trust, or other enterprise against any expense, liability, or loss asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify such person against such expenses, liability, or loss under the DGCL.

Section 4. <u>Service for Subsidiaries</u>. Any person serving as a director, officer, partner, member, trustee, administrator, employee, or agent of another corporation, partnership, limited liability company, joint venture, trust, or other enterprise, at least 50% of whose equity interests are owned by the Corporation (a "<u>subsidiary</u>" for purposes of this ARTICLE VII) shall be conclusively presumed to be serving in such capacity at the request of the Corporation.

Section 5. <u>Reliance</u>. Persons who after the date of the adoption of this provision become or remain directors or officers of the Corporation or who, while a director or officer of the Corporation, become or remain a director, manager, officer, employee, or agent of a subsidiary, shall be conclusively presumed to have relied on the rights to indemnity, advance of expenses, and other rights contained in this ARTICLE VII in entering into or continuing such service. To the fullest extent permitted by law, the rights to indemnification and to the advance of expenses conferred in this ARTICLE VII shall apply to claims made against an indemnitee arising out of acts or omissions which occurred or occur both prior and subsequent to the adoption hereof. Any amendment, alteration, or repeal of this ARTICLE VII that adversely affects any right of an indemnitee or its successors shall be prospective only and shall not limit, eliminate, or impair any such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal.

Section 6. <u>Non-Exclusivity of Rights; Continuation of Rights of Indemnification</u>. The rights to indemnification and to the advance of expenses conferred in this ARTICLE VII shall not be exclusive of any other right which any person may have or hereafter acquire under the Certificate of Incorporation or under any statute, bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. All rights to indemnification under this ARTICLE VII shall be deemed to be a contract between the Corporation and each director or officer of the Corporation who serves or served in such capacity at any time while this ARTICLE VII is in effect. Any repeal

------

or modification of this ARTICLE VII or repeal or modification of relevant provisions of the DGCL or any other applicable laws shall not in any way diminish any rights to indemnification and advancement of expenses of such director or officer or the obligations of the Corporation arising hereunder with respect to any proceeding arising out of, or relating to, any actions, transactions, or facts occurring prior to the final adoption of such repeal or modification.

Section 7. <u>Merger or Consolidation</u>. For purposes of this ARTICLE VII, references to the "Corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee, or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, shall stand in the same position under this ARTICLE VII with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued.

Section 8. <u>Savings Clause</u>. To the fullest extent permitted by law, if this ARTICLE VII or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify and advance expenses to each person entitled to indemnification under <u>Section</u> <u>1</u> of this ARTICLE VII as to all expense, liability, and loss (including attorneys' fees and related disbursements, judgments, fines, ERISA excise taxes and penalties, and any other penalties and amounts paid or to be paid in settlement) actually and reasonably incurred or suffered by such person and for which indemnification and advancement of expenses is available to such person pursuant to this ARTICLE VII to the fullest extent permitted by any applicable portion of this ARTICLE VII that shall not have been invalidated.

ARTICLE VIII

<u>AMENDMENTS</u> 

These Bylaws may be amended, altered, changed, or repealed or new Bylaws adopted only in accordance with Section 1 of ARTICLE TEN of the Certificate of Incorporation.

\* \* \* \* \*

## Exhibit 4.1

**Exhibit 4.1** 

**Form of** 

**AEVEX CORP.** 

**<u>REGISTRATION RIGHTS AGREEMENT</u>**

THIS REGISTRATION RIGHTS AGREEMENT (this "<u>Agreemen</u>t") is made as of [●], 2026 among AEVEX Corp., a Delaware corporation (the "<u>Company</u>"), each of the investors listed on the signature pages hereto under the caption "Sponsor Investors" (collectively, the "<u>Sponsor Investors</u>"), FNF Holdco Corp., a Delaware corporation, Bilcar Investment Corp., a Delaware corporation (and together with FNF Holdco Corp, the "<u>FNF Investors</u>"), Radz Capital AEVEX Holdings Inc. (and together with the FNF Investors, the "<u>Preferred Investors</u>"), each Person listed on the signature pages under the caption "Other Investors" or who executes a Joinder as an "Other Investor" (collectively, the "<u>Other Investors</u>") and each of the executives listed on the signature pages under the caption "Executives" or who executes a Joinder as an "Executive" (collectively, the "<u>Executives</u>"). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in <u>Exhibit A</u> attached hereto.

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

Section 1 <u>Demand Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Requests for Registration</u>(b) . This <u>Section</u> <u>1(a)</u> describes the circumstances under which certain holders of Registrable Securities may request registration under the Securities Act of all or any portion of the Sponsor Investor Registrable Securities on Form S-1 or any similar long-form registration (a <u>"</u><u>Long-Form Registration</u>"), or, if available, on Form S-3 (including pursuant to Rule 415 under the Securities Act) or any similar short-form registration (a "<u>Short-Form Registration</u>"), if available, by delivering a written request to the Company for the registration of such Sponsor Investor Registrable Securities. Any registration requested pursuant to this <u>Section</u> <u>1(a)</u> is referred to herein as a "<u>Demand Registration</u>." Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered and the anticipated per share price range for such offering. Within four (4) days after receipt of any such request, the Company shall give written notice of such requested registration to all other holders of Registrable Securities and, subject to <u>Section</u> <u>1(f)</u> below, shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within seven (7) days after the receipt of the Company's notice of such requested registration to such other Holders of Registrable Securities. Subject to this <u>Section</u> <u>1</u> and <u>Section</u> <u>3</u>, after delivery of such request for a Demand Registration, the Company (i) shall file promptly (and, in any event, within (x) thirty (30) days in the case of a request for a Long-Form Registration or (y) fourteen (14) days in the case of a request for a Short-Form Registration, in each case, following delivery of such request for a Demand Registration to the Company) with the Securities and Exchange Commission a Registration Statement relating to such Demand Registration (a "<u>Demand Registration Statement</u>") and (ii) shall use its best efforts to cause such Demand Registration Statement to promptly become effective under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Long</u><u>-Form Registrations</u>. Subject to <u>Section</u> <u>1(f)</u>, at any time and from time to time so long as the Sponsor Investors hold any Sponsor Investor Registrable Securities, the Sponsor Investors shall be entitled to request three (3) Long-Form Registrations, in which the Company shall pay all registration expenses, whether or not any such registration is consummated; <u>provided</u>, that if the Sponsor Investors initiate a Demand Registration, the other holders of Registrable Securities shall be entitled to participation in such registration in accordance with <u>Section</u> <u>2</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Short</u><u>-Form Registrations.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In addition to the Long-Form Registrations provided pursuant to <u>Section</u> <u>1(</u>b), subject to <u>Section</u> <u>1(f)</u> and for so long as the Sponsor Investors hold any Registrable Securities, the Sponsor Investors shall be entitled to request an unlimited number of Short-Form Registrations in which the Company shall pay all registration expenses, whether or not any such registration is consummated; <u>provided</u>, that the other holders of Registrable Securities shall be entitled to participation in such registration in accordance with <u>Section</u> <u>2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to <u>Section</u> <u>1(f)</u>. and so long as the Preferred Investors hold any Registrable Securities, the Majority Preferred Investors shall be entitled to request unlimited Short-Form Registrations (the "<u>Preferred Investor Demand Registrations</u>") in which the Company shall pay all registration expenses, whether or not any such registration is consummated; <u>provided</u>, that the other holders of Registrable Securities (including the Sponsor Investors) shall be entitled to participation in such registration in accordance with <u>Section</u> <u>2</u>; <u>provided further</u> that the aggregate anticipated offering price of each underwritten offering is at least $50.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Demand Registrations shall be Short-Form Registrations whenever the Company is permitted to use any applicable short form. The Company shall use its best efforts to make Short-Form Registrations on Form S-3 available for the sale of Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Shelf Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For so long as a registration statement for a Shelf Registration (a "<u>Shelf Registration Statement</u>") is and remains effective, the Sponsor Investors and the Majority Preferred Investors will have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering) Registrable Securities available for sale pursuant to such registration statement ("<u>Shelf Registrable Securities</u>"); <u>provided</u> that the aggregate anticipated offering price of each such underwritten offering requested by the Majority Preferred Investors is at least $50.0 million. If the Sponsor Investors or Majority Preferred Investors desire to sell Registrable Securities pursuant to an underwritten offering, then such investors may deliver to the Company a written notice (a "<u>Shelf Offering Notice</u>") specifying the number of Shelf Registrable Securities that such investors desire to sell pursuant to such underwritten offering (the "<u>Shelf Offering</u>"). As promptly as practicable, but in no event later than two (2) Business Days after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such Shelf Registration Statement and are otherwise permitted to sell in such Shelf Offering, which such notice shall request that each such Holder specify, within seven (7) days after the Company's receipt of the Shelf Offering Notice, the maximum number of Shelf Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company, subject to <u>Section</u> <u>1(e)</u> and <u>Section</u> <u>7</u>, will include in such Shelf Offering all Shelf Registrable Securities with respect to which the Company has received timely written requests for inclusion. The Company will, as expeditiously as possible (and in any event within fourteen (14) days after the receipt of a Shelf Offering Notice), but subject to <u>Section</u> <u>1(e)</u>, use its best efforts to consummate such Shelf Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Sponsor Investors or Majority Preferred Investors desire to engage in an underwritten block trade or bought deal pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement) (each, an "<u>Underwritten Block Trade</u>"), then notwithstanding the time periods set forth in <u>Section</u> <u>1(d)(i)</u>, the Sponsor Investors or Majority

------

Preferred Investors may notify the Company of the Underwritten Block Trade not less than two (2) Business Days prior to the day such offering is first anticipated to commence. The Company will promptly notify other Holders of such Underwritten Block Trade and such notified Holders (each, a "<u>Potential Participant</u>") may elect whether or not to participate no later than the next Business Day (*i.e.* one (1) Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by the Sponsor Investors or Majority Preferred Investors, as applicable), and the Company will as expeditiously as possible use its best efforts to facilitate such Underwritten Block Trade (which may close as early as two (2) Business Days after the date it commences). Any Potential Participant's request to participate in an Underwritten Block Trade shall be binding on the Potential Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All determinations as to whether to complete any Shelf Offering and as to the timing, manner, price and other terms of any Shelf Offering contemplated by this <u>Section</u> <u>1(d)</u> shall be determined by the Sponsor Investors (or the Majority Preferred Investors in the case of a Shelf Offering initiated by the Majority Preferred Investors), and the Company shall use its best efforts to cause any Shelf Offering to occur in accordance with such determinations as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company will, at the request of the Sponsor Investors (or the Majority Preferred Investors in the case of a Shelf Offering initiated by the Majority Preferred Investors), file any prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Sponsor Investors to effect such Shelf Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority on Demand Registrations and Shelf Offerings</u>. The Company will not include in any Demand Registration any securities that are not Registrable Securities without the prior written consent of holders of a majority of the Registrable Securities included in such registration. If a Demand Registration or a Shelf Offering is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will include in such offering (prior to the inclusion of any securities which are not Registrable Securities) the number of Registrable Securities requested to be included by any Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in an underwritten offering and the managing underwriters for such offering advise the Company that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing and/or method of distribution of the offering, then the Company shall exclude from such offering the number of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any Registrable Securities of any other Holders as set forth in this <u>Section</u> <u>1(e)</u>, which, for the avoidance of doubt, may be all such Executive Registrable Securities requested to be included such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Restrictions on Demand Registration and Shelf Offerings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company may postpone, for up to 60 days from the date of the request (the "<u>Suspension Period</u>"), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the

------

Holders if the following conditions are met: (A) the Company determines that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company; and (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of material non-public information not otherwise required to be disclosed under applicable law, and either (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction or (y) such transaction renders the Company unable to comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the registration statement on a post effective basis, as applicable. The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this <u>Section</u> <u>1(f)(i)</u> only once in any twelve (12)-month period (for avoidance of doubt, in addition to the Company's rights and obligations under <u>Section</u> <u>4(a)(vi)</u>) unless additional delays or suspensions are approved by the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in <u>Section</u> <u>1(f)(i)</u> above or pursuant to <u>Section</u> <u>4(a)(vi)</u> (a "<u>Suspension Event</u>"), the Company will give a notice to the Holders whose Registrable Securities are registered pursuant to such Shelf Registration Statement (a "<u>Suspension Notice</u>") to suspend sales of the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for so long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an "<u>End of Suspension Notice</u>") from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted Suspension Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Selection of Underwriters</u>. The Sponsor Investors shall select each of the legal counsel to the Company, the investment banker(s) and manager(s) to administer any underwritten offering in connection with any Demand Registration or Shelf Offering; <u>provided</u>, that the Majority Preferred Investors shall have the right to select the investment banker(s), manager(s) and legal counsel for a Preferred Investor Demand Registration and a Shelf Offering or Underwritten Block Trade initiated by the Majority Preferred Investors (such selections(s) to be subject to the written approval of the Sponsor Investors, such approval not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Other Registration Rights</u>. Except as provided in this Agreement, the Company will not grant to any Person(s) the right to request the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the Sponsor Investors; <u>provided</u> that, with the prior approval of the Sponsor Investors, the Company may grant rights to employees of the Company and its Subsidiaries to participate in Piggyback Registrations so long as they sign a Joinder as an "Executive" and Holder of "Executive Registrable Securities" hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Revocation of Demand Notice or Shelf Offering Notice</u>. At any time prior to the effective date of the registration statement relating to a Demand Registration or the "pricing" of any offering relating to a Shelf Offering Notice, the Sponsor Investors or Majority Preferred Investors who initiated such Demand Registration or Shelf Offering may revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without liability to such Holders, in each case by providing written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Confidentiality</u>. Each Holder agrees to treat as confidential the receipt of any notice hereunder (including notice of a Demand Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose the information contained in any such notice (or the existence thereof) without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement).

Section 2 <u>Piggyback Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Piggyback</u>. Whenever the Company proposes to register any of its equity securities under the Securities Act (including primary and secondary registrations, and other than pursuant to an Excluded Registration) (a "<u>Piggyback Registration</u>"), the Company will give prompt written notice (and in any event within three (3) Business Days after the public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of <u>Section</u> <u>2(b)</u> and <u>Section</u> <u>2(c)</u>, will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after delivery of the Company's notice. Any participating Sponsor Investor or Preferred Investor may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Priority on Primary Registrations</u>. Other than the securities the Company proposes to register on its own behalf, the Company will not include in any Piggyback Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) <u>first</u>, the securities the Company proposes to sell, (ii) <u>second</u>, the Registrable Securities requested to be included in such registration by any Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iii) <u>third</u>, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten primary offering on behalf of the Company and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing and/or method of distribution of the offering, the Company shall first exclude from such offering the number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Priority on Secondary Registrations</u>. Other than the securities the Company proposes to register on its own behalf, the Company will not include in any Piggyback Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company's equity securities (other than pursuant to Section 1 hereof), and the managing underwriters advise the Company in

------

writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) <u>first</u>, the securities requested to be included therein by the holders initially requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, (ii) <u>second</u>, the Registrable Securities requested to be included in such registration by any other Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iii) <u>third</u>, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten secondary offering and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall be permitted to first exclude from such offering the number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Right to Terminate Registration</u>. The Company will have the right to terminate or withdraw any registration initiated by it under this <u>Section</u> <u>2</u>, whether or not any holder of Registrable Securities has elected to include securities in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Underwriters</u>. If any Piggyback Registration is an underwritten offering, the Sponsor Investors shall select each of the legal counsel for the Company, the investment banker(s) and manager(s) for the offering.

Section 3 <u>Stockholder Lock-Up Agreements</u> <u>and Company Holdback Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stockholder Lock-up Agreements</u>. In connection with any underwritten Public Offering, each Holder will enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors. Without limiting the generality of the foregoing, each Holder hereby agrees, in connection with the initial Public Offering and in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is an underwritten Public Offering, that such Holder shall not (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be deemed to be beneficially owned by such Holder in accordance with the rules and regulations of the SEC) (collectively, "<u>Securities</u>"), or any securities, options or rights convertible into or exchangeable or exercisable for Securities (collectively, "<u>Other Securities</u>"), (ii) enter into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a "<u>Sale Transaction</u>"), or (iv) publicly disclose the intention to enter into any Sale Transaction, commencing on the earlier of (A) the date on which the Company gives notice to the Holders that a preliminary prospectus for such underwritten Public Offering has been circulated to potential investors or (B) the "pricing" of such offering, and continuing to the date that is (x) 180 days following the date of the final prospectus for such underwritten Public Offering in the case of the initial Public Offering or (y) 90 days following the date of the final prospectus in the case of any other such underwritten Public Offering (each such period, or such shorter period as agreed to by the managing underwriters, a "<u>Holdback Period</u>"), in each case with such modifications and exceptions as may be approved by the Sponsor Investors. The Company may impose stop-transfer instructions with respect

------

to any Securities or Other Securities subject to the restrictions set forth in this <u>Section</u> <u>3(a)</u> until the end of such Holdback Period. Notwithstanding the foregoing, in the event that the Sponsor Investors or their Affiliates are permitted to hold their Securities subject to lock-up restrictions which are more favorable to the Sponsor Investors or their Affiliates than the lock-up restrictions applicable to the Securities held by the Preferred Investors under this <u>Section</u> <u>3</u>, the lock-up restrictions applicable to such Securities held by the Preferred Investors will be automatically amended to conform to the more favorable lock-up restrictions applicable to the Securities held by the Sponsor Investors or their Affiliates. Following the date of this Agreement until such time as the Sponsor Investors shall no longer beneficially own at least 50% of the Common Equity beneficially owned by them on the date of this Agreement (as adjusted for stock splits, stock dividends, recapitalizations and the like), no Holder shall transfer such Holder's Common Equity if such transfer would result in the Relative Ownership Percentage of such Holder immediately following such transfer being less than the Relative Ownership Percentage of the Sponsor Investors immediately following such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Holdback Agreement</u>. The Company (i) will not file any registration statement for a Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such underwritten Public Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Other Securities) and (ii) will cause each holder of Securities and Other Securities (including each of its directors and executive officers) to agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration (if otherwise permitted), unless approved in writing by the Sponsor Investors and the underwriters managing the Public Offering and to enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors.

Section 4 <u>Registration Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Company Obligations</u>. Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with (or submit confidentially to) the SEC a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder (provided that before filing or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by the Sponsor Investors covered by such registration statement copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and comment of such counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify each Holder of (A) the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) furnish, without charge, to each seller of Registrable Securities thereunder and each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (<u>provided</u> that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notify in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration statement or prospectus or for additional information, (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to <u>Section</u> <u>1(f)</u>, if required by applicable law or to the extent requested by the Sponsor Investor, the Company will use its best efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at any time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) use best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) use best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) enter into and perform such customary agreements (including, as applicable, underwriting agreements in customary form) and take all such other actions as the Sponsor Investors or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making available the executive officers of the Company and participating in "road shows," investor presentations, marketing events and other selling efforts and effecting a stock or unit split or combination, recapitalization or reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company's officers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) take all actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or Piggyback Registration or Shelf Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) permit any Holder which, in its sole and exclusive judgment, might be deemed to be an underwriter or a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable judgment of such Holder and its counsel should be included;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) use best efforts to (A) make Short-Form Registration available for the sale of Registrable Securities and (B) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Equity included in such registration statement for sale in any jurisdiction use, and in the event any such order is issued, best efforts to obtain promptly the withdrawal of such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cooperate with the Holders covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive legends associated with any account at which such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or business information for the Company's most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) take no direct or indirect action prohibited by Regulation M under the Exchange Act; <u>provided</u>, <u>however</u>, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) (A) cooperate with each Holder covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock Exchange, Nasdaq or any other national securities exchange on which the shares of Common Equity are or are to be listed, and (B) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) in the case of any underwritten offering, use its best efforts to obtain, and deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company's independent public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) use its best efforts to provide (A) a legal opinion of the Company's outside counsel, dated the effective date of such registration statement addressed to the Company, (B) on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a Demand Registration or Shelf Offering, if such securities are being sold through

------

underwriters, or, if such securities are not being sold through underwriters, on the closing date of the applicable sale, (1) one or more legal opinions of the Company's outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (2) one or more "negative assurances letters" of the Company's outside counsel, dated such date, in form and substance as is customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (3) customary certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) if requested by any Participating Sponsor Investor, cooperate with such Participating Sponsor Investor and with the managing underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Officer Obligations</u>. Each Holder that is an officer of the Company agrees that if and for so long as he or she is employed by the Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration statement and the preparation and presentation of any road shows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Automatic Shelf Registration Statements</u>. If the Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Sponsor Investors or Majority Preferred Investors do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that, at the request of the Sponsor Investors or Majority Preferred Investors, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Sponsor Investors or Majority Preferred Investors may be added to such Shelf Registration Statement at a later time through the filing of

------

a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company shall, at the request of the Sponsor Investors or Majority Preferred Investors, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Additional Information</u>. The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing, as a condition to such seller's participation in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>In-Kind Distributions</u>. If any Sponsor Investor (and/or any of their Affiliates) seeks to effectuate an in-kind distribution of all or part of their Registrable Securities to their respective direct or indirect equityholders, the Company will, subject to any applicable lock-ups, reasonably cooperate with and assist such stockholder, such equityholders and the Company's transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Sponsor Investor (including the delivery of instruction letters by the Company or its counsel to the Company's transfer agent, the delivery of customary legal opinions by counsel to the Company and the delivery of Common Equity without restrictive legends, to the extent no longer applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Su</u><u>spended Distributions</u>. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section</u> <u>4(a)(vi)</u>, such Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person's receipt of the copies of a supplemented or amended prospectus as contemplated by <u>Section</u> <u>4(a)(vi)</u>, subject to the Company's compliance with its obligations under <u>Section</u> <u>4(a)(vi)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Registerable Securities Transactions</u>. If requested by any Holder in connection with any transaction involving any Registrable Securities (including any sale or other transfer of such securities without registration under the Securities Act, any margin loan with respect to such securities and any pledge of such securities), the Company agrees to provide such Holder with customary and reasonable assistance to facilitate such transaction, including, without limitation, (i) such action as such Holder may reasonably request from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act and (ii) entering into an "issuer's agreement" in connection with any margin loan with respect to such securities in customary form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Other</u>. To the extent that any of the Participating Sponsor Investors is or may be deemed to be an "underwriter" of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (i) the indemnification and contribution provisions contained in <u>Section</u> <u>6</u> shall be applicable to the benefit of such Participating Sponsor Investor in their role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii) such Participating Sponsor Investor shall be entitled to conduct the due diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act, including without limitation receipt of customary opinions and comfort letters addressed to such Participating Sponsor Investor.

Section 5 <u>Expenses</u>. Except as expressly provided herein, all out-of-pocket expenses incurred by the Company or any Sponsor Investor or Preferred Investor in connection with the performance of or compliance with this Agreement and/or in connection with any sale, transfers, distributions or other disposition of Registrable Securities by any Sponsor Investor or Preferred Investor, including pursuant to a Demand Registration, Piggyback Registration or Shelf Offering, whether or not the same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees,

------

and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or "blue sky" laws, (iii) all expenses associated with filings required to be made with the SEC by any Sponsor Investors reporting a change in beneficial ownership, (iv) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Company Free Writing Prospectuses), (v) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance), (vi) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vii) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the case of the initial Public Offering), (viii) all applicable rating agency fees with respect to the Registrable Securities, (ix) all fees and disbursements of legal counsel for the Company, (x) all reasonable fees and disbursements of one legal counsel for selling Holders selected by the Sponsor Investors (which may be the same counsel as selected for the Company) together with any necessary local counsel as may be required by the Sponsor Investors, (xi) all reasonable fees and disbursements of legal counsel for the Majority Preferred Investors participating in such Registration (or, in the case of a Shelf Registration, each Holder selling Registrable Securities under the Shelf Registration Statement) solely in connection with the preparation of any legal opinions requested by the underwriters in respect of such Holder personally, (xii) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xii) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration, (xiii) all of the Company's internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xiv) all expenses related to the "road-show" for any underwritten offering, including all travel, meals and lodging. All such expenses are referred to herein as "<u>Expenses</u>." The Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting discounts and commissions applicable to the Registrable Securities sold for such Person's account and all transfer taxes (if any) attributable to the sale of Registrable Securities.

Section 6 <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company</u>. The Company will indemnify, defend and hold harmless, and pay on behalf of and reimburse (whether or not due and payable and whether or not arising out of a third party claim), to the fullest extent permitted by law and without limitation as to time, each Holder, such Holder's officers, directors employees, agents, fiduciaries, stockholders, managers, partners, members, Affiliates, direct and indirect equityholders, consultants and representatives, and any successors and assigns thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the "<u>Indemnified Parties</u>") against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, "<u>Losses</u>") caused by, resulting from, arising out of, based upon or related to any of the following (each, a "<u>Violation</u>") by the Company (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this <u>Section</u> <u>6</u>, collectively called an "<u>application</u>") executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the "blue sky" or securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any Violation or alleged Violation by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation

------

promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any such case to the extent that any such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party expressly for use therein or by such Indemnified Party's failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Indemnified Parties or as otherwise agreed to in the underwriting agreement executed in connection with such underwritten offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By Holders</u>. In connection with any registration statement in which a Holder is participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final and appealable judgment, order or decree of a court of competent jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; <u>provided</u> that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Claim Procedure</u>. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided</u> that the failure to give prompt notice will impair any Person's right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the indemnification and approved by the Sponsor Investor, at the expense of the indemnifying party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contribution</u>. If the indemnification provided for in this <u>Section</u> <u>6</u> is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any Loss referred to herein, then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii) if the allocation provided by clause (i) of this <u>Section</u> <u>6(d)</u> is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations; <u>provided</u> that the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether the untrue (or, as applicable alleged) untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this <u>Section</u> <u>6(d)</u> were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Release</u>. No indemnifying party will, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-exclusive</u> <u>Remedy</u><u>;</u> <u>Survival</u>. The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors of first resort in all such circumstances to which this <u>Section</u> <u>6</u> applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement.

Section 7 <u>Cooperation with Underwritten Offerings</u>. No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or "green shoe" option requested by the underwriters; <u>provided</u> that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the terms of such underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, <u>Section</u> <u>3</u>, <u>Section</u> <u>4</u> and/or this <u>Section</u> <u>7</u>, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the underwriters created thereby with respect to such registration.

------

Section 8 <u>Subsidiary Public Offering</u>. If, after an initial Public Offering of the common equity securities of one of its Subsidiaries, the Company distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, *mutatis mutandis*, to such Subsidiary, and the Company will cause such Subsidiary to comply with such Subsidiary's obligations under this Agreement as if it were the Company hereunder.

Section 9 <u>Joinder</u>. The Company may from time to time (with the prior written consent of the Sponsor Investors) permit any Person who acquires Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed joinder to this Agreement from such Person in the form of <u>Exhibit</u> <u>B</u> attached hereto (a "<u>Joinder</u>"). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall become the category of Registrable Securities (i.e. Sponsor Investor Registrable Securities, Other Investor Registrable Securities or Executive Registrable Securities), and such Person shall be deemed the category of Holder (*i.e.*, Sponsor Investor, Other Investor or Executive), in each case as set forth on the signature page to such Joinder.

Section 10 <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendments and Waivers</u>. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only with the prior written consent of the Company and the Sponsor Investors who are then Holders; provided that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities (*i.e.*, Sponsor Investors, Other Investors or Executives) in a manner materially and adversely different than any other Holder or group of Holders will be effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable Securities that are held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. The parties to this Agreement will be entitled to enforce their rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Successors and Assigns</u>. Except as otherwise provided herein, this Agreement will bind and inure to the benefit and be enforceable by the Company and its successors and permitted assigns. Each of the Sponsor Investors may assign its rights hereunder to its Affiliates; provided, that such purchaser or transferee shall, as a condition to the effectiveness of such assignment, be required to cause such prospective transferee to execute and deliver to the Company a Joinder. Except as otherwise provided herein, the rights under this Agreement are personal to the Holders and are not assignable without the prior written consent of each of the Company and the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notices</u>. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications will be sent to the Company at the address specified on the signature page hereto or any Joinder and to any holder, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party's address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. The Company's address is:

AEVEX Corp.

440 Stevens Ave #150

Solana Beach, California 92075

Attn: Chief Legal Officer

Email: [\*\*\*]

<u>With a copy to:</u>

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attn: Robert M. Hayward, P.C.

Michael P. Keeley, P.C.

Kevin Frank

Email: [\*\*\*]; [\*\*\*]; [\*\*\*]

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Business Days</u>. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. All issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto will be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of Delaware will control the interpretation and construction of this Agreement (and all schedules and exhibits hereto), even though under that jurisdiction's choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>MUTUAL WAIVER OF JURY TRIAL</u>. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>CONSENT TO JURISDICTION AND SERVICE OF PROCESS</u>. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY'S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Recourse</u>. Notwithstanding anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer, employee, general or limited partner or member of any Holder or any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word "including" in this Agreement will be by way of example rather than by limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Electronic Delivery</u>. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Further Assurances</u>. In connection with this Agreement and the transactions contemplated hereby, each Holder agrees to execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Dividends, Recapitalizations, Etc.</u> If at any time or from time to time there is any change in the capital structure of the Company by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the provisions hereof so that the rights and privileges granted hereby will continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Third-Party Beneficiaries</u>. No term or provision of this Agreement is intended to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Current Public Information</u>. At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Exchange Act and will take such further action as the Sponsor Investors may reasonably request, all to the extent required to enable such Holders to sell Registrable Securities pursuant to Rule 144<u>.</u>

\* \* \* \* \*

------

IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

---

| |
|:---|
| **AEVEX CORP.** |
| By: |
| Its: |
| **SPONSOR INVESTORS:** |
| **ATS PUBCO HOLDINGS, L.P.** |
| By: |
| Its: |
| Address: |
| **ATS INVESTMENT HOLDINGS, LLC** |
| By: |
| Its: |
| Address: |
| **PREFERRED INVESTORS** |
| **BILCAR INVESTMENT CORP.** |
| By: |
| Its: |
| Address: |
| **FNF HOLDCO CORP.** |
| By: |
| Its: |
| Address: |

---

*[Signature Page to Registration Rights Agreement]* 

------

---

| |
|:---|
| **RADZ CAPITAL AEVEX HOLDINGS INC.** |
| By: |
| Name: |
| Its: |
| Address: |

---

*[Signature Page to Registration Rights Agreement]* 

------

**<u>EXHIBIT A</u>**

**DEFINITIONS** 

Capitalized terms used in this Agreement have the meanings set forth below.

"<u>Affiliate</u>" of any particular Person means (i) any other Person controlling, controlled by or under common control or common investment management with such particular Person, where "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise, (ii) if such Person is a partnership (including limited partnership) or limited liability company, any partner or member thereof and (iii) without limiting the foregoing and with respect only to the Sponsor Investors, any investment fund controlled by Madison Dearborn Partners, LLC serves as an investment adviser or any other Person controlled by a majority in interest of its direct and indirect partners and members. For the avoidance of doubt, William Foley and Fidelity National Financial, Inc. shall be deemed Affiliates.

"<u>Agreement</u>" has the meaning set forth in the recitals.

"<u>Automatic Shelf Registration Statement</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Business Day</u>" means a day that is not a Saturday or Sunday or a day on which banks in New York City are authorized or requested by law to close.

"<u>Charitable Gifting Event</u>" means any transfer by an Sponsor Investor, or any subsequent transfer by such holder's members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the execution of the underwriting agreement entered into in connection with any underwritten offering.

"<u>Charitable Organization</u>" means a charitable organization as described by <u>Section</u> <u>501(c)(3)</u> of the Internal Revenue Code of 1986, as in effect from time to time.

"<u>Common Equity</u>" means the Company's Class A common stock, par value $0.0001 per share.

"<u>Company</u>" has the meaning set forth in the preamble and shall include its successor(s).

"<u>Demand Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>End of Suspension Notice</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

------

"<u>Excluded Registration</u>" means any registration (i) pursuant to a Demand Registration (which is addressed in <u>Section</u> <u>1(a)</u>), or (ii) in connection with registrations on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms).

"<u>Executives</u>" has the meaning set forth in the recitals.

"<u>Executive Registrable Securities</u>" means any Common Equity held by the management employees of the Company who are listed as "Executives" on the signature page hereto or to a Joinder.

"<u>Expenses</u>" has the meaning set forth in <u>Section</u> <u>5</u>.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority.

"<u>Free Writing Prospectus</u>" means a free-writing prospectus, as defined in Rule 405.

"<u>Governmental Entity</u>" means (i) any federal, state, local, municipal, non-U.S. or other government, (ii) any governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, entity or self-regulatory organization and any court or other tribunal), (iii) any body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature, including any arbitral tribunal, or (iv) any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever of any federal, state, province, local, municipal or non-U.S. government or other political subdivision or otherwise, or any officer or official thereof with requisite authority.

"<u>Holdback Period</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>Holder</u>" means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder).

"<u>Indemnified Parties</u>" has the meaning set forth in <u>Section</u> <u>6(a)</u>.

"<u>Joinder</u>" has the meaning set forth in <u>Section</u> <u>9</u>.

"<u>Long-Form Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Losses</u>" has the meaning set forth in <u>Section</u> <u>6(c)</u>.

"<u>Majority Preferred Investors</u>" means the Preferred Investors beneficially owning a majority of the Common Equity held by all of the Preferred Investors.

"<u>Other Investors</u>" has the meaning set forth in the recitals.

"<u>Other Investor Registrable Securities</u>" means (i) any Common Equity held (directly or indirectly) by any Other Investors or any of their Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in <u>clause (i)</u> above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

"<u>Participating Sponsor Investors</u>" means any Sponsor Investor(s) participating in the request for a Demand Registration, Shelf Offering, Piggyback Registration or Underwritten Block Trade.

------

"<u>Person</u>" means an individual, a partnership (whether general or limited), a corporation (whether or not for profit), a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity.

"<u>Piggyback Registrations</u>" has the meaning set forth in <u>Section</u> <u>2(a)</u>.

"<u>Preferred Investor Registrable Securities</u>" means any Common Equity held by the Preferred Investors.

"<u>Public Offering</u>" means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of Common Equity or other securities convertible into or exchangeable for Common Equity pursuant to an offering registered under the Securities Act.

"<u>Qualified Independent Underwriter</u>" has the meaning set forth by FINRA in Section 5121(f)(12), or any successor provision thereto.

"<u>Registrable Securities</u>" means Sponsor Investor Registrable Securities, Preferred Investor Registrable Securities<u>,</u> Other Investor Registrable Securities and Executive Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144 following the consummation of the initial Public Offering, (c) distributed to the direct or indirect partners or members of a Sponsor Investor or (d) repurchased by the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common Equity be registered pursuant to this Agreement). Notwithstanding the foregoing, following the consummation of an initial Public Offering, any Registrable Securities held by any Person (other than any Sponsor Investor or its Affiliates) that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 will be deemed not to be Registrable Securities.

"<u>Relative Ownership Percentage</u>" means (a) with respect to the Common Equity beneficially owned by any Holder (other than the Sponsor Investors), a fraction (expressed as a percentage) (i) the numerator of which is the number of shares of Common Equity beneficially owned by such Holder immediately following the effective time of a transfer and (ii) the denominator of which is the aggregate number of shares of Common Equity beneficially owned by such Holder at any time prior to the effective time of such transfer and (b) with respect to the Common Equity held by the Sponsor Investors, a fraction (expressed as a percentage) (i) the numerator of which is the aggregate number of shares of Common Equity beneficially owned by the Sponsor Investors immediately following the effective time of such transfer and (ii) the denominator of which is the aggregate number of shares of Common Equity beneficially owned by the Sponsor Investors as of the date of this Agreement.

"<u>Rule 144</u>", "<u>Rule 158</u>", "<u>Rule 405</u>", "<u>Rule 415</u>", "<u>Rule 403B</u>" and "<u>Rule 462</u>" mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from time to time, or any successor rule then in force.

------

"<u>Sale of the Company</u>" means any transaction or series of transactions pursuant to which any Person(s) or a group of related Persons (other than any Sponsor Investor and/or its Affiliates) in the aggregate acquires: (i) Common Equity of the Company entitled to vote (other than voting rights accruing only in the event of a default, breach, event of noncompliance or other contingency) to elect directors with a majority of the voting power of the Company's board of directors (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company's Common Equity) or (ii) all or substantially all of the Company's and its Subsidiaries' assets determined on a consolidated basis; <u>provided</u> that a Public Offering will not constitute a Sale of the Company.

"<u>Sale Transaction</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

"<u>Shelf Offering</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Offering Notice</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Registration</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Shelf Registrable Securities</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Registration Statement</u>" has the meaning set forth in <u>Section</u> <u>1(d)</u>.

"<u>Short-Form Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Sponsor Investors</u>" has the meaning set forth in the recitals; <u>provided</u>, that any decision to be made under this Agreement by the Sponsor Investors shall be made by the holders of a majority of all Sponsor Investor Registrable Securities

"<u>Sponsor Investor Registrable Securities</u>" means (i) any Common Equity held (directly or indirectly) by any Sponsor Investor or any of its Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in <u>clause (i)</u> above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

"<u>Subsidiary</u>" means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company, partnership, association or other business entity.

------

"<u>Suspension Event</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Suspension Notice</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Suspension Period</u>" has the meaning set forth in <u>Section</u> <u>1(f)(i)</u>.

"<u>Violation</u>" has the meaning set forth in <u>Section</u> <u>6(a)</u>.

"<u>WKSI</u>" means a "well-known seasoned issuer" as defined under Rule 405.

------

**<u>EXHIBIT B</u>**

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of __________________, 20__ (as amended, modified and waived from time to time, the "<u>Registration Agreement</u>"), among AEVEX Corp., a Delaware corporation (the "<u>Company</u>"), and the other persons named as parties therein (including pursuant to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Agreement.

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the same manner as if the undersigned were an original signatory to the Registration Agreement, and the undersigned will be deemed for all purposes to be a Holder, an **[Sponsor Investor//Executive//Other Investor thereunder]** and the undersigned's ____ shares of Common Equity will be deemed for all purposes to be a **[Sponsor Investor // Executive // Other Investor]** Registrable Securities under the Registration Agreement.

Accordingly, the undersigned has executed and delivered this Joinder as of the ___ day of ____________, 20___.

---

| |
|:---|
| Signature |
| Print Name |

---

Address:

---

| |
|:---|
| Agreed and Accepted as of |
| ________________, 20___: |
| **AEVEX CORP.** |
| By: ________________________ |
| Its: ________________________ |

---

## Exhibit 10.1

**Exhibit 10.1** 

$195,000,000

CREDIT AGREEMENT

Dated as of March 18, 2020

among

ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,

initially, as Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor

TCFI AEVEX LLC,

as Borrower,

THE OTHER BORROWERS AND GUARANTORS PARTY HERETO FROM TIME TO TIME,

ANKURA TRUST COMPANY, LLC,

as Administrative Agent,

PNC BANK, NATIONAL ASSOCIATION,

as Revolving Agent and Collateral Agent,

GSO CAPITAL PARTNERS LP

CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT

as Joint Lead Lenders

and

THE LENDERS AND L/C ISSUERS PARTY HERETO FROM TIME TO TIME

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS |  |
|  Section 1.01. | Defined Terms | 2 |
|  Section 1.02. | Other Interpretive Provisions | 69 |
|  Section 1.03. | Accounting Terms | 70 |
|  Section 1.04. | Rounding | 70 |
|  Section 1.05. | References to Agreements, Laws, Etc. | 71 |
|  Section 1.06. | Times of Day | 71 |
|  Section 1.07. | Timing of Payment or Performance | 71 |
|  Section 1.08. | Cumulative Credit Transactions | 71 |
|  Section 1.09. | Pro Forma Calculations | 71 |
|  Section 1.10. | Currency Generally | 74 |
|  Section 1.11. | Letters of Credit | 74 |
|  Section 1.12. | Certifications | 74 |
|  ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS |  |
|  Section 2.01. | The Loans | 74 |
|  Section 2.02. | Borrowings, Conversions and Continuations of Loans | 76 |
|  Section 2.03. | Letters of Credit | 78 |
|  Section 2.04. | [Reserved] | 86 |
|  Section 2.05. | Prepayments | 86 |
|  Section 2.06. | Termination or Reduction of Commitments | 98 |
|  Section 2.07. | Repayment of Loans | 99 |
|  Section 2.08. | Interest | 99 |
|  Section 2.09. | Fees | 100 |
|  Section 2.10. | Computation of Interest and Fees | 100 |
|  Section 2.11. | Evidence of Indebtedness | 101 |
|  Section 2.12. | Payments Generally | 101 |
|  Section 2.13. | Sharing of Payments | 104 |
|  Section 2.14. | Incremental Credit Extensions; Increase in Revolving Credit Facility | 105 |
|  Section 2.15. | Refinancing Amendments | 111 |
|  Section 2.16. | Extension of Term Loans; Extension of Revolving Loans | 112 |
|  Section 2.17. | Defaulting Lenders | 115 |
|  Section 2.18. | Co-Borrowers; New Guarantors | 117 |
|  ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY |  |
|  Section 3.01. | Taxes | 119 |
|  Section 3.02. | Illegality | 123 |
|  Section 3.03. | Inability to Determine Rates | 123 |
|  Section 3.04. | Increased Cost and Reduced Return; Capital Adequacy; Eurocurrency Rate Loan Reserves | 124 |
|  Section 3.05. | Funding Losses | 125 |
|  Section 3.06. | Matters Applicable to All Requests for Compensation | 126 |
|  Section 3.07. | Replacement of Lenders under Certain Circumstances | 127 |
|  Section 3.08. | Survival | 129 |

---

i

------

---

| | | |
|:---|:---|:---|
|  ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS |  |
|  Section 4.01. | Conditions to Initial Credit Extension | 129 |
|  Section 4.02. | Conditions to All Credit Extensions after the Closing Date | 132 |
|  Section 4.03. | Additional Conditions to the Delayed Draw Term Loans | 133 |
|  ARTICLE V. REPRESENTATIONS AND WARRANTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES |  |
|  Section 5.01. | Existence, Qualification and Power; Compliance with Laws | 133 |
|  Section 5.02. | Authorization; No Contravention | 134 |
|  Section 5.03. | Governmental Authorization | 134 |
|  Section 5.04. | Binding Effect | 134 |
|  Section 5.05. | No Material Adverse Effect | 134 |
|  Section 5.06. | Litigation | 135 |
|  Section 5.07. | Ownership of Real Property; Liens | 135 |
|  Section 5.08. | Environmental Matters | 135 |
|  Section 5.09. | Taxes | 136 |
|  Section 5.10. | ERISA Compliance | 136 |
|  Section 5.11. | [Reserved] | 136 |
|  Section 5.12. | Margin Regulations; Investment Company Act | 136 |
|  Section 5.13. | Disclosure | 136 |
|  Section 5.14. | Labor Matters | 137 |
|  Section 5.15. | Intellectual Property; Licenses, Etc. | 137 |
|  Section 5.16. | Solvency | 137 |
|  Section 5.17. | [Reserved] | 138 |
|  Section 5.18. | USA Patriot Act; OFAC; FCPA | 138 |
|  Section 5.19. | Security Documents | 138 |
|  ARTICLE VI. AFFIRMATIVE COVENANTS | ARTICLE VI. AFFIRMATIVE COVENANTS |  |
|  Section 6.01. | Financial Statements | 139 |
|  Section 6.02. | Certificates; Other Information | 141 |
|  Section 6.03. | Notices | 142 |
|  Section 6.04. | Payment of Taxes | 142 |
|  Section 6.05. | Preservation of Existence, Etc. | 143 |
|  Section 6.06. | Maintenance of Properties | 143 |
|  Section 6.07. | Maintenance of Insurance | 143 |
|  Section 6.08. | Compliance with Laws | 144 |
|  Section 6.09. | Books and Records | 144 |
|  Section 6.10. | Inspection Rights | 144 |
|  Section 6.11. | Additional Collateral; Additional Guarantors | 144 |
|  Section 6.12. | Compliance with Environmental Laws | 146 |
|  Section 6.13. | Further Assurances; Post-Closing Obligations | 146 |
|  Section 6.14. | Designation of Subsidiaries | 147 |
|  Section 6.15. | Cash Management | 147 |
|  Section 6.16. | Use of Proceeds | 148 |
|  Section 6.17. | Lender Conference Call | 148 |
|  Section 6.18. | Change in Nature of Business | 148 |
|  Section 6.19. | Fiscal Year | 148 |

---

ii

------

---

| | | |
|:---|:---|:---|
|  ARTICLE VII. NEGATIVE COVENANTS | ARTICLE VII. NEGATIVE COVENANTS |  |
|  Section 7.01. | Liens | 149 |
|  Section 7.02. | Investments | 153 |
|  Section 7.03. | Indebtedness | 158 |
|  Section 7.04. | Fundamental Changes | 162 |
|  Section 7.05. | Dispositions | 163 |
|  Section 7.06. | Restricted Payments | 166 |
|  Section 7.07. | [Reserved] | 171 |
|  Section 7.08. | Transactions with Affiliates | 171 |
|  Section 7.09. | Burdensome Agreements | 173 |
|  Section 7.10. | Amendments or Waivers of Organization Documents | 175 |
|  Section 7.11. | Consolidated First Lien Net Leverage Ratio | 175 |
|  Section 7.12. | [Reserved] | 175 |
|  Section 7.13. | Prepayments, Etc. of Subordinated Indebtedness | 175 |
|  Section 7.14. | Permitted Activities, Etc. | 176 |
|  ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES |  |
|  Section 8.01. | Events of Default | 177 |
|  Section 8.02. | Remedies Upon Event of Default | 179 |
|  Section 8.03. | Application of Funds | 180 |
|  Section 8.04. | Borrower's Right to Cure | 181 |
|  ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS | ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS |  |
|  Section 9.01. | Appointment and Authority | 182 |
|  Section 9.02. | Rights as a Lender | 183 |
|  Section 9.03. | Exculpatory Provisions | 183 |
|  Section 9.04. | Reliance by Agent | 184 |
|  Section 9.05. | Delegation of Duties | 184 |
|  Section 9.06. | Removal or Resignation of an Agent | 185 |
|  Section 9.07. | Non-Reliance on Agents and Other Lenders | 186 |
|  Section 9.08. | No Other Duties, Etc. | 186 |
|  Section 9.09. | Agents May File Proofs of Claim | 186 |
|  Section 9.10. | Collateral and Guaranty Matters | 187 |
|  Section 9.11. | Secured Cash Management Agreements and Secured Hedge Agreements | 188 |
|  Section 9.12. | Withholding Tax Indemnity | 189 |
|  ARTICLE X. MISCELLANEOUS | ARTICLE X. MISCELLANEOUS |  |
|  Section 10.01. | Amendments, Etc. | 189 |
|  Section 10.02. | Notices and Other Communications; Facsimile Copies | 193 |
|  Section 10.03. | No Waiver; Cumulative Remedies | 195 |
|  Section 10.04. | Attorney Costs and Expenses | 195 |
|  Section 10.05. | Indemnification by the Borrower | 196 |
|  Section 10.06. | Payments Set Aside | 198 |
|  Section 10.07. | Successors and Assigns | 198 |
|  Section 10.08. | Confidentiality | 207 |
|  Section 10.09. | Setoff | 208 |
|  Section 10.10. | Interest Rate Limitation | 209 |

---

iii

------

---

| | | |
|:---|:---|:---|
|  Section 10.11. | Counterparts | 209 |
|  Section 10.12. | Integration | 209 |
|  Section 10.13. | Survival of Representations and Warranties | 210 |
|  Section 10.14. | Severability | 210 |
|  Section 10.15. | GOVERNING LAW | 210 |
|  Section 10.16. | WAIVER OF RIGHT TO TRIAL BY JURY | 211 |
|  Section 10.17. | Binding Effect | 211 |
|  Section 10.18. | USA Patriot Act | 211 |
|  Section 10.19. | Judgment Currency | 212 |
|  Section 10.20. | No Advisory or Fiduciary Responsibility | 212 |
|  Section 10.21. | Electronic Execution of Assignments and Certain Other Documents | 213 |
|  Section 10.22. | Intercreditor Agreements | 213 |
|  Section 10.23. | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 213 |
|  Section 10.24. | Closing Date Debt Assumptions | 213 |
|  ARTICLE XI. GUARANTY | ARTICLE XI. GUARANTY |  |
|  Section 11.01. | The Guaranty | 214 |
|  Section 11.02. | Obligations Unconditional | 215 |
|  Section 11.03. | Reinstatement | 216 |
|  Section 11.04. | Subrogation; Subordination | 216 |
|  Section 11.05. | Remedies | 216 |
|  Section 11.06. | Instrument for the Payment of Money | 216 |
|  Section 11.07. | Continuing Guarantee | 217 |
|  Section 11.08. | General Limitation on Guaranteed Obligations | 217 |
|  Section 11.09. | Release of Guarantors | 217 |
|  Section 11.10. | Right of Contribution | 218 |
|  Section 11.11. | Keepwell | 218 |

---

iv

------

SCHEDULES

---

| | |
|:---|:---|
| I | Guarantors |
| 1.01A | Commitments |
| 1.01B | Closing Date Documents |
| 5.06 | Litigation |
| 5.07 | Owned Real Property |
| 5.08 | Environmental Matters |
| 6.13(b) | Post-Closing Obligations |
| 6.14 | Restricted Subsidiaries |
| 7.01(b) | Existing Liens |
| 7.02(f) | Existing Investments |
| 7.03(b) | Existing Indebtedness |
| 7.05(w) | Dispositions |
| 7.08 | Affiliate Transactions |
| 7.09 | Burdensome Agreements |
| 10.02 | Agents' Offices, Certain Addresses for Notices |

---

EXHIBITS

---

| | |
|:---|:---|
|  | *Form of* |
| A | Committed Loan Notice |
| B | [Reserved] |
| C-1 | Term Note |
| C-2 | Revolving Credit Note |
| D-1 | Compliance Certificate |
| D-2 | Solvency Certificate |
| E-1 | Assignment and Assumption |
| E-2 | Affiliated Lender Notice |
| E-3 | Acceptance and Prepayment Notice |
| E-4 | Discount Range Prepayment Notice |
| E-5 | Discount Range Prepayment Offer |
| E-6 | Solicited Discounted Prepayment Notice |
| E-7 | Solicited Discounted Prepayment Offer |
| E-8 | Specified Discount Prepayment Notice |
| E-9 | Specified Discount Prepayment Response |
| F | Security Agreement |
| G | Intercompany Note |
| H | United States Tax Compliance Certificate |
| I | Calculation of Consolidated EBITDA |
| J | Affiliated Lender Assignment and Assumption |
| K | Borrower Joinder Agreement |
| L | Guarantor Joinder Agreement |
| M | New Revolving Credit Lender Joinder and Assumption Agreement |

---

v

------

**<u>CREDIT AGREEMENT</u>**

This CREDIT AGREEMENT is entered into as of March 18, 2020, among Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company (the "**Initial Borrower**" and following the Debt Assumption (as defined below), "**Holdings**"), following consummation of the Acquisition (as defined below), TCFI AEVEX LLC, a Delaware limited liability company ("**TCFI**" and after giving effect to the Debt Assumption, the "**Borrower**" as hereinafter further defined), the other Guarantors party hereto from time to time, Carlyle Global Credit Investment Management and GSO Capital Partners LP, as Joint Lead Lenders, Ankura Trust Company, LLC, as Administrative Agent, PNC Bank, National Association, as Revolving Agent and as Collateral Agent, each lender from time to time party hereto (collectively, the "**Lenders**" and, individually, a "**Lender**") and the L/C Issuers from time to time party hereto.

**<u>PRELIMINARY STATEMENTS</u>**

Pursuant to the Membership Interest Purchase Agreement, dated as of February 18, 2020 (together with the exhibits and disclosure schedules thereto, and as amended, supplemented or modified from time to time, the "**Purchase Agreement**"), by and among the Initial Borrower and TCFI Aevex Holdings LLC, a Delaware limited liability company (together with the sellers party thereto, "**Seller**"), the Investors will directly or indirectly purchase all of the issued and outstanding membership interests of TCFI (the "**Acquisition**").

Following the initial Borrowing on the Closing Date, TCFI will assume all of the Obligations of the Initial Borrower hereunder (the "**Debt Assumption**"), and become the Borrower under this Agreement.

In accordance with the foregoing, the Initial Borrower has requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in <u>Section 1.01</u> below) and Revolving Loans on the Closing Date.

The proceeds of the Initial Term Loans and the Revolving Loans (limited, on the Closing Date, as set forth herein), together with the proceeds of the Equity Contributions contributed directly or indirectly to the Initial Borrower and cash on hand, will be used on the Closing Date (i) to consummate the Refinancing, (ii) to fund the Acquisition, (iii) to pay the Transaction Expenses and (iv) for working capital and general corporate purposes and, after the Closing Date, in accordance with <u>Section 6.16</u>.

Immediately after consummation of the Acquisition, the Borrower will be a direct, wholly owned subsidiary of Holdings.

The applicable Lenders have indicated their willingness to lend and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein.

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

------

**ARTICLE I.** 

**<u>DEFINITIONS AND ACCOUNTING TERMS</u>**

Section 1.01. <u>Defined Terms</u> .

As used in this Agreement, the following terms shall have the meanings set forth below:

"**Acceptable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acceptable Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Acceptance and Prepayment Notice**" means a notice of the Borrower's acceptance of the Acceptable Discount in substantially the form of <u>Exhibit E-3</u>.

"**Acceptance Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acquisition**" has the meaning set forth in the preliminary statements to this Agreement.

"**Additional Refinancing Lender**" means, at any time, any bank, financial institution or other institutional lender or investor (other than any such bank, financial institution or other institutional lender or investor that is a Lender at such time) that agrees to provide any portion of Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.15</u>, *provided* that each Additional Refinancing Lender shall be subject to the approval of the Borrower.

"**Additional Term Lender**" has the meaning set forth in Section 2.14(c).

"**Administrative Agent**" means Ankura, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"**Administrative Questionnaire**" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto.

"**Affiliated Lender**" means, at any time, any Lender that is the Sponsor (including portfolio companies of the Sponsor notwithstanding the exclusion in the definition of "Sponsor") or a Non-Debt Fund Affiliate, in each case, other than Holdings, the Borrower or any of its Subsidiaries and other than any Debt Fund Affiliate.

"**Affiliated Lender** Assignment and Assumption" has the meaning set forth in <u>Section 10.07(k)(ii)</u>.

"**Affiliated Lender** Cap" has the meaning set forth in <u>Section 10.07(k)(v)</u>.

------

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates and controlling Persons, officers, directors and employees.

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent and the Revolving Agent, each an "**Agent**".

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreement**" means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"**Agreement Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**AHYDO Payment**" means any payment required to be made under the terms of Indebtedness in order to avoid the application of Section 163(e)(5) of the Code to such Indebtedness.

"**Aircraft Trust Arrangemen**t" means the contribution of the Equity Interests of a special purpose entity organized for the purpose of holding aircraft to a trust for the purposes of Federal Aviation Administration registration of such aircraft, the trustee of which is a third party engaged in the business of acting as trustee with respect to such assets in order to facilitate such registration.

"**All-In Yield**" means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, OID, upfront fees, any Base Rate (or equivalent term) "floor" then in effect or a "Eurocurrency Rate" (or equivalent term) floor then in effect or otherwise, in each case incurred or payable by the Borrowers generally to all lenders of such Indebtedness; *provided* that OID and upfront fees shall be equated to interest rate assuming a four-year life to maturity; *provided*, *further*, that "All-In Yield" shall not include prepayment premiums, arrangement fees, syndication fees, ticking fees, structuring fees, amendment fees, commitment or facility fees, underwriting fees or other similar fees, payable in connection therewith regardless of whether such fees are paid to or shared in whole or in part with any Lender, or any other fees not paid generally to all Lenders ratably. In calculating the All-In Yield, if on the date of incurrence of any applicable Indebtedness (including any Incremental Term Loans), such Indebtedness includes an interest rate floor greater than the interest rate floor applicable to the Initial Term Loans, such differential shall be added to the interest rate with respect to such Indebtedness for purposes of determining whether an increase to the interest rate margin under the Initial Term Loans shall be required (if applicable), but only to the extent that an increase in the interest rate floor would cause an increase to the interest rate margin then in effect with respect to such Initial Term Loans, solely for the purpose of determining the All-In Yield applicable to such Indebtedness and, in such case for purposes of Section 2.14(e)(iii), the interest rate floor (but not the interest rate margin) applicable to such Class of Initial Term Loans shall be increased to the extent of such differential between interest rate floors.

"**Ankura**" means Ankura Trust Company, LLC.

"**Annual Financial Statements**" means the audited consolidated balance sheets and the related consolidated statements of operations, changes in stockholders' equity and cash flows of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement)(except for Triple M (as defined in the Purchase Agreement)) to the extent covered thereby for the fiscal year ended December 31, 2018.

"**Applicable Agent**" means, with respect to the Term Loans, the Administrative Agent, and with respect to the Revolving Loans, the Revolving Agent.

------

"**Applicable Agent's Office**" means the Administrative Agent's or the Revolving Agent's, as applicable, address as set forth on <u>Schedule 10.02</u> or such other address as the Administrative Agent or the Revolving Agent may from time to time notify the Borrower and the Lenders.

"**Applicable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Applicable ECF Percentage**" means, for any Excess Cash Flow Period, (a) 50% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is greater than 4.00 to 1.00, (b) 25% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 4.00 to 1.00 and greater than 3.50 to 1.00 and (c) 0% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 3.50 to 1.00. The Consolidated First Lien Net Leverage Ratio shall be calculated on a Pro Forma Basis and shall give Pro Forma Effect to any paydown of Loans or reduction of Commitments made after year-end and prior to the date such Excess Cash Flow payment is due.

"**Applicable Rate**" means a percentage per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Initial Term Loans and Delayed Draw Term Loans, (A) for Eurocurrency Rate Loans, 6.00% per annum and (B) for Base Rate Loans, 5.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Revolving Loans, (i) until the delivery to the Revolving Agent of the financial statements pursuant to <u>Section 6.01(b)</u> for the fiscal quarter ending June 30, 2020: (A) for Eurocurrency Rate Loans, 4.00% per annum and (B) for Base Rate Loans, 3.00% per annum and (ii) following the delivery of such financial statements, the percentage set forth below based on the Consolidated First Lien Net Leverage Ratio for the four (4) fiscal quarters ending on the last day of each fiscal quarter as demonstrated in the financial statements delivered to the Revolving Agent pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u>:

---

| | | |
|:---|:---|:---|
| Consolidated First<br> Lien Net Leverage<br> Ratio | Eurodollar Loans | ABR Loans |
|  <u>></u>3.50x | 4.00% | 3.00% |
|  <3.50x | 3.75% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Unused Revolver Commitment Fees, 0.50% per annum.

Any increase or decrease in the Applicable Rate resulting from a change in Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Responsible Officer delivers notice to the Revolving Agent that a change to the Applicable Rate shall be effective based upon delivery of the financial statements pursuant to Section 6.01(a) or 6.01(b).

------

Notwithstanding the foregoing, (v) the Applicable Rate in respect of any Extended Revolving Credit Commitments or any Class of Extended Term Loans or Revolving Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment, (w) the Applicable Rate in respect of any Class of Incremental Term Loans shall be the applicable percentages per annum set forth in the relevant Incremental Amendment, (x) the Applicable Rate in respect of any Class of Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement, (y) the Applicable Rate in respect of any Class of Refinancing Revolving Credit Commitments, any Class of Refinancing Revolving Loans or any Class of Refinancing Term Loans shall be the applicable percentages per annum set forth in the relevant Refinancing Amendment or other relevant agreement and (z) in the case of the Initial Term Loans and the Delayed Draw Term Loans, the Applicable Rate shall be increased as, and to the extent, necessary to comply with the provisions of <u>Section 2.14</u>.

"**Appropriate Lender**" means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class and (b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders.

"**Approved Bank**" has the meaning set forth in <u>clause (c)</u> of the definition of "Cash and Cash Equivalents."

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Assignee**" has the meaning set forth in <u>Section 10.07(b)</u>.

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of <u>Exhibit E-1</u> hereto.

"**Attorney Costs**" means and includes all reasonable and documented fees, out-of-pocket expenses and disbursements of any law firm or other external legal counsel, in each case, to the extent reimbursable by the Borrower pursuant to <u>Section 10.04</u> or <u>Section 10.05</u>.

"**Attributable Indebtedness**" means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

"**Auction Agent**" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to <u>Section 2.05(a)(v)</u>; *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent).

"**Auto-Extension Letter of Credit**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

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

------

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

"**Base Rate**" means for any day a fluctuating rate per annum equal to the highest of (a) the Overnight Rate in effect on such day *plus* 0.50%, (b) the Prime Rate for such day and (c) the Eurocurrency Rate for an interest period of one month *plus* 1.00% (or, if such day is not a Business Day, the immediately preceding Business Day). Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs.

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.

"**Borrower**" and "**Borrowers**" mean (a) prior to the Debt Assumption, the Initial Borrower and (b) upon and at any time after the consummation of the Debt Assumption, the Borrower and any Subsidiary Guarantor that, after the Closing Date becomes a Borrower by executing a Borrower Joinder Agreement; *provided* that any Subsidiary that is or has become a Borrower (a "Subsidiary Borrower") may have its status as a Borrower terminated by a notice to the Administrative Agent and the Collateral Agent from the Borrower and such Subsidiary Borrower electing to terminate such Subsidiary's status as a Borrower, *provided further* that no such termination shall affect any obligation of such Subsidiary as a Guarantor or as a Grantor under any Loan Document.

"**Borrower Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit K</u>.

"**Borrower Materials**" has the meaning set forth in <u>Section 6.01</u>.

"**Borrower Offer of Specified Discount Prepayment**" means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to <u>Section 2.05(a)(v)(B)</u>.

"**Borrower Solicitation of Discount Range Prepayment Offers**" means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to <u>Section 2.05(a)(v)(C)</u>.

"**Borrower Solicitation of Discounted Prepayment Offers**" means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to <u>Section 2.05(a)(v)(D)</u>.

"**Borrowing**" means a Revolving Credit Borrowing or a Term Borrowing, as the context may require.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York, and:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars, or any other dealings in any currency other than Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.

"**Capital Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries.

"**Capitalized Leases**" means all leases that have been or are required to be, in accordance with GAAP (subject to <u>Section 1.03</u>), recorded as capitalized leases; *provided* that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.

"**Carlyle**" means Carlyle Global Credit Investment Management.

"**Cash and Cash Equivalents**" means any of the following types of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, Euros or any other readily tradable currency to the extent utilized in connection with the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of the United States or any member state of the European Economic Area having average maturities of not more than 24 months from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) time deposits or eurodollar time deposits with, certificates of deposit, bankers' acceptances or overnight bank deposits of, or letters of credit issued by, any commercial bank that (i) is a Lender or (ii) (A) is organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development and is a member of the Federal Reserve System, and (B) has combined capital and surplus of at least $250,000,000 or $100,000,000 in the case of any non-U.S. bank (any such bank in the foregoing <u>clauses (i)</u> or <u>(ii)</u> being an "**Approved Bank**"), in each case with maturities not exceeding 24 months from the date of acquisition thereof;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations for underlying securities of the types described in <u>clauses (b)</u>, <u>(c)</u> and <u>(e)</u> above entered into with any Approved Bank;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments (other than in structured investment vehicles and structured financing transactions) with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any Approved Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) instruments analogous to those referred to in <u>clauses (a)</u> through <u>(i)</u> above denominated in Euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and (ii) in the case of any Foreign Subsidiary, such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments, classified in accordance with GAAP as Consolidated Current Assets of the Borrower or any Restricted Subsidiary, in money market investment programs which are registered under the Investment Company Act of 1940 or which are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character, quality and maturity described in <u>clauses (a)</u> through <u>(i)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing at least 95% of their assets in securities of the types described in <u>clauses (a)</u> through <u>(k)</u> above.

Notwithstanding the foregoing, Cash and Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (a)</u> and <u>(j)</u> above; *provided* that such amounts are converted into any currency listed in <u>clause (a)</u> or <u>(j)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

"**Cash Collateral**" has the meaning set forth in <u>Section 2.17(c)</u>.

------

"**Cash Collateralize**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Dominion Event**" means the occurrence and continuance of an Event of Default pursuant to <u>Section 8.1(a)</u> or <u>8.01(f)</u>.

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including controlled disbursement services, treasury, depository, overdraft and related liabilities, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management services or arrangements, supply chain finance services, foreign exchange facilities and any automated clearing house transfer of funds.

"**Cash Netting Amount**" means the lesser of (i) the aggregate amount of Cash and Cash Equivalents (other than Restricted Cash), in each case, included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of such date (which, for the avoidance of doubt, shall not be required to be held in a deposit account pledged to the Collateral Agent pursuant to a control agreement) and (ii) $10,000,000.

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

"**Change of Control**" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to a Qualified IPO, the Sponsor shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), but excluding (w) any underwriters in connection with such Qualified IPO, (x) any employee benefit plan of such person and its Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (y) the Sponsor and (z) any one or more direct or indirect parent companies of Holdings in which the Sponsor, directly or indirectly, owns the largest percentage of such parent company's voting Equity Interests, shall have, directly or indirectly, acquired beneficial ownership of Equity Interests representing 35% or more of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company and the Sponsor shall own, directly or indirectly, less than such person or "group" of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "change of control" (or similar event) shall occur in any document pertaining to Other Term Loans, Other Notes, Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt (or any Permitted Refinancing of any of the foregoing), in each case with an aggregate outstanding principal amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Holdings shall cease to own, directly or indirectly, 100% of the Equity Interests of TCFI.

------

"**Class**" (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Extended Revolving Credit Commitments of a given Extension Series, Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Commitments, Delayed Draw Commitments, Incremental Term Loan Commitments, Refinancing Term Commitments of a given Refinancing Series or Commitments in respect of Replacement Term Loans and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans. Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the Borrower, be construed to be in different Classes; provided that any Incremental Term Loans effected as a Term Loan Increase to any existing Class of Term Loans and such existing Class of Term Loans shall in all events be part of the same Class.

"**Closing Date**" means March 18, 2020.

"**Code**" means the U.S. Internal Revenue Code of 1986 and the United States Treasury Department regulations promulgated thereunder, each as amended from time to time (unless as specifically provided otherwise).

"**Collateral**" means the "Collateral" as defined in the Security Agreement and all the "Collateral" or "Pledged Assets" as defined in any other Collateral Document and any other assets pledged pursuant to any Collateral Document, but in any event excluding Excluded Assets.

"**Collateral Agent**" means PNC, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent.

"**Collateral and Guarantee Requirement**" means, at any time, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Agent shall have received each Collateral Document required to be delivered (i) on the Closing Date, pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>) and (ii) at such time as may be designated therein, pursuant to the Collateral Documents or <u>Section 6.11</u> or <u>6.13</u>, subject, in each case, to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Obligations (i) of the Borrowers shall have been unconditionally guaranteed by Holdings and each Restricted Subsidiary of the Borrower (other than any other Borrower) that is then required to be a Guarantor, and (ii) of any Borrower shall have been unconditionally guaranteed by each other Borrower; *provided*, that the Borrower may, in its sole discretion, (1) designate any Excluded Subsidiary as a Guarantor and (2) cause any Guarantor that is an Excluded Subsidiary (including any Excluded Subsidiary that became a Guarantor pursuant to clause (1) hereof) to be released from its guaranty;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secured Obligations and the Guaranty shall have been secured by a first-priority security interest (subject to Liens permitted by <u>Section 7.01</u>) in (i) all of the Equity Interests of the Borrowers, (ii) all of the Equity Interests of each wholly owned Material Domestic Subsidiary (other than a Domestic Subsidiary described in the following clause (iii)) directly owned by a Borrower or any Subsidiary Guarantor, (iii) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is directly owned by a Borrower or by any Subsidiary Guarantor that is a Domestic Foreign Holdco, and (iv) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is a Foreign Subsidiary directly owned by a Borrower or by any Subsidiary Guarantor, in each case other than any Excluded Pledged Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except to the extent otherwise provided hereunder, including subject to Liens permitted by <u>Section 7.01</u>, or under any Collateral Document, the Secured Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security interest may be perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making any necessary security filings with the United States Patent and Trademark Office or United States Copyright Office, in each case to the extent required in the Security Agreement) in the Collateral of any Borrower and each Guarantor (including accounts (other than Securitization Assets and any Receivables Assets), intercompany obligations, inventory, equipment, investment property, contract rights, applications and registrations of Intellectual Property filed in the United States, other general intangibles, Material Real Property and proceeds of the foregoing), in each case, (i) with the priority required by the Collateral Documents and (ii) subject to exceptions and limitations otherwise set forth in this Agreement (for the avoidance of doubt, including the limitations and exceptions set forth in <u>Section 4.01</u>) and the Collateral Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to each Material Real Property, the Collateral Agent shall have received on or before the date required to be delivered pursuant to <u>Section 6.11</u> or <u>Section 6.13</u> (after giving effect to any extension by the Collateral Agent), (i) counterparts of a Mortgage over such Material Real Property required to be delivered pursuant to <u>Section 6.11</u> or <u>6.13</u> (the "**Mortgaged Properties**") duly executed and delivered by the applicable Loan Party, (ii) a title insurance policy for such property available in each applicable jurisdiction (the "**Mortgage Policies**") insuring the Lien of each such Mortgage as a valid first-priority Lien on the property described therein, free of any other Liens except as permitted by <u>Section 7.01</u>, together with such endorsements, coinsurance and reinsurance and in such amounts as the Collateral Agent may reasonably request, (iii) a completed Life-of-Loan Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if any improvements on any Mortgaged Property are located within an area designated a "flood hazard area," evidence of such flood insurance as may be required under <u>Section 6.07</u>, (iv) ALTA surveys in form and substance reasonably acceptable to the applicable title company or such existing surveys together with no-change affidavits sufficient for the title company to remove all standard survey exceptions from the Mortgage Policies and issue the endorsements required in <u>clause (ii)</u> above, (v) copies of any existing title reports, abstracts, appraisals or environmental assessment reports in each case to the extent required under <u>Section 6.11(a)(iii)</u> and (vi) such legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged Property;

*provided*, *however*, that (i) the foregoing definition shall not require, and the Loan Documents shall not contain any requirements as to, the creation or perfection of pledges of, security interests in, Mortgages on, or the obtaining of title insurance, surveys, abstracts or appraisals or taking other actions with respect to any Excluded Assets and (ii) the Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth in this Agreement and the Collateral Documents*.* 

------

The Collateral Agent may grant extensions of time for the perfection of security interests in, or the delivery of the Mortgages and the obtaining of title insurance and surveys with respect to, particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) or any other compliance with the timing requirements of this definition where it reasonably determines, in consultation with the Borrower, that perfection or compliance cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement, the Collateral Documents or the other Loan Documents.

No actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets of Holdings, the Borrower, or any Domestic Subsidiary located or titled outside of the United States or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the Laws of any non-U.S. jurisdiction or foreign Intellectual Property filing, search or schedule). Elective Guarantors that are Foreign Subsidiaries shall be required to grant such security interests and take such perfection steps as are customary in its jurisdiction of organization (as determined mutually in good faith by the Collateral Agent and Loan Parties).

The foregoing definition shall not (i) require control agreements or perfection by "control" with respect to any Collateral other than: (x) certificated Equity Interests of the Borrower and, to the extent constituting Collateral, its Restricted Subsidiaries, in each case to the extent possession of such certificates is a manner of perfecting a security interest therein, and (y) so long as the Revolving Credit Commitments are outstanding, control agreements over deposit accounts (other than Excluded Accounts), (ii) require the Collateral Agent to enter into any source code escrow arrangement or register any Intellectual Property or (iii) require the Borrowers or any of their respective Subsidiaries to provide any notice to obtain the consent of Governmental Authorities under the Federal Assignment of Claims Act (or any state equivalent thereof).

"**Collateral Documents**" means, collectively, the Security Agreement, the Intercreditor Agreements, the Intellectual Property Security Agreements, the Mortgages, the Security Agreement Supplements, all security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent pursuant to <u>Section 4.01(a)(iv)</u>, <u>6.11</u> or <u>6.13</u> and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

"**Committed Loan Notice**" means a written notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other or (c) a continuation of Eurocurrency Rate Loans pursuant to <u>Section 2.02(a)</u>, which shall be substantially in the form of <u>Exhibit A</u> hereto or such other form as may be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), and agreed by the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), as applicable, and agreed by the Borrower), appropriately completed and signed by a Responsible Officer of the Borrower.

"**Commitmen**t" means a Revolving Credit Commitment, Extended Revolving Credit Commitment of a given Extension Series, Refinancing Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Delayed Draw Commitment, Incremental Term Loan Commitment, Refinancing Term Commitment of a given Refinancing Series or a Commitment in respect of Replacement Term Loans, as the context may require.

------

"**Commitment Letter**" means the Amended and Restated Commitment Letter, dated March 13, 2020, among the Initial Borrower and the Commitment Parties, as amended, restated, supplemented or otherwise modified.

"**Commitment Parties**" means, collectively, GSO, Carlyle and PNC, in their respective capacities as such under the Commitment Letter.

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

"**Company Parties**" means the collective reference to Holdings and its Restricted Subsidiaries, including any Borrower, and "Company Party" means any one of them.

"**Compensation Period**" has the meaning set forth in <u>Section 2.12(c)(ii)</u>.

"**Competitor**" has the meaning set forth in the definition of "Disqualified Institution."

"**Competitor Debt Fund**" means, with respect to any Competitor or any Affiliate thereof, any diversified debt fund, investment vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is (i) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and (ii) managed, sponsored or advised by any person that is controlling, controlled by or under common control with the relevant Competitor or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Competitor (A) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated bank entity or unregulated entity with respect to decisions involving any investment in debt of the Borrower or any of its Subsidiaries or (B) has access to any information (other than information that is publicly available) relating to Holdings, the Borrower or any of their respective Subsidiaries.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit D-1</u> hereto.

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

"**Consolidated Current Assets**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than Cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than (i) amounts related to current or deferred Taxes based on income, profits or capital gains (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (ii) assets held for sale, (iii) loans (permitted) to third parties, (iv) pension assets, (v) deferred bank fees, (vi) derivative financial instruments and (vii) in the event that a Securitization Financing is accounted for off-balance sheet, (x) gross accounts receivable comprising Securitization Assets sold pursuant to such Securitization Financing less (y) collection against the amount sold pursuant to <u>clause (x)</u>.

"**Consolidated Current Liabilities**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) the current portion of interest expense, (c) accruals for current or deferred Taxes based on income or

------

profits (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (d) accruals of any costs or expenses related to restructuring reserves, (e) deferred revenue, (f) any Revolving Credit Exposure or Revolving Loans, (g) the current portion of pension liabilities, (h) liabilities in respect of funds of third parties on deposit with the Borrower or its Restricted Subsidiaries and (i) any assumed professional liability risks.

"**Consolidated EBITDA**" means, for any period, Consolidated Net Income for such period, *plus*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without duplication and, except with respect to <u>clauses (v)</u> (to the extent of the first parenthetical in such clause), <u>(vii)(B)</u>, <u>(viii)</u>, <u>(x)</u>, <u>(xi)</u> and <u>(xiv)</u> below, to the extent deducted (and not added back) or excluded in arriving at such Consolidated Net Income, the sum of the following amounts for such period with respect to the Borrower and its Restricted Subsidiaries and including, the portion of such item attributable to any Equity Interest of the Loan Parties or Subsidiaries of Loan Parties in such non wholly-owned Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) total interest expense determined in accordance with GAAP (including (whether or not classified as interest expense under GAAP), to the extent deducted and not added back in computing Consolidated Net Income, (A) amortization of OID resulting from the issuance of Indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or, any fee or expense paid to any agent in connection with its services hereunder, and any other bank, administrative agency or trustee, or financing fees, (C) non-cash interest payments, (D) the interest component of Capitalized Leases, (E) net payments, if any, pursuant to interest Swap Contracts with respect to Indebtedness, (F) amortization of deferred financing fees, debt issuance costs, commissions and fees, (G) the interest component of any pension or other post-employment benefit expense, and (H) commissions, discounts, yield and other fees (including related interest expenses) related to any Qualified Securitization Financing or any Receivables Facility) and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication, provision for Taxes based on income, profits or capital gains of the Borrower and the Restricted Subsidiaries, including, without limitation, federal, state, foreign, local, franchise and similar Taxes and other local, franchise, state, real estate and property Taxes and foreign withholding Taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax examinations, and any Tax distributions made pursuant to this Agreement (including <u>Section 7.06(h)(iii)</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) depreciation and amortization (including amortization or write-off of (A) intangible assets and non-cash organization costs, (B) deferred financing fees, debt issuance costs, commissions, fees and expenses, bridge, commitment and other financing fees, discounts, yield and other fees and charges (including interest expense related to any Securitization Financing or any Receivables Facility), (C) unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, (D) capitalized software expenditures or costs, capitalized customer acquisition costs and incentive payments and capitalized conversion costs and contract acquisition costs, and (E) favorable or unfavorable lease assets or liabilities),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) non-cash charges, expenses, write-downs or losses, including, without limitation, any non-cash expense relating to the vesting of warrants, impairment charges, the revaluation of inventory or other inventory adjustments or the impact of purchase accounting or recapitalization accounting (including deferred revenue which would reasonably have been included in determining Consolidated Net Income for such period, but for the application of purchase accounting rules) (*provided* that if any such non-cash charges, expenses, write-downs or losses represent an accrual or reserve for potential cash items in any future period, (i) the Borrower may determine not to add back such non-cash item in the current period or (ii) to the extent the Borrower determines to add back such non-cash item in the current period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) retention, recruiting, relocation, stay and signing bonuses (including payments made to employees or others who are subject to non-compete agreements) and expenses, stock option and other equity-based compensation expenses, severance costs, transaction fees and expenses and management, monitoring, consulting and advisory fees and expenses and other consulting fees, indemnities and expenses, any one time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or a public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) integration costs, transition costs, consolidation, opening and closing costs for offices and facilities, curtailments or modifications to pension and post-retirement employee benefits (including pension buyout costs), decommissioning or reconfiguration of fixed assets for alternative uses, costs in connection with future lease commitments, costs incurred in connection with any strategic initiatives, costs incurred in connection with acquisitions and investments (whether or not consummated) and intellectual property development after the Closing Date, other business optimization expenses (including costs, technology upgrades and expenses relating to business optimization programs and new systems design and initiatives and implementation costs), project start-up costs and costs incurred with the implementation of a new contract (provided, such costs incurred with the implementation of a new contract added back pursuant to this clause (vii) shall not exceed $2,500,000 for any Test Period) and other restructuring charges, carve-out related items, accruals or reserves (including restructuring costs related to acquisitions and investments whether or not incurred before or after the Closing Date, retention charges, systems establishment costs and excess pension charges) and (B) without duplication of amounts added back pursuant to clause (xiv) below the amount of "run rate" cost savings, operating expense reductions, other operating improvements and synergies projected by the Borrower in good faith to be realized in connection with the Transactions, any Specified Transaction or the implementation of an operational initiative or operational change before or after the Closing Date (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions, which are factually supportable and reasonably anticipated to result from actions taken or expected to be taken in the good faith judgment of the Borrower, within 18 months after the consummation of the Transactions, the Specified Transaction or the implementation of an initiative or operational change (including commencement of

------

activities constituting a business or the termination or discontinuance of activities constituting such business), as applicable, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies (and a Responsible Officer of the Borrower shall certify, solely in his or her capacity as a Responsible Officer, that such cost savings, operating expense reductions, other operating improvements and synergies satisfy the foregoing requirements); *provided* no cost savings, operating expense reductions and synergies shall be added pursuant to this <u>clause (vii)(B)</u> to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, for such period; *provided*, *further* that such costs, charges, expenses or losses pursuant to <u>clause (vii)(A)</u>, together with the pro forma cost savings, operating expense reductions, other operating improvements and synergies pursuant to <u>clause (vii)(B)</u> and <u>Section 1.09(c)</u>, shall not exceed 25% of Consolidated EBITDA for any Test Period (determined after giving effect to all such amounts that would be added back pursuant to this <u>clause (vii)</u> and <u>Section 1.09</u>, and after giving effect to all other applicable adjustments as if there were no such 25% limitation); *provided*, that the amount of any such items that would be permitted to be included in financial statements prepared in accordance with Regulation S-X shall not be subject to such 25% limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) adjustments in connection with the Transactions, including those adjustments of the type set forth in the Sponsor model delivered to the Commitment Parties prior to the Closing Date and the quality of earnings report provided by third party financial advisors and/or consultants retained by the Borrower and delivered to the Commitment Parties prior to the Closing Date, and other adjustments (including pro forma adjustments) identified in writing and agreed to by Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other accruals, payments, fees and expenses (including rationalization, legal, tax, structuring and other costs and expenses), or any amortization thereof, related to the Transactions (including all Transaction Expenses), acquisitions, Investments, joint ventures, Restricted Payments, Dispositions, issuances or registrations (actual or proposed) of Indebtedness or Equity Interests or repayment of debt, Qualified IPO, Refinancing or recapitalization transactions or amendment or other modification of any debt instrument, in each case, including any such transaction consummated on or prior to the Closing Date and any such transaction attempted but not completed (including, for the avoidance of doubt, the effects of expensing all transaction related expenses in accordance with Accounting Standards Codification Topic No. 805, Business Combinations),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the extent received and not already included in Consolidated Net Income, proceeds of business interruption insurance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>paragraph (b)</u> below for any previous period and not added back,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash increase in expenses (A) resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods including changes in capitalization of variances) or other inventory adjustments, or (B) due to purchase accounting or recapitalization accounting adjustments,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the amount of any expense or reduction of Consolidated Net Income consisting of Restricted Subsidiary income attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) adjustments (including pro forma adjustments) of a type set forth in any quality of earnings or due diligence report (prepared by an independent accounting firm or consulting firm of regionally or nationally recognized standing) delivered to the Administrative Agent in connection with any acquisition or investment after the Closing Date and (B) adjustments (including pro forma adjustments) consistent with Regulation S-X,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the amount of (A) management, consulting, monitoring and advisory fees (including termination and exit fees) and related expenses and indemnities paid or accrued to the Investors in accordance with the Investor Management Agreement and the Ultimate Parent LLC Agreement, (B) payments or accruals by the Borrower or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are permitted by <u>Section 7.08</u> and (C) indemnification payments and accruals, fees and expenses paid to directors of the Borrower or its direct or indirect parent entities, in each case to the extent otherwise permitted to be paid under <u>Section 7.08</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Equity Funded Employee Plan Costs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any net loss from disposed, abandoned or discontinued operations or product lines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount of loss or discount on sales of Securitization Assets to a Securitization Subsidiary in connection with a Securitization Financing or losses or discounts on sales of receivables and related assets in connection with any Receivables Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) costs to support implementation of operational and reporting systems and technology initiatives in an amount not to exceed $5,000,000 in the aggregate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the non-cash portion of straight line rent expense,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) earn-out obligations with respect to any Permitted Acquisitions or other investment and paid or accrued during the applicable period to the extent such earn-out obligations are deducted from the calculation of such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the amount of business development, research and development, and customer development costs and expenses and strategic growth investments and reorganization costs and expenses;

*minus* (b) without duplication and to the extent included in arriving at such Consolidated Net Income, (i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period), and excluding the accrual of revenue in the ordinary course, including accrual for deferred revenue, (ii) any net gain from disposed, abandoned or discontinued operations or product lines and (iii) the amount of any minority interest income consisting of Restricted Subsidiary losses attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary. 

------

Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, Consolidated EBITDA for such fiscal quarter shall be $7,303,894.77, $8,339,237.36, $7,954,634.35 and $7,902,425.85, respectively, in each case as may be subject to addbacks and adjustments (without duplication) pursuant to <u>clauses (vii)(B)</u>, <u>(viii</u>), <u>(xiv</u>) and <u>Section 1.09(c)</u> for the applicable Test Period (but only with respect to actions taken or expected to be taken or events having occurred after the Closing Date). For the avoidance of doubt, Consolidated EBITDA shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated First Lien Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of any Indebtedness described in <u>clause (a)</u> of the definition of "Consolidated Total Net Debt" outstanding on such date that is secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary that is pari passu with or senior to the Liens securing the Secured Obligations, but excluding any such Indebtedness that is subordinated in right of payment to the Secured Obligations, *minus* (b) the Cash Netting Amount; *provided* that Consolidated First Lien Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated First Lien Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated First Lien Net Debt.

"**Consolidated First Lien Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Net Income**" means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; *provided*, *however*, that, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any after-tax effect of extraordinary, non-recurring or unusual items (including gains, losses or charges and all fees and expenses relating thereto) for such period shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application to the extent included in Consolidated Net Income shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) accruals and reserves that are established or adjusted within 18 months after the Closing Date that are so required to be established or adjusted as a result of the Transactions (or within 18 months after the closing of any acquisition or Investment that are so required to be established or adjusted as a result of such acquisition of Investment) in accordance with GAAP or changes as a result of adoption or modification of accounting policies in accordance with GAAP shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any net after-tax effect of gains or losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person, in each case other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the net income (loss) for such period of any Person that is (I) not a Subsidiary of the Borrower, (II) an Unrestricted Subsidiary, or (III) accounted for by the equity method of accounting shall be excluded; *provided* that (i) Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in Cash and Cash Equivalents (or to the extent subsequently converted into Cash and Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period and (ii) the net income (loss) of any Unrestricted Subsidiary that has been designated as a Restricted Subsidiary in such period shall be included to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any impairment charge or asset or asset value write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, goodwill, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP or SEC guidelines, and the amortization of intangibles arising pursuant to GAAP or SEC guidelines shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any (i) equity or phantom equity based non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs or any other equity-based compensation, (ii) cash charges associated with the rollover, acceleration or payout of Equity Interests by managers, officers, directors, consultants or employees of the Borrower, any Restricted Subsidiary or any of the Borrower's direct or indirect parents, (iii) income (loss) attributable to deferred compensation plans or trusts, shall be excluded, and (iv) any cash charge for such period relating to payments made to option holders or holders of profits interests of any direct or indirect parent entity in connection with, or as a result of, any distributions being made to its equityholders or its direct or indirect parent entities, which payments are being made to compensate such option holders or holders of profits interests as though they were equityholders as of the date of, and entitled to share in, such distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions, including, in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually paid-for or reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for such amount to be paid-for, indemnified or reimbursed and only to the extent that such amount is in fact paid-for, indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365-day period), shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent covered by insurance and actually paid for or reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be paid for or reimbursed by the insurer and only to the extent that such amount is in fact paid for or reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so paid for or reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, any Permitted Acquisition or other Investment, or the release of any valuation allowance related to such item, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any non-cash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation or Accounting Standards Codification Topic No. 505-50, Equity-Based Payments to Non-Employees, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) non-cash gains, losses, income and expenses resulting from the valuation of any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at fair value required by the applicable standard under GAAP and related interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries or such Person's assets are acquired by the Borrower or any of its Restricted Subsidiaries shall be excluded (except to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (x) currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain (i) resulting from Swap Contracts for currency exchange risk and (ii) resulting from intercompany indebtedness) and (y) all other foreign currency translation gains or losses to the extent such gains or losses are non-cash items, shall in each case be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any adjustments resulting from the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging and International Accounting Standard No. 39 and their respective related pronouncements and interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any income (loss) for such period attributable to the early extinguishment of (i) Indebtedness, (ii) obligations under any Swap Contracts or (iii) other derivative instruments shall in each case be excluded, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) solely for the purpose of determining Excess Cash Flow, the income of any Restricted Subsidiary of the Borrower that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such income is not at the time permitted by operation of the terms of its charter or any Laws applicable to such Restricted Subsidiary (which has not been waived) shall be excluded, except (solely to the extent permitted to be paid) to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Restricted Subsidiaries that are Guarantors by such Person during such period.

There shall be excluded from Consolidated Net Income for any period the purchase accounting or recapitalization accounting effects of adjustments in component amounts required or permitted by GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, credit balances and debt line items thereof) and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition constituting an Investment permitted under this Agreement consummated after the Closing Date or any acquisition or other Investment consummated prior to the Closing Date, or the amortization or write-off of any amounts thereof. For the avoidance of doubt, Consolidated Net Income shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

------

"**Consolidated Total Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting or recapitalization accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement) consisting of funded Indebtedness for borrowed money, purchase money Indebtedness and Attributable Indebtedness, *minus* (b) the Cash Netting Amount; *provided* that Consolidated Total Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated Total Net Debt.

"**Consolidated Total Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Working Capital**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Consolidated Current Assets at such date of determination *minus* Consolidated Current Liabilities at such date of determination; *provided* that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Consolidated Current Assets or Consolidated Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent, (b) the effects of purchase accounting or recapitalization accounting or (c) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under Swap Contracts.

"**Contract Consideration**" has the meaning set forth in the definition of "Excess Cash Flow."

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

"**Control**" has the meaning set forth in the definition of "Affiliate."

"**Copyrights**" means (a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO.

"CoVant" means CoVant Management II, Inc. and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

------

"**Credit Agreement Refinancing Indebtedness**" means (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness of the Borrowers, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or Refinance, in whole or part, any Class of existing Term Loans or the existing Revolving Loans (or unused Revolving Credit Commitments), or any then-existing Credit Agreement Refinancing Indebtedness (the "Refinanced Debt"); *provided* that with respect to each of the foregoing <u>clauses (a)</u> through <u>(d)</u>, (i) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of such Refinanced Debt, such Indebtedness shall have a maturity no earlier, and a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt (if any) that remains outstanding; (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt *plus* an amount equal to the aggregate unused commitments cancelled in connection therewith, *plus* accrued interest, fees, premiums (if any) and penalties thereon and fees and expenses associated with the Refinancing; *provided* that nothing in this clause (ii) shall limit the ability of the Borrowers to incur additional Indebtedness concurrently as part of the issuance or incurrence of such Indebtedness so long as such additional Indebtedness is otherwise permitted pursuant to the terms of this Agreement, (iii) such Indebtedness (other than revolving loans or commitments with respect thereto) shall not have the benefit of a financial maintenance covenant unless (x) the Term Loans hereunder or the commitments being Refinanced, as applicable, have the benefit of such financial maintenance covenant on the same terms, (y) the Term Loans hereunder or the commitments being Refinanced, as applicable, shall have in the future been provided with the benefit of a financial maintenance covenant, in which case such Credit Agreement Refinancing Indebtedness issued after such future date may be provided with the benefit of the same financial maintenance covenant on the same terms or (z) such financial maintenance covenant is only applicable after the Latest Maturity Date applicable to the Term Loans hereunder, (iv) the All-In Yield with respect to such Credit Agreement Refinancing Indebtedness shall be determined by the Borrowers and the lenders or purchasers providing such Credit Agreement Refinancing Indebtedness, (v) except as provided for in preceding <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, optional prepayment or redemption terms shall be determined by the Borrower and the other terms and conditions of such Indebtedness shall reflect market terms and conditions (as reasonably determined by the Borrower) at the time of incurrence or issuance of such Credit Agreement Refinancing Indebtedness, (vi) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, and all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid substantially simultaneously with the issuance, incurrence or obtaining of such Credit Agreement Refinancing Indebtedness (or in any event not later than one Business Day following the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained), (vii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (viii) to the extent secured, such Indebtedness is not secured by property or assets of the Loan Parties other than the Collateral except to the extent permitted by any Intercreditor Agreement.

"**Credit Extension**" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"**Cumulative Credit**" means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Retained Excess Cash Flow Amount, *plus*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cumulative amount of Cash and Cash Equivalent proceeds from (i) the sale of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) which proceeds have been contributed as common equity to the capital of the Borrower and (ii) the Qualified Equity Interests of the Borrower (or Equity Interests of any direct or indirect parent of the Borrower) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) issued upon conversion of Indebtedness or Disqualified Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower owed to a Person other than a Loan Party or a Restricted Subsidiary of a Loan Party, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 100% of the aggregate amount of contributions to the common capital of the Borrower (other than from the Borrower or a Restricted Subsidiary) or the net proceeds of the issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent) (other than to the Borrower or a Restricted Subsidiary) contributed to the Borrower, received in Cash and Cash Equivalents after the Closing Date (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower in Cash and Cash Equivalents from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale, transfer or other disposition (other than to the Borrower or any such Restricted Subsidiary) of the Equity Interests or any assets of an Unrestricted Subsidiary or any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend or other distribution by an Unrestricted Subsidiary or received in respect of any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any interest, returns of principal, repayments and similar payments by such Unrestricted Subsidiary or received in respect of any joint venture minority Investments;

*plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", in the event any Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys any of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, the fair market value (as reasonably determined by the Borrower) of the Investments of the Borrower and the Restricted Subsidiaries made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by the Borrower or any Restricted Subsidiary in respect of any Investments made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by any Loan Party in respect of any Investments pursuant to <u>Section 7.02</u> (other than pursuant to <u>Sections 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(f)</u>, <u>(j)</u>, <u>(t)</u>, <u>(u)</u> and <u>(v))</u>; *provided*, that in no case shall such amount exceed the amount of any Investment made using internally generated cash flow or the Cumulative Credit pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [reserved], *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the proceeds and the fair market value (as reasonably determined by the Borrower) of marketable securities or other property contributed to the Borrower or a Restricted Subsidiary or contributed to the capital of Holdings and further contributed to the Borrower or a Restricted Subsidiary since the Closing Date from any Person other than the Borrower or a Restricted Subsidiary, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an amount equal to Declined Proceeds, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any amount of the Cumulative Credit used to make Investments pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> after the Closing Date and prior to such time (net of any Return in respect of any Investment that the Borrower elects to be treated as a deduction pursuant to the definition of "Investment"), *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any amount of the Cumulative Credit used to pay dividends or make distributions or other Restricted Payments pursuant to <u>Section 7.06(f)(A)</u> or <u>7.06(g)(y)</u> after the Closing Date and prior to such time, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any amount of the Cumulative Credit used to make payments or distributions in respect of Junior Financings pursuant to <u>Section 7.13</u> after the Closing Date and prior to such time.

"**Cure Amount**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Cure Expiration Date**" **has the meaning set forth in <u>Section 8.04(a)</u>.**

"**Debt Assumption**" has the meaning set forth in the introductory paragraph to this Agreement

"**Debt Fund Affiliate**" means any Affiliate of Holdings or the Sponsor (other than a natural person) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of or in addition to their duties to Holdings or the Sponsor.

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

"**Declined Proceeds**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

------

"**Default**" means any event or condition that constitutes an Event of Default under <u>Section 8.01</u> or that, with the giving of any notice, the passage of time, or both, in each case, as set forth in this Agreement, without cure or waiver hereunder, would be an Event of Default under <u>Section 8.01</u>.

"**Default Rate**" means an interest rate equal to (a) the Base Rate *plus* (b) the Applicable Rate, if any, applicable to Base Rate Loans *plus* (c) 2.0% per annum; *provided* that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan *plus* 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

"**Defaulting Lender**" means, subject to <u>Section 2.17(b)</u>, any Lender whose act or failure to act, whether directly or indirectly, causes it to meet any part of the definition of Lender Default.

"**Delayed Draw Commitment**" means, as to each Term Lender, its obligation to make a Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(c)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Delayed Draw Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Delayed Draw Commitments as of the Closing Date is $30,000,000.

"**Delayed Draw Funding Date**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Installment Payment Date**" has the meaning set forth in <u>Section 2.07(c)</u>.

"**Delayed Draw Lender**" means each Lender that has a Delayed Draw Commitment or is the holder of a Delayed Draw Term Loan.

"**Delayed Draw Term Loan**" has the meaning set forth in <u>Section 2.01(c)</u>.

**"Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(d).

"**Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) March 18, 2022 and (b) the date on which the Delayed Draw Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**Discount Prepayment Accepting Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(2)</u>.

"**Discount Range**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Notice**" means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(C)</u> substantially in the form of <u>Exhibit E-4</u>.

"**Discount Range Prepayment Offer**" means the irrevocable written offer by a Lender, substantially in the form of <u>Exhibit E-5</u>, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

------

"**Discount Range Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Discounted Prepayment Determination Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Discounted Prepayment Effective Date**" means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with <u>Section 2.05(a)(v)(B)(1)</u>, <u>2.05(a)(v)(C)(1)</u> or <u>2.05(a)(v)(D)(1)</u>, respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"**Discounted Term Loan Prepayment**" has the meaning set forth in <u>Section 2.05(a)(v)(A)</u>.

"**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance of Equity Interests (other than directors' qualifying shares or other shares required by applicable Law) in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) solely at the discretion of the issuer), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), (b) is redeemable at the option of the holder thereof (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date at the time of issuance of such Equity Interests; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because such Equity Interests may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death or disability.

------

"**Disqualified Institution**" means (a) those financial institutions, lenders and other Persons previously specified in writing by the Borrower or the Sponsors to the Commitment Parties on or prior to February 18, 2020, (b) competitors of the Borrower and its Subsidiaries, as identified by the Borrower by written notice to the Administrative Agent and the Revolving Agent from time to time (each such Person, a "Competitor"), and (c) in the cases of <u>clause (a)</u> or <u>(b)</u>, Affiliates thereof (other than, in the case of <u>clause (b)</u>, any Competitor Debt Fund) that are either (i) identified as specified in such <u>clause (a)</u> (it being understood and agreed that affiliates of the financial institutions, lenders and other Persons identified in clause (a) shall be included if identified after February 18, 2020) or <u>(b)</u> or (ii) clearly identifiable on the basis of such Affiliates' names; it being understood and agreed that the identification of any Person as a Disqualified Institution after the Closing Date shall not apply to retroactively disqualify any Person that has previously acquired an assignment or participation interest in any Loan or Commitment so long as such Person was not a Disqualified Institution at the time of such assignment or participation. The list of Disqualified Institutions shall be posted to the Platform, it being understood that the Borrower may update such list from time to time with respect to Disqualified Institutions to the extent provided for above, and the Administrative Agent shall post such updated schedule to the Platform promptly following its receipt thereof, with such updates effective solely upon the posting thereof to the Platform.

"**Dollar**" and "**$**" mean lawful money of the United States.

"**Dollar Amount**" means (i) with respect to any L/C Obligation (or any risk participation therein), the amount thereof and (ii) with respect to any Revolving Loan, the amount thereof.

"**Domestic Foreign Holdco**" means any Domestic Subsidiary (i) substantially all of the assets of which consist of Equity Interests or Indebtedness (and Cash and Cash Equivalents or Indebtedness related thereto) of one or more Foreign Subsidiaries or (ii) that is treated as a disregarded entity or partnership for U.S. federal income tax purposes and substantially all of the assets of which are Equity Interests of one or more Foreign Subsidiaries.

"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

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

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

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

"**Elective Guarantor**" has the meaning set forth in the definition of "Guarantors."

"**Eligible Assignee**" has the meaning set forth in <u>Section 10.07(a)(i)</u>.

------

"**Enforcement Qualifications**" has the meaning set forth in <u>Section 5.04</u>.

"**Environment**" means air, surface water, groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any applicable Law relating to the prevention of pollution or the protection of the Environment or natural resources, or the protection of human health and safety as it relates to the exposure to Hazardous Materials, including any applicable provisions of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 *et seq.*, the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 *et seq.*, the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 *et seq.*, the Clean Water Act, 33 U.S.C. § 1251 *et seq.*, the Clean Air Act, 42 U.S.C. § 7401 *et seq.*, the Toxic Substances Control Act, 15 U.S.C. § 2601 *et seq.*, the Occupational Safety and Health Act, 29 U.S.C. § 651 *et seq.* (as it relates to exposure to Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 *et seq.*, and all analogous state or local statutes, and the regulations promulgated pursuant thereto.

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of the Loan Parties or any Restricted Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any legally binding contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

"**Equity Contribution**" means the contribution by the Sponsor and the Investors in cash directly or indirectly to the Initial Borrower in the form of common equity or other Equity Interests that does not constitute Disqualified Equity Interests, in an aggregate amount, when taken together with all "rollover" equity, will constitute an aggregate amount of not less than 60.0% of the sum of (i) the aggregate principal amount of the Term Loans hereunder funded on the Closing Date *plus* (ii) all "rollover" equity *plus* (iii) the Equity Contribution *minus* the aggregate amount of cash on hand of the Borrower and its Subsidiaries on the Closing Date immediately following the consummation of the Transactions; *provided* that the Sponsor shall directly or indirectly own at least 50.1% of the voting Equity Interests of the Borrower immediately following the consummation of the Transactions.

"**Equity Funded Employee Plan Costs**" means cash costs or expenses, incurred pursuant to any management equity plan or stock option plan or any other equity-based management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower (other than amounts designated as Excluded Contributions, any amount designated as a Cure Amount or any amount used in the Cumulative Credit).

"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities); *provided*, that any instrument evidencing Indebtedness convertible or exchangeable for Equity Interests shall not be deemed to be Equity Interests unless and until such instrument is so converted or exchanged.

------

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

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) that is under common control with a Loan Party or any Restricted Subsidiary within the meaning of Section 414(b) or (c) of the Code or Section 4001 of ERISA (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Section 4245 of ERISA) or in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (d) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for, and that could reasonably be expected to result in, the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived; (h) a failure by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate to make a required contribution to a Multiemployer Plan; (i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to a Loan Party or any Restricted Subsidiary; or (j) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate.

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

"**Eurocurrency Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Interest Period with respect to a Eurocurrency Rate Loan, (i) the rate per annum equal to the London Interbank Offered Rate ("LIBOR"), as published on the Reuters Screen LIBOR01 Page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent or the Revolving Agent from time to time) determined as of approximately 11:00 a.m. (London, England time), two Business Days prior to the commencement of such Interest Period for deposits in the relevant currency, or (ii) in the event the rate referenced in the preceding clause (A) does not appear on such page or service or if such page or service shall cease to be available, the rate determined by the Administrative Agent or the Revolving Agent to be the offered rate on such other page or other service which displays the Eurocurrency Rate for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period; *provided* that the Eurocurrency Rate shall not be less than 1.00% per annum; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

*provided* that to the extent a comparable or successor rate is approved pursuant to the provisions of <u>Section 3.03</u>, "LIBOR" shall mean the "LIBOR Successor Rate"; *provided*, *further* if LIBOR shall be less than zero, LIBOR shall be deemed to be zero for purposes of this Agreement.

"**Eurocurrency Rate Loan**" means a Loan that bears interest at a rate based on the Eurocurrency Rate (which shall not include Base Rate Loans even if the interest rate then in effect is determined pursuant to clause (c) of the definition thereof). Revolving Loans that are Eurocurrency Rate Loans shall be denominated in Dollars.

"**Euros**" means lawful currency of the European Union.

"**Event of Default**" has the meaning set forth in <u>Section 8.01</u>.

"**Excess Cash Flow**" means, for any Excess Cash Flow Period, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such decreases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries completed during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period (other than sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses deducted from Consolidated Net Income for such Excess Cash Flow Period in respect of expenditures made during any prior Excess Cash Flow Period for which a deduction from Excess Cash Flow was made for a future period in such prior Excess Cash Flow Period pursuant to <u>clause (b)(xi)</u>, <u>(xii)</u>, <u>(xv)</u> or <u>(xvi)</u> below, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash income or gain (actually received in cash) excluded from the calculation of Consolidated Net Income for such Excess Cash Flow Period pursuant to the definition thereof; *minus*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income, and cash charges included in <u>clauses (a)</u> through <u>(q)</u> of the definition of "Consolidated Net Income",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Capital Expenditures or acquisitions of or expenses incurred to develop intellectual property to the extent not expensed or accrued for such Excess Cash Flow Period, to the extent that such Capital Expenditures or acquisitions or development expenses were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent not financed through the incurrence of long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the aggregate amount of all principal payments of Indebtedness of the Borrower or its Restricted Subsidiaries (including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of any scheduled repayment of Term Loans, Other Term Loans, Other Notes, Permitted Ratio Debt and any other Indebtedness, (C) any mandatory prepayment of Term Loans pursuant to <u>Section 2.05(b)(ii)</u>, Other Term Loans, Other Notes, Permitted Ratio Debt or any other Indebtedness, in each case to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase and (D) payments of earn-outs or sellers notes or notes converted from an earn-out, but excluding (x) other prepayments, redemptions or repurchases (including debt buybacks) of Term Loans, Other Notes, Other Term Loans and other Indebtedness constituting Pari Passu Secured Obligations (other than prepayments referred to in <u>clause (C)</u> above) and (y) all prepayments in respect of any revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such increases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash payments by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness to the extent such payments are not expensed for such Excess Cash Flow Period or are not deducted in calculating Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Investments and acquisitions made in cash during such Excess Cash Flow Period pursuant to <u>Section 7.02</u> (other than <u>Section 7.02(a), (c)</u>, <u>(e)</u>, or <u>(h)</u>) to the extent that such Investments and acquisitions were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of Restricted Payments paid during such Excess Cash Flow Period pursuant to <u>Section 7.06</u> (other than pursuant to <u>Sections 7.06(a)(i)</u>, <u>7.06(b)</u>, <u>7.06(d)</u> (except to the extent relating to a transaction permitted under <u>Section 7.04</u>), <u>7.06(e)</u>, <u>7.06(m)</u> (to the extent relating to any other clause of <u>Section 7.06</u> referred to in the first parenthetical in this clause (viii)) and <u>7.06(n)</u>), in each case, to the extent such Restricted Payments were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries in cash for such Excess Cash Flow Period (including expenditures for the payment of financing fees and including retention, recruiting, relocation, severance, signing bonuses and similar expenses) to the extent that such expenditures are not expensed for such Excess Cash Flow Period (and were not expensed in a prior Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period that are required to be made in connection with any prepayment of Indebtedness to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow for prior Excess Cash Flow Periods, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries committed (pursuant to binding contracts or executed letters of intent entered into) or budgeted (the "Contract Consideration") prior to or during such Excess Cash Flow Period, or after the end of such Excess Cash Flow Period and prior to the date of such Excess Cash Flow payment for such Excess Cash Flow Period, relating to Permitted Acquisitions, Investments (other than Investments made pursuant to <u>Section 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(h)</u> or <u>(r)(ii)</u>), Capital Expenditures or acquisitions or development of intellectual property (to the extent not expensed) to be consummated or made, *plus* any restructuring cash expenses, pension payments or tax contingency payments that have been added to Excess Cash Flow pursuant to <u>clause (a)(ii)</u> above required to be made, in each case for the Excess Cash Flow Period of four consecutive fiscal quarters of the Borrower following the end of such Excess Cash Flow Period; *provided* that to the extent the aggregate amount actually utilized to finance such acquisitions, Investments, Capital Expenditures or acquisitions or development of intellectual property during such Excess Cash Flow Period of four consecutive fiscal quarters is less than the Contract Consideration or to the extent such aggregate amount is financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the amount of such shortfall or so financed shall be added to the calculation of Excess Cash Flow at the end of such Excess Cash Flow Period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of cash taxes (including penalties, interest or tax reserves and Tax Distributions) paid or payable for such Excess Cash Flow Period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Contracts for such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated Net Income,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any payment of cash to be amortized or expensed over a future Excess Cash Flow Period and recorded as a long-term asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) reimbursable or insured expenses incurred for such Excess Cash Flow Period to the extent that such reimbursement has not yet been received and to the extent not deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cash expenditures for costs and expenses (including retention, recruiting, relocation, stay and signing bonuses and expenses) in connection with the Transactions (including all Transaction Expenses), acquisitions, Investments, Restricted Payments, dispositions and the issuance of equity interests or Indebtedness, repayment of debt, issuance of equity securities, Qualified IPO, Refinancing transactions or amendments or other modifications of any debt instrument (including, in each case, any such transaction consummated on the Closing Date and any such transaction undertaking but not completed), in each case, to the extent not deducted in arriving at such Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries;

*provided* that, at the option of the Borrower, all such payments (i) made after the applicable Excess Cash Flow Period and prior to the applicable due date of such Excess Cash Flow payment may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period or (ii) committed or budgeted to be made after the applicable Excess Cash Flow Period may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period.

Notwithstanding anything in the definition of any term used in the definition of "Excess Cash Flow" to the contrary, all components of Excess Cash Flow shall be computed for the Borrower and its Restricted Subsidiaries on a consolidated basis.

"**Excess Cash Flow Period**" means each fiscal year of the Borrower, commencing with the fiscal year ending on or about December 31, 2021.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Excluded Account**" means (a) any bank account of a Loan Party that is solely a payroll, trust, employee benefit, fiduciary or tax withholding account, (b) any bank account of a Loan Party at a bank other than the Revolving Agent containing an average daily balance less than $2,500,000 over three consecutive Business Days (all such bank accounts not to contain an average daily balance greater than $5,000,000 over three consecutive Business Days), (c) zero balance deposit accounts which are linked to a deposit account of a Loan Party which is either subject to a control agreement or maintained with Revolving Agent, (d) any deposit account with cash deposited solely as required in connection with a Lien permitted pursuant to <u>Sections 7.01(b) - (ss)</u>, and (e) any other deposit account or securities account as the Collateral Agent may reasonably agree.

"**Excluded Assets**" means (i) any fee owned real property (other than Material Real Properties) and any leasehold rights and interests in real property (including any obligation to obtain landlord waivers, non-disturbance agreements, estoppels, bailee waivers, warehouseman waivers and collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, (iii) commercial tort claims where the amount of damages claimed by the applicable Loan Party is less than $2,500,000 individually and $5,000,000 in the aggregate, (iv) governmental licenses, state or local franchises, charters and authorizations and any other property and assets to the extent that the Collateral Agent may not validly

------

possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any Governmental Authority or agency) or the pledge of, or creation of a security interest in any asset, which would require governmental, regulatory or third party consent, approval, license or authorization (including compliance with the Federal Assignment of Claims Act or similar statute which, for the avoidance of doubt, shall not be required hereunder or under any other Loan Document), except to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition, (v) any lease, license, permit or agreement or any property subject to such agreement or arrangement to the extent that a grant of a security interest therein, (A) is prohibited or restricted by applicable Law other than to the extent such prohibition or restriction is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition or restriction or (B) to the extent and for so long as it would violate or invalidate the terms of such lease, license, permit or agreement (in each case, after giving effect to the relevant provisions of the UCC or other applicable Laws) or would give rise to a termination right of a third party (other than Holdings, the Borrower, or any Restricted Subsidiary) thereunder, require consent of a third party (other than Holdings, the Borrower or any Restricted Subsidiary) thereunder or permit any third party to amend any rights, benefits or obligations of any Loan Party in respect of such asset or otherwise require any Loan Party or any Subsidiary of any Loan Party to take any action that is adverse to its interests (except to the extent such provision is overridden by the UCC or other applicable Laws), in each case, (a) excluding any such agreement that relates to Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt and (b) only to the extent that such limitation on such pledge or security interest is not otherwise prohibited pursuant to <u>Section 7.09</u>, (vi) (A) Margin Stock, (B) Equity Interests in, and property and assets of, any Person other than wholly owned Restricted Subsidiaries and (C) Equity Interests in, and property and assets of, Excluded Pledged Subsidiaries and Immaterial Subsidiaries (in the case of Immaterial Subsidiaries, except as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement), (vii) any property subject to a Lien permitted by <u>Section 7.01(b)</u>, <u>(u)</u>, <u>(w)</u> or <u>(aa)</u> (to the extent relating to a Lien originally incurred pursuant to <u>Section 7.01(b)</u>, <u>(u)</u> or <u>(w)</u>), (viii) the creation or perfection of pledges of, or security interests in, any property or assets that could reasonably be expected to result in adverse tax consequences or adverse regulatory consequences to Holdings, the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower and notified to Collateral Agent, (ix) letter of credit rights, except to the extent constituting support obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement), (x) any intent-to-use trademark or service mark application prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto and acceptance thereof by the United States Patent and Trademark Office, (xi) particular assets if and for so long as, if reasonably agreed by GSO (so long as it holds a majority of the Term Loans) and the Borrower, and otherwise, the Collateral Agent and the Borrower, the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance, surveys, abstracts or appraisals in respect of such assets exceed the practical benefits to be obtained by the Lenders therefrom, (xii) (a) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of each Domestic Foreign Holdco, (b) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of, any Foreign Subsidiary and (c) any assets of any such Subsidiary referred to in clauses (xii)(a) or (xii)(b) (including Equity Interests of any Subsidiary of such Subsidiary), (xiii) Securitization Assets (or interests therein) sold to any Securitization Subsidiary or otherwise pledged, factored, transferred or sold in connection with a Qualified Securitization Financing including any supply chain financing arrangements or "reverse factoring" and similar programs which any Loan Party enters into at the request of a customer, (xiv) Receivables Assets sold or otherwise pledged or transferred in connection with a Receivables Facility, (xv) any intellectual property registered in any non-U.S. jurisdiction (and any foreign intellectual property filing, search or schedule), (xvi) any assets acquired in connection with a Permitted Acquisition or other permitted Investment subject to Liens permitted by <u>Section 7.01</u> and which are subject to contractual arrangements

------

in connection with such Liens prohibiting a Lien securing the Secured Obligations to the extent permitted by <u>Section 7.09</u> (*provided* that, except with respect to Liens permitted by <u>Section 7.01(bb)</u>, such Liens and contractual arrangements were not created in anticipation or contemplation of such Permitted Acquisition or Investment and were in place on the date of such Permitted Acquisition or Investment), and (xvii) the Equity Interests or assets of GeoOpsis Software Services Private Limited; *provided*, *however*, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u> (unless such Proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u>).

"**Excluded Contribution**" means the amount of cash capital contributions to the Borrower or net cash proceeds from the sale or issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent of Holdings) actually received by the Borrower (other than the Equity Contributions or any amount designated as a Cure Amount, used for Equity Funded Employee Plan Costs or included for purposes of determining the Cumulative Credit) and designated by the Borrower to the Administrative Agent as an Excluded Contribution on the date such capital contributions are made or such Equity Interests are sold or issued. As of any date of determination, the amount of the Excluded Contribution shall be the aggregate amount of such contributions and proceeds less such amounts used pursuant to <u>Sections 7.02(v)</u>, <u>7.06(l)</u>, and <u>7.13(a)(vi)</u>.

"**Excluded Information**" has the meaning set forth in <u>Section 2.05(a)(v)(F)</u>.

"**Excluded Pledged Subsidiary**" means (a) any Subsidiary for which the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations existing on the Closing Date (or, in the case of any Subsidiary acquired or formed after the Closing Date, Contractual Obligations in existence at the time of acquisition or formation (including in any Indebtedness assumed in connection therewith) but not any Contractual Obligations in contemplation thereof for the purpose of avoiding the obligation to pledge such Equity Interests entered into the Collateral and Guarantee Requirements (including any Indebtedness financing such acquisition or formation)) or for which governmental (including regulatory) consent, approval, license or authorization would be required unless such consent, approval, license or authorization has been obtained, (b) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower, in consultation with the Required Lenders, the burden or cost or other consequences (including any adverse tax consequences) of the pledge of its Equity Interests shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (c) any not-for-profit Subsidiaries, (d) broker-dealer subsidiaries, (e) captive insurance companies, (f) Unrestricted Subsidiaries, and (g) any special purpose vehicle (or similar entity), including any Securitization Subsidiary only to the extent that the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations, including any Contractual Obligation incurred in connection with a Qualified Securitization Financing.

"**Excluded Subsidiary**" means (a) any Subsidiary that is not a wholly owned Domestic Subsidiary of a Borrower or a Guarantor, (b) any Subsidiary that is prohibited or restricted by applicable Law or by Contractual Obligations existing on the Closing Date, so long as any such Contractual Obligation was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations, from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or would result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents, (c) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower and the Required Lenders, the burden or cost of providing the Guaranty outweighs the benefits to be obtained by the Lenders therefrom, (d) any not-for-profit Subsidiaries, (e) any Unrestricted Subsidiaries, (f) any special purpose vehicle (or similar entity), including any Securitization Subsidiary, (g) any direct or indirect Domestic Subsidiary that is a Domestic Foreign Holdco, (h) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary or a Domestic Foreign Holdco,

------

(i) captive insurance Subsidiaries, (j) Immaterial Subsidiaries, (k) without limiting <u>clause (b)</u> above, any Restricted Subsidiary acquired by the Borrower or any of its Restricted Subsidiaries after the Closing Date that, at the time of the relevant acquisition, is an obligor in respect of Indebtedness that is permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable Indebtedness prohibits such Restricted Subsidiary from providing a guaranty so long as such restriction existed at the time such subsidiary was formed or acquired and (l) any Subsidiary formed or acquired after the Closing Date pursuant to a Permitted Acquisition or other permitted Investment that is prohibited or restricted by applicable Law or by Contractual Obligations in existence at the time of acquisition (so long as such contractual prohibition existed at the time such Subsidiary was formed or acquired and was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations) from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or could reasonably be expected to result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents.

"**Excluded Swap Obligation**" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason not to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation but for such Guarantor's failure to constitute an "eligible contract participant" at such time.

"**Excluded Taxes**" means the following Taxes imposed on or with respect to a Recipient or required to be deducted or withheld from any payment to a Recipient: (i) any Taxes imposed on or measured by net income, however denominated, franchise Taxes, and branch profits Taxes, in each case that are imposed by a jurisdiction as a result of such Recipient being organized in or having its principal office or applicable lending office in such jurisdiction (or any political subdivision thereof), or that are Other Connection Income Taxes, (ii) any Taxes attributable to the failure of such Agent or Lender to comply with <u>Section 3.01(d)</u> or <u>Section 3.10(e)</u>, (iii) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under <u>Section 3.07(a)</u>), any U.S. withholding Tax that is in effect and would apply to amounts payable hereunder at such time the Lender becomes a party to this Agreement, or designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Borrower or any Guarantor with respect to such withholding Tax pursuant to <u>Section 3.01</u>, and (iv) any withholding Taxes imposed under FATCA.

"**Existing Term Loan Tranche**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extended Revolving Credit Commitments**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Extending Revolving Credit Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extended Revolving Loans**" means one or more Classes of Revolving Loans that result from an Extension Amendment.

"**Extended Term Loans**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extending Term Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

------

"**Extension**" means the establishment of an Extension Series by amending a Loan pursuant to the terms of <u>Section 2.16</u> and the applicable Extension Amendment.

"**Extension Amendment**" has the meaning set forth in <u>Section 2.16(d)</u>.

"**Extension Election**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension Offer**" has the meaning set forth in <u>Section 2.13</u>.

"**Extension Request**" means any Term Loan Extension Request or a Revolver Extension Request, as the case may be.

"**Extension Series**" means any Term Loan Extension Series or a Revolver Extension Series, as the case may be.

"**Facility**" means the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit Commitments, a given Refinancing Series of Refinancing Revolving Loans, any Term Facility, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans or a given Refinancing Series of Refinancing Term Loans, as the context may require.

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities implementing the foregoing.

"**FCPA**" has the meaning set forth in <u>Section 5.18(c)</u>.

"**Fee Letter**" means the Amended and Restated Fee Letter, dated as of March 13, 2020, among the Initial Borrower and the Commitment Parties.

"**Financial Covenant**" has the meaning given in Section 7.11.

"**FIRREA**" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

"**Flood Insurance Laws**" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

"**Foreign Casualty Event**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Disposition**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Subsidiary**" means any direct or indirect Restricted Subsidiary of the Borrower which is not a Domestic Subsidiary.

"**Foreign Subsidiary Excess Cash Flow**" has the meaning set forth in <u>Section 2.05(b)(v)</u>.

------

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

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

"**GAAP**" means generally accepted accounting principles in the United States of America, as in effect from time to time; *provided*, *however*, that, subject to <u>Section 1.03</u>, if the Borrower notifies the Administrative Agent and the Revolving Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof (including through conforming changes made consistent with IFRS) on the operation of such provision (or if the Administrative Agent and the Revolving Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (including through conforming changes made consistent with IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

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

"**Granting Lender**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**GSO**" means GSO Capital Partners LP and, except for the purposes of <u>Section 10.07</u>, its Affiliates, including any funds managed or advised by it.

"**Guarantee**" means, as to any Person, without duplication, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness by another Person (the "**primary obligor**") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

"**Guaranteed Obligations**" has the meaning set forth in <u>Section 11.01</u>.

"**Guarantor Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit L</u>.

------

"**Guarantors**" means (i) in the case of the Secured Obligations of the Borrowers, Holdings and each Restricted Subsidiary of the Borrower that is a Material Domestic Subsidiary (other than a Borrower or an Excluded Subsidiary unless such Excluded Subsidiary is then an Elective Guarantor) including, on the Closing Date, those listed on <u>Schedule I</u> hereto and any Material Domestic Subsidiary that shall have become a Guarantor pursuant to <u>Section 6.11</u> and (ii) in the case of the Secured Obligations of any Borrower each other Borrower. For avoidance of doubt, the Borrower in its sole discretion may (x) designate any Restricted Subsidiary that is not required to be a Guarantor (such a Restricted Subsidiary, an "<u>Elective Guarantor</u>") to Guarantee the Secured Obligations by causing such Restricted Subsidiary to execute this Agreement on the Closing Date or a Guarantor Joinder Agreement or (y) cause any Guarantor that is not then required to be a Guarantor (including any Elective Guarantor that became a Guarantor pursuant to <u>clause (x)</u> above) to be released from its Guaranty.

"**Guaranty**" means, collectively, the guaranty of the Secured Obligations by the Guarantors pursuant to this Agreement.

"**Hazardous Materials**" means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, or toxic mold, that are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law based on their dangerous or deleterious properties.

"**Holdings**" has the meaning set forth in the introductory paragraph to this Agreement; *provided* that Parent or any direct or indirect parent company of Holdings that becomes a Guarantor in accordance with <u>Section 7.14(xi)</u> as a result of merging, amalgamating or consolidating with or into Holdings or as a result of executing a Guaranty shall be deemed to be "Holdings" for purposes hereunder and under the Loan Documents.

"**Honor Date**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Identified Participating Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Identified Qualifying Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**IFRS**" means international accounting standards as promulgated by the International Accounting Standards Board.

"**Immaterial Subsidiary**" means any Subsidiary which is not a Material Subsidiary.

"**Increasing Revolving Credit Lender**" has the meaning set forth in <u>Section 2.14(h)</u>.

"**Incremental Amendment**" has the meaning set forth in <u>Section 2.14(f)</u>.

"**Incremental Facility Closing Date**" has the meaning set forth in <u>Section 2.14(d)</u>.

"**Incremental Request**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Loan Commitments**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Lender**" has the meaning set forth in <u>Section 2.14(c)</u>.

"**Incremental Term Loan**" has the meaning set forth in <u>Section 2.14(b)</u>.

------

"**Indebtedness**" means, as to any Person at a particular time, without duplication, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all such obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not otherwise included above, all Guarantees of such Person in respect of Indebtedness described in <u>clauses (a)</u> through <u>(g)</u> in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner, except to the extent such Person's liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of Holdings and its Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions or terms) and made in the ordinary course of business and (C) exclude (i) trade liabilities and accounts and accrued expenses payable in the ordinary course of business, (ii) any purchase price adjustment or earn-out obligation until such obligation is not paid after becoming due and payable and not subject to a good faith dispute, (iii) accruals for payroll, obligations under employment arrangements and other liabilities accrued in the ordinary course of business, (iv) deferred compensation payable to officers, directors or employees of such Person or any of its Subsidiaries, (v) deferred rent, deferred revenue and deferred taxes, in each case, in the ordinary course of business and (vi) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of <u>clause (g)</u> shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

"**Indemnified Liabilities**" has the meaning set forth in <u>Section 10.05</u>.

------

"**Indemnified Taxes**" means, with respect to any Recipient, (a) all Taxes imposed on or required to be withheld or deducted from or with respect to payments under the Loan Documents other than Excluded Taxes, and (b) to the extent no otherwise described in (a), Other Taxes.

"**Indemnitees**" has the meaning set forth in <u>Section 10.05</u>.

"**Independent Financial Advisor**" means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates.

"**Information**" has the meaning set forth in <u>Section 10.08</u>.

"**Initial Borrower**" has the meaning set forth in the preliminary statements to this Agreement.

"**Initial Revolving Borrowing**" means one or more borrowings of Revolving Loans on the Closing Date in an amount not to exceed the aggregate amounts specified or referred to in the definition of "Permitted Initial Revolving Credit Borrowing Purposes"; *provided*, that, without limitation, Letters of Credit may be issued on the Closing Date to back-stop or replace letters of credit, guarantees and performance or similar bonds outstanding on the Closing Date (including deemed issuances of Letters of Credit under this Agreement resulting from existing issuers of letters of credit outstanding on the Closing Date agreeing to become L/C Issuers under this Agreement).

"**Initial Term Commitment**" means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to <u>Section 2.01(a)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Initial Term Commitments as of the Closing Date is $145,000,000.

"**Initial Term Loans**" means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to <u>Section 2.01(a)</u>.

"**Intellectual Property**" means all intellectual property of every kind and nature, including inventions, designs, Internet Domain Names, Patents, Copyrights, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all additions and improvements to the foregoing, and renewals and extensions thereof.

"**Intellectual Property Security Agreement**" has the meaning set forth in the Security Agreement.

"**Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit G</u>.

"**Intercreditor Agreements**" means, collectively, (i) any Junior Intercreditor Agreement and (ii) any Parity Intercreditor Agreement, or (iii) any other intercreditor agreement or subordination agreement or written arrangement permitted by this Agreement, in each case to the extent then in effect.

"**Interest Payment Date**" means, (a) as to any Eurocurrency Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided* that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made.

------

"**Interest Period**" means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, twelve months thereafter, or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, less than one month thereafter, in each case as selected by the Borrower in its Committed Loan Notice; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the applicable Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with the funding of a Delayed Draw Term Loan, the Borrower may elect that the Interest Period applicable to such Delayed Draw Term Loan match the Interest Period then in effect for any other Term Loans.

"**Interim Financial Statements**" means the unaudited consolidated balance sheet of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement), as of December 31, 2019 and related statement of income for the twelve (12) month period then ended.

"**Internet Domain Names**" means the rights of Internet domain name registrants in Internet domain names.

"**Investment**" means, as to any Person, any acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions, including by way of merger) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment, less any Returns in respect of such Investment; *provided*, that in lieu of treating any Return as a deduction to the amount of any applicable Investment, the Borrower may instead elect that such Return be used to increase <u>clause (e)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of the definition of "Cumulative Credit".

"**Investor Management Agreement**" means a management services agreement or similar agreement among the Investors or certain of the management companies associated with the Investors or its advisors, if applicable, and one or more Loan Parties (and/or any of their direct or indirect parent companies).

------

"**Investors**" means the Sponsor, CoVant, certain other investors designated by the Sponsor and any managers, officers, directors, consultants or employees of Borrower and its Restricted Subsidiaries.

"**IP License**" means any written agreement, now or hereafter in effect, granting to any Person any right to Intellectual Property, and all rights of any Person under any such agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof.

"**IPO Reorganization Transaction**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries in connection with and reasonably related to consummating a Qualified IPO, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**ISP**" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

"**Joint Venture Investment Basket Amount**" has the meaning set forth in <u>Section 7.02(o)</u>.

"**Judgment Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**Junior Financing**" has the meaning set forth in <u>Section 7.13(a)</u>.

"**Junior Financing Documentation**" means any documentation governing any Junior Financing.

"**Junior Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Indebtedness permitted by this Agreement to be secured by the Collateral on a junior basis, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Latest Maturity Date**" means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Extended Revolving Credit Commitments, Refinancing Revolving Credit Commitments, Initial Term Loans, Delayed Draw Term Loans, Extended Term Loans, Incremental Term Loans, Refinancing Term Loans, Replacement Term Loans and Refinancing Term Commitments, in each case as extended in accordance with this Agreement from time to time.

------

"**Laws**" means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"**LCT Election**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**LCT Test Date**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**L/C Advance**" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement. All L/C Advances shall be denominated in Dollars.

"**L/C Borrowing**" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars.

"**L/C Credit** Extension" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof (other than pursuant to the terms of an Auto-Extension Letter of Credit), or the increase of the amount thereof.

"**L/C Issuer**" means PNC (or its designee), and each other Revolving Credit Lender that becomes an L/C Issuer in accordance with <u>Section 2.03(k)</u> or <u>10.07(j)</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"**L/C Obligations**" means, as at any date of determination, without duplication, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.14</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"**Lender**" has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes an L/C Issuer, and its respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender."

"**Lender Default**" means (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or participations in Letters of Credit when required hereunder, which refusal or failure is not cured within one Business Day after the date of such refusal or failure; (ii) the failure of any Lender to pay over to any Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute; (iii) the notification by a Lender to the Borrower or any Agent that such Lender does not intend or expect to comply with any of its funding obligations hereunder or a public statement by a Lender to that effect with respect to such Lender's funding obligations hereunder; (iv) the failure by a Lender to confirm in a manner reasonably satisfactory to the Administrative Agent and/or the Revolving Agent that such Lender will comply with such Lender's obligations hereunder; (v) the admission in writing by a Distressed Person that it is insolvent or such Distressed Person becoming subject to a Lender-Related Distress Event or (vi) such Lender has, or has a parent company that has, become the subject of a Bail-In Action.

------

"**Lender-Related Distress Event**" means, with respect to any Lender, that such Lender or any Person that directly or indirectly controls such Lender (each, a "**Distressed Person**"), as the case may be, is or becomes subject to a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt or such Distressed Person becomes the subject of a Bail-In Action; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Equity Interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership or acquisition does not result in or provide such person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

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

"**Letter of** Credit" means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; *provided*, *however*, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. Letters of Credit shall be issued in Dollars.

"**Letter of Credit Application**" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.

"**Letter of Credit Expiration Date**" means the day that is five Business days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

"**Letter of Credit Sublimit**" means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"**LIBOR Successor Rate**" has the meaning set forth in <u>Section 3.03</u>.

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

------

"**Lien**" means any mortgage, pledge, hypothecation, collateral assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). For the avoidance of doubt, "Lien" shall be deemed to not include any license or other contractual obligation relating to any IP License.

"**Limited Condition Transaction**" means any (i) Permitted Acquisition or other permitted Investment in any assets, business or Person, in each case the consummation of which is not conditioned on the availability of, or on obtaining, third party financing, (ii) repurchase, repayment or prepayment of Indebtedness or the repurchase or redemption (directly or indirectly) of any preferred Equity Interests that requires irrevocable notice in advance thereof or (iii) Restricted Payments, but solely to the extent such Restricted Payments are made in order to consummate a transaction separately subject to clause (i) or (ii) hereof.

"**Limited Originator Recourse**" means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Financing, in each case, solely to the extent required to satisfy Standard Securitization Undertakings.

"**Loan**" means an extension of credit under <u>Article II</u> by a Lender to a Borrower in the form of a Term Loan or a Revolving Loan (including any Initial Term Loans, any Delayed Draw Term Loans, any Incremental Term Loans, any Extended Term Loans and any extensions of credit under any Extended Revolving Credit Commitment, any Refinancing Term Loans and any extensions of credit under any Refinancing Revolving Credit Commitment and any Replacement Term Loans).

"**Loan Documents**" means, collectively, the following (in each case together with all amendments, modifications, supplements, renewals, extensions, restatements, substitutions and replacements thereto and thereof): (i) this Agreement (including the Schedules hereto), (ii) the Notes, (iii) the Collateral Documents, (iv) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (v) each Letter of Credit Application, (vi) each Intercreditor Agreement, (vii) any Borrower Joinder Agreement or Guarantor Joinder Agreement, (viii) the Fee Letter, (ix) each Compliance Certificate, and (x) each other agreement, document or instrument that the Borrower and any Agent (or the Required Lenders) designate in writing as a Loan Document.

"**Loan Parties**" means, collectively, the Borrowers and each Guarantor.

"**London Banking Day**" means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

"**Management Stockholders**" means the current or former members of management of Holdings, the Borrower or any of its Subsidiaries who are investors in Holdings or any direct or indirect parent thereof.

"**Margin Stock**" shall have the meaning assigned to such term in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto.

"**Master Agreement**" shall have the meaning set forth in the definition of "Swap Contract."

------

"**Material Adverse Effect**" means (a) on the Closing Date, a Material Adverse Effect (as defined in the Purchase Agreement) or (b) after the Closing Date, a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the ability of the Borrowers and the Guarantors (taken as a whole) to perform their material payment obligations under any Loan Document to which the Borrowers or any of the Loan Parties is a party; or (iii) the material rights and remedies (taken as a whole) of the Agents under the Loan Documents, taken as a whole, including the legality, validity, binding effect or enforceability of the Loan Documents.

"**Material Domestic Subsidiary**" means, at any date of determination, each of the Borrower's Domestic Subsidiaries that are Restricted Subsidiaries whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 5.00% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries that are Restricted Subsidiaries but are not Guarantors solely because their individual contribution to such Trailing Four Quarter Consolidated EBITDA does not meet the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 10.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Domestic Subsidiaries as "Material Domestic Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of <u>Section 6.11</u> applicable to such Subsidiary.

"**Material Foreign Subsidiary**" means, at any date of determination, each of the Borrower's Foreign Subsidiaries that are Restricted Subsidiaries and whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 7.50% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Foreign Subsidiaries that are Restricted Subsidiaries not meeting the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 15.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Foreign Subsidiaries as "Material Foreign Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of the definition of "Collateral and Guarantee Requirement" with respect to each such designated Foreign Subsidiary.

"**Material Real Property**" means any fee-owned real property located in the United States that is owned by any Loan Party and that has a fair market value in excess of $2,000,000 (on the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably estimated by the Borrower in good faith); *provided* that any Real Property subject to a mortgage, deed of trust, deed to secure debt or other equivalent real estate security document that creates or evidences a Lien on such Real Property that is permitted under <u>Section 7.01</u> in respect of Indebtedness that is permitted under <u>Section 7.02</u> shall be deemed not to be a "Material Real Property" for so long as such Real Property remains encumbered by such lien.

"**Material Subsidiary**" means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

------

"**Maturity Date**" means (i) with respect to the Initial Term Loans and any Delayed Draws Term Loans, March 18, 2026; (ii) with respect to the Revolving Credit Facility, March 18, 2026; (iii) with respect to any tranche of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Amendment, (iv) with respect to any Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment, (v) with respect to any Refinancing Term Loans or Refinancing Revolving Credit Commitments, the final maturity date as specified in the applicable Refinancing Amendment, and (vi) with respect to any Replacement Term Loans, the final maturity date as specified in the applicable agreement; *provided* that, in each case, if such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day.

"**Maximum Revolving Credit Amount**" means $20,000,000, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

"**Maximum Rate**" has the meaning set forth in <u>Section 10.10</u>.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

"**Mortgage Policies**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgaged Properties**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgages**" means collectively, the deeds of trust, trust deeds, hypothecations and mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent, and any other mortgages executed and delivered pursuant to <u>Sections 6.11</u> and <u>6.13</u>, in each case, as the same may from time to time be amended, restated, supplemented or otherwise modified.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions.

"**Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the cash proceeds actually received by the Borrower or any of the Restricted Subsidiaries (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and when received) from any Disposition or Casualty Event, net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees and expenses actually incurred in connection therewith, (ii) the principal amount of any Indebtedness that is secured by a Lien (other than a Lien subordinated to the Liens securing the Secured Obligations) on the asset subject to such Disposition or Casualty Event and that is required to be repaid or prepaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), together with any applicable premium, penalty, interest and breakage costs, (iii) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (iii)</u>) attributable to minority interests,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) Taxes or Tax Distributions paid or reasonably estimated to be payable or, without duplication, permitted to be paid as a result thereof, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to <u>clause (i)</u> above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and other liabilities or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction) and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (provided that to the extent that any amounts are released from such escrow to the Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, net of all Taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower shall be disregarded.

"**New Revolving Credit Lender**" has the meaning set forth in Section 2.14(h).

"**Non-Consenting Lender**" has the meaning set forth in <u>Section 3.07(d)</u>.

"**Non-Debt Fund Affiliate**" means any Affiliate of Holdings, including Holdings or any of its Subsidiaries, but excluding (a) any Debt Fund Affiliate and (b) any natural person.

"**Non-Defaulting Lender**" means, at any time, a Lender that is not a Defaulting Lender.

"**Non-extension Notice Date**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

"**Note**" means a Term Note or a Revolving Credit Note as the context may require.

"**Notice of Intent to Cure**" has the meaning set forth in <u>Section 8.04</u>.

"**Obligations**" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender may elect to pay or advance on behalf of such Loan Party in accordance with the terms of the Loan Documents; *provided*, that in no event shall "Obligations" include any Secured Cash Management Obligations or Secured Hedge Obligations; provided, further, that Obligations of any Guarantor shall not include any Excluded Swap Obligations solely of such Guarantor.

------

"**OFAC**" has the meaning set forth in <u>Section 5.18(b)</u>.

"**Offered Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Offered Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**OID**" means original issue discount.

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

"**Other Applicable Indebtedness**" means Permitted First Priority Refinancing Debt, Other Term Loans, Other Notes, Permitted Ratio Debt, other Indebtedness constituting Pari Passu Secured Obligations or, in each case, the Permitted Refinancing of any such Indebtedness.

"**Other Commitments**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

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

"**Other Notes**" has the meaning set forth in <u>Section 2.14(a)(iii)</u>.

"**Other Taxes**" has the meaning set forth in <u>Section 3.01(b)</u>.

"**Other Term Loans**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

"**Outstanding Amount**" means (a) with respect to the Term Loans and/or the Revolving Loans on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans and Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing), as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding Dollar Amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

------

"**Overnight Rate**" means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent or the Revolving Agent, as applicable, for the purpose of displaying such rate) (an "Alternate Source"); provided, that if such day is not a Business Day, the Overnight Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative Agent or the Revolving Agent, as applicable, at such time (which determination shall be conclusive absent manifest error). If the Overnight Rate as determined as set forth above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Rate without notice to the Borrower.

"**Pari Passu Secured Obligations**" means any Indebtedness of the Loan Parties secured on a *pari passu* basis (including any obligations subject to a Parity Intercreditor Agreement) with the Secured Obligations.

"**Parity Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Pari Passu Secured Obligations, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Participant**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participant Register**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participating Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Patents**" means (a) all letters patent of the United States, all registrations and recordings thereof, and all applications for letters patent of the United States, including registrations, recordings and pending applications in the USPTO; and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein.

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years if liability to a Loan Party or Restricted Subsidiary remains.

"**Perfection Certificate**" means a certificate substantially in the form of Exhibit II to the Security Agreement or any other form reasonably approved by the Administrative Agent or the Collateral Agent and agreed by the Borrower, as the same shall be supplemented from time to time.

"**Permitted Acquisition**" has the meaning set forth in <u>Section 7.02(i)</u>.

------

"**Permitted First Priority Refinancing Debt**" means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of senior secured loans or notes; provided that (i) such Indebtedness is designated as "additional first lien debt" (or comparable term) under any Intercreditor Agreement and is not secured by any property or assets of Holdings, the Borrower or any Subsidiary other than the Collateral except to the extent permitted by any Intercreditor Agreement, (ii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date of any Term Loan outstanding at the time such Indebtedness is incurred or issued, such Indebtedness does not mature prior to the date that is the Latest Maturity Date of, or have a Weighted Average Life to Maturity less than the Weighted Average Life to Maturity of, any Term Loan outstanding at the time such Indebtedness is incurred or issued. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Initial Revolving Credit Borrowing Purposes**" means one or more Borrowings of Revolving Loans (i) to fund a portion of the Transactions (including purchase price adjustments, working capital adjustments in accordance with the Purchase Agreement and Transaction Expenses), (ii) for general corporate purposes and for working capital needs, and (iii) to replace, backstop or cash collateralize existing letters of credit, guarantees and performance or similar bonds; <u>provided</u> that amounts available under <u>clause (i)</u> shall not in the aggregate exceed $7,500,000 and amounts available under clause (i) and (ii) shall not in the aggregate be less than $5,000,000 nor more than $7,500,000.

"**Permitted Junior Priority Refinancing Debt**" means secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of junior lien secured notes or junior lien secured loans; *provided* that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of any Loan Party other than the Collateral except to the extent permitted by any Junior Intercreditor Agreement, (ii) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of "Credit Agreement Refinancing Indebtedness" and (iii) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Other Debt Conditions**" means that such applicable Indebtedness (i) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except (x) customary asset sale or change of control or similar event provisions that provide for the prior repayment in full of the Loans and all other Secured Obligations, (y) AHYDO Payments and (z) to the extent constituting Permitted Junior Priority Refinancing Debt, mandatory repayments or prepayments (or offers to prepay or repurchase) that are customarily available in junior secured loan facilities or note issuances), in each case prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) to the extent secured, is not secured by property or assets of any Loan Party other than the Collateral except as permitted by any Intercreditor Agreement.

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary (including any such Indebtedness incurred to finance any Permitted Acquisition or other similar Investment permitted hereunder), *provided* that immediately after giving Pro Forma Effect thereto and to the use of the proceeds thereof, (i) either (A) no Event of Default shall be continuing or result therefrom or (B) in the case of Indebtedness incurred or issued in order to finance a Permitted Acquisition or permitted Investment made pursuant to a legally binding commitment, (x) no Event of Default shall exist on the date that the Borrower

------

or the applicable Restricted Subsidiary enters into such binding agreement and (y) no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist at the time of such incurrence or issuance or would result from such incurrence or issuance; *provided*, that this clause (i) shall not apply if the Indebtedness being incurred is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities, (ii) the aggregate principal amount of such Indebtedness incurred following the Closing Date shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 2.14(d)(iii)(A)</u> *plus* (B) such additional amount that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Initial Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (in the case of any Permitted Ratio Debt consisting of revolving Indebtedness, such ratio determined only at the time the relevant commitment is established and assuming any such revolving facility established in connection therewith is fully drawn and without netting the cash proceeds of such Indebtedness); *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness, *plus* (C) an amount equal to (1) the sum, without duplication, of all (x) voluntary prepayments, debt buybacks, open market purchases and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> and (y) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long-term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u>) *minus* (2) the aggregate principal amount of Incremental Term Loans, Other Term Loans and Other Notes incurred in reliance on <u>Section 2.14(d)(iii)(C)</u>, (iii) (A) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured by the Collateral on a pari passu basis with the Initial Term Loans and the Revolving Loans, such Indebtedness does not mature prior to the Latest Maturity Date at the time such Indebtedness is incurred and (B) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured (other than as described in <u>clause (iii)(A)</u> hereof) or is unsecured, such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred and (iv) any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to <u>Section 7.03(g)</u>, does not exceed in the aggregate at any time outstanding the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined at the time of incurrence (it being understood that (x) amounts under clause (ii)(B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A) or (ii)(C), and amounts under clause (ii)(C) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A), (y) Indebtedness may be incurred under clauses (ii)(A) and (ii)(B), (ii)(B) and (ii)(C) or (ii)(A), (ii)(B) and (ii)(C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (ii)(B) and then calculating the incurrence under clause (ii)(A) and/or (ii)(C) and, for the avoidance of doubt, any

------

such incurrence under clause (ii)(A) and/or (ii)(C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (ii)(B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (ii)(A) or (ii)(C) as incurred pursuant to clause (ii)(B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (ii)(A) or (ii)(C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)). With respect to any Permitted Ratio Debt (other than Indebtedness consisting of a revolving credit facility) that is pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Permitted Ratio Debt shall not be greater than the All-In Yield then applicable to the Initial Term Loans plus 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans and Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans and Delayed Draw Term Loans to equal the All-In Yield applicable to such Permitted Ratio Debt, minus 50 basis points per annum.

"**Permitted Refinancing**" means, with respect to any Person, any Refinancing of any Indebtedness of such Person; *provided* that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced except by an amount equal to unpaid accrued interest and premium thereon *plus* other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in connection with such Refinancing and by an amount equal to any existing commitments unutilized thereunder, (b) except with respect to (x) a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Sections 7.03(e)</u>, <u>(g)(i), (u)</u>, or <u>(dd)</u> (y) a Permitted Refinancing in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of the Indebtedness being refinanced, the Indebtedness resulting from such Refinancing shall not mature prior to the maturity date of, or have a shorter Weighted Average Life to Maturity than, the Indebtedness being Refinanced, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to (x) <u>Section 7.03(e)</u> or <u>7.03(g)(i)</u> or <u>7.03(dd)</u> or (y) <u>Section 7.03(s)</u>, <u>7.03(t), 7.03(u)</u> or <u>7.03(z)</u> (in each case of this clause <u>(y)</u>, solely to the extent such Refinanced Indebtedness is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities), at the time of such Refinancing, no Event of Default shall have occurred and be continuing and (d) if such Indebtedness being Refinanced is subordinated in right of payment to the Secured Obligations, the Indebtedness resulting from such Refinancing is subordinated in right of payment to the Secured Obligations on terms not materially more favorable, taken as a whole (as reasonably determined by the Borrower) to the lenders providing such Refinancing (except, in each case, for such other terms and conditions that are (A) applied to the Refinanced Debt at the time of incurrence of the Credit Agreement Refinancing Indebtedness (so that the Lenders also receive the benefit of such provisions), (B) applicable only to periods after the Latest Maturity Date of the Refinanced Debt existing at the time of such Refinancing, (C) market terms and conditions for such type of Indebtedness at the time of incurrence or issuance of such Refinancing or (D) otherwise reasonably acceptable to the Required Lenders), and the Indebtedness resulting from such Refinancing is incurred by one or more Persons who is an obligor of the Indebtedness being Refinanced and/or a Borrower or Guarantor of the Secured Obligations. For the avoidance of doubt, if such Permitted Refinancing is secured by the Collateral, it shall be subject to a Junior Intercreditor Agreement and/or a Parity Intercreditor Agreement, as applicable.

------

"**Permitted Reorganization**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries related to Tax planning and re-organization, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**Permitted Repricing Amendment**" has the meaning set forth in <u>Section 10.01</u>.

"**Permitted Unsecured Refinancing Debt**" means unsecured Indebtedness (including any unsecured Registered Equivalent Notes) incurred by a Borrower or any Loan Party in the form of one or more series of senior unsecured notes or loans; *provided* that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Fund, account, Governmental Authority or other entity.

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA), other than a Multiemployer Plan, established or maintained by any Loan Party or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"**Platform**" has the meaning set forth in <u>Section 6.01(d)</u>.

"**Pledged Debt**" has the meaning set forth in the Security Agreement.

"**Pledged Equity**" has the meaning set forth in the Security Agreement.

"**PNC**" means PNC Bank, National Association, a national banking association, and its successors and assigns.

"**Prime Rate**" means the rate set by the Administrative Agent or the Revolving Agent, as applicable, in effect at its principal office in New York City based upon various factors including the Administrative Agent's or the Revolving Agent's, as applicable, costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Administrative Agent or the Revolving Agent, as applicable, shall take effect at the opening of business on the day specified in the public announcement of such change.

"**Proceeding**" has the meaning set forth in <u>Section 10.05</u>.

"**Proceeds**" has the meaning set forth in the Security Agreement.

**"Protective Advances**" has the meaning set forth in <u>Section 2.01(b)(ii)</u>.

"**Pro Forma Basis**" and "Pro Forma Effect" means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with <u>Section 1.09</u>.

"**Pro Forma Compliance**" means, with respect to the covenant in <u>Section 7.11</u>, compliance on a Pro Forma Basis with such covenant in accordance with <u>Section 1.09</u>.

------

"**Pro Rata Share**" means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; *provided* that, in the case of the Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

"**Projections**" has the meaning set forth in <u>Section 6.01(c)</u>.

"**Purchase Agreement**" has the meaning set forth in the preliminary statements to this Agreement.

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests.

"**Qualified IPO**" means any transaction whereby, or upon the consummation of which, any direct or indirect parent of the Borrower's common Equity Interests are offered or sold (whether through an initial primary public offering or a merger with and into a special purpose acquisition company or other Person that has consummated (or will consummate) an initial primary public offering) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act (or to the equivalent registration documents filed with the equivalent authority in the applicable foreign jurisdiction).

"**Qualified Securitization Financing**" means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary; (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value; and (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms, in each case, as determined by the Borrower or the applicable Restricted Subsidiary in good faith. The grant of a security interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing.

"**Qualifying Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Real Property**" means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures thereto.

------

"**Receivables Assets**" means (a) any accounts receivable owed to the Borrower or a Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed, assigned or otherwise transferred or pledged by the Borrower to a commercial bank in connection with a Receivables Facility.

"**Receivables Facility**" means an agreement between the Borrower or a Restricted Subsidiary and a commercial bank that is entered into at the request of a customer of the Borrower or a Restricted Subsidiary, pursuant to which (a) the Borrower or such Restricted Subsidiary, as applicable, agrees to sell to such commercial bank accounts receivable owing by such customer, together with Receivables Assets related thereto, at a maximum discount, for each such account receivable, not to exceed 5.0% of the face value thereof, and (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except for Securitization Repurchase Obligations) to the Borrower and such Restricted Subsidiary.

"**Recipient**" means (a) any Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

"**Refinance**" means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, refund, replace or repay, or to issue other Indebtedness, whether of the same principal amount or greater or lesser principal amount, in exchange or replacement for such Indebtedness. "**Refinanced**" and "**Refinancing**" shall have correlative meanings.

"**Refinanced Debt**" has the meaning set forth in the definition of "Credit Agreement Refinancing Indebtedness."

"**Refinanced Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Refinancing**" means the repayment, redemption, defeasance, discharge, refinancing, replacement or termination (or the furnishing of irrevocable notice for the repayment or redemption thereof) in a manner reasonably satisfactory to the Borrower of all Indebtedness, commitments to extend credit, all guarantees and security interests (if any) under that certain Credit Agreement, dated as of May 13, 2019, among TCFI AEVEX LLC, TCFI AEVEX Holdings LLC, the lenders from time to time party thereto and Bain Capital Credit, LP, as agent and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time).

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrowers, (b) the Administrative Agent, (c) the Revolving Agent, if applicable, (d) each Additional Refinancing Lender and (e) each Lender that agrees to provide any portion of Refinancing Term Loans, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans incurred pursuant thereto, in accordance with <u>Section 2.15</u>.

"**Refinancing Revolving Credit Commitments**" means one or more Classes of Revolving Credit Commitments hereunder that result from a Refinancing Amendment.

"**Refinancing Revolving Loans**" means one or more Classes of Revolving Loans that result from a Refinancing Amendment.

------

"**Refinancing Series**" means all Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans, or Refinancing Revolving Credit Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans or Refinancing Revolving Credit Commitments provided for therein are intended to be a part of any previously established Refinancing Series).

"**Refinancing Term Commitments**" means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans that result from a Refinancing Amendment.

"**Register**" has the meaning set forth in <u>Section 10.07(d)</u>.

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

"**Reinvestment Period**" has the meaning set forth in <u>Section 2.05(b)(ii)</u>.

"**Rejection Notice**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Related Parties**" means, with respect to any Person, such Person's controlled Affiliates and the partners, directors, officers, employees, agents, and other representatives of such Person and of such Person's Affiliates.

"**Release**" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating in, into, onto or through the Environment or from or through any facility, property or equipment to the Environment.

"**Released Guarantor**" has the meaning set forth in <u>Section 11.09</u>.

"**Relevant Public Company**" means Holdings or any direct or indirect parent thereof that is the registrant with respect to a Qualified IPO.

"**Removal Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

"**Replacement Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the otherwise applicable notice period has been waived by regulation or otherwise by the PBGC.

"**Request for Credit Extension**" means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Loans, a Committed Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

------

"**Required Lenders**" means, as of any date of determination, without duplication, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition), (b) aggregate unused Delayed Draw Commitment, Incremental Term Loan Commitments and Refinancing Term Commitments, and (c) aggregate unused Revolving Credit Commitments; *provided* that the unused Term Commitment, Incremental Term Loan Commitment and Refinancing Term Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; *provided*, *further*, that, to the same extent set forth in <u>Section 10.07(m)</u> with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders.

"**Required Revolving Credit Lenders**" means, as of any date of determination, Revolving Credit Lenders having more than 50% of the sum of the (a) Outstanding Amount of all Revolving Loans and all L/C Obligations (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; *provided* that the aggregate unused Revolving Credit Commitments of, and the portion of the Outstanding Amount of all Revolving Loans and all L/C Obligations held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders, and (y) if there are two (2) or more unaffiliated Revolving Credit Lenders, the Required Revolving Credit Lenders shall require at least two (2) unaffiliated Revolving Credit Lenders.

"**Resignation Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

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

"**Responsible Officer**" means the chief executive officer, president, vice president, chief financial officer, chief administrative officer, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Loan Party or any other Responsible Officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party, the Administrative Agent and the Revolving Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"**Restricted Cash**" means Cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to the Borrower (other than such Cash and Cash Equivalents restricted in favor of the Facilities, which may also include Cash and Cash Equivalents securing other Indebtedness that is secured by a lien on the Collateral along with the Liens securing the Facilities); *provided*, that Cash and Cash Equivalents maintained by (x) any Foreign Subsidiary that is subject to minority shareholder approval before being distributed to the Borrower or any Restricted Subsidiary (a "**Shareholder Restriction**") shall not be deemed to be "Restricted Cash" as a result of such Shareholder Restriction. or (y) any joint venture with respect to which the joint venture agreement contains a formula for distributions of cash to the Borrower or any Restricted Subsidiary shall not be deemed to be "Restricted Cash".

"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower's or a Restricted Subsidiary's stockholders, partners or members (or the equivalent Persons thereof).

------

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Retained Excess Cash Flow Amount**" means, at any date of determination, an amount, no less than zero in any fiscal year and determined on a cumulative basis, that is equal to the aggregate cumulative sum of Excess Cash Flow that is not required to be applied to make a payment under <u>Section 2.05(b)(i)</u> for each Excess Cash Flow Period.

"**Returns**" means, with respect to any Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a Disposition or otherwise) and other amounts received or realized in respect of such Investment.

"**Revolver Extension Request**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolver Extension Series**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolving Agent**" means PNC, in its capacity as revolving agent under any of the Loan Documents, or any successor revolving agent.

"**Revolving Credit Borrowing**" means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to <u>Section 2.01(b)(i)</u> or under any Extension Amendment or Refinancing Amendment.

"**Revolving Credit Commitment**" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrowers and (b) purchase participations in L/C Obligations in respect of Letters of Credit as such commitment may be (i) reduced from time to time pursuant to <u>Section 2.06</u> and (ii) reduced or increased from time to time pursuant to (A) assignments by or to such Revolving Credit Lender pursuant to an Assignment and Assumption, (B) an increase in the Revolving Credit Commitment pursuant to <u>Section 2.14(h)</u>, (C) a Refinancing Amendment or (D) an Extension Amendment. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $20,000,000 on the Closing Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement. The initial amount of each Revolving Credit Lender's Revolving Credit Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Revolving Credit Commitment" or, otherwise, in the Assignment and Assumption, New Revolving Credit Lender Joinder and Assumption Agreement, Extension Amendment or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as the case may be.

"**Revolving Credit Exposure**" means, as to each Revolving Credit Lender, the sum of the amount of the Outstanding Amount of such Revolving Credit Lender's Revolving Loans and its Pro Rata Share or other applicable share provided for under this Agreement of the Dollar Amount of the L/C Obligations at such time.

"**Revolving Credit Facility**" means the Revolving Credit Commitments, each Extension Series of Extended Revolving Credit Commitments, each Refinancing Series of Refinancing Revolving Credit Commitments and the Credit Extensions made thereunder.

"**Revolving Credit Lender**" means, at any time, any Lender that has a Revolving Credit Commitment at such time or, if the Revolving Credit Commitments have terminated, Revolving Credit Exposure.

------

"**Revolving Credit Note**" means a promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns, in substantially the form of <u>Exhibit C-2</u> hereto, evidencing the Revolving Loans made by such Revolving Credit Lender to the Borrowers.

"**Revolving Loans**" has the meaning set forth in <u>Section 2.01(b)(i)</u>.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto.

"**Same Day Funds**" means immediately available funds.

"**Scheduled Unavailability Date**" has the meaning set forth in <u>Section 3.03</u>.

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"**Secured Cash Management Agreement**" means any agreement between the Borrower or any Restricted Subsidiary and any Secured Cash Management Provider for the provision of Cash Management Services, to the extent designated by the Borrower as a "Secured Cash Management Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Cash Management Agreement shall not create in favor of any Secured Cash Management Provider any rights in connection with the management or release of Collateral or the obligations of any Guarantor under the Loan Documents.

"**Secured Cash Management Obligations**" means all obligations owing to any Secured Cash Management Provider by the Borrower or any Restricted Subsidiary under any Secured Cash Management Agreement.

"**Secured Cash Management Provider**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Cash Management Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent), in its capacity as a party thereto and that is designated a "Secured Cash Management Provider" with respect to such Secured Cash Management Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Cash Management Provider were a Lender.

"**Secured Hedge Agreement**" means any Swap Contract permitted under <u>Article VII</u> that is entered into by and between the Borrower or any Restricted Subsidiary and any Secured Hedge Bank, to the extent designated by the Borrower and such Secured Hedge Bank as a "Secured Hedge Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Hedge Agreement shall not create in favor of any Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Bank**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Hedge Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent) in its capacity as a party thereto and that is designated a "Secured Hedge Bank" with respect to such Secured Hedge Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person

------

already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Hedge Bank were a Lender. The designation of any Secured Hedge Bank shall not create in favor of such Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Obligations**" means all obligations owing to any Secured Hedge Bank by Holdings, the Borrower or any Restricted Subsidiary under any Secured Hedge Agreement.

"**Secured Obligations**" means, collectively, (a) the Obligations, (b) the Secured Cash Management Obligations and (c) all Secured Hedge Obligations.

"**Secured Parties**" means, collectively, the Administrative Agent, the Revolving Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Secured Cash Management Providers, the Secured Hedge Banks and each co-agent or sub-agent appointed by any Agent from time to time pursuant to <u>Section 9.05</u>.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securitization Assets**" means (a) the accounts receivable subject to a Qualified Securitization Financing and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guaranties or other obligations in respect of such accounts receivable, lockbox accounts and records with respect to such accounts receivable and any other assets customarily transferred (or in respect of which security interests are customarily granted), together with accounts receivable in a securitization financing and which in the case of <u>clause (a)</u> and <u>(b)</u> above are sold, conveyed, assigned or otherwise transferred or pledged by a borrower in connection with a Securitization Financing.

"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing or a Receivables Facility.

"**Securitization Financing**" means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries.

"**Securitization Repurchase Obligation**" means any obligation of a seller of Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables Facility, as applicable, to repurchase such assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

"**Securitization Subsidiary**" means a wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in

------

connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings or Limited Originator Recourse), (ii) is recourse to or obligates Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse or (iii) subjects any property or asset of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to Holdings, the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced by delivery to the Administrative Agent and the Revolving Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions.

"**Security Agreement**" means a security agreement substantially in the form of <u>Exhibit F</u>.

"**Security Agreement Supplement**" has the meaning set forth in the Security Agreement.

"**Seller**" has the meaning set forth in the preliminary statements to this Agreement.

"**Solicited Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Solicited Discounted Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solicited Discounted Prepayment Notice**" means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(D)</u> substantially in the form of <u>Exhibit E-6</u>.

"**Solicited Discounted Prepayment Offer**" means the irrevocable written offer by each Lender, substantially in the form of <u>Exhibit E-7</u>, submitted following the Administrative Agent's receipt of a Solicited Discounted Prepayment Notice.

"**Solicited Discounted Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solvent**" and "**Solvency**" mean, with respect to the Borrower on the Closing Date, after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection therewith, that on such date (i) the sum of the debt (including contingent liabilities) of the Borrower and its Subsidiaries, on a consolidated basis, does not exceed the fair value (on a going concern

------

basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis; (ii) the capital of the Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of the Borrower and its Subsidiaries, on a consolidated basis, contemplated as of the Closing Date; (iii) the present fair saleable value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis, is not less than the amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured in the ordinary course of business and (iv) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

"**SPC**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**Specified Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Notice**" means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant to <u>Section 2.05(a)(v)(B)</u> substantially in the form of <u>Exhibit E-8</u>.

"**Specified Discount Prepayment Response**" means the irrevocable written response by each Lender, substantially in the form of <u>Exhibit E-9</u>, to a Specified Discount Prepayment Notice.

"**Specified Discount Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(3)</u>.

"**Specified Representations**" means those representations and warranties made by Holdings and the Borrower (and, as applicable, each other Loan Party on the Closing Date) in <u>Sections 5.01(a)</u> and <u>(b)</u>, <u>5.02(a)</u> and <u>(b)(i)</u>, <u>5.04</u>, <u>5.12</u>, <u>5.16</u>, <u>5.18(a)(ii)</u>, <u>5.18(b)(ii)</u>, <u>5.18(c)</u> and <u>5.19</u> (subject to the proviso at the end of <u>Section 4.01(a)</u>).

"**Specified Transaction**" means any Investment that results in a Person becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition (including the commencement of activities constituting such business), or any Disposition that results in a Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Borrower, any Investment constituting an acquisition of assets constituting a business unit, line of business or division of, or all or substantially all of the Equity Interest of, another Person or any Disposition, termination or discontinuance of a business unit, line of business or division of the Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit), Restricted Payment, an increase in the Revolving Credit Commitments pursuant to <u>Section 2.14(h)</u> or Incremental Term Loan that by the terms of this Agreement requires such test to be calculated on a "Pro Forma Basis" or after giving "Pro Forma Effect."

------

"**Sponsor**" means any of Madison Dearborn Partners, LLC and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Standard Securitization Undertakings**" means representations, warranties, covenants, agreements and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement.

"**Submitted Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Submitted Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Subsidiary**" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity (excluding, for the avoidance of doubt, any charitable organizations, and any other Person that meets the requirements of Section 501(c)(3) of the Code) of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries (whether direct or indirect) of the Borrower.

"**Subsidiary Guarantor**" means any Guarantor other than Holdings or the Borrower in its capacity as a Guarantor.

"**Successor Company**" has the meaning set forth in <u>Section 7.04(d)</u>.

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

"**Swap Obligation**" means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

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

------

"**Target Person**" has the meaning set forth in <u>Section 7.02</u>.

"**Tax Distribution**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Tax Group**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Taxes**" means all present or future taxes, duties, levies, imposts, assessments or withholdings imposed by any Governmental Authority including interest, penalties and additions to tax.

"**Term Borrowing**" means a borrowing consisting of Term Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the Term Lenders pursuant to <u>Section 2.01(a)</u> or <u>Section 2.01(c)</u> or under any Incremental Amendment, Extension Amendment, Refinancing Amendment or amendment providing for Replacement Term Loans.

"**Term Commitment**" means, as to each Term Lender, its obligation to make a Term Loan to the Borrowers hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.06</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment, (iv) an Extension Amendment or (v) the incurrence of Replacement Term Loans. The initial amount of each Term Lender's Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or "Delayed Draw Commitment" or, otherwise, in the Assignment and Assumption, Incremental Amendment, Extension Amendment or Refinancing Amendment or any other amendment, in each case, pursuant to which such Lender shall have assumed its Commitment, as the case may be.

"**Term Facility**" means (a) prior to the Closing Date, the Initial Term Commitments and the Delayed Draw Commitments and (b) thereafter, each Class of Term Loans and/or Term Commitments in respect thereof.

"**Term Lender**" means, at any time, any Lender that has (a) a Term Commitment (including an Initial Term Commitment, a Delayed Draw Commitment, an Incremental Term Loan Commitment, a Refinancing Term Commitment or a commitment to make Replacement Term Loans) or (b) a Term Loan at such time.

"**Term Loan**" means any Initial Term Loan, Delayed Draw Term Loan, Extended Term Loan, Incremental Term Loan, Refinancing Term Loan or Replacement Term Loan, as the context may require.

"**Term Loan Extension Request**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Extension Series**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Increase**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Term Note**" means a promissory note of the Borrowers payable to any Term Lender or its registered assigns, in substantially the form of <u>Exhibit C-1</u> hereto, evidencing the aggregate Indebtedness of the Borrowers to such Term Lender resulting from the Term Loans made by such Term Lender.

------

"**Test Period**" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements are available.

"**Testing Threshold**" means, as of the last day of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending June 30, 2020) the aggregate Outstanding Amount of the Revolving Loans and Letters of Credit exceeds 40% of the Revolving Credit Commitments at such time (excluding (i) solely with respect to the first four full fiscal quarters following the Closing Date, the principal amount of any Revolving Loans funded, and the face amount of any Letters of Credit issued, on the Closing Date, (ii) Letters of Credit that have been Cash Collateralized and (iii) Letters of Credit that have not been Cash Collateralized in an aggregate undrawn face amount not to exceed $5,000,000).

"**Threshold Amount**" means $12,500,000.

"**Total Outstandings**" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

"**Trademarks**" means (a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any state of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks; and (b) all goodwill connected with the use of and symbolized thereby.

"**Trailing Four Quarter Consolidated EBITDA**" means Consolidated EBITDA for the most recently ended Test Period (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>).

"**Transaction Expenses**" means any fees, premiums, expenses and other transaction costs incurred or paid by the Sponsor, Holdings, the Borrower or any of their respective Subsidiaries in connection with the Transactions (including fees and expenses reflected in the funds flow and/or sources and uses provided to the Commitment Parties and expenses in connection with hedging transactions), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"**Transactions**" means, collectively, (a) the Acquisition and other related transactions contemplated by the Purchase Agreement, (b) the Equity Contribution, (c) the funding of the Initial Term Loan and the Initial Revolving Borrowing and the execution and delivery of Loan Documents to be entered into on the Closing Date, (d) the Refinancing, and (e) the payment of Transaction Expenses.

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan.

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

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

------

"**Ultimate Parent**" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company.

"**Ultimate Parent LLC Agreement**" means the amended and restated limited liability company agreement of the Ultimate Parent in effect on the Closing Date.

"**Uniform Commercial Code**" or "**UCC**" means (i) the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or (ii) the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. References in this Agreement and the other Loan Documents to specific sections of the Uniform Commercial Code are based on the Uniform Commercial Code as in effect in the State of New York on the Closing Date. In the event such Uniform Commercial Code is amended or another Uniform Commercial Code described in <u>clause (ii)</u> is applicable, such section reference shall be deemed to be references to the comparable section in such amended or other Uniform Commercial Code.

"**United States**" and "**U.S.**" mean the United States of America.

"**United States Tax Compliance Certificate**" has the meaning set forth in <u>Section 3.01(d)(ii)(C)</u> and is in substantially the form of <u>Exhibit H</u> hereto.

"**Unreimbursed Amount**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Unrestricted Subsidiary**" means any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 6.14</u> subsequent to the Closing Date and each Securitization Subsidiary.

"**Unused Revolver Commitment Fee**" has the meaning set forth in Section 2.09(a).

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness; *provided* that AHYDO payments and the effects of any reductions in scheduled amortization or other scheduled payments as a result of any prior prepayment of the applicable Indebtedness shall be disregarded.

"**wholly owned**" means, with respect to any Person at any date, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned, controlled or held by such Person and/or by one or more Affiliates of such Person.

"**Write-Down and Conversion Powers**" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which

------

that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.02. <u>Other Interpretive Provisions</u>.

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The word "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining compliance with any Section of <u>Article VII</u> at any time (including within any defined terms used in such section and including <u>Section 2.14</u>), in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, Contractual Obligation or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions permitted pursuant to any clause of such Sections, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses as determined by the Borrower in its sole discretion at such time (or at any later time from time to time, as determined by the Borrower in its sole discretion at such time and thereafter may be re-divided and/or re-classified by the Borrower in any manner not prohibited by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All references to "knowledge" of any Loan Party or a Restricted Subsidiary means the actual knowledge of a Responsible Officer of such Loan Party or Restricted Subsidiary.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The words "asset" and "property" shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All references to any Person shall be constructed to include such Person's successors and assigns (subject to any restriction on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All references to "in the ordinary course of business" of the Borrower or any Subsidiary thereof means (i) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of the Borrower or such Subsidiary, as applicable, (ii) customary and usual in the industry or industries of the Borrower and its Subsidiaries in the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable, or (iii) generally consistent with the past or current practice of the Borrower or such Subsidiary, as applicable, or any similarly situated businesses of the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.

Section 1.03. <u>Accounting Terms</u>.

All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. Notwithstanding any other provision contained herein, (a) any lease (or similar arrangement conveying the right to use) that is treated as an operating lease for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update ("<u>ASU</u>") shall not be treated as Indebtedness, Attributable Indebtedness or as a Capitalized Lease and shall continue to be treated as an operating lease (and any future lease or similar arrangement conveying the right to use), that would be treated as an operating lease for purposes of GAAP without giving effect to the implementation of ASC 842 shall be treated as an operating lease), in each case for purposes of Indebtedness under this Agreement, notwithstanding such change in GAAP after the issuance of such ASU and (b) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or effect).

Section 1.04. <u>Rounding</u>.

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

------

Section 1.05. <u>References to Agreements, Laws, Etc.</u>

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other Contractual Obligations shall be deemed to include all subsequent amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications thereto, but only to the extent that such amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications are not prohibited by the Loan Documents or by the Intercreditor Agreements; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. Any term or section reference herein or in the other Loan Documents which refers to a defined term or section reference in any Organization Document, agreement, Contractual Obligation or Law shall be deemed to be a cross-reference to the same or comparable defined term or section reference, as applicable, in any such amendment, Refinancing, restatement, renewal, restructuring, extension, supplement or other modification to such Organization Document, agreement, Contractual Obligation or any such consolidation, amendment, replacement, supplement or interpretation of such Law.

Section 1.06. <u>Times of Day</u>.

Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

Section 1.07. <u>Timing of Payment or Performance</u>.

Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day.

Section 1.08. <u>Cumulative Credit Transactions</u>.

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.09. <u>Pro Forma Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Consolidated Total Net Leverage Ratio and the Consolidated First Lien Net Leverage Ratio, shall be calculated in the manner prescribed by this <u>Section 1.09</u>; *provided* that notwithstanding anything to the contrary in <u>Section 1.09(b)</u>, <u>(c)</u> or <u>(d)</u>, when calculating the Consolidated First Lien Net Leverage Ratio for purposes of determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with the covenant pursuant to <u>Section 7.11</u>, the events described in this <u>Section 1.09</u> that occurred subsequent to the end of the applicable Test Period shall not be given *pro forma* effect. In addition, whenever a financial ratio or test is to be calculated on a *pro forma* basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which internal financial statements of the Borrower are available (as determined in good faith by the Borrower); *provided* that, the provisions of this sentence shall not apply for purposes of calculating the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable ECF Percentage" and determining actual compliance with <u>Section 7.11</u> (other than for the purpose of determining *pro forma* compliance with <u>Section 7.11</u>), each of which shall be based on the financial statements delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u>, as applicable, for the relevant Test Period, subject to the adjustments contemplated by the parenthetical in clause (ii) of the proviso to the first sentence of this <u>Section 1.09(a)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating any financial ratio or test, or basket that is based on a percentage of Consolidated EBITDA, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to <u>Section 1.09(d)</u> (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit)) that have been made (i) during the applicable Test Period and (ii) if applicable as described in <u>Section 1.09(a)</u>, subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a *pro forma* basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this <u>Section 1.09</u>, then such financial ratio or test shall be calculated to give *pro forma* effect thereto in accordance with this <u>Section 1.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever *pro forma* effect is to be given to the Transactions, a Specified Transaction or the implementation of an operational initiative or operational change, the *pro forma* calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and include, for the avoidance of doubt, the amount of "run-rate" cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies projected by the Borrower in good faith to be realized as a result of specified actions taken, committed to be taken or expected to be taken (calculated on a *pro forma* basis as though such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies were realized during the entirety of such period) and "run-rate" means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements) net of the amount of actual benefits realized during such period from such actions, and any such adjustments shall be included in the initial *pro forma* calculations of such financial ratios or tests and during any subsequent Test Period in which the effects thereof are expected to be realized relating to the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change; *provided* that (A) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable in the good faith judgment of the Borrower, (B) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable and reasonably anticipated to result from the actions taken or expected to be taken in the good faith judgment of the Borrower within 18 months after the date of the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change, (C) no amounts shall be added pursuant to this <u>Section 1.09(c)</u> to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, with respect to such period; and (D) any increase in Consolidated EBITDA as a result of cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies pursuant to this <u>Section 1.09(c)</u> shall be subject to the limitation set forth in the last proviso to <u>clause (vii)</u> of the definition of Consolidated EBITDA.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, amortization, retirement or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility or line of credit unless accompanied by a permanent commitment reduction), (i) during the applicable Test Period or (ii) subject to <u>Section 1.09(a)</u> subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving *pro forma* effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time prior to the first applicable test date under <u>Section 7.11</u>, any provision requiring the *pro forma* compliance with <u>Section 7.11</u> shall be made assuming that compliance with the Consolidated First Lien Leverage Ratio set forth in <u>Section 7.11</u> for the first Test Period set forth in <u>Section 7.11</u> is required with respect to the most recent Test Period prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) In connection with the calculation of the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, for purposes of calculating any basket that is subject to a financial ratio or test under this Agreement, no effect (pro forma or otherwise) shall be given to amounts incurred or transactions entered into or consummated on the same date (or on a subsequent date which otherwise requires Pro Forma Effect to be given to such amounts incurred, or transactions entered into or consummated pursuant to any fixed dollar basket or basket based on Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, testing availability under any basket provided for in this Agreement or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom or requiring the accuracy of representations and warranties) in connection with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio and determination or measurement of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant or accuracy of representations and warranties shall, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the "**LCT Test Date**") and if, after such ratios and other provisions are measured or determined on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied with on such date; *provided* that, if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, (x) if any of such ratios or baskets are exceeded as a result of fluctuations in such ratio or basket (including due to fluctuations in Consolidated EBITDA of the Borrower or the target of any Limited Condition Transaction or any incurrence, disposition or Restricted Payment at or prior to the consummation of the relevant Limited Condition Transaction) or any Default or Event of Default has occurred and is continuing or any such representation or warranty in any Loan Document is not correct on the date of such Limited Condition Transaction, such ratios, baskets and other provisions will not be deemed to have been exceeded or failed to have been complied

------

with as a result of such circumstance solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder and (y) such ratios, baskets and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio (excluding, for the avoidance of doubt, any ratio contained in <u>Section 7.11</u> (other than Pro Forma Compliance)) or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction or is otherwise revoked or withdrawn by the Borrower, any such ratio or basket shall be calculated (and tested) on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

Section 1.10. <u>Currency Generally</u>.

For purposes of determining compliance with <u>Section 7.01</u>, <u>7.02</u>, <u>7.03</u>, <u>7.05</u>, <u>7.06</u> or <u>7.13</u> with respect to any transaction consummated in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such transaction is consummated (so long as such transaction, at the time consummated, was permitted hereunder).

Section 1.11. <u>Letters of Credit</u>.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of the undrawn face amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Amount of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

Section 1.12. <u>Certifications</u>.

All certifications to be made hereunder by an officer or representative of a Loan Party shall be made by such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party's behalf and not in such Person's individual capacity.

**ARTICLE II.** 

**<u>THE COMMITMENTS AND CREDIT EXTENSIONS</u>**

Section 2.01. <u>The Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Term Lender severally agrees to make to the Initial Borrower on the Closing Date one or more Term Borrowings of Initial Term Loans denominated in Dollars in an aggregate amount not to exceed at any time outstanding the amount of such Term Lender's Initial Term Commitment. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid may not be re-borrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Credit Borrowings*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions expressly set forth herein, each Revolving Credit Lender severally agrees to make Revolving Loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan, together with any loans made pursuant to an Extended Revolving Credit Commitment and Refinancing Revolving Loans, a "**Revolving Loan**") from time to time, on any Business Day during the period from the Closing Date until the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment; *provided* that after giving effect to any Revolving Credit Borrowing, such Revolving Credit Lender's Revolving Credit Exposure shall not exceed such Revolving Credit Lender's Revolving Credit Commitment. Within the limits of each Lender's Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section 2.01(b)</u>, prepay under <u>Section 2.05</u>, and re-borrow under this <u>Section 2.01(b)</u> in each case without premium or penalty (subject to <u>Section 3.05</u>). Revolving Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Revolving Agent is hereby authorized by each Loan Party, at any time in the Revolving Agent's sole discretion, regardless of (A) the existence of a Default or an Event of Default, (B) whether any of the other applicable conditions precedent set forth in <u>Section 4.02</u> have not been satisfied or the commitment of Revolving Credit Lenders to make Revolving Loans hereunder has been terminated for any reason, or (C) any other contrary provision of this Agreement, to make Revolving Loans for the account of the Borrower in an aggregate amount at any time outstanding not to exceed the Maximum Revolving Credit Amount, to which the Revolving Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, the repayment of the Secured Obligations, or (3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement (the "**Protective Advances**"). The Revolving Credit Lenders shall be obligated to fund such Protective Advances and effect a settlement with the Revolving Agent therefor upon demand of the Revolving Agent in accordance with their respective Revolving Credit Commitments to the extent that after giving effect to any such Protective Advances, the Outstanding Amount of Revolving Loans plus the Outstanding Amount of the L/C Obligations do not exceed the Maximum Revolving Credit Amount. To the extent any Protective Advances are not actually funded by the other Revolving Credit Lenders as provided for in this <u>Section 2.01(b)(ii)</u>, any such Protective Advances funded by the Revolving Agent shall be deemed to be Revolving Loans made by and owing to the Revolving Agent, and the Revolving Agent shall be entitled to all rights (including accrual of interest) and remedies of a Revolving Credit Lender under this Agreement and the Loan Documents with respect to such Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Delayed Draw Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Closing Date until the Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Delayed Draw Commitment. Amounts borrowed under this <u>Section 2.01(c)</u> and repaid or prepaid may not be re-borrowed. The Delayed Draw Term Loans shall be funded on or prior to the Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**Delayed Draw Funding Date**"). Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

------

Section 2.02. <u>Borrowings, Conversions and Continuations of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower's notice to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans), which may be given by telephone in the case of Revolving Loans. Each such notice must be received by the Applicable Agent not later than 11:00 a.m., (i) three Business Days prior to the requested date of any Initial Term Borrowing or any Revolving Credit Borrowing, in each case, for a Borrowing of Eurocurrency Rate Loans or any continuation of Eurocurrency Rate Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans, (ii) prior to 2:00 p.m. on the requested date of any Initial Term Borrowing of Base Rate Loans or Revolving Credit Borrowing of Base Rate Loans and (iii) twelve (12) Business Days prior to the requested date of any Borrowing of Delayed Draw Term Loans; *provided* that the notice referred to in <u>clause (1)</u> above may be delivered no later than one Business Day prior to the Closing Date in the case of the initial Credit Extensions. Each telephonic notice by the Borrower permitted pursuant to this <u>Section 2.02(a)</u> must be confirmed promptly by delivery (including via email) to the Revolving Agent (in the case of Revolving Loans) of a written Committed Loan Notice (and will not be effective until so confirmed), appropriately completed and signed by a Responsible Officer of the Borrower. Except as otherwise provided in <u>Section 2.14</u>, each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a minimum principal amount of $1,000,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, $2,500,000), or a whole multiple of $500,000, in excess thereof. Except as provided herein, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $100,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, $2,500,000) or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Loans from one Type to the other or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) wire instructions of the account(s) to which funds are to be disbursed (it being understood, for the avoidance of doubt, that the amount to be disbursed to any particular account may be less than the minimum or multiple limitations set forth above so long as the aggregate amount to be disbursed to all such accounts pursuant to such Borrowing meets such minimums and multiples). If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify each Appropriate Lender of the amount (and currency) of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans, in each case as described in <u>Section 2.02(a)</u>. In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans)in Same Day

------

Funds, through its relevant Lending Office, at the Applicable Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) by wire transfer of such funds in accordance with instructions provided by the Borrower to (and reasonably acceptable to) the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans); *provided* that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, <u>first</u>, to the payment in full of any such L/C Borrowing and <u>second</u>, to the Borrowers as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan unless the Borrowers pay the amount due, if any, under <u>Section 3.05</u> in connection therewith. During the occurrence and continuation of an Event of Default, the Required Lenders may require that no Loans may be converted to or continued as Eurocurrency Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify the Borrower and the Appropriate Lenders of any change in the Prime Rate used by such Agent in determining the Base Rate promptly following the announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Loans from one Type to the other, and all continuations of Term Loans or Revolving Loans as the same Type, there shall not be more than seven Interest Periods in effect; *provided* that after the establishment of any new Class of Loans pursuant to an Incremental Amendment, a Refinancing Amendment or Extension Amendment, the number of Interest Periods otherwise permitted by this <u>Section 2.02(e)</u> shall increase by three Interest Periods for each applicable Class so established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Administrative Agent or the Revolving Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent or the Revolving Agent such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such Borrowing, the Administrative Agent or the Revolving Agent may assume that such Lender has made such Pro Rata Share or other applicable share provided for under this Agreement available to the Administrative Agent or the Revolving Agent on the date of such Borrowing in accordance with <u>Section 2.02(b)</u> above, and the Administrative Agent or the Revolving Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent or the Revolving Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent or the Revolving Agent, each of such Lender and each Borrower severally agrees to repay to the Administrative Agent or the Revolving Agent promptly after written demand such corresponding amount together with interest thereon, for each day from

------

the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent or the Revolving Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate *plus* any administrative, processing, or similar fees customarily charged by the Administrative Agent or the Revolving Agent in accordance with the foregoing. A certificate of the Administrative Agent or the Revolving Agent submitted to any Lender with respect to any amounts owing under this <u>Section 2.02(g)</u> shall be conclusive in the absence of manifest error. If any Borrower and such Lender shall pay such interest to the Administrative Agent or the Revolving Agent for the same or an overlapping period, the Administrative Agent or the Revolving Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent or the Revolving Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim any Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent or the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower and the Administrative Agent or the Revolving Agent.

Section 2.03. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Letter of Credit Commitment*. (i) Subject to the terms and conditions expressly set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this <u>Section 2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrowers (*provided* that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with <u>Section 2.03(b)</u>, and (2) to honor drafts under the Letters of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this <u>Section 2.03</u>; *provided* that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender's Revolving Credit Commitment or (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit; *provided*, *further*, that notwithstanding anything herein to the contrary, no L/C Issuer shall have any obligation to issue trade or commercial Letters of Credit without its consent. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired, terminated or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any material restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any material unreimbursed loss, cost or expense which was not applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated hereunder);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to <u>Section 2.03(b)(iii)</u>, the expiry date of such requested Letter of Credit would occur more than 12 months after the date of issuance or last renewal (or more than 180 days thereafter in the case of trade Letters of Credit), unless (1) each Revolving Credit Lender has approved of such expiration date or (2) the applicable L/C Issuer has approved of such expiration date and the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless such Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the issuance of such Letter of Credit would violate any policies of such L/C Issuer applicable to letters of credit generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such Revolving Credit Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.17(a)(iv)</u>) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to amend, extend or renew any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. Notwithstanding anything herein to the contrary, the expiry date of any Letter of Credit denominated in a currency other than Dollars must be approved by the relevant L/C Issuer in its sole discretion even if it is less than 12 months after the date of issuance and any Auto-Extension Letter of Credit denominated in a currency other than Dollars shall be issued only at the relevant L/C Issuer's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit*. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Revolving Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Revolving Agent not later than 2:00 p.m., at least two Business Days prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any drawing thereunder; (f) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (g) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any

------

outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will confirm with the Revolving Agent (by telephone or in writing) that the Revolving Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Revolving Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation from the Revolving Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or its applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement times the stated amount of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower so requests in any applicable Letter of Credit Application with respect to any standby Letter of Credit, the relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); *provided* that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer to prevent any such extension at least once in each 12-month period (commencing with the date of issuance of such Letter of Credit and in no event extending beyond the Letter of Credit Expiration Date unless Cash Collateralized or back-stopped in a manner reasonably acceptable to the Revolving Agent and the applicable L/C Issuer) by giving prior notice to the beneficiary thereof not later than a day (the "**Non-extension Notice Date**") in each such 12-month period to be mutually agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; *provided* that the relevant L/C Issuer shall not permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of <u>Section 2.03(a)(ii)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-extension Notice Date from the Revolving Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in <u>Section 4.02</u> is not then satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the Borrower and the Revolving Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Drawings and Reimbursements; Funding of Participations*. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Revolving Agent thereof. With respect to any payment by an L/C Issuer under a Letter of Credit, the Borrowers shall reimburse such L/C Issuer through the Revolving Agent in accordance with the preceding sentence not later than (x) 2:00 p.m. on the first Business Day immediately following delivery of written notice to the Borrower of such payment if such written

------

notice is delivered on or prior to 9:00 a.m. and (y) otherwise, not later than 2:00 p.m. on the second Business Day immediately following delivery of written notice to the Borrower of such payment (any such date of reimbursement, an "**Honor Date**"); *provided* that if such reimbursement is not made on the date of drawing, the Borrowers shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans (without duplication of interest payable on L/C Borrowings). The relevant L/C Issuer shall notify the Borrower in writing of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If the Borrowers fail to so reimburse such L/C Issuer by such time, the Revolving Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the "**Unreimbursed Amount**"), and the amount of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in <u>Section 4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Revolving Agent pursuant to this <u>Section 2.03(c)(i)</u> may be given by telephone if immediately confirmed in writing; *provided* that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender (including any Revolving Credit Lender acting as an L/C Issuer) shall upon any notice pursuant to <u>Section 2.03(c)(i)</u> make funds available to the Revolving Agent for the account of the relevant L/C Issuer in Dollars at the Applicable Agent's Office for Dollar-denominated payments in an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Revolving Agent, whereupon, subject to the provisions of <u>Section 2.03(c)(iii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Revolving Agent shall remit the funds so received to the relevant L/C Issuer in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in <u>Section 4.02</u> cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on written demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender's payment to the Revolving Agent for the account of the relevant L/C Issuer pursuant to <u>Section 2.03(c)(ii)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Revolving Credit Lender funds its Revolving Loan or L/C Advance pursuant to this <u>Section 2.03(c)</u> to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement of such amount shall be solely for the account of the relevant L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section 2.03(c)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the relevant L/C Issuer, the Borrower or any other

------

Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Loans pursuant to this <u>Section 2.03(c)</u> is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Revolving Agent for the account of the relevant L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this <u>Section 2.03(c)</u> by the time specified in <u>Section 2.03(c)(ii)</u>, such L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Revolving Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Revolving Agent) with respect to any amounts owing under this <u>Section 2.03(c)(vi)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*. (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender's L/C Advance in respect of such payment in accordance with <u>Section 2.03(c)</u>, the Revolving Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Revolving Agent), the Revolving Agent will distribute to such Revolving Credit Lender its Pro Rata Share or other applicable share provided for under this Agreement thereof in Dollars (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender's L/C Advance was outstanding) in the Dollar Amount received by the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Revolving Agent for the account of an L/C Issuer pursuant to <u>Section 2.03(c)(i)</u> is required to be returned under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Revolving Agent for the account of such L/C Issuer its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Revolving Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Revolving Credit Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Obligations Absolute*. The obligation of the Borrowers to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party (other than payment in cash or performance in full);

*provided* that the foregoing in <u>clauses (i)</u> through <u>(vii)</u> shall not excuse any L/C Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are waived by the Borrowers to the extent permitted by applicable Law) suffered by the Borrowers that are caused by such L/C Issuer's (or its Related Parties') gross negligence, bad faith, material breach or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Role of L/C Issuers*. Each Revolving Credit Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; *provided* that this assumption is not intended to, and shall not, preclude the Borrowers from pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in <u>clauses (i)</u> through <u>(vi)</u> of <u>Section 2.03(e)</u>; *provided* that anything in such clauses to the contrary notwithstanding, each Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any

------

direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or gross negligence or such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in each case as determined in a final and non-appealable judgment by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cash Collateral*. (i) If, as of the Letter of Credit Expiration Date, any Letter of Credit issued to the Borrowers may for any reason remain outstanding and partially or wholly undrawn, (ii) if any Event of Default occurs and is continuing and the Required Revolving Credit Lenders, as applicable, require the Borrowers to Cash Collateralize the L/C Obligations pursuant to <u>Section 8.02</u> or (iii) if an Event of Default set forth under <u>Section 8.01(f)</u> occurs and is continuing, the Borrowers shall Cash Collateralize the then Outstanding Amount of all of its L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m. on (x) in the case of the immediately preceding <u>clauses (i)</u> through <u>(iii)</u>, the next Business Day following the Business Day that the Borrower receives written notice thereof, and (y) in the case of the immediately preceding <u>clause (iii)</u>, the Business Day on which an Event of Default set forth under <u>Section 8.01(f)</u> occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. The Borrowers hereby grant to the Collateral Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Revolving Agent or another financial institution acceptable to the Agents and may be invested in readily available Cash and Cash Equivalents (for the benefit of the Borrowers). If at any time the Revolving Agent determines that any funds held as Cash Collateral are expressly subject to any right or claim of any Person other than the Revolving Agent or Collateral Agent (on behalf of the Secured Parties) or nonconsensual liens permitted under <u>Section 7.01</u> or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, promptly following written demand by the Revolving Agent, pay to the Revolving Agent, as additional funds to be deposited and held in the deposit accounts at the Revolving Agent as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Revolving Agent reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrowers. To the extent any Event of Default giving rise to the requirement to Cash Collateralize any Letter of Credit pursuant to this <u>Section 2.03(g)</u> is cured or otherwise waived by the Required Revolving Credit Lenders, then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such Letter of Credit shall be promptly refunded to the Borrowers. If at any time the Revolving Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person other than the Revolving Agent or the Collateral Agent as herein provided or Liens described above, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrowers or the relevant Defaulting Lender will, promptly following written demand by the Revolving Agent, pay or provide to the Revolving Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Letter of Credit Fees*. The Borrowers shall pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to the Applicable Rate with respect to Eurocurrency Rate Loans, times the daily maximum amount then available to be drawn under such Letter of Credit (whether or not such maximum Dollar Amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit); *provided* that (x) if any portion of a Defaulting Lender's Pro Rata Share of any Letter of Credit is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders pursuant to <u>Section 2.17</u>, then the Borrowers shall not be required to pay a Letter of Credit fee to such Defaulting Lender with respect to such portion of such Defaulting Lender's Pro Rata Share so long as it is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders, but such Letter of Credit fee shall instead be retained by the Borrowers to the extent the applicable Letter of Credit is Cash Collateralized and/or payable to such other Revolving Credit Lenders to the extent reallocated to such other Revolving Credit Lenders in accordance with their Pro Rata Share of such reallocated amount, and (y) if any portion of a Defaulting Lender's Pro Rata Share is not Cash Collateralized or reallocated pursuant to <u>Section 2.17</u>, then the Letter of Credit fee with respect to such Defaulting Lender's Pro Rata Share shall be payable to the applicable L/C Issuer until such Pro Rata Share is Cash Collateralized or reallocated or such Revolving Credit Lender ceases to be a Defaulting Lender. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter of Credit fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. If there is any change in the Applicable Rate with respect to Eurocurrency Rate Loans, during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate with respect to Eurocurrency Rate Loans, separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers*. The Borrowers shall pay directly to each L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it for the account of the Borrowers (whether for the benefit of the Borrower or its Subsidiaries) equal to 0.25% per annum (or such other lower amount as may be mutually agreed by the Borrower and the applicable L/C Issuer) of the maximum Dollar Amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit) or such lesser fee as may be agreed with such L/C Issuer. Such fronting fees shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued for the account of the Borrower (whether for the benefit of the Borrower or its Subsidiaries) the customary and reasonable issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within 30 days of demand and are nonrefundable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Conflict with Letter of Credit Application*. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Addition of an L/C Issuer*. A Revolving Credit Lender reasonably acceptable to the Borrower and the Revolving Agent may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Revolving Agent and such Revolving Credit Lender. The Revolving Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Letter of Credit Reporting*. On a monthly basis, each L/C Issuer shall deliver to the Revolving Agent a complete list of outstanding Letters of Credit issued by such L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Letters of Credit Issued for Subsidiaries*. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the L/C Issuers hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers' business derives substantial benefits from the businesses of such Subsidiaries.

Section 2.04. <u>[Reserved]</u> .

Section 2.05. <u>Prepayments</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. (i) The Borrowers may, upon written notice to the Applicable Agent by the Borrower, at any time or from time to time voluntarily prepay any Class or Classes of Term Loans and Revolving Loans of any Class or Classes in whole or in part without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>); *provided* that (1) such notice must be received by the Applicable Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) on the requested date of prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency Rate Loans shall be in a minimum principal amount of $1,000,000, or a whole multiple of $500,000 in excess thereof and (3) any prepayment of Base Rate Loans shall be in a minimum principal amount of $100,000, or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Applicable Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. If such notice is given by the Borrower, unless rescinded, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Loan (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, any notice of prepayment under <u>Section 2.05(a)(i)</u> may be conditional, extendable or revocable if such prepayment is conditioned upon a Refinancing of all or any portion of the applicable Class or occurrence of another event.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Voluntary prepayments of any Class of Term Loans permitted hereunder shall be applied to the remaining scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner determined at the discretion of the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in any Loan Document to the contrary, in addition to the terms set forth in <u>Sections 2.05(a)(i)</u> and <u>10.07</u>, so long as no Event of Default has occurred and is continuing, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdings or any of its Subsidiaries may purchase such outstanding Loans and contribute such Loans to the Borrower (which shall be automatically cancelled)) without premium or penalty on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the "**Discounted Term Loan Prepayment**"), in each case made in accordance with this <u>Section 2.05(a)(v)</u> and without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) Any Company Party may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with five Business Days' notice in the form of a Specified Discount Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the "**Specified Discount Prepayment Amount**") with respect to each applicable tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the "**Specified Discount**") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(B)</u>), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Specified Discount Prepayment Response Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount and, if so (such accepting Lender, a "**Discount Prepayment Accepting Lender**"), the amount and the tranches of such Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(B)</u> to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Term Loans specified in such Lender's Specified Discount Prepayment Response given pursuant to <u>clause (2)</u> above; *provided* that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "**Specified Discount Proration**"). The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) Any Company Party may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Discount Range Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "**Discount Range Prepayment Amount**"), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "**Discount Range**") of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(C)</u>), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded pursuant to <u>clause (iii)</u> above, each such solicitation by a Company Party shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range

------

Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Discount Range Prepayment Response Date**"). Each Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "**Submitted Discount**") at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender's Term Loans (the "**Submitted Amount**") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this <u>Section 2.05(a)(v)(C)</u>. The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "**Applicable Discount**") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following <u>clause (3)</u>) at the Applicable Discount (each such Term Lender, a "**Participating Lender**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender's Discount Range Prepayment Offer at the Applicable Discount; *provided* that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "**Identified Participating Lenders**") shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Discount Range Proration**"). The Auction Agent shall promptly, and in any case within five Business Days following the Discount Range Prepayment Response

------

Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (1) Any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Solicited Discounted Prepayment Notice (or such later notice specified therein); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate amount of the Term Loans (the "**Solicited Discounted Prepayment Amount**") and the tranche or tranches of Term Loans the applicable Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(D)</u>), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Term Lenders (the "**Solicited Discounted Prepayment Response Date**"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date and (z) specify both a discount to par (the "**Offered Discount**") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans (the "**Offered Amount**") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted

------

Prepayment Offers that is acceptable to the Company Party (the "**Acceptable Discount**"), if any. If the Company Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the fifth Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this <u>clause (2)</u> (the "**Acceptance Date**"), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within five Business Days after receipt of an Acceptance and Prepayment Notice (the "**Discounted Prepayment Determination Date**"), the Auction Agent will determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the "**Acceptable Prepayment Amount**") to be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this <u>Section 2.05(a)(v)(D)</u>. If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a "**Qualifying Lender**"). The Company Party will prepay outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(D)</u> to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; *provided* that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "**Identified Qualifying Lenders**") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Solicited Discount Proration**"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the tranches to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each

------

determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) In connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If any Term Loan is prepaid in accordance with <u>Sections 2.05(a)(v)(B)</u> through <u>2.05(a)(v)(D)</u> above, a Company Party shall prepay such Term Loans on the Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Applicable Agent's Office in immediately available funds not later than 11:00 a.m. on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans being prepaid as directed by the Borrower (and absent such direction, in direct order of maturity). The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)</u> shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this <u>Section 2.05(a)(v)</u>, each Lender participating in any prepayment described in this <u>Section 2.05(a)(v)</u> acknowledges and agrees that in connection therewith, (1) the Borrower or any Company Party then may have, and later may come into possession of, information regarding the Borrowers, the Sponsor, their respective affiliates not known to such Lender and that may be material to a decision by such Lender to participate in such prepayment (including Material Non-Public Information) ("**Excluded Information**"), (2) such Lender has independently, and without reliance on the Borrowers, any of their Subsidiaries, the Administrative Agent or any of their respective Affiliates, made its own analysis and determination to participate in such prepayment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrowers, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information and all parties to the relevant transactions shall render customary "big boy" disclaimer letters, (4) none of the Borrowers, their Subsidiaries, the Administrative Agent or any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrowers, their Subsidiaries, the Administrative Agent and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information, and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this <u>Section 2.05(a)(v)</u>, established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each of the Company Parties and the Term Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties under this <u>Section 2.05(a)(v)</u> by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this <u>Section 2.05(a)(v)</u> as well as activities of the Auction Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable, pursuant to this <u>Section 2.05(a)(v)</u> shall not constitute a Default or Event of Default under <u>Section 8.01</u> or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five Business Days after financial statements have been delivered pursuant to <u>Section 6.01(a)</u> and the related Compliance Certificate has been delivered pursuant to <u>Section 6.02(a)</u> (commencing with the fiscal year ending December 31, 2021), subject to <u>Section 2.05(b)(v)</u>, the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the Excess Cash Flow Period covered by such financial statements *minus*, without duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such Excess Cash Flow Period, (B) the sum of (1) all voluntary prepayments of Term Loans made during such Excess Cash Flow Period pursuant to <u>Section 2.05(a)(v)</u>, in an amount equal to the discounted amount actually paid in cash in respect of the principal amount of such Term Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (2) all other optional redemptions or voluntary prepayments of Term Loans and any other Pari Passu Secured Obligations, during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (3) all voluntary prepayments of Revolving Loans, Extended Revolving Loans and Refinancing Revolving Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, to the extent the Revolving Credit Commitments, Extended Revolving Credit Commitments, and/or Refinancing Revolving Credit Commitments, as the case may be, are permanently reduced by the amount of such payments and (4) the amount equal to all payments in cash paid by the Borrowers or any Subsidiary in connection with the buyback of Loans pursuant to <u>Section 10.07(l)</u>, in the case of each of the immediately preceding <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u>, to the extent such prepayments are not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness) of the Borrower and its Restricted Subsidiaries; *provided* that, to the extent any deduction is made pursuant to the foregoing <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u> after year-end and prior to when such Excess Cash Flow prepayment is due, such prepayment shall not be deducted with respect to the Excess

------

Cash Flow prepayment for the succeeding Excess Cash Flow Period; *provided*, *however*, the Borrowers shall not be obligated to make any prepayment otherwise required by this <u>Section 2.05(b)(i)</u> unless and until the aggregate amount of such prepayment for such Excess Cash Flow Period exceeds $1,000,000 for such Excess Cash Flow Period (and only amounts in excess of $1,000,000 for such Excess Cash Flow Period shall be required to be prepaid); *provided further* that if at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Excess Cash Flow, then the Borrowers may apply such Excess Cash Flow on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Excess Cash Flow allocated to the Other Applicable Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(i)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If (1) the Borrower or any Restricted Subsidiary of the Borrower Disposes of any property or assets pursuant to <u>Sections 7.05(j)</u>, <u>(k)</u> or <u>(m)</u> (solely to the extent set forth in the proviso thereof)), or (2) any Casualty Event occurs, which results in the receipt by the Borrower or any Restricted Subsidiary of Net Proceeds, subject to <u>Section 2.05(b)(vi)</u>, the Borrowers shall cause to be prepaid on or prior to the date which is 10 Business Days after the date of the receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds (or if the Borrower or any Restricted Subsidiary intends to reinvest such Net Proceeds within the Reinvestment Period or has entered into a binding commitment or binding letter of intent prior to the last day of the Reinvestment Period to reinvest, the last day of such Reinvestment Period), an aggregate principal amount of Term Loans in an amount equal to 100% of all such Net Proceeds; *provided* that, if the Borrower or its Restricted Subsidiaries use any portion of such proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets used or useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition permitted hereunder (or any subsequent investment made in a Person, division or line of business previously acquired) capital expenditure or capitalized software expenditures, in each case within 12 months of such receipt (or credited against any such usage consummated no more than 18 months prior to the applicable disposition), such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 12 months of such receipt, so used or contractually committed to be so used (or so credited with respect to any prior usage) (it being understood that if any portion of such proceeds are not so used within such 12-month period but within such 12-month period are contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used (or so credited with respect to any prior usage) within 18 months of such receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso (such period, the "**Reinvestment Period**")); *provided*, *further*, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless (y) such Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $2,500,000 and (z) the aggregate Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $5,000,000 in any fiscal year (and thereafter only Net Proceeds in excess of such individual and annual amounts shall constitute Net Proceeds under this <u>clause (a)</u>). If at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Net Proceeds of such Disposition or Casualty Event, then

------

the Borrowers may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(ii)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (A) not permitted to be incurred or issued pursuant to <u>Section 7.03</u> or (B) that is intended to constitute Replacement Term Loans or Credit Agreement Refinancing Indebtedness in respect of any Class of Terms Loans, Revolving Loans or Revolving Credit Commitments, the Borrowers shall cause to be prepaid an aggregate principal amount of such Term Loans (or, in the case of Credit Agreement Refinancing Indebtedness in respect of Revolving Loans or Revolving Credit Commitments, prepay such Revolving Loans and terminate such Revolving Credit Commitments) in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Proceeds plus any additional premium (if any) owing pursuant to <u>Section 2.05(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If for any reason the aggregate Outstanding Amount of Revolving Loans and L/C Obligations at any time exceeds the aggregate Revolving Credit Commitments then in effect, the Borrowers shall within two Business Days after receipt of written notice from the Revolving Agent or becoming aware of such excess prepay the Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; *provided* that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.05(b)(iv)</u> unless, after the prepayment in full of the Revolving Loans, such aggregate Outstanding Amount exceeds the aggregate Revolving Credit Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any Excess Cash Flow attributable to Foreign Subsidiaries ("**Foreign Subsidiary Excess Cash Flow**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the portion of such Foreign Subsidiary Excess Cash Flow that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any Foreign Subsidiary Excess Cash Flow could reasonably be expected to result in a tax liability (including any withholding tax) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower), the Borrower or any Subsidiary (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), an amount equal to such Foreign Subsidiary Excess Cash Flow that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>; *provided* that (A) for purposes

------

of this <u>Section 2.05</u>, Excess Cash Flow shall be deemed allocable to each Foreign Subsidiary, with respect to any Excess Cash Flow Period, in an amount equal to (i) the Consolidated EBITDA of such Foreign Subsidiary for such Excess Cash Flow Period, *divided* by (ii) the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period (it being understood and agreed for the avoidance of doubt that such allocation shall exclude any reduction from interest and principal payments in respect of the Obligations) and (B) the Borrower and its Restricted Subsidiaries shall be entitled to reduce Excess Cash Flow owed to the Lenders pursuant to <u>Section 2.05(b)(i)</u> in respect of any Excess Cash Flow Period by the aggregate amount of Excess Cash Flow attributable to Foreign Subsidiaries subject to the limitations and restrictions described above in this <u>Section 2.05(b)(v)</u> for such Excess Cash Flow Period. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary ("**Foreign Disposition**") or the Net Proceeds of any Casualty Event incurred by a Foreign Subsidiary ("**Foreign Casualty Event**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the Net Proceeds that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Disposition or Foreign Casualty Event could reasonably be expected to result in a tax liability (including any withholding tax)(other than a de minimis tax liability) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower) (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), the Borrower or any Restricted Subsidiary with respect to such Net Proceeds, an amount equal to such Net Proceeds that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as otherwise provided in any Refinancing Amendment, Extension Amendment or any Incremental Amendment or as otherwise provided herein, (A) each prepayment of Term Loans pursuant to this <u>Section 2.05(b)</u> shall be applied ratably to each Class of Term Loans then outstanding; *provided* that (x) any prepayment of Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt and (y) any prepayment of Term Loans with the Net Cash Proceeds of Replacement Term Loans shall be applied solely to each applicable Class of Refinanced Term Loans; (B) with respect to each Class of Term Loans, each prepayment pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> shall be applied to the scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner directed by the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity) and (C) each such prepayment shall be paid to the Lenders of each Class in accordance with their respective Pro Rata Shares of such prepayment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made by the Borrowers pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> not later than 11:00 a.m. at least three Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the aggregate amount of such prepayment required to be made by the Borrowers. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower's prepayment notice and of such Appropriate Lender's Pro Rata Share of the prepayment. Each Term Lender may reject all (but not less than all) of its Pro Rata Share of any mandatory prepayment (such declined amounts, the "**Declined Proceeds**") of Term Loans required to be made pursuant to <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section 2.05(b)</u> by providing written notice (each, a "**Rejection Notice**") to the Administrative Agent no later than 5:00 p.m. one Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment; *provided*, *however*, in no event may the proceeds of any Credit Agreement Refinancing Indebtedness be rejected. If a Term Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be retained by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest, Funding Losses, Etc*. All prepayments under this <u>Section 2.05</u> shall be without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>) and accompanied by all accrued interest thereon (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments), together with, in the case of any such prepayment of a Eurocurrency Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Eurocurrency Rate Loan pursuant to <u>Section 3.05</u>. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Call Protection*. Any prepayment of all or any portion of the Initial Term Loans or the Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of the Initial Term Loans or the Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs prior to the first anniversary of the Closing Date, (y) 1.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date and (z) 0.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the second anniversary of the Closing Date.

Notwithstanding any of the other provisions of this <u>Section 2.05</u>, so long as no Event of Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is required to be made under this <u>Section 2.05</u>, prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this <u>Section 2.05</u> in respect of any such Eurocurrency Rate Loan prior to the last day of the Interest Period therefor, the Borrowers may, in their sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the

------

last day of such Interest Period into a deposit account of the Borrower maintained with the Revolving Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with this <u>Section 2.05</u>. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this <u>Section 2.05</u>. Such deposit shall be deemed to be a prepayment of such Loans by the Borrowers for all purposes under this Agreement.

Section 2.06. <u>Termination or Reduction of Commitments</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. The Borrowers may, upon written notice to the Administrative Agent or the Revolving Agent, as applicable, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent or the Revolving Agent, as applicable, three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,500,000, or any whole multiple of $500,000 in excess thereof or, if less, the entire amount thereof, (iii) if, after giving effect to any reduction of the Revolving Credit Commitments or the Letter of Credit Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess and (iv) any termination or permanent reduction of any Revolving Credit Commitments pursuant to this <u>Section 2.06(a)</u> shall be applied as directed by the Borrowers, including as to any Class of Extended Revolving Credit Commitments or existing Revolving Credit Commitments (including any Refinancing Revolving Credit Commitments). Except as provided above, the amount of any such Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Borrowers. Notwithstanding the foregoing, any notice of termination of any Commitments may be conditional, extendable or revocable if such termination would result from a Refinancing of all or any portion of the applicable Class or occurrence of any other event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. The Initial Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by such Term Lender on the Closing Date. The Delayed Draw Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (x) the Delayed Draw Term Loan Commitment Termination Date and (y) the funding of the Delayed Draw Term Loans in an amount equal to the aggregate Delayed Draw Commitment. The Revolving Credit Commitments of each Revolving Credit Lender shall automatically and permanently terminate on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Application of Commitment Reductions; Payment of Fees*. The Revolving Agent will promptly notify the Revolving Credit Lenders of any termination or reduction of the Revolving Credit Commitments under this <u>Section 2.06</u>. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Revolving Credit Lender's Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced (other than the termination of the Revolving Credit Commitment of any Revolving Credit Lender as provided in <u>Section 3.07</u>). All Unused Revolver Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitments shall be paid to the Revolving Agent, for the benefit of the Revolving Credit Lenders, on the effective date of such termination.

------

Section 2.07. <u>Repayment of Loans</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2020, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Loans*. The Borrowers shall repay to the Revolving Agent for the ratable account of the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Loans under the Revolving Credit Facility outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable Delayed Draw Funding Date of such Delayed Draw Term Loans (each such day, a "**Delayed Draw Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date.

Section 2.08. <u>Interest</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 2.08(b)</u>, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period *plus* the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate *plus* the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default under <u>Section 8.01(a)</u> (with respect to principal, interest or fees) or non-payment after acceleration pursuant to <u>Section 8.01(f)</u>, the Borrowers shall pay interest on past due amounts (after giving effect to any applicable grace period) owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; *provided* that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon written demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

------

Section 2.09. <u>Fees</u> .

In addition to certain fees described in <u>Sections 2.03(h)</u> and <u>(i)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Unused Revolver Commitment Fee*. The Borrowers agree to pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, an unused commitment fee (the "Unused Revolver Commitment Fee") in an amount equal to the Applicable Rate (as set forth in clause (c) of such definition) *times* the actual daily amount by which the aggregate amount of the Revolving Credit Commitments exceeds the sum of the Outstanding Amount of Revolving Loans and the Outstanding Amount of L/C Obligations for each calendar quarter or portion thereof; *provided* that any Unused Revolver Commitment Fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Revolver Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Unused Revolver Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Unused Revolver Commitment Fee shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date for the Revolving Credit Facility. The Unused Revolver Commitment Fee shall be calculated quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Fees*. The Borrowers shall pay to the Agents and the Commitment Parties such fees as shall have been separately agreed upon in writing (including pursuant to the Commitment Letter and the Fee Letter) in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrowers and the applicable Agent or Commitment Party). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each Delayed Draw Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "Delayed Draw Term Loan Commitment Fee") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the Delayed Draw Commitments exceeds the sum of the Outstanding Amount of Delayed Draw Term Loans; *provided* that any Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Delayed Draw Term Loan Commitment Fee on the Delayed Draw Commitments shall accrue commencing on the ninetieth (90th) day following the Closing Date and at all times thereafter until the Delayed Draw Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Closing Date, and on the Delayed Draw Term Loan Commitment Termination Date. The Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears. 

Section 2.10. <u>Computation of Interest and Fees</u> .

All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate) shall be made on the basis of a year of 365 days, or 366 days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan

------

is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; *provided* that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.12(a)</u>, bear interest for one day. Each determination by the Administrative Agent or the Revolving Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 2.11. <u>Evidence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent or the Revolving Agent, as applicable, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrowers, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent or the Revolving Agent, as applicable, and each Lender shall be *prima facie* evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, in respect of such matters, the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent or the Revolving Agent, as applicable, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent or the Revolving Agent, as applicable) a Note payable to such Lender, which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section 2.11(a)</u>, each Appropriate Lender, the Revolving Agent and the Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Revolving Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Revolving Agent or the Administrative Agent, as applicable, and the accounts and records of any Lender in respect of such matters, the accounts and records of the Revolving Agent or the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entries made in good faith by the Administrative Agent and the Revolving Agent in the Register pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, and by each Lender in its account or accounts pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, shall be *prima facie* evidence of the amount of principal and interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent, the Revolving Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement and the other Loan Documents.

Section 2.12. <u>Payments Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided by <u>Section 3.01</u>, all payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense (other than payment in full), recoupment or setoff. All payments by the Borrowers hereunder shall be made to the Administrative Agent or the Revolving Agent, as applicable, for the account of the respective Lenders to which such payment is owed, at the Applicable Agent's Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the

------

date specified herein. Without limiting the generality of the foregoing, the Administrative Agent or the Revolving Agent, as applicable, may require that any payments due under this Agreement be made in the United States. The Administrative Agent or the Revolving Agent, as applicable, will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share provided for under this Agreement) of such payment in like funds as received by wire transfer to such Lender's applicable Lending Office. All payments received by the Administrative Agent or the Revolving Agent, as applicable, after 2:00 p.m. on any Business Day shall in each case be deemed received on the next succeeding Business Day (or, in the Administrative Agent's or the Revolving Agent's, as applicable, sole discretion, on the same Business Day) and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, if any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; *provided* that, if such extension would cause payment of interest on or principal of Eurocurrency Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower or any Lender has notified the Administrative Agent or the Revolving Agent, as applicable, prior to the date any payment is required to be made by it to the Administrative Agent or the Revolving Agent, as applicable, hereunder, that a Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent or the Revolving Agent, as applicable, may assume that such Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrowers failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent or the Revolving Agent, as applicable, the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to such Lender to the date such amount is repaid to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds at the applicable Overnight Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent or the Revolving Agent, as applicable, the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to the Borrowers to the date such amount is recovered by the Administrative Agent or the Revolving Agent, as applicable, (the "**Compensation Period**") at a rate per annum equal to the applicable Overnight Rate from time to time in effect. When such Lender makes payment to the Administrative Agent or the Revolving Agent, as applicable, (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender's Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent's or the Revolving Agent's, as applicable, demand therefor, the Administrative Agent or the Revolving Agent, as applicable, may make a demand therefor upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent or the Revolving Agent, as applicable, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent, the Revolving Agent or the Borrowers may have against any Lender as a result of any default by such Lender hereunder.

------

A written notice (including documentation reasonably supporting such request) of the Administrative Agent or the Revolving Agent, as applicable, to any Lender or the Borrowers with respect to any amount owing under this <u>Section 2.12(c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent or the Revolving Agent, as applicable, funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrowers by the Administrative Agent or the Revolving Agent, as applicable, because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent or the Revolving Agent, as applicable, shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever any payment received by the Administrative Agent or the Revolving Agent, as applicable, under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent or the Revolving Agent, as applicable, and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent or the Revolving Agent, as applicable, and applied by the Administrative Agent or the Revolving Agent, as applicable, and the Lenders in the order of priority set forth in <u>Section 8.03</u>. If the Administrative Agent or the Revolving Agent, as applicable, receives funds for application to the Secured Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent or the Revolving Agent, as applicable, may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender's Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Secured Obligations then owing to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amounts to be applied to the prepayment of Loans in connection with any mandatory prepayments by the Borrowers of the Term Loans pursuant to <u>Section 2.05(b)</u> shall be applied, as applicable, on a pro rata basis to the then outstanding Class of Term Loans being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or, after giving effect to the last paragraph of <u>Section 2.05</u>, Eurocurrency Rate Loans; *provided* that if no Lenders exercise the right to waive a given mandatory prepayment of the Term Loans pursuant to <u>Section 2.05(b)(viii)</u>, then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to reduce outstanding Base Rate Loans. Any amounts remaining after each such application shall be applied to prepay Eurocurrency Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to <u>Section 3.05</u>.

------

Section 2.13. <u>Sharing of Payments</u>.

If, other than as provided elsewhere herein, any Lender shall obtain payment in respect of any principal or interest on account of the Loans made by it, or the participations in L/C Obligations held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent or the Revolving Agent, as applicable, of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such sub-participations in the participations in L/C Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of any principal or interest on such Loans or such participations, as the case may be, pro rata with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For the avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers or application of funds pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder, (C) transactions in connection with an open market purchase or Dutch Auction contemplated hereunder, (D) in connection with a transaction pursuant to an Extension Amendment, Refinancing Amendment or Incremental Amendment or amendment in connection with Replacement Term Loans contemplated hereunder, (E) the application of Cash Collateral as provided herein (including the application of funds arising from the existence of a Defaulting Lender) or (F) non-pro rata payments and repayments permitted pursuant to <u>Section 2.16(b)</u>. The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this <u>Section 2.13</u> may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participations. The Administrative Agent and the Revolving Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section 2.13</u> and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section 2.13</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

Notwithstanding anything to the contrary contained in this <u>Section 2.13</u> or elsewhere in this Agreement, the Borrowers may extend the final maturity of Term Loans and/or Revolving Credit Commitments in connection with an Extension that is permitted under <u>Section 2.16</u> (each, an "**Extension Offer**") without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (i) shall constitute a payment or prepayment of any Term Loans or Revolving Loans, as applicable, for purposes of this <u>Section 2.13</u> or (ii) shall reduce the amount of any scheduled amortization payment due under <u>Section 2.07(a)</u>, except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement. Furthermore, the Borrowers may take all actions contemplated by <u>Section 2.16</u> in connection with any Extension (including modifying pricing, amortization and repayments or prepayments), and in each case such actions shall be permitted, and the differing payments contemplated therein shall be permitted without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement.

------

Section 2.14. <u>Incremental Credit Extensions; Increase in Revolving Credit Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Incremental Term Loan Commitments*. The Borrowers may at any time or from time to time after the Closing Date, by notice to the Administrative Agent and the Revolving Agent, as applicable (an "**Incremental Request**"), request (i) one or more new commitments which may be in the same Facility as any outstanding Term Loans (a "**Term Loan Increase**") or a new Class of term loans (including any delayed draw term loans) (collectively with any Term Loan Increase, the "**Incremental Term Loan Commitments**") in each case, under this Agreement, (ii) one or more new term loans (including any delayed draw term loans) in a separate facility from the Facilities and either unsecured or secured on a pari passu basis or a junior lien basis to the Facilities (the "**Other Commitments**" and the loans in respect thereof, the "**Other Term Loans**"), which shall be documented under another credit agreement, and/or (iii) one or more series of pari passu secured, junior lien secured or unsecured notes (the "**Other Notes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incremental Term Loans*. Any Incremental Term Loans to the extent effected through the establishment of one or more new delayed draw commitments or new Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Loan Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction (or waiver) of the terms and conditions in this <u>Section 2.14</u>, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrowers (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Loan Commitment and (ii) each Incremental Term Lender shall become a Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loans made pursuant thereto. For the avoidance of doubt, Incremental Term Loans having identical terms to any of the other Term Loans (other than OID and/or upfront fees) may be treated as the same Class as any of such Term Loans for all purposes herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Request*. Each Incremental Request from the Borrowers pursuant to this <u>Section 2.14</u> shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans, Other Term Loans or Other Notes. Incremental Term Loans, Other Term Loans and extensions of credit in respect of Other Notes will first be offered to the then-existing Term Lenders with respect to the Incremental Term Loans on a pro rata basis (but each existing Lender will not have an obligation to make any Incremental Term Loan Commitment or Other Commitment, or to extend credit in respect of any Other Term Loans or Other Notes) and, to the extent such existing Term Lenders have not agreed or declined to provide such Incremental Term Loan within five (5) Business Days following such offer on the terms specified by the Borrower or arranger of such Incremental Term Loan, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Term Lenders) (any such other bank or other financial institution that is not an Existing Lender being called an "**Additional Term Lender**") (each such existing Lender or Additional Term Lender providing such Incremental Term Loans, Other Term Loans or Other Notes an "**Incremental Term Lender**," and, collectively, the "**Incremental Term Lenders**"); *provided* that any Affiliated Lender providing an Incremental Term Loan Commitment shall be subject to the same restrictions set forth in <u>Section 10.07(k)</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Initial Term Loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effectiveness of Incremental Amendment*. The obtaining of Other Commitments, the making of Other Term Loans, the incurrence of Indebtedness in respect of Other Notes, the effectiveness of any Incremental Amendment, and the Incremental Term Loan Commitments thereunder, shall be subject to the satisfaction on the date of such Incremental Amendment (or, in the case of Other Commitments, Other Term Loans and Other Notes, on the date of the extension of such commitments or the incurrence or issuance of such Other Term Loans or Other Notes, as applicable) (the "**Incremental Facility Closing Date**") of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Incremental Term Loan Commitments, no Event of Default shall exist after giving effect to such Incremental Term Loan Commitments (or, in the case of Incremental Term Loan Commitments incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Incremental Term Loan Commitments become effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Incremental Term Loan Commitment shall be in an aggregate principal amount that is not less than $2,500,000 and shall be in an increment of $500,000 (*provided* that such amount may be less than $2,500,000 or $500,000, as applicable, if such amount represents all remaining availability under the limit set forth in <u>clause (iii)</u> below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of the Incremental Term Loans, the Other Term Loans and the Other Notes shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to clause (ii)(A) of the definition of "Permitted Ratio Debt" *plus* (B) such additional amount of Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (assuming for purposes of each of these calculations that any increase to the Revolving Credit Facility in accordance with Section 2.14(h) established on the same date as such Incremental Term Loan Commitment is drawn), after giving effect to any such incurrence or issuance and any transaction consummated in connection therewith on a Pro Forma Basis, and, in each case, with respect to any Incremental Term Loan Commitment established at such time, assuming a borrowing of the maximum amount of Incremental Term Loans, Other Term Loans and Other Notes available thereunder (*provided* that, at the option of the Borrower, any unfunded Incremental Term Loan Commitments may be tested on the date such Incremental Loans are incurred in lieu of testing on the date of establishment), and excluding the cash proceeds of any such Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes for the purposes of netting; *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness; *plus* (C) an amount equal to (x) the sum, without duplication, of all (i) voluntary prepayments and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt" and (ii) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt", (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long term Indebtedness (other than revolving Indebtedness) or (B) proceeds of

------

Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt") *minus* (y) the aggregate principal amount of the aggregate principal amount of all Indebtedness incurred in reliance on clause (ii)(C) of the definition of "Permitted Ratio Debt" (it being understood that (x) amounts under clause (B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (A) or (C), and amounts under clause (C) shall be deemed to have been used prior to utilization of amounts under clause (A), (y) Indebtedness may be incurred under clauses (A) and (B), (B) and (C) or (A), (B) and (C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (B) above and then calculating the incurrence under clause (A) and/or (C) and, for the avoidance of doubt, any such incurrence under clause (A) and/or (C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (A) or (C) as incurred pursuant to clause (B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (A) or (C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Required Terms*. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Loan Commitments of any Class, and of the Other Term Loans and the Other Notes, except as otherwise set forth herein, shall be as agreed between the Borrowers and the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments, Other Term Loans or Other Notes, as applicable; *provided* that , except with respect to AHYDO Payments, in no event will any Incremental Term Loans or Other Term Loans be permitted to be mandatorily prepaid prior to the repayment in full of the Initial Term Loans and Delayed Draw Term Loans, unless accompanied by at least a ratable payment of the Initial Term Loans and Delayed Draw Term Loans (and, for the avoidance of doubt, any Incremental Amendment may provide that the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments or such Other Notes, as applicable, shall receive a less than ratable payment). In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans, Other Term Loans and Other Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) with respect to Incremental Term Loans, Other Term Loans and Other Notes that are intended to be secured on a pari passu basis, such Incremental Term Loans, Other Term Loans and Other Notes shall (w) either constitute (I) Pari Passu Secured Obligations and be subject to either the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement or (II) "additional first lien debt" (or a comparable term) (as defined in any Junior Intercreditor Agreement) and be subject to a Junior Intercreditor Agreement, (x) shall not at any time be guaranteed by any Subsidiaries other than the Restricted Subsidiaries that are Guarantors, (y) to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment or other definitive documentation therefor, and (z) shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among the Lenders or the applicable Intercreditor Agreement; and (2) with respect to Other Term Loans and Other Notes that are unsecured or secured on a junior lien basis, shall not at any time be guaranteed by any Subsidiaries other than the Subsidiaries

------

that are Guarantors and, to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and shall not be entitled to participate in any mandatory prepayments of Term Loans hereunder other than to the same extent such participation is customarily available in junior secured loan facilities or note issuances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date, shall not mature earlier than the Latest Maturity Date of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except (x) in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date or (y) as may be required to achieve fungibility with any then-existing Term Loans to the extent intended to be fungible by the Borrowers and the Administrative Agent, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of then-existing Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other than with respect to Other Term Loans and Other Notes, shall have an Applicable Rate, and subject to <u>clauses (e)(i)(B)</u> and <u>(e)(i)(C)</u> above and <u>clause (e)(iii)</u> below, amortization determined by the Borrowers and the applicable Incremental Term Lenders or other Additional Term Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the amortization of Other Term Loans and Other Notes (subject to <u>clauses (B)</u> and <u>(C)</u> above) shall be determined by the Borrowers and the lenders or purchasers providing such Other Term Loans and Other Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Incremental Term Loans may be in the form of delayed draw term loans and, to the extent incurred pursuant to clause (d)(iii)(B) above, shall, unless the Borrower otherwise elects, be subject to the applicable incurrence test at funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to <u>Section 2.14(e)(i)(C)</u>, the amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans of each Class, and to each series of Other Term Loans and Other Notes, shall be determined by the Borrowers and the applicable Incremental Term Lenders and shall be set forth in each applicable Incremental Amendment and in the definitive documentation governing such Indebtedness; *provided*, *however*, that, with respect to any Incremental Term Loans, Other Term Loans or Other Notes made under Incremental Term Loan Commitments that are pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes as applicable, shall not be greater than the All-In Yield then applicable to the Initial Term Loans *plus* 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans and Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans and Delayed Draw Term Loans to equal the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes, as applicable, *minus* 50 basis points per annum.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Incremental Amendment*. Commitments in respect of Incremental Term Loans shall become Commitments under this Agreement pursuant to an amendment (an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Incremental Term Lender providing such Commitments, the Administrative Agent and the Collateral Agent (and the Administrative Agent shall execute such Incremental Amendment so long as the conditions to such Incremental Term Commitment in this Section 2.14 are satisfied), and as a condition precedent to each Incremental Amendment, each Incremental Term Lender shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date (or another equivalent agreement that establishes the senior priority in right of payment of the Revolving Loans to such Incremental Term Loans). The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this <u>Section 2.14</u>. The Borrowers will use the proceeds of the Incremental Term Loans as determined by the Borrowers and the Lenders providing such Incremental Term Loans. No Lender shall be obligated to provide any Incremental Term Loans unless it so agrees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Increase in Revolving Credit Facility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, at any time, request that the Maximum Revolving Credit Amount and the Revolving Credit Commitments be increased by (1) one or more of the current Revolving Credit Lenders increasing their Revolving Credit Commitment (any current Revolving Credit Lender which elects to increase its Revolving Credit Commitment shall be referred to as an "<u>Increasing Revolving Credit Lender</u>") or (2) one or more new financial institutions (each a "<u>New Revolving Credit Lender</u>") joining this Agreement and providing a Revolving Credit Commitment hereunder, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no current Revolving Credit Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Revolving Credit Lender shall be in the sole discretion of such current Revolving Credit Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such increase will first be offered to the then-existing Revolving Credit Lenders on a pro rata basis (but no existing Revolving Credit Lender will have an obligation to make any such increase) and, any increase in the Maximum Revolving Credit Amount to the extent such existing Revolving Credit Lenders have not agreed or declined to provide such increase within five (5) Business Days following the receipt of notice of the date of the proposed increase, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Revolving Credit Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) after giving effect to such increase, the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments shall not exceed $30,000,000;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Borrowers may not request an increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments under this <u>Section 2.14(h)</u> more than four (4) times prior to the Maturity Date, and no single such increase shall be for an amount less than $2,500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Borrowers shall deliver to Revolving Agent on or before the effective date of such increase the following documents, in each case in form and substance satisfactory to Revolving Agent: (A) a certificate dated as of the effective date of such increase certifying that (i) the increase in the Revolving Credit Commitment has been approved by the board of directors of each Borrower, (ii) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective), and (iii) all of the representations and warranties made by each Borrower herein are true and complete in all respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date), and (B) such other agreements, instruments and information (including supplements or modifications to this Agreement and/or the Loan Documents executed by Borrowers) as Revolving Agent reasonably deems necessary in order to document the increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments and to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents in light of such increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Borrowers shall execute and deliver (A) to each Increasing Revolving Credit Lender a replacement Revolving Credit Note reflecting the new amount of such Increasing Revolving Credit Lender's Revolving Credit Commitment Amount after giving effect to the increase (and the prior Revolving Credit Note issued to such Increasing Revolving Credit Lender shall be returned to the Borrower and canceled) and (B) to each New Revolving Credit Lender a Revolving Credit Note reflecting the amount of such New Revolving Credit Lender's Revolving Credit Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to the extent required by <u>Section 10.07</u>, any New Revolving Credit Lender shall be subject to the approval of Revolving Agent and each L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) each Increasing Revolving Credit Lender shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement, signed by it and each Borrower and delivered to Revolving Agent on or before the effective date of such increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) each New Revolving Credit Lender shall execute a lender joinder and assumption agreement in substantially the form of Exhibit M hereto pursuant to which such New Revolving Credit Lender shall join and become a party to this Agreement and the Loan Documents with a Revolving Credit Commitment as set forth in such joinder and assumption agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the effective date of such increase: (i) the Revolving Credit Commitment of each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall be recalculated such that each such Revolving Credit Lender's Revolving Credit Commitment is equal to (x) the Revolving Credit Commitment of such Revolving Credit Lender <u>divided by</u> (y) the aggregate of the Revolving Credit Commitments of all Revolving Credit Lenders; (ii) each Revolving Credit Lender shall participate in any new Revolving Loans made on or after such date in accordance with its Revolving Credit Commitment after giving effect to the increase in the aggregate Revolving Credit Commitments and recalculation of the Revolving Credit Commitment contemplated by this <u>Section 2.14(h)</u>; and (iii) each reference to the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments herein and in any of the Loan Documents shall be deemed amended to mean the amount of the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments as so increased pursuant to this <u>Section 2.14(h)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the effective date of such increase, each Increasing Revolving Credit Lender shall be deemed to have purchased an additional/increased participation in, and each New Revolving Credit Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder in an amount equal to such Revolving Credit Lender's Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above) of the L/C Obligations of each such Letter of Credit (as in effect from time to time). As necessary to effectuate the foregoing, each existing Revolving Credit Lender that is not an Increasing Revolving Credit Lender shall be deemed to have sold to each applicable Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as necessary, a portion of such existing Revolving Credit Lender's participations in such outstanding Letters of Credit and drawings such that, after giving effect to all such purchases and sales, each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) in accordance with their respective Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the effective date of such increase, Borrowers shall pay all costs and expenses incurred by each Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as applicable, and Revolving Agent (including, without limitation, the reasonable fees and expenses of counsel to Revolving Agent) in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Revolving Agent, Borrowers, such Increasing Revolving Credit Lender and/or such New Revolving Credit Lender in connection with, such increase (including all fees for any supplemental or additional public filings of any Loan Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Revolving Agent and Revolving Credit Lenders hereunder and under the Loan Documents in light of such increase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section 2.14</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.15. <u>Refinancing Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On one or more occasions after the Closing Date, the Borrowers may obtain, from any Lender or any Additional Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans or all (but not less than all) of the Revolving Loans and unused Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this <u>Section 2.15(a)</u> will be deemed to include any then outstanding Refinancing Term Loans or Incremental Term Loans), in the form of Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans pursuant to a Refinancing Amendment; *provided* that notwithstanding anything to the contrary in this <u>Section 2.15</u> or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect to Refinancing Revolving Credit Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be repaid (with respect to existing Revolving Loans) or replaced (with respect to existing Revolving Credit Commitments) in full, (2) subject to the provisions of <u>Section 2.03(m)</u> to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Credit Commitments with a longer maturity date, all Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Credit Commitments (and except as provided in <u>Section 2.03(m)</u>, without giving effect to changes thereto on an earlier maturity

------

date with respect to Letters of Credit theretofore incurred or issued), (3) assignments and participations of Refinancing Revolving Credit Commitments and Refinancing Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Loans and (4) each Additional Refinancing Lender that is or becomes a Lender under this Agreement shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date and all Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, receipt by the Administrative Agent or the Revolving Agent, as applicable of (i) customary legal opinions consistent with those delivered on the Closing Date (other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each issuance of Credit Agreement Refinancing Indebtedness under <u>Section 2.15(a)</u> shall be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and the fourth paragraph of <u>Section 10.01</u> and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.15</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Refinancing Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This <u>Section 2.15</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.16. <u>Extension of Term Loans; Extension of Revolving Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Extension of Term Loans*. The Borrowers may at any time and from time to time request that all or a portion of the Term Loans of a given Class (each, an "**Existing Term Loan Tranche**") be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended, "**Extended Term Loans**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a "**Term Loan Extension Request**") setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) (except as to interest rates, fees, amortization, final maturity date, AHYDO Payments, optional prepayments and redemptions, premium, required prepayment dates and participation in

------

prepayments, which shall be determined by the Borrowers and the Extending Term Lenders and set forth in the relevant Term Loan Extension Request), be substantially identical to, or (taken as a whole) not materially more favorable (as reasonably determined by the Borrowers) to the Extending Term Lenders than those applicable to the Existing Term Loan Tranche subject to such Term Loan Extension Request (except if the existing Lenders receive the benefit of such favorable terms or for covenants or other provisions applicable only to periods after the Latest Maturity Date), including: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; *provided*, *however*, that at no time shall there be Classes of Term Loans hereunder (including Refinancing Term Loans and Extended Term Loans) which have more than five different Maturity Dates; (ii) the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments with respect to the Extended Term Loans (whether in the form of interest rate margin, upfront fees, OID or otherwise) may be different than the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments for the Term Loans of such Existing Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Term Loans); and (iv) Extended Term Loans may have call protection as may be agreed by the Borrowers and the Lenders thereof; *provided*, *however*, that (A) in no event shall the final maturity date of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Term Loans hereunder, (B) the Weighted Average Life to Maturity of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of the applicable Existing Term Loan Tranche, (C) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect), (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing and (E) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans amended pursuant to any Term Loan Extension Request shall be designated a series (each, a "**Term Loan Extension Series**") of Extended Term Loans for all purposes of this Agreement; *provided* that any Extended Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each Term Loan Extension Series of Extended Term Loans incurred under this <u>Section 2.16</u> shall be in an aggregate principal amount that is not less than $10,000,000 (or, if less, the entire principal amount of the Indebtedness being extended pursuant to this <u>Section 2.16(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Extension of Revolving Credit Commitments*. The Borrowers may at any time and from time to time request that the Revolving Credit Commitments be amended to extend the Maturity Date with respect thereto (as so extended, "**Extended Revolving Credit Commitments**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Revolving Agent (who shall provide a copy of such notice to each of the Revolving Credit Lenders) (each, a "**Revolver Extension Request**") setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Revolving Credit Lender (including as to the proposed interest rates and fees payable) and offered pro rata to each Revolving Credit Lender and (y) the Extended Revolving Credit Commitment extended pursuant to a Revolver Extension Request, and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be) with such other terms as determined by the Borrower and the Extending Revolving Credit Lender agreeing to extend their Revolving Credit

------

Commitment and the Extension Amendment may provide for other covenants (as determined by the Borrowers and Revolving Credit Lenders); and (ii) all borrowings under the Revolving Credit Facility and all repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstandings), (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments and (III) repayments made in connection with a permanent repayment and termination of non-extended Revolving Credit Commitments); *provided*, *further*, that (A) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, (B) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect) and (C) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a "**Revolver Extension Series**") of Extended Revolving Credit Commitments for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Extension Request*. The Borrowers shall provide the applicable Extension Request at least five Business Days prior to the date on which the applicable existing Lenders are requested to respond (or such shorter period as agreed by the Administrative Agent or the Revolving Agent, as applicable), and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, in each case acting reasonably to accomplish the purposes of this <u>Section 2.16</u>. Subject to <u>Section 3.07</u>, no Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Extended Term Loans or any of its Revolving Credit Commitments amended into Extended Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an "**Extending Term Lender**") wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extended Term Loans and any Revolving Credit Lender (each, an "**Extending Revolving Credit Lender**") wishing to have its Revolving Credit Commitments subject to such Extension Request amended into Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent or the Revolving Agent, as applicable (each, an "**Extension Election**") on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, which it has elected to request be amended into Extended Term Loans or Extended Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent or the Revolving Agent, as applicable). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, in respect of which applicable Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extended Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent or the Revolving Agent, as applicable, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Extension Amendment*. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an amendment (each, an "**Extension Amendment**") to this Agreement among the Borrowers, the Administrative Agent or the Revolving Agent, as applicable, and each Extending Term Lender or Extending Revolving Credit Lender, as applicable, providing an Extended Term Loan or Extended Revolving Credit Commitment, as applicable, thereunder, which shall be consistent

------

with the provisions set forth in <u>Section 2.16(a)</u> or <u>2.16(b)</u> above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Extension Amendment shall be, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, subject to receipt by the Administrative Agent or the Revolving Agent, as applicable, of (i) customary legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable, and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. The Administrative Agent or the Revolving Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled repayments set forth in <u>Section 2.07</u> with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to <u>Section 2.07</u>), (iii) modify the prepayments set forth in <u>Section 2.05</u> to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.16</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Extension Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No conversion or extension of Loans or Commitments pursuant to any Extension in accordance with this <u>Section 2.16</u> shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. This <u>Section 2.16</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.17. <u>Defaulting Lenders</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Revolving Agent, as applicable, for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent or the Revolving Agent, as applicable, as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent or the Revolving Agent, as applicable, hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by that

------

Defaulting Lender to the L/C Issuers hereunder; <u>third</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, or requested by the applicable L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; <u>fourth</u>, as the Borrowers may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent or the Revolving Agent, as applicable; <u>fifth</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to be held in a non-interest bearing deposit account and released in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this Agreement and (y) be held as Cash Collateral for funding obligations of such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 2.03</u>; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the applicable L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.17(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees; Default Interest</u>. That Defaulting Lender (x) shall not be entitled to receive any Unused Revolver Commitment Fee or Delayed Draw Term Loan Commitment Fee pursuant to <u>Section 2.09(a)</u> or <u>(d)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender), (y) shall not be entitled to receive any interest at the Default Rate pursuant to <u>Section 2.08(b)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such interest that otherwise would have been required to have been paid to that Defaulting Lender) and (z) shall be limited in its right to receive Letter of Credit Fees as provided in <u>Section 2.03(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Pro Rata Share to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.03</u>, the "Pro Rata Share" of each Non- Defaulting Lender's Revolving Loans and L/C Obligations shall automatically be computed without giving effect to the Commitment of that Defaulting Lender; *provided* that (i) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that Non-Defaulting Lender *minus* (2) the aggregate Outstanding Amount of the Loans of that Lender and (ii) each reallocation shall be given effect only to the extent it does not cause the Revolving Credit Exposure of the applicable Lender to exceed its Revolving Credit Commitments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Defaulting Lender Cure*. If the Borrowers, the Revolving Agent and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Revolving Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Revolving Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to <u>Section 2.17(a)(iv)</u>), whereupon that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees, or interest at the Default Rate pursuant to <u>Section 2.08(b)</u>, accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; *provided*, *further*, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time that there shall exist a Defaulting Lender, promptly upon the written request of the Revolving Agent (with respect to any or all Fronting Exposure) or the L/C Issuer (solely with respect to such Person's Fronting Exposure at such time), the Borrowers shall deliver to the Revolving Agent Cash Collateral in an amount sufficient to cover all such Fronting Exposure that has not been reallocated pursuant to <u>Section 2.17(a)(iv)</u> (after giving effect to any Cash Collateral provided by the Defaulting Lender). For purposes hereof, "**Cash Collateralize**" means to pledge and deposit with or deliver to the Revolving Agent, for the benefit of the relevant L/C Issuer and the Appropriate Lenders, as collateral for the L/C Obligations, Cash and Cash Equivalents (if reasonably acceptable to the Revolving Agent and the relevant L/C Issuer) or deposit account balances ("**Cash Collateral**") pursuant to documentation in form and substance reasonably satisfactory to the Revolving Agent and the relevant L/C Issuer (which documents are hereby consented to by the Appropriate Lenders) in an amount equal to 100% of such L/C Obligations or such lesser amount as the Revolving Agent may agree in its sole discretion. Derivatives of such term have corresponding meanings.

Section 2.18. <u>Co-Borrowers; New Guarantors</u>.

To the extent additional Restricted Subsidiaries are designated as "Borrowers" or "Guarantors" after the Closing Date pursuant to the terms of <u>Section 2.18(g)</u> below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower and each Guarantor accepts joint and several liability hereunder in consideration of the financial accommodations to be provided by the Administrative Agent or the Revolving Agent, as applicable, the Lenders and the L/C Issuers under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and Guarantor and in consideration of the undertakings of each Borrower and Guarantor to accept joint and several liability for the obligations of each Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower and each Guarantor shall be jointly and severally liable for the Secured Obligations with each Borrower and with each Guarantor, regardless of which Borrower actually receives the Loans hereunder or the amount of the Secured Obligations received or the manner in which the Administrative Agent or the Revolving Agent, as applicable, or any Lender accounts for the Secured Obligations on its books and records. Each Borrower's obligations with respect to Loans made to it, and each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder, with respect to Loans or L/C Obligations made to and other Secured Obligations owing by the Borrowers and Guarantors hereunder, shall be separate and distinct obligations, but all such obligations shall be primary obligations of each Borrower and Guarantor.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower and Guarantor hereunder with respect to Loans made to, Letters of Credit issued on behalf of, and other Secured Obligations owing by the Borrowers and Guarantors hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (A) the validity or enforceability, avoidance or subordination of the obligations of any other Borrower or any Guarantor or of any promissory note or other document evidencing all or any part of the Secured Obligations of any other Borrower or any Guarantor, (B) the absence of any attempt to collect the Secured Obligations from any other Borrower, or Guarantor, any other guarantor, or any other security therefor, or the absence of any other action to enforce the same, (C) the waiver, consent, extension, forbearance or granting of any indulgence by any Agent or any Lender with respect to any provision of any instrument evidencing the obligations of any other Borrower or Guarantor, or any part thereof, or any other agreement now or hereafter executed by any other Borrower or any Guarantor and delivered to any Agent or any Lender, (D) the failure by any Agent or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the obligations of any other Borrower or any Guarantor, (E) any Agent's or any Lender's election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code of the United States, (F) any borrowing or grant of a security interest by any other Borrower or any Guarantor, as Debtor In Possession under Section 364 of the Bankruptcy Code of the United States, (G) the disallowance of all or any portion of any Agent's or any Lender's claim(s) for the repayment of the obligations of any other Borrower or any Guarantor under Section 502 of the Bankruptcy Code of the United States, or (H) any other circumstances which might constitute a legal or equitable discharge or defense of any other Borrower or any Guarantor. With respect to each Borrower's and each Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder with respect to Loans made to the Borrowers hereunder, such Borrower and Guarantor waives, until the Secured Obligations shall have been paid in full and this Agreement and the other Loan Documents shall have been terminated, any right to enforce any right of subrogation or any remedy which any Agent or any Lender now has or may hereafter have against such Borrower, any other Borrower or any Guarantor, and any benefit of, and any right to participate in, any security or collateral given to any Agent or any Lender to secure payment of the Secured Obligations or any other liability of any Borrower or any Guarantor to any Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuation of any Event of Default, the Agents and the Lenders may proceed directly and at once, without notice, against any Borrower or Guarantor to collect and recover the full amount, or any portion of the Secured Obligations, without first proceeding against any other Borrower, any Guarantor or any other Person, or against any security or collateral for the Secured Obligations. Each Borrower and Guarantor consents and agrees that the Agents and the Lenders shall be under no obligation to marshal any assets in favor of such Borrower, any other Borrower or any Guarantor or against or in payment of any or all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Borrower hereby irrevocably appoints TCFI as the borrowing agent and attorney-in-fact for the Borrowers, which appointment shall remain in full force and effect unless and until the Administrative Agent and the Revolving Agent shall have received prior written notice signed by all of the Borrowers that such appointment has been revoked and that another Borrower has been appointed in the place of TCFI. Each Borrower hereby irrevocably appoints and authorizes TCFI (i) to provide to the Administrative Agent and the Revolving Agent, and receive from the Administrative Agent and the Revolving Agent, all notices with respect to Loans obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and the other Loan Documents and (ii) to take such action as TCFI deems appropriate on its behalf to obtain Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the

------

Collateral of the Loan Parties and Guarantors in a combined fashion, as more fully set forth herein and in the Collateral Documents, is done solely as an accommodation to the Borrowers and Guarantors in order to utilize the collective borrowing powers of the Borrowers in the most efficient and economical manner and at their request, and that neither the Agents nor the Lenders shall incur liability to any Loan Party or Guarantors as a result hereof. Each of the Borrowers and Guarantors expects to derive benefit, directly or indirectly, from the handling of the Collateral in a combined fashion since the successful operation of each Borrower and Guarantor is dependent on the continued successful performance of the integrated group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Borrower or Guarantor hereunder would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability hereunder, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Borrower, any Loan Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After the Closing Date, TCFI may, at any time and from time to time, designate any Restricted Subsidiary that is a Domestic Subsidiary as a Borrower or a Guarantor by delivery to the Administrative Agent and the Revolving Agent of a Borrower Joinder Agreement or Guarantor Joinder Agreement executed by such Subsidiary and TCFI, together with other documentation and other information with respect to such additional Borrower or Guarantor required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act requested by any Agent or any Lender (and to the extent not theretofore delivered on the Closing Date or otherwise), and upon such delivery and satisfaction, such Subsidiary shall for all purposes of this Agreement and the other Loan Documents be a Borrower or Guarantor and a party to this Agreement. As soon as practicable upon receipt of a Borrower Joinder Agreement or Guarantor Joinder Agreement, as applicable, the Administrative Agent or the Revolving Agent, as applicable, shall furnish a copy thereof to each Appropriate Lender.

**ARTICLE III.** 

**<u>TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</u>**

Section 3.01. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section 3.01</u>, any and all payments made by or on account of a Borrower (the term Borrower under <u>Article III</u> being deemed to include any Subsidiary for whose account a Letter of Credit is issued) or Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes. If a Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to any Recipient, (i) if the Tax in question is an Indemnified Tax or Other Tax, the sum payable by a Borrower or any Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this <u>Section 3.01</u>), each such Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall be entitled to make such deductions or withholdings, (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment (or, if receipts or evidence are not available within 30 days, as soon as practicable thereafter), if a Borrower or any Guarantor is the applicable withholding agent, it shall furnish to such Recipient (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Recipient.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay, or timely reimburse any Agent or any Lender at its option with respect to, any and all present or future stamp, court or documentary Taxes and any other excise, property, intangible or mortgage recording Taxes, imposed by any Governmental Authority, which arise from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document excluding, in each case, any such Tax imposed as a result of a Recipient's Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (other than as a result of an assignment or participation that is requested or required in writing by the Borrower pursuant to <u>Section 3.07</u>) (all Taxes described in this <u>Section 3.01(b)</u> being hereinafter referred to as "**Other Taxes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication of any obligation under <u>Section 3.01(a)</u> or <u>(b)</u>, each Borrower and each Guarantor agree to indemnify each Recipient for (i) the full amount of Indemnified Taxes and Other Taxes payable by such Recipient and (ii) any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the Governmental Authority; *provided* that any Recipient seeking indemnification pursuant to this <u>Section 3.01(c)</u> provides the Borrower the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to the Borrower. A certificate as to the amount of such payment or liability prepared in good faith and delivered by such Recipient (or by an Agent on behalf of such Recipient), accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Recipient shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by Law or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Recipient to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Recipient under the Loan Documents. Each such Recipient shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly and on or before the date such documentation expires, becomes obsolete or inaccurate to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other provision of this <u>Section 3.01(d)</u>, a Recipient shall not be required to deliver any form or other documentation pursuant to this <u>Section 3.01(d)</u> that would in such Recipient's reasonable judgment subject such Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Recipient. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the reasonably request of the Borrower or the Administrative Agent) two properly completed and duly signed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from federal backup withholding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A) a certificate substantially in the form of <u>Exhibit H-1</u> hereto that such Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (any such certificate in Exhibit H, a "**United States Tax Compliance Certificate**") and (B) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or has sold a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, Form W-8BEN, Form W-8BEN-E, a United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-3</u> or <u>H-4</u>, Form W-9 or any other required information from each beneficial owner, as applicable (*provided* that, if the Lender is a partnership and one or more beneficial owners of such Lender are claiming the portfolio interest exemption, the United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-2</u> may be provided by such Lender on behalf of such beneficial owner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Agent that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-9, certifying that such Agent is exempt from federal backup withholding. Each Agent that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI or Form W-8BEN-E with respect to payments received by it as a beneficial owner and, two executed copies of Internal Revenue Form W-8IMY (together with accompanying documentation) with respect to

------

payments received by it on behalf of others, certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a United States person with respect to such payments (and the Borrower and such Agent agree to so treat such Agent as a United States person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a payment made to a Recipient under any Loan Document would be subject to withholding tax imposed under FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Laws and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Recipient has or has not complied with such Person's obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section 3.01(e)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Recipient claiming any additional amounts payable pursuant to this <u>Section 3.01</u> shall use its reasonable efforts to mitigate or reduce the additional amounts payable, which reasonable efforts may include a change in the jurisdiction of its Lending Office or assignment of its rights and obligations hereunder to another of its offices, branches, or affiliates (or any other measures reasonably requested by the Borrower) if such a change or other measures would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole determination of such Recipient, result in any unreimbursed cost or expense or be otherwise disadvantageous to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund in respect of any Taxes as to which indemnification or additional amounts have been paid to it by a Loan Party pursuant to this <u>Section 3.01</u>, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by the Loan Party under this <u>Section 3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Recipient, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund net of any Taxes payable by any Agent or Lender on such interest); *provided* that the Loan Parties, upon the request of the Recipient, agree promptly to return such refund (*plus* any penalties, interest or other charges imposed by the relevant taxing authority) to such Recipient in the event such Recipient is required to repay such refund to the relevant taxing authority; *provided, further,* that in no event will any Recipient be required to pay any amount to a Loan Party pursuant to this paragraph (g) the payment of which would place such Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>Section 3.01(g)</u> shall not be construed to require any Recipient to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other person.

------

Section 3.02. <u>Illegality</u>.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans, or to determine or charge interest rates based upon the Eurocurrency Rate, in each case after the Closing Date, then, on written notice thereof by such Lender to the Borrower, the Administrative Agent and the Revolving Agent, if applicable, any obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower , and the Revolving Agent, if applicable, that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall promptly, following written demand from such Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable, prepay or, if applicable, and such Loans are denominated in Dollars, convert all applicable Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under <u>Section 3.05</u>. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

Section 3.03. <u>Inability to Determine Rates</u>.

If, after the Closing Date, either (a) the Required Lenders determine or the Administrative Agent or the Revolving Agent reasonably determines in good faith that for any reason adequate and reasonable means do not exist for determining the applicable Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or that deposits in the applicable currency in which such proposed Eurocurrency Rate Loan is to be denominated are not being offered to banks in the applicable offshore interbank market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan in the applicable currency or (b) the Required Lenders determine that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that Dollar deposits are not being offered to banks in the London interbank eurodollar, or other applicable, market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan, the Administrative Agent or the Revolving Agent will promptly so notify the Borrower and each Lender in writing. Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies shall be suspended until the Administrative Agent or the Revolving Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of such Eurocurrency Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request, if applicable, into a request for a Borrowing of Base Rate Loans in the amount specified therein.

Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent or the Revolving Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrowers) and the Revolving Agent, if applicable, that the Borrowers or Required Lenders (as applicable) have determined, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of the LIBOR screen rate or a Governmental Authority having jurisdiction over the Administrative Agent or the Revolving Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR screen rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the "**Scheduled Unavailability Date**"), or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) syndicated loans currently being executed, or that include language similar to that contained in this <u>Section 3.03</u>, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

then, reasonably promptly after such determination by the Administrative Agent or the Revolving Agent or receipt by the Administrative Agent or the Revolving Agent of such notice, as applicable, the Administrative Agent or the Revolving Agent, as applicable, the Required Lenders and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a "**LIBOR Successor Rate**"), together with any proposed LIBOR Successor Rate Conforming Changes (as defined in <u>Section 1.01</u>).

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

Notwithstanding anything else herein, any definition of Eurocurrency Rate shall provide that in no event shall such Eurocurrency Rate be less than 1.00% for purposes of this Agreement.

Section 3.04. <u>Increased Cost and Reduced Return; Capital Adequacy; Eurocurrency Rate Loan Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender reasonably determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each case after the Closing Date, or such Lender's compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Eurocurrency Rate Loans or (as the case may be) issuing or participating in Letters of Credit, a reduction in the amount received or receivable by such Lender in connection with any of the foregoing, or subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (excluding for purposes of this <u>Section 3.04(a)</u> any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes, (ii) any Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, (iii) Connection Income Taxes or (iv) reserve requirements contemplated by <u>Section 3.04(c)</u>) and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining the Eurocurrency Rate Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of any sum received or receivable by such Lender, then from time to time within 15 Business Days after written demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer

------

Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender reasonably determines that the introduction of any Law regarding capital adequacy or liquidity requirements or any change therein or in the interpretation thereof, in each case after the Closing Date, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender's obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender's desired return on capital), then from time to time promptly following written demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction within 15 Business Days after receipt of such demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent not otherwise included in the determination of the Eurocurrency Rate, each Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount of each applicable Eurocurrency Rate Loan of such Borrower equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of any Eurocurrency Rate Loans of such Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest is payable on such Loan; *provided* that such Borrower shall have received at least 15 Business Days' prior written notice (with a copy to the Administrative Agent and the Revolving Agent, if applicable) of such additional interest or cost from such Lender. If a Lender fails to give notice 15 Business Days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable 15 Business Days from receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section 3.04</u> shall not constitute a waiver of such Lender's right to demand such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender requests compensation under this <u>Section 3.04</u>, then such Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan or Letter of Credit affected by such event or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates; *provided* that such efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; *provided*, *further*, that nothing in this <u>Section 3.04(e)</u> shall affect or postpone any of the Secured Obligations of the Borrowers or the rights of such Lender pursuant to <u>Section 3.04(a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u>.

Section 3.05. <u>Funding Losses</u>.

Promptly following written demand of any Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (excluding loss of profits) actually incurred by it as a result of:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan of such Borrower on a day other than the last day of the Interest Period for such Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Eurocurrency Rate Loan of such Borrower on the date or in the amount notified by such Borrower;

including, in the case of clauses <u>(a)</u> and <u>(b)</u>, any loss or expense (excluding loss of profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

Section 3.06. <u>Matters Applicable to All Requests for Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Recipient claiming compensation under this <u>Article III</u> shall deliver a certificate to the Borrower (with a copy to the Administrative Agent and the Revolving Agent, if applicable) setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Recipient may use any reasonable and customary averaging and attribution methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Recipient's claim for compensation under <u>Section 3.01</u>, <u>3.02</u>, <u>3.03</u>, <u>3.04</u> or <u>3.05</u>, the Borrowers shall not be required to compensate such Recipient for any amount incurred if such Lender notifies the Borrower of the event that gives rise to such claim more than 180 days after such event; *provided*, that if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Recipient requests compensation by the Borrowers under <u>Section 3.04</u>, the Borrowers may, by notice to such Recipient (with a copy to the Administrative Agent and the Revolving Agent, if applicable), suspend the obligation of such Recipient to make or continue from one Interest Period to another applicable Eurocurrency Rate Loan, or, if applicable, to convert Base Rate Loans into Eurocurrency Rate Loan, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of <u>Section 3.06(c)</u> shall be applicable); *provided* that such suspension shall not affect the right of such Recipient to receive the compensation so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the obligation of any Lender to make or continue any Eurocurrency Rate Loan, or to convert Base Rate Loans into Eurocurrency Rate Loans shall be suspended pursuant to <u>Section 3.06(b)</u> hereof, such Lender's applicable Eurocurrency Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day(s) of the then current Interest Period(s) for such Eurocurrency Rate Loans (or, in the case of an immediate conversion required by <u>Section 3.02</u>, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to such conversion no longer exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such Lender's Eurocurrency Rate Loans have been so converted, all payments and prepayments of principal that would otherwise be applied to such Lender's applicable Eurocurrency Rate Loans shall be applied instead to its Base Rate Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted into Eurocurrency Rate Loans shall remain as Base Rate Loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender gives notice to the Borrowers (with a copy to the Administrative Agent and the Revolving Agent, if applicable) that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to the conversion of any of such Lender's Eurocurrency Rate Loans pursuant to this <u>Section 3.06</u> no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such Lender's Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency Rate Loans under such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments for the applicable Facility.

Section 3.07. <u>Replacement of Lenders under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time (i) any Borrower becomes obligated to pay additional amounts or indemnity payments described in <u>Section 3.01</u> or <u>3.04</u> as a result of any condition described in such Sections or any Lender ceases to make any Eurocurrency Rate Loans as a result of any condition described in <u>Section 3.02</u> or <u>3.04</u> or requires any Borrower to pay additional amounts as a result thereof, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender (including by virtue of such Lender refusing to make an Extension Election pursuant to <u>Section 2.16</u>, a Refinancing Amendment pursuant to <u>Section 2.15</u> or a Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan pursuant to <u>Section 10.01</u>), then the Borrower may, on written notice to the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to <u>Section 10.07(b)</u> (so long as the assignment fee is paid in such instance) all of its rights and obligations under this Agreement (which, in the case of <u>clause (iii)</u>, shall only apply in respect of any applicable Facility to which the consent, waiver or amendment in question relates and not to any other Facility hereunder) to one or more Eligible Assignees; *provided* that neither the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; *provided*, *further*, that (A) in the case of any such assignment resulting from a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents, (y) terminate the Commitment of such Lender or L/C Issuer, as the case may be, and/or (z) in the case of such Lender (other than an L/C Issuer), repay all Obligations of the Borrowers due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of an L/C Issuer, repay all Obligations of the Borrowers owing to such L/C Issuer relating to the Loans and participations held by such L/C Issuer as of such termination date and cancel or back-stop on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; *provided* that (I) in the case of any such termination of the Revolving Credit Commitment of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders after giving effect hereto) to cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and (II) such termination shall be in respect of any applicable facility (and not all Facilities hereunder).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender being replaced pursuant to <u>Section 3.07(a)</u> above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's applicable Commitment and outstanding Loans and participations in L/C Obligations in respect thereof, and (ii) deliver any Notes evidencing such Loans to the Borrowers or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans). Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitment and outstanding Loans and participations in L/C Obligations, (B) all obligations of the Borrowers owing to the assigning Lender relating to the Loans, Commitments and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Lender does not execute and deliver to the Administrative Agent and the Revolving Agent, if applicable, a duly executed Assignment and Assumption reflecting such replacement within five Business Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to such Lender, then such Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Lender. Notwithstanding the foregoing, in addition if a Non-Consenting Lender is being replaced in connection with any Extension Amendment, Refinancing Amendment, Permitted Repricing Amendment or amendment effecting a Replacement Term Loan, the Borrower shall have the option, with the consent of the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and subject to advance notice (which notice may be rescinded if the Refinancing or replacement transaction contemplated in such notice is not consummated) to such Non-Consenting Lenders, in lieu of execution of an Assignment and Assumption as otherwise provided for in this clause (b), effect such assignment by purchasing any such Non-Consenting Lender's Loans (which shall be automatically cancelled upon consummation of such acquisition) and unfunded Commitments at par plus any amount required to be paid pursuant to <u>Section 2.05(d)</u> (solely for failure to consent to a Repricing Transaction) (allocated among the applicable Lenders in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon (and, if applicable, any amounts payable pursuant to clause (e) of this Section). By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained above, any Revolving Credit Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder, unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a back-stop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or Cash Collateral) have been made in respect of such outstanding Letters of Credit and the Lender that acts as the Revolving Agent may not be replaced hereunder except in accordance with the terms of <u>Section 9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that (i) the Borrower or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan, (ii) the consent, waiver or amendment in question requires the agreement of each affected Lender or each Lender of a Class in accordance with the terms of <u>Section 10.01</u> or each directly and adversely affected Lender and (iii) the Required Lenders (or, in lieu of the Required Lenders, in the case of a consent, waiver or amendment involving all of a directly and adversely

------

affected Class of Lenders (including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan), at least 50.1% (in dollar amount) of such Class (in lieu of any requirement to obtain the consent of the Required Lenders)) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> above the Borrower shall pay to such replaced Lender the prepayment premium required to be paid pursuant to <u>Section 2.05(d)</u> only if applicable at the time replaced in respect of the aggregate principal amount of the Initial Term Loans and Delayed Draw Term Loans held by such replaced Lender immediately prior to such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This <u>Section 3.07</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 3.08. <u>Survival</u>.

Each party's obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments and repayment of all other Secured Obligations hereunder.

**ARTICLE IV.** 

**<u>CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</u>**

Section 4.01. <u>Conditions to Initial Credit Extension</u>.

The obligation of each Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction (or waiver) of the following conditions precedent, except as otherwise agreed between the Borrower and the Commitment Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent's receipt of the following, each of which shall be original, pdf or facsimile copies or delivered by other electronic method (followed promptly by originals) unless otherwise specified, properly executed by a Responsible Officer of the signing Loan Party, and in customary form and substance and consistent with the provisions of the Commitment Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Committed Loan Notice in accordance with the requirements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) counterparts of this Agreement executed by Holdings, the Borrower and each of the Subsidiary Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Revolving Credit Note executed by the Borrowers in favor of each Revolving Credit Lender and a Term Note executed by the Borrowers in favor of each Term Lender that has requested a Term Note at least three Business Days in advance of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Collateral Document and each other document set forth in <u>Schedule 1.01B</u> required to be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party party thereto, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if required pursuant to the terms of the relevant Collateral Documents, certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments, if any, evidencing the Pledged Debt indorsed in blank; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of good standing (to the extent such concept exists in the relevant jurisdiction) from the applicable secretary of state of the state of organization of each Loan Party, certificates of resolutions or other corporate or limited liability company action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) opinions from (A) Kirkland & Ellis LLP, New York counsel to the Loan Parties, (B) Holland & Knight LLP, North Carolina and Florida counsel to the Loan Parties and (C) Ballard Spahr LLP, Maryland counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (immediately after giving effect to the Transactions) substantially in the form attached hereto as <u>Exhibit D-2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate stating that the conditions set forth in Section 4.01 (b), and (g) (in the case of clause (g), as to the Specified Representations) have been satisfied.

*provided* that each of the requirements set forth in <u>clause (iv)</u> above, including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement (except to the extent that the provision of a guarantee from TCFI or any of its Subsidiaries and/or the creation or perfection of a Lien on the Collateral cannot be provided (other than a Lien on such Collateral that may be perfected solely (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates or other certificates, if any, of the Equity Interests of the Borrower to the extent (i) possession of such stock certificates or other certificates perfects a security interest therein and (ii) other than in the case of stock certificates or other equity certificates representing Equity Interests of the Borrower (after giving effect to the Acquisition), such stock certificates or other certificates have been received from the Seller after the Borrower's use of commercially reasonable efforts to receive such documents and instruments)) shall not constitute conditions precedent to any Credit Extension on the Closing Date after the Borrower's use of commercially reasonable efforts to provide such items on or prior to the Closing Date or without undue burden or expense if the Borrower agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within five (5) Business Days with regards to a guarantee from TCFI or its Subsidiaries, and, in all other cases 90 days after the Closing Date (subject to extensions approved by the Required Lenders in their reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to or substantially concurrently with the initial Borrowing on the Closing Date, the Initial Borrower shall have received the Equity Contribution (to the extent not otherwise applied to the Transactions).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Substantially concurrently with the initial Borrowing on the Closing Date, the Refinancing shall have been consummated and all security interests and guarantees in connection therewith shall have been terminated and released. Substantially concurrently with the initial Borrowing on the Closing Date, the Acquisition shall be consummated in all material respects in accordance with the terms of the Purchase Agreement, without giving effect to any other amendments or modifications to the provisions thereof or express waivers or consents thereto by the Borrower that, in each case, are materially adverse to the interests of the Lenders without the consent of the Lenders, such consent not to be unreasonably withheld, conditioned or delayed (it being understood and agreed that (i) any of the following decreases in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders (x) decreases pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement, as in effect on the date hereof (y) decreases of less than twenty percent (20%) in the aggregate and (z) decreases to the extent they are applied first, to reduce the Equity Contribution to a percentage not less than the minimum percentage set forth in the definition of "Equity Contribution" and second, to reduce the amount of the Initial Term Commitments and the Equity Contribution on a pro rata basis, (ii) any increase in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders so long as funded with proceeds of common equity or preferred equity that does not constitute Disqualified Equity Interests, the Initial Revolving Borrowing or cash on hand at TCFI and its Subsidiaries and (iii) any adverse modification to the definition of "Material Adverse Effect" (as defined therein) without the prior written consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned) shall be deemed to be materially adverse to the interests of the Commitment Parties); provided that in each case the Commitment Parties shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within 3 business days of receipt of written notice of such modification, amendment, consent or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of the Purchase Agreement, there shall not have been any "Material Adverse Effect" (as defined in the Purchase Agreement as of February 18, 2020).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) So long as requested at least ten (10) business days prior to the Closing Date, (x) each Agent and each Lender shall have received, at least three (3) business days prior to the Closing Date, all documentation and other information with respect to Borrowers and the Guarantors that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and (y) each Loan Party shall deliver, at least three (3) business days prior to the Closing Date, to each Agent and each Commitment Party a Beneficial Ownership Certification, in form and substance reasonably requested by such Commitment Party, duly authorized, executed and delivered by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All fees and expenses required to be paid hereunder and invoiced at least three Business Days before the Closing Date shall have been paid (or shall be paid substantially contemporaneously with the initial fundings under the Facilities) from the proceeds of the initial fundings under the Facilities, including fees pursuant to the Commitment Letter and the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Specified Representations shall be true and correct in all material respects (or, in the case of any such representation or warranty that is already qualified by or subject to a "Material Adverse Effect" or similar term or qualification, in all respects) on and as of the Closing Date; *provided* that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; *provided, further*, that any references to Material Adverse Effect in the Specified Representations shall be deemed to be references to "Material Adverse Effect" (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The representations and warranties made by or with respect to TCFI in the Purchase Agreement that are material to the interests of the Lenders shall be true and correct in all material respects, but only to the extent that the Borrower or its applicable affiliates have the right (determined without regard to any notice provisions but taking into account any applicable cure provisions) to terminate their obligations under the Purchase Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties (such representations and warranties, the "<u>Specified Purchase Agreement Representations</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent and the Revolving Agent shall have received the Annual Financial Statements and the Interim Financial Statements.

Without limiting the generality of the provisions of <u>Section 9.03(b)</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement or accepts an assignment of Loans or Commitments on or after the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent or the Revolving Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 4.02. <u>Conditions to All Credit Extensions after the Closing Date</u>.

The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to satisfaction or waiver of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of each Loan Party set forth in <u>Article V</u> and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; <u>provided</u>, that in the case of a Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, the condition in this 4.02(a) shall be limited to the Specified Representations being true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such Specified Representations expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom (or, in the case of any Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Delayed Draw Term Loans are actually funded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent or the Revolving Agent, as applicable, and, if applicable, the relevant L/C Issuers shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) submitted by any Borrower after the Closing Date shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension (or on the LCT Test Date, if applicable).

Notwithstanding anything in this <u>Section 4.02</u> to the contrary, (i) the effectiveness of any Incremental Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.14(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Incremental Amendment, (ii) the effectiveness of any Refinancing Amendment shall be subject only to the

------

conditions precedent set forth in <u>Section 2.15(b)</u> and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment, (iii) the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.16(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Extension Amendment and (iv) the effectiveness of any amendment with respect to Replacement Term Loans shall be subject only to the conditions precedent set forth in <u>Section 4.02(a)</u>, the absence of any Event of Default and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment.

Section 4.03. <u>Additional Conditions to the Delayed Draw Term Loans</u>.

The obligation of each Delayed Draw Lender to honor any Request for Credit Extension that is a Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such Delayed Draw Term Loans being requested to be borrowed on any Delayed Draw Funding Date, together with the original principal amount of any Delayed Draw Term Loans previously funded, shall not exceed the Delayed Draw Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.00 to 1.00 for any Delayed Draw Term Loan incurred during the first full four Fiscal Quarters after the Closing Date and 4.50 to 1.00 on any date of incurrence thereafter.

**ARTICLE V.** 

**<u>REPRESENTATIONS AND WARRANTIES</u>**

Holdings, the Borrower and each of the Subsidiary Guarantors party hereto represent and warrant to the Agents and the Lenders at the time of each Credit Extension (to the extent required to be made for such Credit Extension pursuant to <u>Article IV</u>; *provided* that, for purposes of the initial Credit Extensions on the Closing Date, such representations and warranties shall be limited to the Specified Representations) that:

Section 5.01. <u>Existence, Qualification and Power; Compliance with Laws</u>.

Each Loan Party and each Restricted Subsidiary that is a Material Subsidiary (a) is a Person duly incorporated, organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, organization or formation to the extent such concept exists in such jurisdiction, (b) in the case of the Loan Parties, has all requisite organizational power and authority to execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case, referred to in <u>clauses (a)</u> (other than with respect to the Borrower), <u>(c)</u>, <u>(d)</u> or <u>(e)</u>, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

------

Section 5.02. <u>Authorization; No Contravention</u>.

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such Person's Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by <u>Section 7.01</u>), or require any payment to be made under) (x) any Contractual Obligation to which such Person is a party or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; except with respect to any violation, conflict, breach or contravention or payment (but not creation of Liens) referred to in <u>clauses (ii)</u> and <u>(iii)</u>, to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

Section 5.03. <u>Governmental Authorization</u>.

No material approval, consent, exemption, authorization, or other action by, notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, the perfection (if and to the extent required by the Collateral and Guarantee Requirement) or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) approval, consent, exemption, authorization, or other action by, or notice to, or filing necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (or release existing Liens) under applicable U.S. law, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in be in full force and effect pursuant to the Collateral and Guarantee Requirement), (iii) filings pursuant to the Assignment of Claims Act of 1940, as amended from time to time (31 U.S.C. § 3727 et seq.), in respect of Accounts and contracts of the Borrower and its Subsidiaries, the obligor in respect of which is the United States of America or any department, agency or instrumentality thereof or (iv) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

Section 5.04. <u>Binding Effect</u>.

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties or (iii) the effect of foreign Laws, rules and regulations as they relate to the granting of security interests in assets of, and pledges of Equity Interests in or Indebtedness owed by, Foreign Subsidiaries (<u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, the "**Enforcement Qualifications**").

Section 5.05. <u>No Material Adverse Effect</u>.

Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

------

Section 5.06. <u>Litigation</u>.

Except as set forth in <u>Schedule 5.06</u>, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues (other than actions, suits, proceedings and claims in connection with the Transactions) that have a reasonable likelihood of adverse determination and such determination either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

Section 5.07. <u>Ownership of Real Property; Liens</u>.

<u>Schedule 5.07</u> hereto sets forth all Real Property owned by the Borrower and each of its Restricted Subsidiaries as of the Closing Date (including whether or not any such Real Property constitutes a Material Real Property). The Borrower and each of its Restricted Subsidiaries has good and marketable fee simple title to, or valid leasehold interests in, or valid easements or other rights to use in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except (a) defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes, (b) Liens permitted by <u>Section 7.01</u> or (c) where the failure to have such title could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.08. <u>Environmental Matters</u>.

Except as specifically disclosed in <u>Schedule 5.08</u> or except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party is in material compliance with all Environmental Laws, which includes obtaining and maintaining all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loan Parties have not received any written notice that alleges any of them is in violation of or potentially liable under any Environmental Laws and none of the Loan Parties nor any of the Real Property is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened in writing, under any Environmental Law or to revoke or modify any Environmental Permit held by any of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities owned, operated or leased by any of the Loan Parties, or, to the knowledge of the Borrower, Real Property formerly owned, operated or leased by any Loan Party or arising out of the conduct of the Loan Parties that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup or could reasonably be expected to result in the any Loan Party incurring liability under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there are no facts, circumstances or conditions arising out of or relating to the operations of the Loan Parties or Real Property or facilities owned, operated or leased by any of the Loan Parties or, to the knowledge of the Borrower, any Real Property or facilities formerly owned, operated or leased by the Loan Parties that could reasonably be expected to result in any Loan Party incurring liability under Environmental Laws.

------

Section 5.09. <u>Taxes</u>.

Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Restricted Subsidiaries have timely filed all tax returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, income, profits or assets, that are due and payable (including in their capacity as a withholding agent), except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. To the knowledge of the Loan Parties, there is no proposed Tax deficiency or assessment against the Loan Parties that, if made would, individually or in the aggregate, have a Material Adverse Effect.

Section 5.10. <u>ERISA Compliance</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due under Section 4007 of ERISA), including on account of an ERISA Affiliate; (iii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability, including on account of an ERISA Affiliate (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party, Restricted Subsidiary nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA; except, with respect to each of the foregoing clauses of this <u>Section 5.10(b)</u>, as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

Section 5.11. <u>[Reserved]</u>.

Section 5.12. <u>Margin Regulations; Investment Company Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation T, U or X of the Board of Governors of the United States Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Borrower, Holdings or any of their Restricted Subsidiaries is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

Section 5.13. <u>Disclosure</u>.

As of the Closing Date, no written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party on or prior to the Closing Date concerning Holdings and (to the knowledge of the Initial Borrower with respect to information of TCFI and its Subsidiaries prior to the Closing Date) the Initial Borrower and its Subsidiaries or the Transactions (other than projected financial information, *pro forma* financial information, budgets, estimates, other forward-looking statements and information of a general economic or industry nature) to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement on or prior to 

------

the Closing Date (as modified or supplemented by other information so furnished) when taken as a whole and as supplemented contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to written projected financial information and pro forma financial information furnished by or on behalf of the Initial Borrower on or prior to the Closing Date concerning Holdings, the Borrower and its Subsidiaries or the Transactions, the Initial Borrower represents that, as of the Closing Date, such written information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was furnished, it being understood that such projected financial information and pro forma financial information are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries, and that actual results may vary from such forecasts and that such variations may be material and that no assurance can be given that the projected results will be realized.

Section 5.14. <u>Labor Matters</u>.

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) within the past three (3) years, hours worked by and payment made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws dealing with such matters; and (c) within the past three (3) years, all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party.

Section 5.15. <u>Intellectual Property; Licenses, Etc.</u>

The Borrower and its Restricted Subsidiaries own, or license or possess the right to use, all Intellectual Property that is reasonably necessary for the operation of their respective businesses as currently conducted, except to the extent the failure to own, or license or possess the right to use, such Intellectual Property, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower and its Restricted Subsidiaries as currently conducted (including the use of Intellectual Property) does not infringe upon any Intellectual Property held by any Person, except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual Property owned by Borrower or its Restricted Subsidiaries, is pending or, to the knowledge of the Borrower, threatened against any Loan Party or any of the Restricted Subsidiaries (other than office actions issued in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual Property, which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect).

All registrations listed in Section II.B of the Perfection Certificate are valid and in full force and effect, except, in each case, to the extent failure to be valid or in full force and effect could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.16. <u>Solvency</u>.

On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

------

Section 5.17. <u>[Reserved]</u>.

Section 5.18. <u>USA Patriot Act; OFAC; FCPA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) None of Holdings, the Borrower, any Restricted Subsidiary nor, to the knowledge of the Borrower, any director or officer of Holdings, the Borrower or any Restricted Subsidiary is the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") and (ii) the Borrower will not, directly or knowingly indirectly (x) use the proceeds of the Loans or (y) otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person, that is the subject of any U.S. sanctions administered by OFAC, or in any country that is the subject of comprehensive U.S. sanctions administered by OFAC, except to the extent licensed or otherwise approved or exempted by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No part of the proceeds of the Loans will be used by Holdings or its Subsidiaries, directly or knowingly indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>").

Section 5.19. <u>Security Documents.</u>

Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents (including the delivery to the Collateral Agent of any Pledged Debt and any Pledged Equity required to be delivered pursuant hereto or pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, a legal, valid, enforceable and perfected Lien on all right, title and interest of the respective Loan Parties in the Collateral described therein (to the extent that a Lien may be perfected by such filings and other actions) subject to the Enforcement Qualifications and Liens permitted by <u>Section 7.01</u>.

Notwithstanding anything herein (including this <u>Section 5.19</u>) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest (other than with respect to those pledges and security interests (if any) made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary) in any Equity Interests or assets of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law, (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or (C) on the Closing Date and until required pursuant to <u>Section 6.13</u> or <u>4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>), the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge or security interest to the extent not required on the Closing Date pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>).

------

**ARTICLE VI.** 

**<u>AFFIRMATIVE COVENANTS</u>**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent obligations not yet due and owing) hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then after the Closing Date, Holdings (solely in the case of <u>Sections 6.05</u>, <u>6.11</u> and <u>6.13</u>) and the Borrower shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u> and <u>6.03</u>) cause each of its respective Restricted Subsidiaries to:

Section 6.01. <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 150 days after the end of the fiscal year ending on December 31, 2020 and 135 days after the end of each subsequent fiscal year, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders' equity and cash flows for such fiscal year, setting forth in each case beginning with the financial statements for the fiscal year ending on December 31, 2021 in comparative form the figures for the previous fiscal year, all in reasonable detail (together with, in all cases, customary management discussion and analysis) and prepared in accordance with GAAP (except as noted therein), audited and accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Agents (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 45 days (or 60 days in the case of the fiscal quarters ending on June 30, 2020, September 30, 2020 and March 31, 2021) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower beginning with the Fiscal Quarter ending on June 30, 2020, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the fiscal year then ended, setting forth, in each case beginning with the fiscal quarter ending on March 31, 2021, in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail (together with, in all cases, beginning with the fiscal quarter ending on March 31, 2021, customary management discussion and analysis) and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP (except as noted therein), subject only to normal year-end audit adjustments and the absence of footnotes; *provided* that, any change in GAAP (or relevant pronouncements) or in the application thereof (including through conforming changes made consistent with IFRS) shall not be required to be reflected in the financial statements delivered pursuant to this <u>Section 6.01(b)</u> until after such changes are reflected in the audited financial statements most recently delivered pursuant to <u>Section 6.01(a)</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to a Qualified IPO, deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, no later than 150 days after the end of the fiscal year ending on December 31, 2020 and within 135 days after the end of each subsequent fiscal year, a detailed consolidated budget for the following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the "**Projections**"), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by the Borrower to be reasonable at the time such Projections were furnished, it being understood that such Projections are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies many of which are beyond the control of the Borrower and its Restricted Subsidiaries, and that actual results may vary from such Projections and that such variations may be material and that no assurance can be given that the projected results will be realized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deliver to the Administrative Agent and the Revolving Agent with each set of consolidated financial statements referred to in <u>Sections 6.01(a)</u> and <u>6.01(b)</u>, the related consolidating financial information reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which are not required to be audited and may be in footnote form only) from such consolidated financial information.

Notwithstanding the foregoing, the obligations in <u>Sections 6.01(a)</u> and <u>(b)</u> may be satisfied with respect to financial information of the Borrower and its Restricted Subsidiaries by furnishing (I) the applicable financial statements of Holdings (or any direct or indirect parent of the Borrower) or (II) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable filed with the SEC; *provided* that, with respect to <u>clauses (I)</u> and <u>(II)</u>, (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under <u>Section 6.01(a)</u>, such materials are accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Administrative Agent and the Revolving Agent (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>)).

Any financial statement required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> shall not be required to include purchase accounting or recapitalization accounting adjustments relating to the Transactions or any Permitted Acquisition or other permitted Investment to the extent it is not practicable to include them.

Documents required to be delivered pursuant to <u>Sections 6.01</u> and <u>6.02(a)</u> through <u>(d)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the website address listed on <u>Schedule 10.02</u>; or (ii) on which such documents are posted on the Borrower's behalf on IntraLinks or another relevant website, if any, to which each Lender and each Agent have access; *provided* that (i) upon written request by the Administrative Agent or the Revolving Agent, the Borrower shall deliver paper copies of such documents to such Agent

------

for further distribution to each Appropriate Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent and the Revolving Agent of the posting of any such documents and provide to such Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Notwithstanding anything contained herein, in every instance, the Borrower shall be required to provide paper copies of the Compliance Certificates required by <u>Section 6.02(a)</u> to the Administrative Agent and the Revolving Agent (which may be electronic copies delivered via electronic mail). Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Agents and maintaining its copies of such documents.

The Borrower hereby acknowledges that the Agents will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on IntraLinks or another similar electronic system (the "**Platform**").

Section 6.02. <u>Certificates; Other Information</u>.

Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings, the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent and the Revolving Agent pursuant to any other clause of this <u>Section 6.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) together with the delivery of each Compliance Certificate pursuant to <u>Section 6.02(a)</u>, (i) a description of each event, condition or circumstance during the last fiscal year covered by such Compliance Certificate requiring a mandatory prepayment under <u>Section 2.05(b)</u> (to the extent notice of such event, condition or circumstance has not been previously furnished to the Administrative Agent), (ii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate (to the extent that there have been any changes in the identity or status as a Restricted Subsidiary or Unrestricted Subsidiary of any such Subsidiaries since the Closing Date or the most recent list provided) and (iii) a list of any additional registrations of Intellectual Property constituting Collateral of all Grantors (as defined in the Security Agreement) for such fiscal year not previously disclosed to the Administrative Agent and the Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly following any request therefor, (i) such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as any Agent or any Lender through the Administrative Agent or the Revolving Agent may from time to time reasonably request and (ii) solely in connection with the designation of a new Borrower pursuant to Section 2.18(f) information and documentation reasonably requested by any Agent or any Lender through the Administrative Agent or the Revolving Agent for purposes of compliance with applicable "know your customer" requirements under the PATRIOT Act or other applicable anti-money laundering laws.

------

In no event shall the requirements set forth in <u>Section 6.02(d)</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.03. <u>Notices</u> .

Promptly after a Responsible Officer of the Borrower or any Subsidiary Guarantor has obtained knowledge thereof, notify each Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Event of Default (except to the extent the Administrative Agent or the Collateral Agent shall have previously furnished to the Borrower written notice of such Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the occurrence of an ERISA Event which could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to be adversely determined and, if so determined, could reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the occurrence of any environmental contamination or violation that could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this <u>Section 6.03</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to <u>Section 6.03(a)-(d)</u> (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. In no event shall the requirements set forth in <u>Section 6.03</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.04. <u>Payment of Taxes</u> .

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of material Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent (a) any such Tax is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (b) the failure to pay or discharge the same would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

------

Section 6.05. <u>Preservation of Existence, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of <u>Section 6.05(a)</u> (other than with respect to the Borrower) or this <u>Section 6.05(b)</u>, to the extent (i) that failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by <u>Article VII</u>.

Section 6.06. <u>Maintenance of Properties</u> .

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect (a) all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted and (b) all of the Intellectual Property owned by it that are necessary, as reasonably determined in the Borrower's business judgment, for the operation of its business as currently conducted.

Section 6.07. <u>Maintenance of Insurance</u> .

Maintain with insurance companies that the Borrower believes (in the good faith judgment of its management) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons. The Borrower shall provide to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent: (i) not later than 10 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Collateral Agent shall reasonably agree), in the case of insurance obtained after the Closing Date), (x) evidence that adequate insurance required to be maintained under this Agreement (including without limitation, casualty and liability insurance, but excluding business interruption insurance, director and officer insurance and worker's compensation insurance and other policies as agreed by the Required Lenders in their reasonable discretion) is in full force and effect and (y) insurance certificates issued by the Loan Parties' insurance broker containing such information regarding such insurance policies as the Collateral Agent or the Required Lenders shall reasonably request and naming the Collateral Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (ii) not later than 45 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Required Lenders shall reasonably agree), in the case of casualty and liability insurance obtained after the Closing Date), loss payable endorsements that name the Collateral Agent, on behalf of the Secured Parties, as loss payee thereunder. If the improvements on any Mortgaged Property are at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then, to the extent required by applicable Flood Insurance Laws, the Borrower shall, or shall cause each Loan Party to, as promptly as reasonably practicable, (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount reasonably satisfactory to the Required Lenders and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Collateral Agent evidence of such compliance.

------

Section 6.08. <u>Compliance with Laws</u> .

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property (including, without limitation USA Patriot Act, OFAC and FCPA), except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.09. <u>Books and Records</u> .

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries may maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).

Section 6.10. <u>Inspection Rights</u> .

Permit representatives and independent contractors of each of the Administrative Agent and the Revolving Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants' customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower, it being agreed that, while the provisions of this <u>Section 6.10</u> are for the benefit of the Agents and the Lenders, only the Administrative Agent and the Revolving Agent on behalf of the Lenders may exercise rights under this <u>Section 6.10</u>; *provided* that each such Agent shall not exercise such rights more often than one time during any calendar year and such time shall be at the Borrower's expense; *provided*, *further*, that during the continuation of an Event of Default, any such Agent (or any of its respective representatives or independent contractors), on behalf of the Lenders, may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Applicable Agent shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. Notwithstanding anything to the contrary in this <u>Section 6.10</u>, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or any Contractual Obligation (not created in contemplation thereof) or (c) is subject to attorney-client or similar privilege or constitutes attorney work product.

Section 6.11. <u>Additional Collateral; Additional Guarantors</u> .

At the Borrower's expense, subject to the terms, conditions and provisions of the Collateral and Guarantee Requirement and any applicable limitation in any Collateral Document, take all action necessary or reasonably requested by the Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the formation or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary) by any Loan Party or the designation in accordance with <u>Section 6.14</u> of any existing direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary (in each case, other than an Excluded Subsidiary) or any Subsidiary becoming a wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 60 days after such formation, acquisition or designation, or such longer period as the Collateral Agent may agree in writing in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Collateral Agent, other than with respect to any Excluded Assets, a Guarantor Joinder Agreement, Security Agreement Supplements, Intellectual Property Security Agreements and other security agreements and documents as reasonably requested by and in form and substance reasonably satisfactory to the Collateral Agent (consistent with the Mortgages (if any), Security Agreement, Intellectual Property Security Agreements and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated and a security interest therein may be perfected by the delivery of such certificates) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement and each direct or indirect parent of such Material Domestic Subsidiary to take whatever action (including the recording of Mortgages, the filing of UCC financing statements and delivery of stock and membership interest certificates to the extent certificated) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent a signed copy of an opinion, addressed to the Collateral Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Collateral Agent as to such matters set forth in this <u>Section 6.11(a)</u> as the Collateral Agent may reasonably request;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after the written request therefor by the Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property (as determined by the Borrower (acting reasonably and in good faith)) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, any existing title reports, abstracts, appraisals or environmental assessment reports, to the extent available and in the possession or control of the Borrower; *provided*, *however*, that there shall be no obligation to deliver to the Collateral Agent any environmental assessment report whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property that would constitute Collateral of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement, but not specifically covered by the preceding <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> or <u>Section 6.11(b)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than one hundred twenty (120) days after the acquisition by any Loan Party of Material Real Property as determined by the Borrower (acting reasonably and in good faith) (or such longer period as the Collateral Agent may agree in writing in its reasonable discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

Section 6.12. <u>Compliance with Environmental Laws</u> .

Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and properties; and (c) in each case to the extent the Loan Parties are required by Governmental Authorities or otherwise pursuant to Environmental Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

Section 6.13. <u>Further Assurances; Post-Closing Obligations</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly upon reasonable request by the Collateral Agent (i) correct any mutually identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement and subject in all respects to the limitations therein. If the Collateral Agent reasonably determines that it is required by applicable Law to have appraisals prepared in respect of the Real Property of any Loan Party subject to a mortgage constituting Collateral, the Borrower shall cooperate with the Collateral Agent such that the Collateral Agent is able to order appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.13(b)</u>, in each case within the time limits specified therein (or such longer period of time reasonably acceptable to the Collateral Agent and the Required Lenders).

Section 6.14. <u>Designation of Subsidiaries</u> .

The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that, immediately after such designation, no Event of Default shall have occurred and be continuing and no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Junior Financing. As of the Closing Date, the Restricted Subsidiaries are set forth on <u>Schedule 6.14</u>. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined in good faith by the Borrower of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a Return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined in good faith by the Borrower at the date of such designation. Notwithstanding anything to the contrary contained herein, in no event shall (1) any Restricted Subsidiary that holds any Equity Interests in any Restricted Subsidiary (unless such Restricted Subsidiary is included in the designation pursuant to this Section 6.14), (2) the Borrower, in each case, be designated as an Unrestricted Subsidiary or (3) immediately after giving effect to any such designation or redesignation of a Restricted Subsidiary to an Unrestricted Subsidiary, such Unrestricted Subsidiary account for more than 7.5% of Trailing Four Quarter Consolidated EBITDA or 7.5% of the fair market value of the total assets of the Borrower and its Subsidiaries, in each case as of the applicable date of designation or redesignation.

Section 6.15. <u>Cash Management</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within one hundred twenty (120) days of the Closing Date (or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall have established their primary domestic deposit accounts with the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one hundred twenty (120) days of the Closing Date or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall deliver to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, a deposit account control agreement with respect to each deposit account of the Loan Parties (other than an Excluded Account), duly authorized, executed and delivered by the applicable Loan Party, the applicable bank and the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Cash Dominion Event, the Revolving Agent shall have the sole and exclusive right to direct, and is hereby authorized to give instructions pursuant to any deposit account control agreement directing, the disposition of funds in all domestic deposit accounts of the Loan Parties (other than Excluded Accounts) either maintained with Revolving Agent and/or subject to a deposit account control agreement to the Revolving Agent at such intervals as the Revolving Agent shall elect, to a deposit account maintained by the Revolving Agent at Revolving Agent, which such funds may be applied by Revolving Agent to repay the Revolving Loans (without a corresponding reduction in the Revolving Credit Commitments) and, if permitted hereby, to Cash Collateralize outstanding Letters of Credit.

------

Section 6.16. <u>Use of Proceeds</u> .

Use the proceeds of (a) the Initial Term Loans to finance a portion of the Transactions (including working capital and/or purchase price adjustments and the payment of the Transaction Expenses, upfront fees and OID with respect to the Facilities) and for working capital and general corporate purposes, (b) the Term Loans (other than Initial Term Loans and the Delayed Draw Term Loans), Revolving Loans and the Letters of Credit issued hereunder, for general corporate purposes and working capital of the Borrower and its Subsidiaries and any other purpose not prohibited by this Agreement including Permitted Acquisitions, other Investments, Capital Expenditures and Restricted Payments; *provided* that the proceeds of the Revolving Loans made on the Closing Date shall be used as set forth in the definition of "Permitted Initial Revolving Credit Borrowing Purposes" and (c) the Delayed Draw Term Loans to (i) finance Permitted Acquisitions and other Investments not prohibited by this Agreement, including, for the avoidance of doubt, deferred consideration (including earn-outs, seller notes, holdbacks and deferred purchase price obligations) payable in connection therewith (whether funded on or after the closing of such transaction), (ii) to finance Capital Expenditures and/or purchase aircraft and related equipment, (iii) refinance Revolving Loans used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures, aircraft and related equipment, (iv) to replace cash on the balance sheet of the Loan Parties used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures and/or purchase aircraft and related equipment and (v) to pay related fees, costs and expenses in connection with any of the foregoing. 

Section 6.17. <u>Lender Conference Call</u> .

To the extent requested by the Administrative Agent, participate in a conference call (including a customary question and answer session) with the Administrative Agent and Lenders once during each Fiscal Year, in each case to be held at such time as may be agreed to by the Borrower and the Required Lenders, but in any event within 15 Business Days after the date that financial statements are required to be delivered for the relevant period pursuant to <u>Sections 6.01(a)</u> (which call may, at the option of the Borrower, be conducted with lenders under any other Indebtedness in addition to the Lenders).

Section 6.18. <u>Change in Nature of Business</u>.

From and after the Closing Date, engage only in material lines of business substantially similar as those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably related, complementary, corollary, synergistic, incidental or ancillary thereto (including related, complementary, synergistic, incidental or ancillary technologies) or reasonable extensions thereof.

Section 6.19. <u>Fiscal Year</u>.

From and after the Closing Date, maintain its fiscal year as in effect on the Closing Date; *provided*, *however*, that the Borrower may (x) align the dates of such fiscal year of any Restricted Subsidiary whose fiscal year ends on a date other than that of the Borrower and (y) upon written notice to the Administrative Agent and the Revolving Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent and the Revolving Agent, and, in the case of this <u>clause (y)</u>, the Borrower, the Administrative Agent and the Revolving Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

------

**ARTICLE VII.** 

**<u>NEGATIVE COVENANTS</u>**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligations hereunder (other than contingent obligations as to which no claim has been asserted or any Letter of Credit remaining outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), then from and after the Closing Date, the Borrower (and, with respect to <u>Section 7.14</u> only, Holdings) shall not and shall not permit any of its Restricted Subsidiaries to:

Section 7.01. <u>Liens</u> .

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens (i) created pursuant to any Loan Document and (ii) on the Collateral securing other Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date; *provided* that any Lien securing Indebtedness in excess of (x) $1,000,000 individually or (y) $2,500,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed in <u>Schedule 7.01(b)</u>) shall only be permitted to the extent such Lien is listed on in <u>Schedule 7.01(b)</u>, and any modifications, replacements, renewals, refinancings or extensions thereof, which may provide that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; *provided*, *further*, that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 7.03</u> and customary security deposits in connection therewith and (B) proceeds and products thereof and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes, assessments or governmental charges that are not overdue for a period of more than any applicable grace period related thereto or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, sub-landlords, carriers, warehousemen, mechanics, materialmen, repairmen, bailees, construction contractors or other like Liens, so long as, in each case, such Liens secure amounts not overdue for a period of more than 45 days or if more than 45 days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) pledges or deposits in the ordinary course of business in connection with, and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees incurred in the ordinary course of business with respect to, workers' compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted Subsidiaries;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges or deposits to secure the performance of bids, trade contracts, warranties, utilities, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, building codes, covenants, restrictions (including zoning restrictions), encroachments, licenses, protrusions and other similar encumbrances and minor title defects, in each case affecting Real Property and that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and any exceptions on the Mortgage Policies issued in connection with the Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens (i) securing judgments for the payment of money not constituting an Event of Default under <u>Section 8.01(h)</u>, (ii) arising out of judgments or awards against the Borrower or any of its Restricted Subsidiaries with respect to which an appeal or other proceeding for review is then being pursued and (iii) notices of *lis pendens* and associated rights related to litigation being contested in good faith by appropriate proceedings for which adequate reserves have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) leases, licenses, subleases or sublicenses (including the provision of software or the licensing of other Intellectual Property rights) and terminations thereof, in each case granted to others in the ordinary course of business which (i) do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) do not secure any Indebtedness and (iii) are permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds or assets maintained with a financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institutions general terms and conditions, and (iv) contractual rights of setoff or rights of pledge related to Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section 7.02</u>, to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under <u>Section 7.05</u>, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i) in favor of the Borrower or any Guarantor and (ii) in favor of a Restricted Subsidiary that is not a Loan Party on assets of a Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted to be incurred by such Restricted Subsidiary under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens deemed to exist in connection with Investments in repurchase agreements under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers or suppliers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) ground leases in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens to secure Indebtedness permitted under <u>Section 7.03(e)</u>; *provided* that (i) such Liens are created within 270 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time encumber property (except for replacements, additions, accessions and proceeds to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits, *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender, and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets) other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness (and related obligations) of any Restricted Subsidiary that is not a Loan Party permitted under <u>Section 7.03</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to <u>Section 6.14</u>) or otherwise assumed pursuant to <u>Section 7.03(g)</u>, in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Loan Party); *provided* that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds, products and accessions thereof and other than after-acquired property and customary security deposits in connection therewith subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the modification, replacement, renewal or extension of any Lien permitted by <u>Sections 7.01(b)</u>, <u>(u)</u> and <u>(w)</u>; *provided* that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and customary security deposits; *provided, however*, that individual financings of equipment provided by one lender may be cross-collateralized to other financing of equipment provided by such lender and (ii) the renewal, extension, restructuring or Refinancing of the obligations secured or benefited by such Liens is permitted by <u>Section 7.03</u> (to the extent constituting Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount outstanding at any time not to exceed the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens (i) securing Indebtedness incurred under <u>Section 7.03(s)</u> and (ii) solely on the assets acquired, securing Indebtedness incurred under <u>Section 7.03(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens on the Collateral (and other property and assets permitted by any Junior Intercreditor Agreement) securing obligations in respect of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing Debt and any Permitted Refinancing of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens or imperfections on property existing on the Closing Date which are immaterial;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the performance of the Borrower's or such Subsidiary's obligations under the terms of the lease for such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on (i) the Securitization Assets arising in connection with a Qualified Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens securing obligations permitted under <u>Section 7.03(q)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens on property of any Foreign Subsidiary arising mandatorily under the Laws of the jurisdiction of organization of such Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens securing Indebtedness permitted pursuant to Section 7.03(dd);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Liens securing Other Term Loans and Other Notes and Permitted Refinancings thereof incurred pursuant to <u>Section 7.03(z)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) in the case of any non-wholly owned Restricted Subsidiary or any joint venture, any put and call arrangements or restrictions on disposition related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens securing Swap Contracts so long as the value of the property securing such Swap Contracts does not exceed $4,000,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens on property subject to any sale-leaseback transaction permitted hereunder and general intangibles related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Liens consisting of contractual restrictions of the type described in the definition of "Restricted Cash" (excluding the proviso thereto) so long as such contractual restrictions are not prohibited pursuant to <u>Section 7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Liens arising by operation of law in the United States under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Liens encumbering the Equity Interests of an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Liens permitted under the Purchase Agreement to remain outstanding after the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Aircraft Trust Arrangements.

Section 7.02. <u>Investments</u> .

Make or hold any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash and Cash Equivalents when such Investment was made;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to, or notes received from, managers, officers, directors, consultants, advisors, service providers or employees of any Loan Party (or any direct or indirect parent thereof) or any of its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests of Holdings or any direct or indirect parent thereof or to permit the payment of Taxes with respect thereto; *provided* that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed to the Borrower in cash as common equity; *provided*, *further*, that the aggregate principal amount outstanding of any loans or advances made in cash at any time under this <u>clause (ii)</u> shall not exceed $7,500,000 and (iii) for any other purposes not described in the foregoing <u>clauses (i)</u> and <u>(ii)</u>; *provided* that the aggregate principal amount outstanding at any time under this <u>clause (iii)</u> shall not exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (other than Holdings); *provided* all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note, (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan Party in any Restricted Subsidiary that is not a Loan Party; *provided* that, to the extent such Investments made pursuant to this <u>clause (iii)</u> are not in the ordinary course of business (as determined in good faith by the Borrower), (x) no such Investments made pursuant to this <u>clause (iii)</u> in the form of intercompany loans shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) the aggregate amount of Investments made pursuant to this <u>clause (iii)</u> shall not exceed at any time outstanding the sum of (x) together with Investments pursuant to <u>Section 7.02(i)(iv)</u>, the greater of $6,000,000 and 20.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, (y) the Cumulative Credit at the time such Investment is made, and (z) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(i)</u> and <u>Section 7.02(o)</u>; *provided* that the application of any portion of the Joint Venture Investment Basket Amount pursuant to this <u>clause (z)</u> will result in a corresponding dollar-for-dollar reduction in the Joint Venture Investment Basket Amount available pursuant to <u>Section 7.02(o)</u>; *provided, further*, that if any Investment made pursuant to this <u>clause (iii)</u> is in connection with the closing of foreign facilities, including severance associated therewith, then the limitations set forth in this <u>clause (iii)</u> shall not apply; *provided, further*, if any Investment made pursuant to this <u>clause (iii)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>clause (i)</u> above and shall not be included as having been made pursuant to this <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by <u>Section 7.02(m)</u> below) consisting of transactions permitted under <u>Sections 7.01</u>, <u>7.03</u> (other than <u>7.03(c)</u> and <u>(d)</u>), <u>7.04</u> (other than <u>7.04(c)(ii)</u> or <u>(e)</u>), <u>7.05</u> (other than <u>7.05(e)</u>), <u>7.06</u> (other than <u>7.06(d)</u> or <u>(h)(iv)</u>) and <u>7.13</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing or contemplated on the Closing Date or made pursuant to legally binding written contracts in existence on the Closing Date, in each case set forth in <u>Schedule 7.02(f)</u> and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments in Swap Contracts and Cash Management Services permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promissory notes, securities and other non-cash consideration received in connection with Dispositions permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of all or substantially all the assets of a Person or division or line of business of a Person or any Equity Interests in a Person that becomes a Restricted Subsidiary (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions (including by way of merger), if immediately after giving effect thereto: (i) no Event of Default exists on the date that the Borrower or the applicable Restricted Subsidiary enters into a binding agreement with respect to such acquisition; (ii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Restricted Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, to the extent required by <u>Section 6.11</u>; (iii) the Borrowers are in compliance with <u>Section 6.18</u> (after giving effect to such acquisition); and (iv) the aggregate amount of Investments by Loan Parties pursuant to Section 7.02(i) in assets (other than Equity Interests) that are not (or do not become at the time of such acquisition) directly owned by a Loan Party together with Investments pursuant to <u>Section 7.02(c)(iii)</u> (but excluding Investments permitted pursuant to <u>Section 7.02(c)(iii)(B)(z)</u>), shall not exceed the sum of (A) the greater of $6,000,000 and 20% of Trailing Four Quarter Consolidated EBITDA *plus* (B) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(c)(iii)(z)</u> and <u>Section 7.02(o)</u> (any such acquisition, a "**Permitted Acquisition**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments made in connection with the Transactions or consisting of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances to any direct or indirect parent of the Borrower not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made to such parent in accordance with <u>Section 7.06(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u> or <u>(n)</u>, such Investment being treated for purposes of the applicable clause of <u>Section 7.06</u>, including any limitations, as if a Restricted Payment had been made pursuant to such clause in an amount equal to such Investment at the time such loan or advance is outstanding;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments (including Permitted Acquisitions) in an aggregate amount outstanding pursuant to this <u>Section 7.02(n)</u> (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed (i) the sum of (A) the greater of $12,500,000 and 40.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time the Investment was made (in each case, net of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) *plus* (B) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make Investments shall result in a reduction in availability under <u>Section 7.06(g)(x)</u>) *plus* (C) at the election of the Borrower, the amount of repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings then permitted to be made in reliance on <u>Section 7.13(a)(v)(I)</u> (it being understood that any amount utilized under this <u>clause (C)</u> to make Investments shall result in a reduction in availability under <u>Section 7.13(a)(v)(I)</u>) *plus* (ii) the Cumulative Credit at the time such Investment is made; *provided*, that with respect to any Investment made pursuant to this <u>clause (ii)</u>, solely to the extent such Investment is made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom on the date the Borrower or any Restricted Subsidiary enters into a binding agreement with respect to such Investment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u>, at the time such Investment was made) is less than or equal to 4.25 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Investments made in respect of joint ventures, minority investments, other similar agreements, partnerships or Unrestricted Subsidiaries not to exceed in the aggregate the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, less all amounts applied pursuant to <u>Section 7.02(c)(iii)</u>(B)(z) and <u>Section 7.02(i)(iv)(B)</u>and the provisos thereto (the "**Joint Venture Investment Basket Amount**"); *provided* that if any Investment made pursuant to this <u>Section 7.02(o)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>Section 7.02(c)(i)</u> and shall not be included as having been made pursuant to this <u>Section 7.02(o)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in any Person to which the Borrower or any Restricted Subsidiary outsources operational activities or otherwise related to the outsourcing of operational activities in the ordinary course of business in an aggregate amount not to exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) advances of payroll payments to employees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors and suppliers in the ordinary course of business and (ii) Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (or any direct or indirect parent of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments of a Restricted Subsidiary acquired after the Closing Date or of a corporation merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with <u>Section 7.04</u> after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments made by a Restricted Subsidiary that is not a Loan Party (other than in Unrestricted Subsidiaries) to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary by a Loan Party permitted under this <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; *provided*, *however*, that any such Investment in a Securitization Subsidiary is in the form of (x) a contribution of additional Securitization Assets, (y) Limited Originator Recourse or (z) loans in respect of the noncash portion of the purchase price of Securitization Assets and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing or a Receivables Facility, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments funded with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments in deposit accounts, securities accounts and commodities accounts maintained by the Borrower or such Restricted Subsidiary, so long as such accounts are used only to maintain Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments made by a Restricted Subsidiary that is not a Guarantor using cash from operations of such Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments consisting of cash earnest money deposits in connection with a Permitted Acquisition or other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Loans repurchased by the Borrower or a Restricted Subsidiary, or purchased by Holdings and contributed to the Borrower or a Restricted Subsidiary, pursuant to and in accordance with <u>Section 2.05(a)(v)</u> or <u>Section 10.07</u>, so long as such Loans are immediately cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) guarantees by the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or contracts or other obligations that do not constitute Indebtedness, in each case, which leases, contracts or other obligations and guarantees are entered into in the ordinary course of business by the Borrower or a Restricted Subsidiary or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Investments so long as (i) the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> at the time the Investment was made) is no greater than 4.00 to 1.00 and (ii) no Event of Default then exists or would result therefrom; *provided* the aggregate amount of Investments by Loan Parties pursuant to this Section 7.02(cc) in assets (other than Equity Interests) that are not (or do not become at the time of their acquisition) directly owned by a Loan Party or in Equity Interests of Persons that do not become Loan Parties shall not exceed the greater of $7,500,000 and 25% of Trailing Four Quarter Consolidated EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments made in reliance on the last paragraph of <u>Section 7.06</u> or the last paragraph of <u>Section 7.13</u>.

------

To the extent an Investment is permitted to be made by a Loan Party directly in any Restricted Subsidiary or any other Person who is not a Loan Party (each such person, a "**Target Person**") under any provision of this <u>Section 7.02</u>, such Investment may be made by advance, contribution or distribution by a Loan Party to a Restricted Subsidiary or Holdings, and further contemporaneously advanced or contributed to a Restricted Subsidiary for purposes of making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 7.02</u> (it being understood that such Investment must satisfy the requirements of, and shall count towards any thresholds in, a provision of this <u>Section 7.02</u> as if made by the applicable Loan Party directly to the Target Person).

Section 7.03. <u>Indebtedness</u> .

Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness (including any unused commitment in respect thereof) outstanding on the Closing Date and listed in <u>Schedule 7.03(b)</u> and any Permitted Refinancing thereof; *provided* that all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to an Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; *provided* that (A) no Guarantee by any Restricted Subsidiary of any Indebtedness constituting a Junior Financing of any Loan Party shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Secured Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Secured Obligations, such Guarantee shall be subordinated to the Guarantee of the Secured Obligations on terms at least as favorable (as reasonably determined by the Borrower) to the Lenders as those contained in the subordination of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party), *provided* that, in the case of Indebtedness of a non-Loan Party owing to a Loan Party, such Indebtedness is an Investment permitted by <u>Section 7.02</u> or consists of any part of a Permitted Reorganization or IPO Reorganization Transaction; *provided further* that (x) no such Indebtedness owed to a Loan Party shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the applicable asset thereof in an aggregate amount not to exceed the greater of $3,750,000 and 12.5% of Trailing Four-Quarter Consolidated EBITDA, in each case determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding and (ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by <u>Section 7.05(m)</u> and any Permitted Refinancing of such Attributable Indebtedness;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Secured Hedge Obligations and other Indebtedness in respect of Swap Contracts designed to hedge against the Borrower's or any Restricted Subsidiary's exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of the Borrower or any Restricted Subsidiary (i) assumed in connection with any Permitted Acquisition or other similar Investment permitted hereunder and any Permitted Refinancing thereof; *provided* that (x) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other similar Investment permitted hereunder or any Permitted Refinancing thereof and (y) the obligors with respect to such Indebtedness are limited to the Persons acquired in such Permitted Acquisition or Investment or (ii) incurred to finance any Permitted Acquisition or Investment permitted hereunder (including earn-out obligations, Indebtedness incurred to finance the payment thereof and seller notes); *provided*, that after giving *pro forma* effect to such Permitted Acquisition or Investment permitted hereunder and the incurrence of such Indebtedness, the aggregate amount of such Indebtedness incurred pursuant to this <u>clause (ii)</u> does not exceed at any time outstanding (x) the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the applicable date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness representing deferred compensation to employees of the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former managers, officers, directors, advisors, service providers, consultants or employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions, a Permitted Acquisition, any other Investment permitted hereunder, merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price adjustments or other similar adjustments (including earn-outs and obligations in respect of transaction tax benefits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions, and Permitted Acquisitions or any other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) Secured Cash Management Obligations, (ii) other Indebtedness in respect of Cash Management Services and similar arrangements in the ordinary course of business and any Guarantees thereof, (iii) Indebtedness resulting from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and solely with respect to each incurrence pursuant to this <u>clause (iii)</u>, so long as such Indebtedness is extinguished within 10 Business Days of its incurrence, and (iv) endorsement of instruments or other payment items for deposit in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to extent constituting Indebtedness, obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) letters of credit in an aggregate face amount at any time outstanding not to exceed the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence consisting of (i) letters of credit issued in currencies not available hereunder or (ii) documentary or commercial letters of credit not issued hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Ratio Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Credit Agreement Refinancing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this <u>Section 7.03(u)</u> and then outstanding for all such Persons taken together, does not exceed the greater of $5,250,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings and Limited Originator Recourse) to the Borrower or any of the Restricted Subsidiaries; *provided,* that the aggregate principal amount of Indebtedness at any time outstanding in connection therewith shall not exceed $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [reserved];

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unsecured Indebtedness in an amount equal to the lesser of 100% of the net cash proceeds received by Holdings (or any direct or indirect parent thereof) since immediately after the Closing Date from the issuance or sale of Equity Interests of Holdings (or any direct or indirect parent thereof) or cash contributed to the capital of Holdings (or any direct or indirect parent thereof) (in each case, other than proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings (or any direct or indirect parent thereof) or any of its Subsidiaries) to the extent such net cash proceeds or cash have been contributed to the Borrower and have not been applied pursuant to <u>Section 7.02</u>, <u>7.06</u> or <u>7.13</u> and do not constitute Cure Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) Indebtedness in respect of Other Term Loans and Other Notes incurred or issued in accordance with <u>Section 2.14</u> and (ii) Permitted Refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness incurred by the Borrower as a result of the exchange of Term Loans assigned to the Borrower pursuant to <u>Section 10.07(k)</u>, as long as such Indebtedness would be a Permitted Refinancing of such Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) obligations in respect of Disqualified Equity Interests (x) issued to and held by the Borrower, Holdings or any Restricted Subsidiary (to the extent permitted by <u>Section 7.02</u>) or (y) in an amount not to exceed the greater of $1,200,000 and 4.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) intercompany Indebtedness incurred in connection with a Permitted Reorganization or IPO Reorganization Transaction, so long as such intercompany Indebtedness constitutes an Investment permitted pursuant to Section 7.02(j); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness in respect of aircraft or related equipment financing in an amount not to exceed $20,000,000 at any time outstanding (together with any amounts incurred under any Aircraft Trust Arrangement);

*provided, that*, (I) any such Indebtedness that constitutes Pari Passu Secured Obligations shall be subject to the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement, as applicable, (II) any such Indebtedness that is incurred pursuant to <u>Section 7.03(a)</u>, <u>Section 7.03(s)</u>, <u>Section 7.03(t)</u>, <u>Section 7.03(u)</u>, <u>Section 7.03(z)</u> or <u>Section 7.03(aa)</u> and is secured by the Collateral on a junior basis shall be subject to a Junior Intercreditor Agreement, and (III) any such Indebtedness that constitutes Pari Passu Secured Obligations or which is secured by the Collateral on a junior basis shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among Lenders or such Intercreditor Agreement.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; *provided* that if such Indebtedness is incurred to extend, replace, refund, Refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, Refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, Refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, Refinanced, renewed or defeased, *plus* the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such Refinancing. 

------

Interest (including post-petition interest), the accrual of interest, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and premiums (if any), fees, expenses, charges and additional or contingent interest on obligations shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 7.03</u>. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

For purposes of determining compliance with this <u>Section 7.03</u>, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in <u>Sections 7.03(a)</u> through <u>7.03(dd)</u>, the Borrower shall, in its sole discretion, divide or classify or later divide or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; *provided* that all Indebtedness outstanding under the Loan Documents on the Closing Date will be deemed to be incurred in reliance on the exception in <u>Section 7.03(a)</u>.

Section 7.04. <u>Fundamental Changes</u>.

Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person (other than as part of the Transactions), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction, so long as such new jurisdiction is the United States, any state thereof, the District of Columbia or any territory thereof); *provided* that the Borrower shall be the continuing or surviving Person, or (ii) one or more other Restricted Subsidiaries; *provided* that when any Person that is a Loan Party is merging with a Restricted Subsidiary, (i) a Loan Party shall be the continuing or surviving Person or (ii) such surviving Person shall become a Loan Party and comply with <u>Sections 6.11</u> and <u>6.13</u> substantially concurrently with such transaction (except as expressly provided in such Sections);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party, (ii) any Restricted Subsidiary may liquidate or dissolve and (iii) any Restricted Subsidiary may change its legal form if, with respect to <u>clauses (ii)</u> and <u>(iii)</u>, the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; *provided* that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in accordance with <u>Sections 7.02</u> (other than <u>7.02(e)</u>) and <u>7.03</u>, respectively;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Company**"), (A) the Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Collateral Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee shall apply to the Successor Company's obligations under the Loan Documents, (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, (E) if reasonably requested by the Collateral Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, and (F) the Borrower shall have delivered to the Collateral Agent an officer's certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement and customary legal opinions reasonably satisfactory to the Collateral Agent; *provided*, *further*, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to <u>Section 7.02</u>; *provided* that (i) the continuing or surviving Person shall be a Restricted Subsidiary of the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of <u>Section 6.11</u> to the extent required pursuant to the Collateral and Guarantee Requirement or (ii) such Restricted Subsidiary would otherwise be permitted to be designated as an Unrestricted Subsidiary immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and the Restricted Subsidiaries may consummate the Acquisition, related transactions contemplated by the Purchase Agreement (and documents related thereto) and the Transactions and any Permitted Reorganization or IPO Reorganization Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to <u>Section 7.05</u> or a Restricted Payment permitted pursuant to <u>Section 7.06</u>.

Section 7.05. <u>Dispositions</u>.

Make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete, damaged, worn out, aged, used or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries, in each case determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of (i) inventory and goods held for sale in the ordinary course of business and (ii) immaterial assets and termination of leases and licenses in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Borrower or any Restricted Subsidiary; *provided* that if the transferor of such property is a Loan Party and such Disposition is not for fair market value (as reasonably determined by the Borrower), (i) the transferee thereof must be a Loan Party, (ii) such Disposition is for cash at fair market value or any promissory note or other non-cash consideration received in respect thereof is an Investment permitted under <u>Section 7.02</u>, or (iii) if such transaction constitutes an Investment, such transaction is permitted under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent constituting Dispositions, transactions permitted by (i) <u>Section 7.01</u>, (ii) <u>Section 7.02</u> (other than <u>7.02(e)</u>), (iii) <u>Section 7.04</u> (other than <u>7.04(g)</u>) and (iv) <u>Section 7.06</u> (other than <u>7.06(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions to consummate the Transactions or any Dispositions constituting any part of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) leases, subleases, licenses or sublicenses (including the provision of software under an open source license or the licensing of other Intellectual Property) and terminations thereof, in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole) and (ii) Dispositions (including allowing any registrations or any applications for registration to lapse or go abandoned) of Intellectual Property (including inbound licenses) that, in Borrower's reasonable business judgment, is no longer necessary for the conduct of the business of Borrower and its Restricted Subsidiaries (taken as a whole) or that otherwise do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property; *provided* that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default has occurred and is continuing or would result therefrom), no Event of Default shall have occurred and been continuing or would result from such Disposition, (ii) with respect to any Disposition pursuant to this <u>Section 7.05(j)</u> for a purchase price in excess of the greater of $7,000,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of Cash and Cash Equivalents (in each case, free and clear of all Liens at the time received, other than Liens permitted by <u>Section 7.01</u>); *provided*, *however*, that for the purposes of this <u>clause (ii)</u>, the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower's most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Secured Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into Cash and Cash Equivalents (to the extent of the Cash and Cash Equivalents received) within 180 days following the closing of the applicable Disposition, and (C) aggregate

------

non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $2,250,000 and 7.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition and (iii) to the extent the aggregate amount of Net Proceeds received by the Borrower or a Restricted Subsidiary from Dispositions made pursuant to this <u>Section 7.05(j)</u> in the aggregate exceeds $10,000,000 in any fiscal year, with unused amounts in any fiscal year being carried over to the next succeeding fiscal year only (*provided* that if any such amount is carried over, it will be deemed used in the applicable subsequent fiscal year only after the amount available in such subsequent fiscal year has been fully used), *plus* any amount available pursuant to this <u>clause (iii)</u> in the next succeeding fiscal year only (which amount will be permanently reduced if used in the current fiscal year) subject to a maximum of $10,000,000 in any fiscal year, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions (i) of non-core assets acquired in connection with Permitted Acquisitions or other Investments or (ii) made to obtain the approval of an anti-trust authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of property pursuant to sale-leaseback transactions; *provided* that to the extent the aggregate Net Proceeds from all such Dispositions since the Closing Date exceeds $5,625,000, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the unwinding or settlement of any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Disposition of Securitization Assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any Disposition of Receivables Assets in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions of assets not constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower and any Restricted Subsidiary may (i) terminate or otherwise collapse its cost-sharing agreements with the Borrower or any Subsidiary and settle any crossing payments in connection therewith or (ii) surrender or waive contractual rights and settle or waive contractual or litigation claims;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions set forth in <u>Schedule 7.05(w)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions in an amount not to exceed the greater of $1,500,000 and 5.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, in the aggregate in any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies;

Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of the sale, in accordance with the terms of the Loan Documents, of a Subsidiary Guarantor that owns such Collateral but excluding Dispositions among Loan Parties) in accordance with the terms of the Loan Documents, the security interest created in such item of Collateral under the Collateral Documents shall be automatically released and the Collateral Agent will, at the Borrower's expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents and, if applicable, the release of such Subsidiary Guarantor from its obligations under the Collateral Documents.

Section 7.06. <u>Restricted Payments</u>.

Declare or make, directly or indirectly, any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by <u>Section 7.03</u>) of such Person to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made (i) on the Closing Date to consummate the Transactions, (ii) in respect of working capital adjustments or purchase price adjustments pursuant to the Purchase Agreement, any Permitted Acquisition or other permitted Investments, (iii) in order to satisfy indemnity and other similar obligations under the Purchase Agreement, any Permitted Acquisition or other permitted Investments and (iv) to holders of Equity Interests of the Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, in each case, with respect to the Transactions, any Permitted Acquisition or other permitted Investments, and Restricted Payments consisting of a Permitted Reorganization or an IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent constituting Restricted Payments, the Borrower (or any direct or indirect parent thereof) and its Restricted Subsidiaries may enter into and consummate transactions permitted by any provision of <u>Section 7.02</u> (other than <u>7.02(e)</u> and <u>7.02(m)</u>), <u>7.04</u>, <u>7.05</u> (other than <u>7.05(e)(iv)</u> and <u>7.05(g)</u>) or <u>7.08</u> (other than <u>7.08(f)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchases of Equity Interests in the Borrower or any Restricted Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and each Restricted Subsidiary may (i) pay (or make Restricted Payments to allow Holdings or any other direct or indirect parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary (or of the Borrower or any other such direct or indirect parent thereof) held by any future, present or former manager, officer, director, consultant, advisor, service provider or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or (ii) make Restricted Payments in the form of distributions to allow Holdings or any direct or indirect parent of Holdings to pay principal or interest on promissory notes that were issued to any future, present or former manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) in lieu of cash payments for the repurchase, retirement or other acquisition or retirement for value of such Equity Interests held by such Persons, in each case, upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee, manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any manager, officer, director, consultant, advisor, service provider or employee of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or any of its Restricted Subsidiaries; *provided* that the aggregate amount of Restricted Payments made pursuant to this <u>Section 7.06(f)</u> together with the aggregate amount of loans and advances to Holdings made pursuant to <u>Section 7.02(m)</u> in lieu of Restricted Payments permitted by this <u>Section 7.06(f)</u> (net of proceeds received by Holdings or any direct or indirect parent of Holdings subsequent to the Closing Date in connection with resales of any Equity Interests so purchased pursuant to this <u>clause (f)</u>) shall not exceed the greater of $15,000,000 and 50.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such payment, in any calendar year (which shall decrease to the greater of $10,000,000 and 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such Restricted Payment, subsequent

------

to the consummation of a Qualified IPO) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $25,000,000 in any calendar year (which shall decrease to $20,000,000 subsequent to the consummation of a Qualified IPO)); *provided*, *further*, that such amount in any calendar year may further be increased by an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amounts used to increase the Cumulative Credit pursuant to <u>clauses (c)</u> and <u>(d)</u> of the definition of "Cumulative Credit"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Net Proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries less the amount of Restricted Payments previously made with the cash proceeds of such key man life insurance policies;

*provided*, *further*, that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower may make Restricted Payments in an aggregate amount not to exceed, (x) an amount equal to the greater of (1) $10,000,000 and (2) 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of such Restricted Payment, so long as no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment *plus* (y) the Cumulative Credit at the time such Restricted Payment is made; *provided*, that with respect to any Restricted Payment made pursuant to this <u>clause (y)</u>, solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.50 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower may make Restricted Payments to any direct or indirect parent of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, Transaction Expenses and any indemnification claims made by directors or officers of such parent attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) franchise Taxes and other fees, taxes and expenses required to maintain its (or any of its direct or indirect parents') corporate existence;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) with respect to any taxable period (or portion thereof) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a "**Tax Group**"), to pay federal, foreign, state and local income or similar Taxes of such Tax Group (or any direct or indirect beneficial owners thereof) that are attributable to the taxable income of the Borrower and/or its Subsidiaries; *provided* that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower and its Subsidiaries would have been required to pay as a stand-alone consolidated, combined or similar income tax group, (B) with respect to any taxable period (or portion thereof) in which Holdings, the Borrower, and/or any of their Subsidiaries is treated as a pass-through entity for U.S. federal income purposes with respect to Ultimate Parent (or any direct or indirect parent thereof), dividends and distributions by such Subsidiaries to the Borrower, by the Borrower to Holdings (or any direct or indirect parent thereof) to permit Ultimate Parent to make distributions in the amount described in Section 4.6 of the Ultimate Parent LLC Agreement, or (C) to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries and any direct or indirect parent of the Borrower that are payable as a result of the operation of Section 2.05(b)(v) and 2.05(b)(vi); *provided, further*, that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar income Taxes (any amount to be paid under this Clause (iii), a "**Tax Distribution**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment that would be permitted to be made pursuant to <u>Sections 7.02</u> and <u>7.08</u> if such parent were subject to such Sections; *provided* that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or the Restricted Subsidiaries (which may be required to be Loan Parties) or (2) the merger (to the extent permitted in <u>Section 7.04</u>) of the Person formed or acquired into the Borrower or its Restricted Subsidiaries in order to consummate such Permitted Acquisition or Investment, in each case, in accordance with the requirements of <u>Section 6.11</u> and (C) such contribution shall constitute an Investment by the Borrower or the applicable Restricted Subsidiaries, as the case may be, at the date of such contribution or merger, as applicable, in an amount equal to the amount of such Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which (A) shall be used to pay customary salary, bonus, severance and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries or (B) shall be used to make payments permitted under <u>Sections 7.08(c)</u>, <u>(e)</u>, <u>(i)</u>, <u>(k)</u>, and <u>(p)</u> (assuming the Borrower or a Restricted Subsidiary were to make the payment but only to the extent such payments have not been and are not expected to be made by the Borrower or a Restricted Subsidiary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses (other than to Affiliates) related to any equity or debt offering by Holdings (or any direct or indirect parent thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payments made or expected to be made by Holdings, the Borrower or any of the Restricted Subsidiaries in respect of withholding or similar Taxes payable by or with respect to any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) and any repurchases of Equity Interests in consideration of such payments and deemed repurchases in connection with the exercise of stock options;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after a Qualified IPO, (i) any Restricted Payment by the Borrower or any other direct or indirect parent of the Borrower to pay listing fees, insurance premiums and other costs and expenses attributable to being a publicly traded company which are reasonable and customary and (ii) additional Restricted Payments in an aggregate amount per annum not to exceed the greater of (A) up to 6.0% the net proceeds received by (or contributed to) the Borrower and its Restricted Subsidiaries from such Qualified IPO and (B) 6.0% of the market capitalization of the Borrower (or the applicable parent entity) and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Holdings, the Borrower or any of the Restricted Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Restricted Payments in the amount of any Excluded Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Holdings, the Borrower and any Restricted Subsidiary may pay dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration, such payment would have complied with another provision of Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Restricted Payments so long as (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.00 to 1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Payments to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries' Affiliates and direct and indirect holders of Equity Interests in the Borrower that are payable as a result of any actual repatriation described in clause (i) of <u>Section 2.05(b)(v)</u> or clause (i) of <u>Section 2.05(b)(vi).</u>

For the avoidance of doubt, any dividend or distribution otherwise permitted pursuant to this <u>Section 7.06</u> may be in the form of a loan; *provided* that Indebtedness of a Loan Party or Restricted Subsidiary must be otherwise permitted by <u>Section 7.03(d)</u>.

Any basket available for Restricted Payments pursuant to this <u>Section 7.06</u> may instead be used to either (i) make a prepayment, redemption, purchase, defeasement or other payment in respect of any Junior Financing pursuant to <u>Section 7.13</u>, and such prepayment, redemption, purchase, defeasement or other payment shall not be prohibited by <u>Section 7.13</u> and any such prepayment, redemption, purchase, defeasement or other payment shall reduce the amount available under such basket set forth in this <u>Section 7.</u>06 or (ii) make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in this <u>Section 7.06</u>.

For the avoidance of doubt, this Section 7.06 shall not restrict the making of any "AHYDO catch-up payment" with respect to, and required by the terms of, any Indebtedness of any Borrower or any Restricted Subsidiary permitted to be incurred under Section 7.03 hereof.

------

Section 7.07. <u>[Reserved]</u>.

Section 7.08. <u>Transactions with Affiliates</u>.

Enter into any transaction of any kind with a value in excess of $2,000,000, determined at the time of such transaction with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or in connection with the Transactions and transactions constituting any Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of Equity Interests of (x) Holdings (or any direct or indirect parent thereof) or (y) any Restricted Subsidiary constituting directors' qualifying shares or other shares required by applicable Law, in each case, to any manager, officer, director, consultant or employee of Holdings or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) so long as no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> has occurred and is continuing, the payment of management and monitoring fees pursuant to an Investor Management Agreement or other arrangement with the Investors or management companies associated with the Investors or their advisors in a maximum amount for all such agreements and arrangements not to exceed 2.50% of Consolidated EBITDA of the Borrower in any fiscal year, and transaction fees to the foregoing Persons not to exceed in the aggregate 1.00% of the applicable gross transaction value; provided that, upon the occurrence and during the continuance of an Event of Default, such fees may accrue, but may not be payable in cash during such period, but all accrued fees (plus interest, if any, with respect thereto) may be payable in cash upon the cure or waiver of such Event of Default(s), (ii) indemnities and other expenses pursuant to an Investor Management Agreement or other arrangement with the foregoing Persons (including any transaction fee payable in connection with the Acquisition), and (iii) any unpaid management, monitoring, transaction fees, indemnities and expenses accrued in any prior year to the extent such fee or expense is otherwise permitted to be paid pursuant to this clause (e) in such prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted Payments permitted under <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) loans and other transactions among Holdings (or any direct or indirect parent company) and its Subsidiaries and joint ventures (to the extent any such Subsidiary that is not a Restricted Subsidiary or any such joint venture is only an Affiliate as a result of Investments by Holdings and its Restricted Subsidiaries in such Subsidiary or joint venture) to the extent otherwise permitted under this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) transactions by the Borrower and its Restricted Subsidiaries permitted under an express provision (including any exceptions thereto) of this <u>Article VII</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans, stock incentive plans and employee benefit plans and arrangements in the ordinary course of business or otherwise approved by the independent members of the board of directors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Borrower and its Restricted Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transactions pursuant to agreements, instruments or arrangements in existence on the Closing Date and set forth in <u>Schedule 7.08</u> or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) payments by the Borrower or any of its Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of the Borrower to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, but only to the extent permitted by <u>Section 7.06(h)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Investor or to any former, current or future manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, distributes or Affiliate of any of the foregoing) of the Borrower, any of its Subsidiaries or any direct or indirect parent thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower and the Restricted Subsidiaries, in the reasonable determination of the board of directors or the senior management of the Borrower, or are on terms at least as favorable (as reasonably determined by the Borrower) as might reasonably have been obtained at such time from an unaffiliated party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any payments required to be made pursuant to (i) the Purchase Agreement and (ii) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the payment of reasonable out-of-pocket costs and expenses and indemnities pursuant to the Ultimate Parent LLC Agreement as in effect on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, deliver to the Administrative Agent and the Revolving Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of <u>Section 7.08(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by Holdings and the Restricted Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted under <u>Section 7.02;</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Affiliate repurchases of the Loans or Commitments to the extent permitted by <u>Section 10.07</u> and Affiliate repurchases of Obligations, Pari Passu Secured Obligations and obligations in respect of any Junior Financing, in each case, the holding of such loans or commitments and the payments and other transactions contemplated herein in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Disposition of Securitization Assets or related assets, Investment permitted pursuant to <u>Section 7.02(v)</u> or Standard Securitization Undertakings, in each case in connection with any Qualified Securitization Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) IP Licenses in the ordinary course of business.

Section 7.09. <u>Burdensome Agreements</u>.

Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person that is intended to constitute Collateral for the benefit of the Lenders with respect to the Facilities and the Secured Obligations; *provided* that the foregoing <u>Sections 7.09(a)</u> and <u>(b)</u> shall not apply to Contractual Obligations which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) exist on the Closing Date and (to the extent not otherwise permitted by this <u>Section 7.09</u>) are listed in <u>Schedule 7.09</u> and (y) to the extent Contractual Obligations permitted by <u>clause (x)</u> are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or Refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or Refinancing (taken as a whole) does not materially expand the scope of such Contractual Obligation (as reasonably determined by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by <u>Section 7.03</u> and which does not apply to any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are customary restrictions (as reasonably determined by the Borrower) that arise in connection with (x) any Lien permitted by <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(i)</u>, <u>(j)(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(p)</u>, <u>(q)</u>, <u>(r)(i)</u>, <u>(r)(ii)</u>, <u>(s)</u>, <u>(u)</u>, <u>(v)</u>, <u>(w)</u>, <u>(z)</u>, <u>(aa)</u>, <u>(cc)</u>, <u>(dd)</u>, <u>(ee)</u> (to the extent such restrictions exist as of the Closing Date), <u>(gg)</u>, <u>(hh)</u>, <u>(ii)</u>, <u>(kk)</u>, <u>(ll)</u> and <u>(nn)</u> and relate to the property subject to such Lien or (y) arise in connection with any Disposition permitted by <u>Section 7.04</u> or <u>7.05</u> and relate solely to the assets or Person subject to such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under <u>Section 7.02</u> and entered into in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under <u>Section 7.03</u> but solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds, accessions and products thereof or (ii) the property secured by such Indebtedness and the proceeds, accessions and products thereof so long as the agreements governing such Indebtedness permit the Liens securing the Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the property interest, rights or the assets subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to <u>Sections 7.03(b)</u>, <u>(e)</u>, <u>(g)</u>, <u>(n)(i)</u>, <u>(s)</u>, <u>(t)</u>, <u>(u)</u>, <u>(v)</u> and <u>(z)</u> and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or, in the case of <u>Section 7.03(g), (s)</u>, <u>(t)</u> or <u>(u)</u>, to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting, transfer or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) arise in connection with cash or other deposits permitted under <u>Sections 7.01</u> and <u>7.02</u> and limited to such cash or deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) comprise restrictions imposed by any agreement governing Indebtedness entered into on or after the Closing Date and permitted under <u>Section 7.03</u> that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type, so long as the Borrower shall have determined in good faith that such restrictions will not affect its obligation or ability to make any payments required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) are restrictions regarding IP Licenses granted by Holdings and its Restricted Subsidiaries of Intellectual Property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) are restrictions on cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) are restrictions and conditions under the terms of the documentation governing any Qualified Securitization Financing or a Receivables Facility that in the good faith determination of Holdings or the Borrower are necessary or advisable to effect such Qualified Securitization Financing or such Receivables Facility.

------

Section 7.10. <u>Amendments or Waivers of Organization Documents</u>.

Agree, or permit any Loan Party to agree, to any material amendment, restatement, supplement or other modification to, or waiver of, any of its Organization Documents after the Closing Date in a manner that is materially adverse to the Lenders, except as required by Law; *provided* that for the avoidance of doubt, any amendment, restatement, supplement or other modification to any Organization Documents for the purpose of effectuating a change of legal entity name or fictitious business name as anticipated under the Purchase Agreement in connection with the Transactions shall not be deemed materially adverse to the Lenders. 

Section 7.11. <u>Consolidated First Lien Net Leverage Ratio</u>.

Solely for the benefit of the Revolving Credit Lenders, with respect to the Revolving Credit Facility and solely when the Outstanding Amount of the Revolving Loans and L/C Obligations exceeds the Testing Threshold, except with the written consent of the Required Revolving Credit Lenders, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period beginning with the Test Period ending June 30, 2020, to be greater than 7.50 to 1.00 (the "**Financial Covenant**"); <u>provided</u>, that, notwithstanding the foregoing, to the extent the aggregate Revolving Credit Exposure has been reduced to an amount less than the Testing Threshold for any prior period for which a Compliance Certificate has not yet been delivered, the Financial Covenant shall not be required to be tested for any such Fiscal Quarter.

Section 7.12. <u>[Reserved]</u>.

Section 7.13. <u>Prepayments, Etc. of Subordinated Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal, interest and fees and mandatory prepayments, expense reimbursement and indemnification obligations, redemptions and related offers to prepay or repurchase and any AHYDO Payments with respect to any Junior Financing and, in connection with the amendment of any Junior Financing, the payment of fees (other than in connection with any amendment that reduces or forgives the commitments or outstanding principal amount) shall be permitted) any (A) Indebtedness subordinated in right of payment incurred under <u>Section 7.03</u>, or (B) any other Indebtedness for borrowed money of a Loan Party that is (x) subordinated in right of payment to the Secured Obligations expressly by its terms, (y) is secured by substantially the same Collateral on a junior lien basis to the Liens securing the Secured Obligations (but other than Indebtedness among the Borrower and its Restricted Subsidiaries) or (z) is unsecured and is incurred pursuant to <u>Section 7.03(s)</u>, <u>(t)</u>, <u>(y)</u> or <u>(z)</u> with a principal amount outstanding in excess of the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA (collectively, "**Junior Financing**") in excess of the Threshold Amount in each case, determined as of the date of payment, except (i) the Refinancing thereof with any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing), to the extent not required to prepay any Loans pursuant to <u>Section 2.05(b)</u>, (ii) the conversion or exchange of any Junior Financing into, or the redemption, repayment or prepayment of any Junior Financing with the proceeds of, Equity Interests of Holdings or any of its direct or indirect parents (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), (iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary, (iv) prepayments of principal of and any required premium on loans or notes pursuant to such Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof) in connection with the removal of a lender or holder pursuant to any Junior Financing

------

Documentation (or any comparable provision of a Permitted Refinancing thereof or the payment of any fees in connection with amendments thereto), (v) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed, the sum of (I) the greater of (x) $7,500,000 and (y) 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such prepayment *plus* (II) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this clause (II) to make repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings shall result in a reduction in availability under <u>Section 7.06(g)(x))</u>; *provided* that no Event of Default has occurred and is continuing or would result therefrom, (vi) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity funded with the proceeds of Excluded Contributions, *plus*, the Cumulative Credit at the time such repayment, redemption, purchase, defeasance or other payment is made; *provided* that solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", no Event of Default has occurred and is continuing and the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with Section 1.09) is less than or equal to 3.75 to 1.00, (vii) repayments, redemptions, purchases, defeasances and other payments so long as (x) no Event of Default has occurred and is continuing at the time such repayment, redemption, purchases or defeasance is made and (y) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> as of the date of payment) is less than or equal to 3.25 to 1.00 and (viii) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings made in reliance on the last paragraph of <u>Section 7.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amend, modify or change in any manner materially adverse to the interests of the Lenders any term or condition of any Junior Financing Documentation in respect of any Junior Financing having an aggregate outstanding principal amount in excess of the Threshold Amount, in each case, determined as of the date of payment, without the consent of the Administrative Agent and the Revolving Agent (which consent shall not be unreasonably withheld, delayed or conditioned) other than (i) in connection with a Permitted Refinancing of such Junior Financing or (ii) in a manner not prohibited by any applicable intercreditor or subordination agreement to which the Collateral Agent is a party with respect to such Junior Financing.

Any basket available for prepayments, redemptions, purchases, defeasements or other payments in respect of any Junior Financing pursuant to <u>Section 7.13(a)</u> may instead be used make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in <u>Section 7.13(a)</u>.

Section 7.14. <u>Permitted Activities, Etc</u>.

With respect to Holdings, engage in any material operating or business activities; *provided* that Holdings may engage in the following and any activities incidental thereto shall be permitted in any event: (i) its ownership of the Equity Interests of the Borrower and activities incidental thereto, including payment of dividends and other amounts in respect of its Equity Interests, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations with respect to the Transactions, Loan Documents and any other documents governing Indebtedness permitted hereby, (iv) any public offering of its common stock or any other issuance or sale of its Equity Interests, (v) payment of any distribution to its parent company and making contributions to the capital of the Borrower, (vi) the incurrence of (a) unsecured Indebtedness that is contractually subordinated (on customary terms for such types of unsecured subordinated Indebtedness, as reasonably determined by the Administrative Agent and the Revolving Agent) to the Guarantee of the Secured Obligations by Holdings, (b) Guaranteed Obligations in respect of Indebtedness of the Borrower and its Restricted Subsidiaries permitted under <u>Section 7.03</u>, including any Permitted Refinancing thereof, and (c)

------

Guarantees of other obligations not constituting Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries, (vii) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Borrower, (viii) holding any cash or property (but not operate any property), (ix) making of any Restricted Payments or Investments permitted hereunder, (x) providing indemnification to officers and directors, (xi) merge, amalgamate or consolidate with or into any direct or indirect parent of Holdings in connection with or in preparation for a Qualified IPO (*provided* that Holdings shall be the continuing or surviving company or such surviving company assumes Holdings' obligations under the Loan Documents), (xii) repurchases of Indebtedness including through open market purchases pursuant to <u>Section 2.05(b)</u>, (xiii) transactions in connection with a Permitted Reorganization or IPO Reorganization Transaction and (xiv) any activities incidental or reasonably related to the foregoing.

**ARTICLE VIII.** 

**<u>EVENTS OF DEFAULT AND REMEDIES</u>**

Section 8.01. <u>Events of Default</u>.

Any of the following from and after the Closing Date shall constitute an event of default (an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Non-Payment*. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, (ii) within five Business Days after the same becomes due, any interest on any Loan, or (iii) within 10 Business Days after the same becomes due, any fees or other amounts payable hereunder or with respect to any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Specific Covenants*. The Borrower, any Restricted Subsidiary or, in the case of <u>Section 7.14</u>, Holdings, fails to perform or observe any term, covenant or agreement contained in any of <u>Section 6.03(a)</u> or <u>6.05(a)</u> (solely with respect to Holdings and the Borrower), <u>6.16</u> or <u>Article VII</u>; *provided* that any Event of Default arising from the failure to timely deliver a notice of Event of Default pursuant to <u>Section 6.03(a)</u> shall be deemed cured upon the delivery of the applicable notice of Event of Default or to the extent the Event of Default that is subject of such notice is otherwise cured or waived; *provided further* that the covenant in <u>Section 7.11</u> is subject to cure pursuant to <u>Section 8.04</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Defaults*. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence of such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Representations and Warranties*. (i) Any Specified Representation made by any Loan Party on the Closing Date is incorrect in any material respect when made or deemed made or (ii) any other representation, warranty or certification made or deemed made by any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made and such incorrect representation, warranty or certification shall remain incorrect for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence thereof (*provided* that such cure period shall not apply in the event such representation, warranty or certification is incapable of being cured); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Cross-Default*. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any Indebtedness having an aggregate outstanding principal amount of not less than the Threshold Amount, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any default thereunder by any Loan Party), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause (after delivery of any notice if required and after giving effect to any waiver, amendment, cure or grace period), with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; *provided* that this <u>clause (B)</u> shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder, (ii) any Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or non-performance of obligations related thereto or (y) sole option is to elect, in each case, to convert such Indebtedness into Qualified Equity Interests and cash in lieu of fractional shares and (iii) in the case of Indebtedness which the holder thereof may elect to convert into Qualified Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected; *provided*, *further*, that any such failure described under <u>clause (A)</u> or <u>(B)</u> is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to <u>Section 8.02</u> (and any event or condition set forth under this <u>Section 8.02(e)</u> shall not, until the expiration of any applicable period or the delivery of notice by the applicable holders of such Indebtedness, constitute a Default or Event of Default for purposes of this Agreement); <u>provided</u>, <u>further</u>, a default under any financial covenant in such Indebtedness shall not constitute an Event of Default unless and until the lenders or holders with respect to such Indebtedness have actually declared all such obligations to be immediately due and payable and terminate the commitments in accordance with the agreement governing such Indebtedness and such declaration has not been rescinded by the required lenders or holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency Proceedings, Etc.* Other than with respect to any dissolutions otherwise permitted hereunder, any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or substantially all of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Reserved]; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Judgments*. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by either (i) independent third-party insurance as to which the insurer does not deny coverage or (ii) another creditworthy (as reasonably determined by the Administrative Agent or Revolving Agent) indemnitor); and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Invalidity of Loan Documents*. Any material provision of the Loan Documents, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>) or as a result of acts or omissions by any Agent or any Lender or the satisfaction in full of all the Obligations (other than contingent obligations not yet due and owing and Cash Collateralized or back-stopped Letters of Credit), ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations (other than in accordance with its terms) and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document (other than in accordance with its terms); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change of Control*. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collateral Documents*. Any Collateral Document after delivery thereof pursuant to <u>Section 4.01</u>, <u>6.11</u> or <u>6.13</u> shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under <u>Section 7.01</u>, (i) except to the extent that any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or results from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements or take other required actions and (ii) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *ERISA*. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material Adverse Effect could reasonably be expected to result.

Section 8.02. <u>Remedies Upon Event of Default</u>.

If any Event of Default occurs and is continuing, the Administrative Agent or the Collateral Agent, in each case, at the request of the Required Lenders (*provided* that if there are two (2) or more unaffiliated Lenders, the Required Lenders for purposes of this <u>Section 8.02</u> shall require at least two (2) unaffiliated Lenders) (or, with respect to an Event of Default under <u>Section 8.01(b)</u> due solely to the Borrower's failure to observe the covenant contained in <u>Section 7.11</u>, the Revolving Agent, solely at the request of the Required Revolving Credit Lenders (solely after the Cure Expiration Date)), shall take any or all of the following actions:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower (to the extent permitted by applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

*provided* that upon the entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States or any Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of any Agent or any Lender. 

Section 8.03. <u>Application of Funds</u>.

After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Secured Obligations or in respect of the Collateral shall be applied by the Agents in the following order (to the fullest extent permitted by mandatory provisions of applicable Law):

<u>First</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III) payable to the Agents in their capacities as such hereunder and under the other Loan Documents;

<u>Second</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders hereunder (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause <u>Second</u> payable to them;

<u>Third</u>, to payment of that portion of the Secured Obligations consisting of accrued and unpaid interest in respect of Protective Advances funded by the Revolving Agent hereunder;

<u>Fourth</u>, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause <u>Fourth</u> payable to them;

------

<u>Fifth</u>, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any breakage, termination or other payments under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fifth held by them;

<u>Sixth</u>, to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Agents and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Agents and the other Secured Parties on such date; and

<u>Last</u>, the balance, if any, after all of the Secured Obligations then earned, due and payable have been paid in full, to the Borrowers or as otherwise required by Law.

Subject to <u>Section 2.03(c)</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fifth</u> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, to the Borrowers as applicable, or as otherwise required by the Intercreditor Agreements.

Section 8.04. <u>Borrower's Right to Cure</u>.

Notwithstanding anything to the contrary contained in <u>Section 8.01</u> or <u>Section 8.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of determining whether an Event of Default under <u>Section 7.11</u> has occurred, the Borrower may on one or more occasions designate any portion of the net cash proceeds from a sale or issuance of Qualified Equity Interests of the Borrower (or any direct or indirect parent company), which proceeds are then contributed to the Borrower) or any cash contribution to the common capital of the Borrower (the "**Cure Amount**") as an increase to Consolidated EBITDA for the applicable fiscal quarter; *provided* that (A) such amounts to be designated (i) are actually received by the Borrower on or before the fifteenth Business Day after the date on which the Compliance Certificate pursuant to <u>Section 6.02(a)</u> is required to be delivered with respect to such applicable fiscal quarter (the "**Cure Expiration Date**") and (ii) do not exceed the aggregate amount necessary to cure any Event of Default under <u>Section 7.11</u> as of such date and (B) the Borrower shall have provided notice (the "**Notice of Intent to Cure**") to the Revolving Agent that such amounts are designated as a "Cure Amount" (it being understood that to the extent such notice is provided in advance of delivery of a Compliance Certificate for the applicable period, the amount of such net cash proceeds that is designated as the Cure Amount may be lower than specified in such notice to the extent that the amount necessary to cure any Event of Default under <u>Section 7.11</u> is less than the full amount of such originally designated amount). The Cure Amount used to calculate Consolidated EBITDA for one fiscal quarter shall be used and included when calculating Consolidated EBITDA for each Test Period that includes such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereby acknowledge that this <u>Section 8.04</u> may not be relied on for purposes of calculating any financial ratios other than for determining actual compliance with <u>Section 7.11</u> (and not Pro Forma Compliance with <u>Section 7.11</u> that is required by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including any *pro forma* reduction of the amount of Indebtedness and shall not be included for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under <u>Article VII</u>) with respect to the quarter with respect to which such Cure Amount was made other than the increase to Consolidated EBITDA referred to in <u>Section 8.04(a)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furtherance of <u>Section 8.04(a)</u> above, (i) upon actual receipt by the Revolving Agent of the Notice of Intent to Cure, the covenant under <u>Section 7.11</u> shall be deemed retroactively cured with the same effect as though there had been no failure to comply with the covenant under such <u>Section 7.11</u> and any Default or Event of Default under <u>Section 7.11</u> (or any notice required by <u>Section 6.03(a)</u> as a result thereof) shall be deemed not to have occurred for purposes of the Loan Documents (provided that if the Cure Expiration Date has occurred without the Cure Amount having been received and designated, such Default or Event of Default shall be deemed reinstated), and (ii) no Agent, Lender or other Secured Party may exercise any rights or remedies under <u>Section 8.02</u> (or under any other Loan Document) on the basis of any actual or purported Default or Event of Default under <u>Section 7.11</u> until and unless the Cure Expiration Date has occurred without the Cure Amount having been received and designated or the Borrower has confirmed in writing that it does not intend to provide such Cure Amount. Notwithstanding the foregoing, the Borrower shall not be able to request the making of any new Revolving Credit Borrowing or the issuance of any new Letters of Credit until receipt by the Borrower of the Cure Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) In each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no cure right set forth in this <u>Section 8.04</u> is exercised and (ii) there shall be no *pro forma* reduction in Indebtedness with the Cure Amount for determining compliance with <u>Section 7.11</u> for the fiscal quarter with respect to which such Cure Amount was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There can be no more than five fiscal quarters in which the cure rights set forth in this <u>Section 8.04</u> are exercised during the term of the Facilities.

**ARTICLE IX.** 

**<u>ADMINISTRATIVE AGENT AND OTHER AGENTS</u>**

Section 9.01. <u>Appointment and Authority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Ankura to act on its behalf as the Administrative Agent and PNC to act on its behalf as the Collateral Agent and the Revolving Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the terms hereof or thereof, together with such actions and powers as are reasonably incidental or related thereto. The provisions of this <u>Article IX</u> (other than <u>Sections 9.01</u>, <u>9.06</u>, and <u>9.10</u> through and including <u>9.12</u>) are solely for the benefit of the Administrative Agent, the Collateral Agent, the Revolving Agent the Lenders and the L/C Issuers, and no Loan Party has rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent, the Collateral Agent or Revolving Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Lenders (including in its capacities as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this

------

connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article X</u> (including the second paragraph of <u>Section 10.05</u>), as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Collateral Agent to (i) execute any and all documents (including releases) with respect to the Collateral (including each Intercreditor Agreement and any amendment, supplement, modification or joinder with respect thereto) and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by the Collateral Agent shall bind the Lenders and (ii) negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

Section 9.02. <u>Rights as a Lender</u>.

The Person serving as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, Collateral Agent or the Revolving Agent, as applicable, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent, Collateral Agent or Revolving Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder and without any duty to account therefor to the Lenders.

Section 9.03. <u>Exculpatory Provisions</u>.

The Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided* that the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable, shall not be required to take any action that, in its opinion or the opinion of its counsel, may (i) expose the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to liability or that is contrary to any Loan Document or applicable Law or (ii) be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Neither the Administrative Agent, the Collateral Agent nor the Revolving Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the Borrower, a Lender, an L/C Issuer or any other Agent; and

Section 9.04. <u>Reliance by Agent</u>s.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, each Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received written notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension or increase of such Letter of Credit. Each Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.05. <u>Delegation of Duties</u>.

Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any

------

such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities as Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 9.06. <u>Removal or Resignation of an Agent</u>.

Any Agent may at any time give notice of its resignation to the other Agents, the Lenders, the L/C Issuers and the Borrower. (x) If any Agent becomes a Defaulting Lender, the Borrower may remove such Agent from such role upon 15 days' written notice to such Agent, the other Agents, the L/C Issuers and the Lenders, (y) at any time after the Closing Date, for any reason whatsoever, the Required Lenders may remove the Administrative Agent or the Collateral Agent from such role upon 15 days' written notice to such Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower, and (z) at any time after the Closing Date, for any reason whatsoever, the Required Revolving Credit Lenders may remove the Revolving Agent from such role upon 15 days' written notice to Revolving Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower (the date of any such removal, the "**Removal Effective Date**"). Upon receipt of any such notice of resignation (or removal pursuant to the preceding sentence), the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the right, with the consent of the Borrower (in its sole discretion) at all times other than upon the occurrence and during the continuation of an Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> (with respect to the Borrower) and other than in the case of removal of the Administrative Agent, appoint a successor. If no such successor shall have been so appointed by the Required Lenders or Required Revolving Credit Lenders and shall have accepted such appointment within 30 days after the resigning Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the resigning Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including consent of the Borrower, if applicable); *provided* that if the resigning Agent shall notify the Borrower, the other Agents, the L/C Issuers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice. The resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the resigning or removed Agent shall continue to hold such Collateral until such time as a successor Agent is appointed). Except for any indemnity payments or other amounts then owed to the resigning or removed Agent, all payments, communications and determinations provided to be made by, to or through the resigning or removed Agent shall instead be made by or to each Lender and the L/C Issuers directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as an Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning (or removed) Agent (other than any rights to indemnity payments or other amounts owed to the resigning or removed Agent as of the Resignation Effective Date or Removal Effective Date, as applicable), and the resigning (or removed) Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the resigning or removed Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article IX</u> and <u>Sections 10.04</u> and <u>10.05</u> shall continue in effect for the benefit of such resigning or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the resigning or removed Agent was acting as Administrative Agent, Collateral Agent or Revolving Agent, as applicable.

------

Section 9.07. <u>Non-Reliance on Agents and Other Lenders</u>.

Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Neither the Administrative Agent nor the Revolving Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or issuance of any Letter of Credit or at any time or times thereafter, and neither the Administrative Agent nor the Revolving Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

Section 9.08. <u>No Other Duties, Etc.</u>

Anything herein to the contrary notwithstanding, no Agent or Lender shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Revolving Agent, the Collateral Agent, a Lender or an L/C Issuer hereunder.

Section 9.09. <u>Agents May File Proofs of Claim</u>.

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agents shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Agents under <u>Sections 2.03(h)</u>, <u>2.03(i)</u>, <u>2.09</u>, <u>10.04</u> and <u>10.05</u>) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Agents and, if the Agents shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and its agents and counsel, and any other amounts due the Agents under <u>Sections 2.09</u>, <u>10.04</u> and <u>10.05</u>.

------

Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any L/C Issuer to authorize the Agents to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding.

The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with the Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).

Section 9.10. <u>Collateral and Guaranty Matters</u>.

Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from any Lender, from time to time prior to the occurrence and continuance of an Event of Default, to take any action with respect to any Collateral or Collateral Documents which may be necessary to create, perfect and maintain perfected security interests in and liens upon the Collateral granted pursuant to the Collateral Documents. Without limiting the provisions of Section 9.09, the Lenders (each including in its capacity as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuer irrevocably authorize the Collateral Agent, at its option and in its discretion (other than releases described in <u>clauses (b)</u> and <u>(d)</u> below which shall not be optional or discretionary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enter into and sign for and on behalf of the Lenders as Secured Parties the Collateral Documents (including any Intercreditor Agreements with respect to Indebtedness to the extent the Collateral Agent is otherwise contemplated herein as being a party to such Intercreditor Agreement) for the benefit of the Lenders and the other Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to automatically release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash

------

Management Provider or Secured Hedge Bank) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the Collateral Agent and the relevant L/C Issuers shall have been made), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, (iii) subject to <u>Section 10.01</u>, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to <u>Section 9.10(d)</u> or <u>Section 11.09</u> or (v) if the property subject to such Lien constitutes Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to release any Subsidiary Guarantor from its obligations under the Guaranty if such Guarantor becomes a Released Guarantor in accordance with <u>Section 11.09</u>;

Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section 9.10</u>. In each case as specified in this <u>Section 9.10</u>, the Collateral Agent will (and each Lender irrevocably authorizes the Collateral Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.10</u>.

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

Section 9.11. <u>Secured Cash Management Agreements and Secured Hedge Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Secured Cash Management Provider and no Secured Hedge Bank that obtains the benefits of <u>Section 8.03</u>, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> to the contrary, no Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Hedge Obligations unless such Agent has received written notice of such Secured Cash Management Obligations or Secured Hedge Obligations, together with such supporting documentation as such Agent may request, from the applicable Secured Cash Management Provider or Secured Hedge Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secured Cash Management Providers and the Secured Hedge Banks hereby authorize the Collateral Agent to enter into any Intercreditor Agreement permitted under this Agreement, and any amendment, modification, supplement or joinder with respect thereto, and any such Intercreditor Agreement is binding upon the Secured Cash Management Providers and the Secured Hedge Banks.

------

Section 9.12. <u>Withholding Tax Indemnity</u>.

To the extent required by any applicable Laws, the Administrative Agent or the Revolving Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent or the Revolving Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent or the Revolving Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective or if any payment has been made by the Administrative Agent or the Revolving Agent to any Lender without applicable withholding tax being deducted from such payment), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent or the Revolving Agent (to the extent that the Administrative Agent or the Revolving Agent has not already been reimbursed by the Borrowers pursuant to <u>Section 3.01</u> and <u>3.04</u> and without limiting or expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Administrative Agent or the Revolving Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent or the Revolving Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Revolving Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent or the Revolving Agent under this <u>Section 9.12</u>. The agreements in this <u>Section 9.12</u> shall survive the resignation and/or replacement of the Administrative Agent or the Revolving Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank).

**ARTICLE X.** 

**<u>MISCELLANEOUS</u>**

Section 10.01. <u>Amendments, Etc.</u>

Subject to any separate agreement among the Lenders, except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders (unless specified therein)) (or by the Administrative Agent with the consent of the Required Lenders) and the applicable Loan Party, as the case may be (and with an executed copy thereof promptly delivered to the Administrative Agent if not otherwise a party thereto), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that, no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood that a waiver of any condition precedent, the waiver of any obligation of the Borrowers to pay interest at the Default Rate or the waiver of any Default, Event of Default, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such an extension or increase);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise expressly provided for hereunder, including without limitation pursuant to a Refinancing Amendment or an Extension Amendment, postpone any date scheduled for any payment of principal (including final maturity), interest or fees under <u>Section 2.07</u>, <u>2.08</u> or <u>2.09</u>, respectively, without the written consent of each Lender directly and adversely affected thereby (it being understood that the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any Default or Event of Default, any condition precedent, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such a postponement of any date scheduled for the payment of principal or interest and it further being understood that any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a postponement of such scheduled payment); *provided* that only the consent of the Administrative Agent and/or the Revolving Agent, as applicable, shall be required for an extension or postponement for administrative convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (iii)</u> of the second proviso to this <u>Section 10.01</u>) or any fees payable hereunder or under any other Loan Document (or extend the timing of payments of such fees) without the written consent of each Lender directly and adversely affected thereby (it being understood that (i) the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any mandatory prepayment of the Loans or mandatory reduction of any Commitments or any Default or Event of Default shall not constitute such a reduction and it further being understood that (ii) any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a reduction or forgiveness in any principal or rate of interest of any Loan, L/C Borrowing, fee or other amount payable hereunder or under any other Loan Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" in any manner that would alter the pro rata sharing of payments or other amounts required thereby, without the written consent of each Lender directly and adversely affected thereby; *provided* that modifications to <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" to the extent necessary in connection with (w) any buy back of Term Loans by Holdings or the Borrower pursuant to <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, (x) any Refinancing Amendment or amendment in respect of Replacement Loans, (y) any Incremental Amendment or (z) any Extension Amendment, in each case, shall only require approval (to the extent any such approval is otherwise required) of the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of (i) this <u>Section 10.01</u> or (ii) the definition of "Required Lenders", "Required Revolving Credit Lenders" or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents to reduce the percentage set forth therein, without the written consent of each Lender directly and adversely affected thereby (it being understood that, with the consent of the Required Lenders or Required Revolving Credit Lenders (if such consent is otherwise required), or the Administrative Agent or the Revolving Agent, as applicable (if the consent of the Required Lenders or Required Revolving Credit Lenders is not otherwise required), additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or Required Revolving Credit Lenders, as applicable, on substantially the same basis as the Term Commitments or Revolving Credit Commitments, as applicable);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the aggregate value of the Guaranty without the written consent of each Lender;

*provided, further*, that, to the extent that any such amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> above is not executed by all Agents and/or all of the Lenders, the Borrower shall provide a copy of such amendment or waiver to any Agent and/or Lender which is not a party thereto; 

*provided*, *further*, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, directly and adversely affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) [reserved]; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or, with respect to the Revolving Loans, the Revolving Agent, in addition to the Lenders required above, directly and adversely affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or Revolving Agent, as applicable, under this Agreement or any other Loan Document; (iv) only the consent of the parties to the Fee Letter shall be required to amend, modify or supplement the terms thereof; (v) <u>Section 10.07(h)</u> may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; (vi) (x) no Lender consent is required to effect an Incremental Amendment, Refinancing Amendment or Extension Amendment (except as expressly provided in <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u> or in the following <u>clause (y)</u> or <u>(z)</u>, as applicable) or to effect any amendment expressly contemplated by <u>Section 6.19</u>, (y) in connection with an amendment that addresses solely a re-pricing transaction in which any Class of Term Loans is Refinanced with a replacement Class of term loans bearing (or is modified in such a manner such that the resulting term loans bear) a lower All-In Yield (which may include other customary technical amendments related thereto, including providing that such replacement term loans may have a prepayment premium in connection therewith) (a "**Permitted Repricing Amendment**"), only the consent of the Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans shall be required for such Permitted Repricing Amendment, and (z) in connection with an Extension Amendment, only the consent of the Lenders that will continue as a Lender in respect of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, subject to such Extension Amendment shall be required for such Extension Amendment; and (vii) the Letter of Credit Sublimit may be increased with only the consent of each L/C Issuer and the Revolving Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms materially and adversely affects any Defaulting Lender to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding the foregoing, no Lender consent is required for the Collateral Agent to enter into, or to effect any amendment, modification or supplement to any Intercreditor Agreement pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan Commitment, any Other Commitment, any Other Term Loan, any Other Notes, or any Permitted First Priority Refinancing Debt or any Permitted Junior Priority Refinancing Debt, for the purpose of adding

------

the holders of such Indebtedness (or their representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, in each case as contemplated by the terms of such Intercreditor Agreement (it being understood that any such amendment or supplement may make such other changes to the applicable Intercreditor Agreement as, in the good faith determination of the Collateral Agent, are required to effectuate the foregoing and *provided* that such other changes are not adverse, in any material respect (taken as a whole), to the interests of the Lenders); *provided*, *further*, that no such Intercreditor Agreement shall amend, modify or otherwise adversely affect the rights or duties of any Agent hereunder or under any other Loan Document without the prior written consent of such Agent. 

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

Notwithstanding any of the foregoing, only the consent of the Required Revolving Credit Lenders (and, in the case of the issuance of a Letter of Credit, the relevant Issuing Lender) shall be required for (i) any amendment or waiver of any condition precedent to an extension of credit (or deemed extension of credit) under the Revolving Credit Facility, (ii) any modification or amendment to the calculation or formulation of the Financial Covenant , Section 7.11 or Section 8.04, or any change to any definition related to the Financial Covenant, Section 7.11 or Section 8.04 (as such definitions are used for purposes of the Financial Covenant, Section 7.11 or Section 8.04, as applicable) or (iii) the waiver of any Default or Event of Default under the Financial Covenant.

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrowers and the Lenders providing the Replacement Term Loans (as defined below) to permit the Refinancing of all or a portion of the outstanding Term Loans of any Class ("**Refinanced Term Loans**") with one or more tranches of replacement term loans having different terms ("**Replacement Term Loans**") hereunder; *provided* that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans *plus* accrued interest, fees, expenses and premium (but nothing in this clause (a) shall limit the ability of the Borrowers to incur Incremental Term Loans of the same Class or of a different Class at the same time if such incurrence is otherwise permitted hereunder), (b) the Weighted Average Life to Maturity of Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, at the time of such Refinancing (except by virtue of amortization or prepayment of the Refinanced Term Loans prior to the time of such incurrence) and (c) such Replacement Term Loans shall otherwise constitute Credit Agreement Refinancing Indebtedness.

Notwithstanding anything to the contrary contained in this <u>Section 10.01</u>, guarantees, collateral security documents and related documents executed by the Loan Parties or the Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and the Collateral Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent and the Collateral Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel or (ii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

------

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, if at any time after the Closing Date, any Agent and the Borrower shall have jointly identified a mistake, ambiguity, obvious or technical error or any error or omission of a technical or administrative nature, in each case, in any provision of the Loan Documents, then the Administrative Agent, the Revolving Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, the Revolving Agent may waive any obligations or requirements under <u>Section 6.16</u>.

Section 10.02. <u>Notices and Other Communications; Facsimile Copies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices; Effectiveness; Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section 10.02(a)(ii)</u>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to the Borrower (or to any other Loan Party), the Administrative Agent, the Collateral Agent, the Revolving Agent or an L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for the Borrower, the Administrative Agent, the Collateral Agent, the Revolving Agent or such L/C Issuer on <u>Schedule 10.02</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>Section 10.02(a)(ii)</u> shall be effective as provided in such <u>Section 10.02(a)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Electronic Communications</u>. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, *provided* that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to <u>Article II</u> if such Lender or such L/C Issuer, as applicable, has notified each Agent that it is incapable of receiving notices under such Article by electronic communication. Any Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, *provided* that approval of such procedures may be limited to particular notices or communications.

------

Unless the Administrative Agent or the Revolving Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the "**Agent Parties**") have any liability to the Loan Parties, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or any Agent's transmission of the Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith, material breach or willful misconduct of such Agent Party (or its Representatives); *provided*, *however*, that in no event shall any Person have any liability to any other Person hereunder for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages); *provided* that nothing in this sentence shall limit any Loan Party's indemnification obligations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Address, Etc.</u> Each of the Borrowers, the Agents and the L/C Issuers may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the Borrower, the Agents, the L/C Issuers. In addition, each Lender agrees to notify the Agents from time to time to ensure that the Agents has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reliance by Agents, L/C Issuers and Lenders</u>. The Agents, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Agents, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers in accordance with <u>Section 10.05</u> hereof. All telephonic notices to and other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording.

------

Section 10.03. <u>No Waiver; Cumulative Remedies</u>.

No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent and the Revolving Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuers; *provided*, *however*, that the foregoing shall not prohibit (a) any Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or the Revolving Agent, as applicable) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 10.09</u> (subject to the terms of <u>Section 2.13</u>) or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; *provided*, *further*, that if at any time there is no Person acting as Administrative Agent, Collateral Agent or Revolving Agent hereunder and under the other Loan Documents, then (i) the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the rights otherwise ascribed to the Administrative Agent, the Collateral Agent or the Revolving Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of the preceding proviso and subject to <u>Section 2.13</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

Section 10.04. <u>Attorney Costs and Expenses</u>.

The Borrower agrees (a) to pay or reimburse the Agents, the Commitment Parties and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby, including (i) all Attorney Costs, which shall be limited to one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Commitment Parties (taken as a whole), plus, if reasonably necessary, one local counsel in each applicable jurisdiction material to the interests of the Lenders (taken as a whole), in each case except allocated costs of in-house counsel and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower, and (b) from and after the Closing Date, to pay or reimburse the Administrative Agent, the Revolving Agent, and the Collateral Agent, the L/C Issuers and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or protection of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including (i) all respective Attorney Costs, which shall be limited to Attorney Costs of one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Lenders (taken as a whole) and, if reasonably necessary, one local counsel in each relevant

------

material jurisdiction material to the interests of the Lenders (taken as a whole) and, solely in the case of an actual conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected parties) and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower. The agreements in this <u>Section 10.04</u> shall survive the termination of the Aggregate Commitments and repayment of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). All amounts due under this <u>Section 10.04</u> shall be paid within 30 days following receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail; *provided* that, with respect to the Closing Date, all amounts due under this <u>Section 10.04</u> shall be paid on the Closing Date solely to the extent invoiced to the Borrower at least three Business Days prior to the Closing Date (or such shorter period as the Borrower shall reasonably agree). If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by any Agent in its discretion following five Business Days' prior written notice to the Borrower and the other Agents. For the avoidance of doubt, this <u>Section 10.04</u> shall not apply to Taxes, except any Taxes that represent costs and expenses arising from any non-Tax claim.

Section 10.05. <u>Indemnification by the Borrower</u>.

The Borrower shall indemnify and hold harmless each Agent, each Agent-Related Person, each Lender and their respective controlled Affiliates and controlling Persons, and their respective officers, directors, agents, members and employees and their respective successors (collectively the "**Indemnitees**") from and against any and all liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and its affiliated or associated Indemnities (taken as a whole), one counsel to the Revolving Agent and the Collateral Agent and their affiliated or associated Indemnities (taken as a whole) and one counsel to all other Indemnitees (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected Indemnitees, in each case except allocated costs of in-house counsel), joint or several, of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (c) any Environmental Liability arising from any actual or alleged presence or Release of Hazardous Materials at, on, under or from any property or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, or any other Environmental Liability of the Loan Parties or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (a "**Proceeding**") and regardless of whether any Indemnitee is a party thereto or whether or not such Proceeding is brought by the Borrower or any other person and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee

------

(all of the foregoing, collectively, the "**Indemnified Liabilities**"); *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (w) the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (x) a material breach of any obligations under any Loan Document by such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) any disputes solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under any Facility (unless such claim would otherwise be excluded pursuant to clause <u>(w)</u> above) which do not arise out of any act or omission of Holdings, the Borrower, the Sponsor or any of their Affiliates or (z) settlements effected without the Borrower's prior written consent (such consent not to be unreasonably withheld, delayed or conditioned), but if settled with the Borrower's written consent, or if there is a final judgment in any such Proceeding, the Borrower shall indemnify and hold harmless such Indemnitee to the extent and the manner set forth above. In case any Proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrower of the commencement of any such Proceeding; *provided*, *however*, that the failure so to notify the Borrower will not relieve the Borrower from any liability to such Indemnitee pursuant to this <u>Section 10.05</u>. Each applicable Indemnitee (by accepting the benefits hereof) agrees to refund and return any and all amounts paid by or on behalf of the Borrower (or any other Loan Party) to such Indemnitee, in each case, pursuant to the terms of this paragraph to the extent such Indemnitee is not entitled to the payment thereof pursuant to the terms of this paragraph. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Indemnitee (or its officers, directors, employees or Affiliates), nor shall any Indemnitee, Loan Party or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); it being agreed that this sentence shall not limit the indemnification obligations of Holdings, the Borrower or any Subsidiary (including, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket expenses). In the case of an investigation, litigation or other proceeding to which the indemnity in this <u>Section 10.05</u> applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due under this <u>Section 10.05</u> shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); *provided*, *however*, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this <u>Section 10.05</u>. The agreements in this <u>Section 10.05</u> shall survive the resignation or removal of any Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case

------

reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). For the avoidance of doubt, this <u>Section 10.05</u> shall not apply to Taxes, except any Taxes that represent liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

To the extent that the Borrower for any reason fails to pay any amount required under this <u>Section 10.05</u> or <u>Section 10.04</u> to be paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender's Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, *provided* that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this paragraph are subject to the provisions of <u>Section 2.12(e)</u>.

Section 10.06. <u>Payments Set Aside</u>.

To the extent that any payment by or on behalf of any Borrower is made to any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, *plus* interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Base Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Secured Obligations and the termination of this Agreement.

Section 10.07. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Revolving Agent and each Lender (except as permitted by <u>Section 7.04</u> or <u>Section 7.05</u>) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of <u>Section 10.07(b)</u> and the proviso to this <u>Section 10.07(a)</u> (such an assignee, an "**Eligible Assignee**") and (A) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is an Affiliated Lender, <u>Section 10.07(k)</u>, (B) in the case of any Assignee that is Holdings or any of its Subsidiaries, <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, or (C) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is a Debt Fund Affiliate, <u>Section 10.07(o)</u>, (ii) by way of participation in accordance with the provisions of <u>Section 10.07(e)</u>, (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 10.07(g)</u> or (iv) to an SPC in accordance with the provisions of <u>Section 10.07(h)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void); *provided*, *however*, that notwithstanding the foregoing or anything else in this Agreement to the contrary, no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender, (ii) a natural Person or (iii) to Holdings, the Borrower or any

------

of their respective Subsidiaries (except pursuant to or as contemplated by <u>Section 2.05(a)(v)</u>, the last paragraph of <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u>, as applicable). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 10.07(e)</u> and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>Section 10.07(b)(ii)</u> below, any Lender may at any time assign to one or more assignees (other than a Disqualified Institution unless the Borrower consents to such assignment to such entity, in which case such entity will not be considered a Disqualified Institution for the purpose of such assignment) (each, an "**Assignee**") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <u>Section 10.07(b)</u>, participations in L/C Obligations) at the time owing to it) with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower in its sole discretion; *provided* that no consent of the Borrower shall be required for an assignment (i) of all or a portion of the Term Loans to a Term Lender, (ii) all of a portion of any Revolving Credit Commitment or Revolving Loan to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) after the occurrence and during the continuance of an Event of Default under <u>Section 8.01(a)</u> or <u>Section 8.01(f)</u> (with respect to the Borrower), to any Assignee or (iv) of all or a portion of the Term Loans to an Affiliate or Approved Fund of such Lender, in each case, that is managed or advised by GSO or Carlyle, as the case may be, that are part of GSO's or Carlyle's "Direct Lending" or "Credit Opportunities" lines of business and are not part of GSO's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations" line of business; *provided*, *further*, that with respect to an assignment of all or a portion of the Term Loans, the Borrower shall be deemed to have consented to any such assignment (other than with respect to any assignment to a Disqualified Institution or to an Affiliate or Approved Fund that are part of GSO's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations") unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent (with respect to the Term Loans) and the Revolving Agent (with respect to the Revolving Credit Commitments); *provided* that no consent of any Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Term Lender, an Affiliate of a Term Lender or any Approved Fund thereof, (ii) of all or any portion of any Revolving Credit Commitments or Revolving Credit Exposure to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) of all or a portion of the Loans pursuant to <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u> or (iv) from an Agent to its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each L/C Issuer at the time of such assignment; provided that no consent of the L/C Issuers shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class or in the case of an assignment to an Affiliate of a Lender or any Approved Fund thereof, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 (in the case of each Revolving Loan), $1,000,000 (in the case of a Term Loan), and

------

shall be in increments of an amount of $2,500,000 (in the case of each Revolving Loan) or $1,000,000 (in the case of Term Loans), in excess thereof unless each of the Borrower and the Administrative Agent or the Revolving Agent, as applicable, otherwise consents; provided that such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall (1) execute and deliver to the applicable Agent an Assignment and Assumption via an electronic settlement system acceptable to such Agent or (2) if previously agreed with such Agent, manually execute and deliver to such Agent an Assignment and Assumption, together, in each case, with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the applicable Agent and shall in no event apply to assignments between (i) GSO and its Affiliates and (ii) Carlyle and its Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) other than in the case of assignments pursuant to <u>Section 10.07(l)</u>, the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent or the Revolving Agent, as applicable, an Administrative Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall execute and deliver to the Administrative Agent or the Revolving Agent, as applicable, and the Borrower the forms described in <u>Sections 3.01(d)</u> and <u>3.01(e)</u> applicable to it.

This <u>Section 10.07(b)</u> shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to acceptance and recording thereof by the Administrative Agent or the Revolving Agent, as applicable, pursuant to <u>Section 10.07(d)</u>, from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to <u>Section 10.07(l)</u> the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, <u>10.04</u> and <u>10.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of

------

its Note, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 10.07(c)</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.07(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent and the Revolving Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Applicable Agent's Office a copy of each Assignment and Assumption, each Affiliated Lender Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower pursuant to <u>Section 10.07(l)</u> and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and the amounts due under <u>Section 2.03</u>, owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>Section 10.07(b)(ii)(B)</u> above, if applicable, and the written consent of the Administrative Agent or the Revolving Agent and, if required, the Borrower and each L/C Issuer to such assignment and any applicable tax forms, the Administrative Agent or the Revolving Agent shall (i) accept such Assignment and Assumption and (ii) promptly record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this <u>Section 10.07(d)</u>. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, any Agent and any Lender (solely with respect to such Lender), at any reasonable time and from time to time upon reasonable prior notice. This <u>Section 10.07(d)</u> and <u>Section 2.11</u> shall be construed so that all Loans are at all times maintained in "registered form" within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations). Notwithstanding the foregoing, in no event shall the Administrative Agent or the Revolving Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent or the Revolving Agent be obligated to monitor the aggregate amount of Term Loans held by Affiliated Lenders. Notwithstanding anything to the contrary in this Agreement, the Borrowers, Holdings, the other Loan Parties and the Lenders acknowledge and agree that in no event shall the Administrative Agent or the Revolving Agent (in each case in its capacity as such) be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, neither the Administrative Agent nor the Revolving Agent shall (x) be obligated to ascertain, monitor or inquire as to whether any Lender is a Disqualified Institution or (y) have any liability with respect to any assignment or participation of Loans or Commitments, or any disclosure of confidential information, to any Disqualified Institution. Upon request by the Administrative Agent or the Revolving Agent, the Borrower shall (i) promptly (and in any case, not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>) provide to the Administrative Agent, a complete list of all Affiliated Lenders holding Term Loans or Incremental Term Loans at such time and (ii) not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Term Loans or Incremental Term Loans at such time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may at any time, sell participations to any Person (other than a natural person, a Defaulting Lender, the Sponsor, Holdings, any Non-Debt Fund Affiliate and, to the extent the list thereof has been made available to all Lenders, any Disqualified Institution) (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations) owing to it); *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in <u>clauses (a)</u> through <u>(h)</u> of the first proviso to <u>Section 10.01</u> that requires the affirmative vote of such Lender. Subject to <u>Section 10.07(f)</u> and a Participant's compliance with <u>Section 3.01(d)</u> and <u>(e)</u>, each Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and limitations of such Sections, including the requirements of Section 3.01(d) and (e) (it being understood that the documentation required under Section 3.01(d) and (e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.07(c)</u>. To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of <u>Section 10.09</u> as though it were a Lender; *provided* that such Participant (A) agrees to be subject to <u>Section 2.13</u> as though it were a Lender, and (B) shall not be entitled to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u>, <u>3.04</u> or <u>3.05</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Lender may, without the consent of any Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender; *provided* that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (other than a Disqualified Institution) identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise

------

be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement except, in the case of <u>Section 3.01</u>, to the extent that the grant to the SPC was made with the prior written consent of the Borrower in its sole discretion, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee (other than a Disqualified Institution) for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; *provided* that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this <u>Section 10.07</u>, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained herein, any L/C Issuer may, upon 30 days' notice to the Borrower, the Agents and the Revolving Credit Lenders, resign as an L/C Issuer; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer shall have identified a successor L/C Issuer reasonably acceptable to the Borrower and the Revolving Agent willing to accept its appointment as successor L/C Issuer; *provided*, *further*, that any such resignation shall be effective only if (x) the relevant L/C Issuer is no longer a Revolving Credit Lender upon the effectiveness of such resignation or (y) the relevant L/C Issuer has obtained the consent of the Revolving Agent and the Borrower. In the event of any such resignation of an L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving Credit Lenders willing to accept such appointment a successor L/C Issuer hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer, except as expressly provided above. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Credit Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c)</u>).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through open market purchases on a non-pro rata basis, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to an Affiliated Lender may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of <u>Exhibit J</u> hereto (an "**Affiliated Lender Assignment and Assumption**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Affiliated Lenders (A) will not receive information provided solely to Lenders by the Administrative Agent or any Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</u>, (B) will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent and (C) will not receive advice of counsel to the Administrative Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection with each assignment pursuant to this <u>Section 10.07(k)</u>, the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to such Affiliated Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate principal amount of Term Loans (as of the date of consummation of any transaction under this <u>Section 10.07(k)</u>) held at such time by all Affiliated Lenders shall not exceed 25% of the principal amount of all Term Loans outstanding as of the date of such transaction (such percentage, the "**Affiliated Lender Cap**").

Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required and be delivered to the same addressee as set forth in <u>Exhibit E-2</u>.

Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or any of their Subsidiaries, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or their respective Subsidiaries, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Affiliated Lenders and any of their Subsidiaries, Holdings, the Borrower and their respective Subsidiaries, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) that the Excluded Information may not be available to the Administrative Agent or the other Lenders.

------

Notwithstanding anything to the contrary in the Loan Documents, any Term Loans assigned to an Affiliated Lender in accordance with this <u>Section 10.07(k)</u> or <u>Section 10.07(o)</u> may be contributed to Holdings or any of its Restricted Subsidiaries and be exchanged for debt or equity securities of the Borrower (or any of its direct or indirect parent) to the extent otherwise permitted herein, in which case Holdings, the Borrower and its Restricted Subsidiaries shall comply with <u>Sections 10.07(l)(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u> (with any references to the Borrower in such sections to be deemed to include any applicable Restricted Subsidiary) and for the avoidance of doubt any other assignment to Holdings or its Restricted Subsidiaries shall be consummated only pursuant to <u>Section 10.07(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to Holdings, the Borrower or any Restricted Subsidiary through, notwithstanding <u>Sections 2.12</u> and <u>2.13</u> or any other provision in this Agreement, open market purchase on a non-pro rata basis, in each case subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to Holdings, the Borrower or a Restricted Subsidiary may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall execute and deliver to the Administrative Agent an Affiliated Lender Assignment and Assumption substantially in the form of <u>Exhibit J</u> hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Holdings or a Restricted Subsidiary is the assignee, upon such assignment, transfer or contribution, Holdings or such Restricted Subsidiary, as applicable, shall automatically be deemed to have contributed or distributed, as applicable, the principal amount of such Term Loans, *plus* all accrued and unpaid interest thereon, to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Borrower is the assignee (including through contribution or transfers set forth in <u>clause (iii)</u> above), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, distributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation and extinguishment of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, distribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with each assignment pursuant to this <u>Section 10.07(l)</u>, the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to Holdings, the Borrower or such Restricted Subsidiary, as applicable.

Each Lender participating in any assignment pursuant to this <u>clause (l)</u> acknowledges and agrees that in connection with such assignment, (1) Holdings and its Subsidiaries then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on Holdings or any of its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of Holdings or its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrower and its Subsidiaries and Affiliates, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to <u>Section 10.07(n)</u>, any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require any Agent or any Lender to take (or refrain from taking) any such action and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question adversely affects such Affiliated Lender in any material respect as compared to other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Additionally, the Loan Parties and Affiliated Lenders hereby agree that if a case under Title 11 of the United States Code is commenced by or against any Loan Party, such Loan Party shall seek (and the Affiliated Lenders shall consent) to provide that the vote of the Affiliated Lenders with respect to any plan of reorganization of such Loan Party shall be counted in the same proportion as all other Lenders, except that Affiliated Lenders' vote may be counted to the extent any such plan of reorganization (i) proposes to treat the Obligations held by Affiliated Lenders in a manner that is less favorable in any material respect to the Affiliated Lenders than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower, (ii) would deprive the Affiliated Lenders of their Pro Rata Share of any payments to which all Lenders are entitled or (iii) requires the consent of each Lender or each affected Lender. The Affiliated Lenders hereby irrevocably appoint each of the Administrative Agent or the Revolving Agent (such appointment being coupled with an interest) as the Affiliated Lenders' attorneys-in-fact, with full authority in the place and stead of the Affiliated Lenders and in the name of the Affiliated Lenders, from time to time in each such Agent's discretion to take any action and to execute any instrument that such Agent may deem reasonably necessary to carry out the provisions of this <u>Section 10.07(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Although Debt Fund Affiliates shall be Eligible Assignees and shall not be subject to the provisions of <u>Section 10.07(m)</u> or <u>10.07(n)</u>, any Lender may, at any time, assign all or a portion of its rights and obligations with respect to any Class of Loans or Commitments under this Agreement to a Person who is or will become, after such assignment, a Debt Fund Affiliate only through (x) Dutch auctions open to all Lenders holding such Class of Loans or Commitments on a pro rata basis in accordance with procedures of the type described in <u>Section 2.05(a)(v)</u> or (y) open market purchases on a non-pro rata basis. Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any

------

amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Loans held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans, Revolving Credit Commitments and Revolving Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant to <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding the foregoing, if an entire Class of Loans or Commitments is Refinanced or replaced in full with other Loans or Commitments hereunder, the Borrower shall have the option, with the consent of each of the Administrative Agent and the Revolving Agent and subject to at least three Business Days' advance notice (which notice may be rescinded if the transactions contemplated by such Refinancing Amendment are not consummated) to each Lender holding any Class of Loans or Commitments being Refinanced or replaced to consummate such Refinancing or replacement of such Class by way of assignment by purchasing each such Lender's Loans or unfunded Commitments at par, accompanied by payment of any accrued interest and fees thereon (including, if applicable, amounts payable pursuant to <u>Section 3.07(e)</u>) instead of prepaying the Loans or reducing or terminating the Commitments to be Refinanced or replaced. The assigned Loans and Commitments shall be amended immediately thereafter in accordance with <u>Section 10.01</u> to reflect the terms of any such Refinancing or replacement. The assignee under any such assignment may be (but shall not be required to be) any Agent, any Lender, any arranger of the new Loans or Commitments or any other Person designated by any Agent. By receiving the purchase price, the Lenders having the replaced or Refinanced Class of Loans or Commitments shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing security interests in the Collateral.

Section 10.08. <u>Confidentiality</u>.

Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel, and other advisors (it being understood that (i) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and (ii) the applicable Agent or Lender disclosing such information shall be responsible for the compliance of its Affiliates and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel and other advisors, with this <u>Section 10.08</u>); (b) to the extent required or requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority regulating any Lender or its Affiliates), *provided* that the applicable Agent or such Lender, as applicable, agrees that it will make commercially reasonable efforts to notify the Borrower in advance in the event of any such disclosure by such Person (and will promptly notify the Borrower in any event) (other than at the request of a regulatory authority or pursuant to filings, submissions and any other similar documentation applicable to business development companies of the type disclosed in the Administrative Agent's Form 10-K prior to the Closing Date and required or customary to comply with SEC filing requirements) unless such notification is prohibited by law, rule or regulation; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process or required or requested by any regulatory authority having or asserting jurisdiction over such Person or its Related Parties, *provided* that the applicable Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as

------

practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions at least as restrictive as those of this <u>Section 10.08</u> (or as may otherwise be reasonably acceptable to the Borrower), to (i) any pledgee referred to in <u>Section 10.07(g)</u>, (ii) any direct or indirect contractual counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (other than any Disqualified Institution or Person); or (iii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder (other than any Disqualified Institution or Person whom the Borrower has affirmatively denied to provide consent to assignment in accordance with <u>Section 10.07(b)(i)(A)</u>); (f) with the prior written consent of the Borrower; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this <u>Section 10.08</u> or other obligation of confidentiality owed to the Borrower, the Sponsor or their respective Affiliates, (ii) is or becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or any Sponsor or their respective related parties (so long as such source is not known (after due inquiry) to such Agent, such Lender, such L/C Issuer or any of their respective Affiliates to be bound by confidentiality obligations to any Loan Party, the Sponsor or their respective Affiliates); (h) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (i) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of its rights hereunder or thereunder; (j) for purposes of establishing a "due diligence" defense or (k) in connection with filings, submissions and any other similar documentation required or customary to comply with SEC filing requirements. In addition, the Agents and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement, and management of this Agreement, the other Loan Documents, the Commitments and the Credit Extensions. For the purposes of this <u>Section 10.08</u>, "**Information**" means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates' directors, officers, employees, trustees, investment advisors or agents, other than any such information that is publicly available to any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this <u>Section 10.08</u> or any other confidentiality obligation owed to any Loan Party or their Affiliates. Notwithstanding anything to the contrary, this <u>Section 10.08</u> shall not terminate until the earlier of (x) payment in full of all Obligations (other than contingent obligations as to which no claim has been asserted), and (y) the Maturity Date.

Section 10.09. <u>Setoff</u>.

In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender (and any Agent, in respect of any unpaid fees, costs and expenses payable hereunder or under any of the other Loan Documents) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than escrow, payroll, petty cash, trust and tax accounts) at any time held by, and other Indebtedness at any time owing by, such Lender or such Agent to or for the credit or the account of the respective Loan Parties against any and all Secured Obligations then due and owing to such Lender or such Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Lender or such Agent shall have made demand under this Agreement or any other Loan Document; *provided* that in 

------

the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent or the Revolving Agent, as applicable, for further application in accordance with the provisions of <u>Section 2.17</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agents, the L/C Issuers, and the Lenders, and (y) the Defaulting Lender shall provide promptly to each Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Agents after any such set off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent and each Lender under this <u>Section 10.09</u> are in addition to other rights and remedies (including other rights of setoff) that each Agent and such Lender may have at Law.

Section 10.10. <u>Interest Rate Limitation</u>.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "**Maximum Rate**"). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 10.11. <u>Counterparts</u>.

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. 

Section 10.12. <u>Integration</u>.

This Agreement, together with the other Loan Documents and the Fee Letter, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. Subject to <u>Section 10.22</u>, in the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; *provided* that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

------

Section 10.13. <u>Survival of Representations and Warranties</u>.

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

Section 10.14. <u>Severability</u>.

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions; *provided*, that the Lenders shall charge no fee in connection with any such amendment. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 10.14</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Agents or the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 10.15. <u>GOVERNING LAW</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT NOTWITHSTANDING THE FOREGOING IT IS UNDERSTOOD AND AGREED THAT (A) THE INTERPRETATION OF CLAUSE (A) OF THE DEFINITION OF "MATERIAL ADVERSE EFFECT" (AND WHETHER OR NOT A "MATERIAL ADVERSE EFFECT" UNDER CLAUSE (A) OF SUCH DEFINITION HAS OCCURRED), (B) THE ACCURACY OF ANY SPECIFIED PURCHASE AGREEMENT REPRESENTATIONS AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF THE INITIAL BORROWER HAS THE RIGHT (WITHOUT REGARD TO ANY NOTICE REQUIREMENT BUT TAKING INTO ACCOUNT ANY APPLICABLE CURE PROVISIONS) TO TERMINATE THE INITIAL BORROWER'S OBLIGATIONS (OR TO REFUSE TO CONSUMMATE THE ACQUISITION) UNDER THE PURCHASE AGREEMENT AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE PURCHASE AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY (BOROUGH OF MANHATTAN) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND

------

DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE) IN <u>SECTION 10.02</u>. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

Section 10.16. <u>WAIVER OF RIGHT TO TRIAL BY JURY</u>.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.16</u>.

Section 10.17. <u>Binding Effect</u>.

This Agreement shall become effective when it shall have been executed and delivered by the Loan Parties, each Agent and each Lender and shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with <u>Section 10.07</u> (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Agents and the Lenders except as permitted by <u>Section 7.04</u>.

Section 10.18. <u>USA Patriot Act</u>.

Each Lender that is subject to the USA Patriot Act and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow such Lender or such Agent, as applicable, to identify such Loan Party in accordance with the USA Patriot Act. This notice is given in accordance with the requirements of the USA Patriot Act and is effective as to the Lenders and the Agents.

------

Section 10.19. <u>Judgment Currency.</u>

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent or the Revolving Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent, the Revolving Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "**Judgment Currency**") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "**Agreement Currency**"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent, the Revolving Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent, the Revolving Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender in such currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrowers (or to any other Person who may be entitled thereto under applicable Law).

Section 10.20. <u>No Advisory or Fiduciary Responsibility</u>.

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agents are arm's-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for each Loan Party or any of their respective Affiliates, or any other Person and (B) no Agent or Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party hereby agrees that it will not claim that any Agent or Lender has rendered advisory services of any nature or respect, or owe any fiduciary duty or similar duty to such Loan Party or its Affiliates in connection with any aspect of any transaction contemplated hereby or the process leading thereto.

------

Section 10.21. <u>Electronic Execution of Assignments and Certain Other Documents</u>.

The words "execute," "execution," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agents, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, no Agent is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Agent pursuant to procedures approved by it.

Section 10.22. <u>Intercreditor Agreements</u>.

Each Lender hereunder (a) acknowledges that it has received a copy of the Intercreditor Agreements, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements and (c) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Intercreditor Agreements on behalf of such Lender. The foregoing provisions are intended as an inducement to the lenders under any documentation governing other parity lien or junior lien Indebtedness permitted to be incurred hereunder to extend credit to the Loan Parties and such lenders are intended third party beneficiaries of such provisions. In the event of any conflict or inconsistency between the provisions of any Intercreditor Agreement and this Agreement, the provisions of such Intercreditor Agreement shall control.

Section 10.23. <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 10.24. <u>Closing Date Debt Assumptions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately after the consummation of the Acquisition, TCFI hereby assumes all of the Secured Obligations of the Initial Borrower (the "Debt Assumption").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Debt Assumption, TCFI hereby joins this Agreement as a Borrower and agrees and acknowledges that, for the benefit of the Agents and the Lenders, as evidenced by its signature below on its behalf, upon the consummation of the Debt Assumption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TCFI shall be and is a Borrower under this Agreement and the other Loan Documents with the same force and effect as if originally named therein as a "Borrower", from and after Acquisition, the effect of which shall be, without limitation, that (A) each reference to a "Borrower", "Borrowers", "Borrower Representative", "Loan Party" or "Loan Parties" in this Agreement and the other Loan Documents shall be deemed to be to, or include, it and (B) it shall be bound by all of the terms and provisions of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TCFI, as a borrower, debtor, grantor, mortgagor, pledgor, guarantor or assignor, or in any other similar capacities in which TCFI grants Liens or security interests in its assets and other property or otherwise acts as an accommodation party or guarantor, as the case may be, in any case under the Loan Documents, from and after the consummation of the Acquisition hereby (i) ratifies and confirms all of the payment, performance and observance obligations and liabilities of TCFI, whether contingent or otherwise, under the Loan Documents, and (ii) ratifies and confirms the grant of security by TCFI under the Collateral Documents and confirms and agrees that such Liens and security interests secure all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Release of Initial Borrower. Following the funding of the Loans on the Closing Date, and automatically upon consummation of the Acquisition and the Debt Assumption, the Initial Borrower is hereby automatically released from all its rights and Secured Obligations as a "Borrower" hereunder and under the other Loan Documents. Notwithstanding such release, Athena Technology Solutions Purchaser, LLC, as Holdings, will remain a Loan Party and Guarantor for all other purposes under the Loan Documents following the effectiveness of the Closing Date Acquisition and will not be released or discharged from any Secured Obligations that are applicable to Loan Parties or grants of security interests in the Collateral pursuant to the Collateral Documents), except as otherwise provided for hereunder.

**ARTICLE XI.** 

**<u>GUARANTY</u>**

Section 11.01. <u>The Guaranty</u>.

Each Guarantor, including each Guarantor joined hereto pursuant to a Guaranty Joinder Agreement as required by the Collateral and Guarantee Requirement, hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrowers (or, in the case of each Guarantor that is also a Borrower, each other Borrower), and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the "**Guaranteed Obligations**"); *provided*, *however*, that Guaranteed Obligations consisting of obligations of any Loan Party arising under any Secured Hedge Agreement shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrowers or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event

------

that any Guarantor is not an "eligible contract participant" as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended at the time (i) any transaction is entered into under a Secured Hedge Agreement or (ii) such Guarantor becomes a Guarantor hereunder, the Guaranteed Obligations of such Guarantor shall not include (x) in the case of <u>clause (i)</u> above, such transaction and (y) in the case of <u>clause (ii)</u> above, any transactions under Secured Hedge Agreements as of such date.

Section 11.02. <u>Obligations Unconditional</u>.

The obligations of the Guarantors under <u>Section 11.01</u> shall constitute a guaranty of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrowers under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to <u>Section 11.09</u>, any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the release of any other Guarantor pursuant to <u>Section 11.09</u>.

The Guarantors hereby expressly waive (to the fullest extent permitted by Law) diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrowers under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrowers and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or

------

from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

Section 11.03. <u>Reinstatement</u>.

The obligations of the Guarantors under this <u>Article XI</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

Section 11.04. <u>Subrogation; Subordination</u>.

Each Guarantor hereby agrees that until the payment in full in cash and satisfaction in full of all Guaranteed Obligations (other than Secured Cash Management Obligations, Secured Hedge Obligations and contingent obligations, in each case not yet due and owing, and L/C Obligations that have been Cash Collateralized or back-stopped) and the expiration and termination of the Commitments of the Lenders under this Agreement it shall subordinate any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in <u>Section 11.01</u>, whether by subrogation, contribution or otherwise, against the Borrowers or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 11.05. <u>Remedies</u>.

The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in <u>Section 8.02</u> (and shall be deemed to have become automatically due and payable in the circumstances provided in <u>Section 8.02</u>) for purposes of <u>Section 11.01</u>, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrowers) shall forthwith become due and payable by the Guarantors for purposes of <u>Section 11.01</u>.

Section 11.06. <u>Instrument for the Payment of Money</u>.

Each Guarantor hereby acknowledges that the guarantee in this <u>Article XI</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

------

Section 11.07. <u>Continuing Guarantee</u>.

The guarantee in this <u>Article XI</u> is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

Section 11.08. <u>General Limitation on Guaranteed Obligations</u>.

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under <u>Section 11.01</u> would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under <u>Section 11.01</u>, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the liability under this Guaranty and the right of contribution established in <u>Section 11.10</u>, but before giving effect to any other guarantee) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 11.09. <u>Release of Guarantors</u>.

If, in compliance with the terms and provisions of the Loan Documents, (i) any Subsidiary Guarantor ceases to be a Restricted Subsidiary in a transaction permitted hereunder, (ii) unless Borrower has otherwise requested that such Excluded Subsidiary shall be or remain a Subsidiary Guarantor, any Subsidiary Guarantor becomes an Excluded Subsidiary (other than pursuant to clause (a) of the definition of Excluded Subsidiary if the primary purpose of such action is to evade the Collateral and Guarantee Requirement with no other justifiable business purpose), (iii) Borrower has notified each Agent that an Elective Guarantor shall no longer be a Guarantor or (iv) subject to Section 10.01, if the release of such Guarantor is approved, authorized or ratified in writing by the Required Lenders (any such Subsidiary Guarantor referred to in clause (i), (ii), (iii) or (iv) a "**Released Guarantor**"), such Released Guarantor shall, upon the consummation of the related transaction, change in status, request, approval, authorization or ratification be automatically released from its obligations under this Agreement (including under Section 10.05 hereof) and the other Loan Documents, including its obligations to pledge and grant any Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of any of the Equity Interests of the Released Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrowers shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and/or the Collateral Agent shall take such actions as are necessary to effect each release described in this Section 11.09 in accordance with the relevant provisions of the Collateral Documents; *provided*, that no such release shall occur, and no such Subsidiary Guarantor shall constitute a Released Guarantor, if (x) such Subsidiary Guarantor continues to be a guarantor in respect of any Indebtedness constituting a Junior Financing and is required to provide a Guarantee of the Secured Obligations pursuant to Section 7.03(c)(A) or (y) such Subsidiary Guarantor continues to constitute a Subsidiary of the Borrower and becomes an Excluded Subsidiary under clause (a) of the definition thereof unless (i) no Event of Default shall have occurred and be continuing at the time such Subsidiary Guarantor becomes an Excluded Subsidiary under clause (a) of the definition thereof and (ii) after giving Pro Forma Effect to such release and the consummation of the transaction that causes such Person to become an Excluded Subsidiary under clause (a) of the definition thereof, the Borrowers and Restricted Subsidiaries shall be deemed to have made an Investment in, or a Restricted Payment in respect of, as applicable, such Person (as if such Person were then newly acquired or formed) and such Investment or Restricted Payment is permitted hereunder at such time.

------

When all Commitments hereunder have terminated, and all Loans or other Obligations hereunder which are accrued and payable have been paid or satisfied (other than contingent obligations as to which no claim has been asserted), and no Letters of Credit remain outstanding (except any Letter of Credit the Outstanding Amount of which the Obligations related to which has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place), this Agreement and the Guaranty made herein, each other Loan Document and any security interest granted under any Loan Document shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such repayment pursuant to the terms of this Agreement.

Section 11.10. <u>Right of Contribution</u>.

Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor's right of contribution shall be subject to the terms and conditions of <u>Section 11.04</u>. The provisions of this <u>Section 11.10</u> shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Agents, the L/C Issuers and the Lenders, and each Subsidiary Guarantor shall remain liable to the Agents, the L/C Issuers and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

Section 11.11. <u>Keepwell</u>.

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (*provided*, *however*, that each Qualified ECP Guarantor shall only be liable under this <u>Section 11.11</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section 11.11</u>, or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this <u>Section 11.11</u> shall remain in full force and effect until all Commitments hereunder have terminated, and all Loans or other Guaranteed Obligations hereunder which are accrued and payable have been paid or satisfied, and no Letter of Credit remains outstanding (except any Letter of Credit the Outstanding Amount of which the Guaranteed Obligations related thereto has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place). Each Qualified ECP Guarantor intends that this <u>Section 11.11</u> constitute, and this <u>Section 11.11</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[*Signature Pages Follow*] 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC, | ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC, |
| as the Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor | as the Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI AEVEX, LLC,<br> as the Borrower following the Debt Assumption | TCFI AEVEX, LLC,<br> as the Borrower following the Debt Assumption |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI MERLIN LLC,as a Grantor | TCFI MERLIN LLC,as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| MERLIN GLOBAL SERVICES LLC,<br> as a Grantor | MERLIN GLOBAL SERVICES LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TRIPLE M WORLDWIDE SOLUTIONS LLC,<br> as a Grantor | TRIPLE M WORLDWIDE SOLUTIONS LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |

---

[Signature Page to Credit Agreement]

------

---

| | |
|:---|:---|
| TCFI CSG LLC, | TCFI CSG LLC, |
| as a Grantor | as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| COMPANION SECURITY GROUP LLC,<br> as a Grantor | COMPANION SECURITY GROUP LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI SOS LLC,<br> as a Grantor | TCFI SOS LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| SPECIAL OPERATIONS SOLUTIONS, LLC,<br> as a Grantor | SPECIAL OPERATIONS SOLUTIONS, LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI AIRCRAFT LEASE LLC,<br> as a Grantor | TCFI AIRCRAFT LEASE LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |

---

[Signature Page to Credit Agreement]

------

---

| | |
|:---|:---|
| TCFI AL1 LLC, | TCFI AL1 LLC, |
| as a Grantor | as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI AL2 LLC,<br> as a Grantor | TCFI AL2 LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI AL3 LLC,<br> as a Grantor | TCFI AL3 LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI AL4 LLC,<br> as a Grantor | TCFI AL4 LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |
| TCFI AL5 LLC,<br> as a Grantor | TCFI AL5 LLC,<br> as a Grantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Financial Officer |

---

[Signature Page to Credit Agreement]

------

---

| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION, | PNC BANK, NATIONAL ASSOCIATION, |
| as Collateral Agent and Revolving Agent | as Collateral Agent and Revolving Agent |
| By: | /s/ Chad W. Greene |
| Name: | Chad W. Greene |
| Title: | Vice President |

---

[Signature Page to Credit Agreement]

------

---

| | |
|:---|:---|
| **<u>TERM LENDERS</u>:** | **<u>TERM LENDERS</u>:** |
| **TCG BDC, INC.** | **TCG BDC, INC.** |
| By: | /s/ Jonathan Pearl |
| Name: | Jonathan Pearl |
| Title: | Managing Director |
| **TCG BDC II SPV LLC** | **TCG BDC II SPV LLC** |
| By: | /s/ Jonathan Pearl |
| Name: | Jonathan Pearl |
| Title: | Managing Director |
| **CPC V, L.P.** | **CPC V, L.P.** |
| By: | /s/ Jonathan Pearl |
| Name: | Jonathan Pearl |
| Title: | Managing Director |

---

[Signature Page to Credit Agreement]

------

---

| | |
|:---|:---|
| **GSO BARRE DES ECRINS MASTER FUND SCSP** | **GSO BARRE DES ECRINS MASTER FUND SCSP** |
| By: GSO Capital Partners LP, its Investment Advisor | By: GSO Capital Partners LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| **BLACKSTONE / GSO SECURED LENDING FUND** | **BLACKSTONE / GSO SECURED LENDING FUND** |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| **BGSL BIG SKY FUNDING LLC** | **BGSL BIG SKY FUNDING LLC** |
| By: Blackstone / GSO Secured Lending Fund, its Sole Member | By: Blackstone / GSO Secured Lending Fund, its Sole Member |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| **GN LOAN FUND LP** | **GN LOAN FUND LP** |
| By: GSO Capital Partners LP, its Investment Manager | By: GSO Capital Partners LP, its Investment Manager |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |

---

[Signature Page to Credit Agreement]

------

---

| | |
|:---|:---|
| ANKURA TRUST COMPANY, LLC, | ANKURA TRUST COMPANY, LLC, |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Michael J. Fey |
| Name: | Michael J. Fey |
| Title: | Managing Director |

---

[Signature Page to Credit Agreement]

## Exhibit 10.2

**Exhibit 10.2** 

**AMENDMENT NO. 1 TO CREDIT AGREEMENT** 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this "**Amendment**") is entered into as of October 28, 2020, by and among TCFI AEVEX LLC, a Delaware limited liability company (the "**Borrower**"), Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company ("**Holdings**"), the other Guarantors party hereto, Ankura Trust Company, LLC, as Administrative Agent (in such capacity, the "**Administrative Agent**"), PNC Bank, National Association ("**PNC**"), as Revolving Agent (in such capacity, the "**Revolving Agent**") and as Collateral Agent (in such capacity, the "**Collateral Agent**" and together with the Administrative Agent and the Collateral Agent, collectively, the "**Agents**" and each an "**Agent**"), each Person party hereto as a 2020 Delayed Draw Term Loan Lender and each Person party hereto as a Lender. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement (as defined below).

**RECITALS** 

WHEREAS the Borrower, Holdings, the other Guarantors party thereto, the lenders party thereto (collectively, the "**Lenders**" and each a "**Lender**") and the Agents are parties to that certain Credit Agreement, dated as of March 18, 2020 (the "**Existing Credit Agreement**"; the Existing Credit Agreement, as modified by this Amendment and as it may be further amended, supplemented, amended and restated or otherwise modified, the "**Credit Agreement**"), pursuant to which, among other things, the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain loans and provide other financial accommodations to the Borrower;

WHEREAS in connection with the foregoing, the Borrower has requested that the Existing Credit Agreement be amended to, among other things, permit the incurrence of additional delayed draw term loans in an aggregate principal amount of $45,000,000 (the "**2020 Delayed Draw Term Loans**") and increase the Revolving Credit Commitment by $5,000,000;

WHEREAS in connection with the foregoing and subject to the conditions and on the terms set forth below, the Persons party hereto as 2020 Delayed Draw Term Loan Lenders (as hereinafter defined) are willing to provide commitments to fund the 2020 Delayed Draw Term Loans (the "**2020 Delayed Draw Term Loan Commitments**") and PNC, in its capacity as Revolving Credit Lender, is willing to increase its Revolving Credit Commitment subject to the satisfaction or waiver of the conditions herein;

WHEREAS the Borrower, the Lenders holding 2020 Delayed Draw Term Loan Commitments (the "**2020 Delayed Draw Term Loan Lenders**"), the other Lenders party hereto constituting the Required Lenders and the Agents desire to modify the Existing Credit Agreement, in accordance with and subject to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Section 1. <u>A</u><u>mendments to Existing Credit Agreement; 2020 Delayed Draw Term Loans</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain sections of the Existing Credit Agreement are hereby amended as set forth on <u>Exhibit A</u> to this Amendment. Language being inserted into the applicable section of the Existing Credit Agreement is evidenced by bold and underline formatting. Language being deleted from the applicable section of the Existing Credit Agreement is evidenced by strike-through formatting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Schedules to the Existing Credit Agreement are hereby amended by deleting Schedule 1.01A and replacing it with Schedule 1.01A attached hereto as <u>Annex A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) each 2020 Delayed Draw Term Loan Lender hereby provides a 2020 Delayed Draw Term Loan Commitment to the Borrower on the Amendment No. 1 Effective Date in the amount set forth across from such 2020 Delayed Draw Term Loan Lender's name on Schedule 1.01A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each 2020 Delayed Draw Term Loan Lender hereby agrees, severally and not jointly, to make 2020 Delayed Draw Term Loans to the Borrower on the terms and subject to the conditions set forth herein and in the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each 2020 Delayed Draw Term Loan Lender shall be deemed to be, and shall become, a "Term Lender" and a "Lender" for all purposes of, and subject to all the obligations of a "Term Lender" and a "Lender" under the Credit Agreement and the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the 2020 Delayed Draw Term Loan Commitments provided by the 2020 Delayed Draw Term Loan Lenders pursuant to this Amendment and the 2020 Delayed Draw Term Loans made thereunder shall constitute "Term Commitments", "Commitments", "Term Loans" and "Loans", respectively, for all purposes under the Credit Agreement and the other Loan Documents and shall (x) be Loans and Obligations under the Credit Agreement and the other applicable Loan Documents, and (y) rank pari passu in right of payment and be secured by the relevant Collateral Documents, and guaranteed, on a pari passu basis with all Obligations relating to the other Loans secured by each such Collateral Document and guaranteed under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms and provisions of the 2020 Delayed Draw Term Loan Commitments and the 2020 Delayed Draw Term Loans are set forth in the Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) by executing this Amendment, each 2020 Delayed Draw Term Loan Lender (x) appoints and authorizes the Agents to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto and (y) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on the Amendment No. 1 Effective Date, the Borrower will request and the 2020 Delayed Draw Term Loan Lenders will make a 2020 Delayed Draw Term Loan in the amount of $20,000,000.

**Section 2. <u>Revolving Credit Commitment Increase</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) PNC, in its capacity as Revolving Credit Lender, hereby agrees to increase its Revolving Credit Commitment on the Amendment No. 1 Effective Date in the amount of $5,000,000 (the "**Revolving Credit Facility Increase**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) PNC, in its capacity as Revolving Credit Lender, hereby agrees, severally and not jointly, to make such increased Revolving Credit Commitment to the Borrower on the terms and subject to the conditions set forth herein and in the Credit Agreement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Revolving Credit Commitment increase provided by PNC, in its capacity as Revolving Credit Lender, pursuant to this Amendment shall constitute "Revolving Credit Commitments", "Commitments", "Revolving Loans" and "Loans", respectively, for all purposes under the Credit Agreement and the other Loan Documents and shall (x) be Loans and Obligations under the Credit Agreement and the other applicable Loan Documents, and (y) rank pari passu in right of payment and be secured by the relevant Collateral Documents, and guaranteed, on a pari passu basis with all Obligations relating to the other Loans secured by each such Collateral Document and guaranteed under the Credit Agreement.

**Section 3. <u>Effectiveness of this Amendment</u>**. This Amendment shall become effective at the time (the "**Amendment No. 1 Effective Date**") when each of the conditions set forth in the following clauses has been satisfied or waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agents shall have received duly executed signature pages for this Amendment signed by the Borrower, Holdings, the other Guarantors, the Agents, those Lenders constituting the Required Lenders, PNC, in its capacity as Revolving Credit Lender, and the 2020 Delayed Draw Term Loan Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agents shall have received a customary certificate of a Responsible Officer of the Borrower (A) certifying that attached thereto is a copy of the charter or certificate of formation (or the equivalent thereof) of the Borrower and all other Organization Documents of the Borrower and all amendments thereto, as in effect on the Amendment No. 1 Effective Date (provided that, with respect to any of the items described in this clause (A), the respective certification may instead state that there have been no changes to the relevant documents since the Closing Date or that any changes to such documents are attached, and to the extent so certified, the documents delivered on or before the Closing Date need not be redelivered hereunder), (B) attaching an incumbency certificate; *provided,* that with respect to any item in this clause (B), the respective certification may instead state that there have been no changes to the relevant incumbencies since the Closing Date; (C) attaching resolutions or other action evidencing the authority and capacity of the Borrower to execute this Amendment and perform the transactions contemplated hereby and (D) containing a certification by a Responsible Officer of the Borrower that the statements set forth in Section 4 of this Amendment are true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agents shall have received customary opinions of (A) Kirkland & Ellis LLP, as New York counsel to the Loan Parties and (B) Holland & Knight LLP, as North Carolina and Florida counsel to the Loan Parties, in each case, dated the Amendment No. 1 Effective Date and addressed to the Agents, PNC, in its capacity as Revolving Credit Lender, and the 2020 Delayed Draw Term Loan Lenders, in a form reasonably satisfactory to the Agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all costs and expenses (including legal fees and expenses) of the Agents, PNC, in its capacity as Revolving Credit Lender, and 2020 Delayed Draw Term Loan Lenders in connection with this Amendment shall have been paid prior to or substantially currently with the Amendment No. 1 Effective Date, in each case, to the extent due (and, in the case of expenses, to the extent invoiced in reasonable detail at least one (1) Business Day prior to the Amendment No. 1 Effective Date (or such later date as the Borrower may reasonably agree)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Committed Loan Notice.

**Section 4. <u>Representations and Warranties</u>**. The Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Event of Default exists as of the Amendment No. 1 Effective Date or would exist after giving effect to this Amendment, including the establishment of the 2020 Delayed Draw Term Loan Commitments and the Revolving Credit Facility Increase; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties of the Borrower and each other Loan Party set forth in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the Amendment No. 1 Effective Date with the same effect as though made on and as of the Amendment No. 1 Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date.

**Section 5. <u>Reference to and Effect upon the Credit Agreement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Amendment No. 1 Effective Date, (i) the term "Agreement" in the Credit Agreement, and all references to the Credit Agreement in any other Loan Document shall mean the Credit Agreement as modified hereby, and (ii) this Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 1 Effective Date.

**Section 6. <u>Counterparts, Etc</u>**. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. The words "execution," "signed," "signature" and words of like import in this Amendment relating to the execution and delivery of this Amendment shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or enforceability as a manually executed signature to the extent and as provided in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**Section 7. <u>Confirmation of Obligations</u>**. Each Guarantor (a) confirms its Guaranteed Obligations under the Credit Agreement, (b) confirms that the Guaranteed Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in Article XI of the Credit Agreement and (c) confirms that the Obligations under the Credit Agreement as modified hereby constitute "Guaranteed Obligations". Each party, by its execution of this Amendment, hereby confirms that the Guaranteed Obligations shall remain in full force and effect. For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security interests granted by such Loan Party in favor of the Collateral Agent for the benefit of, among others, the Lenders pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.

**Section 8. <u>Governing Law; Waiver of Trial by Jury</u>**. The governing law and waiver of trial by jury provisions set forth in Sections 10.15 and 10.16 of the Existing Credit Agreement shall apply to this Amendment, *mutatis mutandis*.

------

[Signature Pages to follow]

------

IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first written above.

---

| | |
|:---|:---|
| TCFI AEVEX, LLC, | TCFI AEVEX, LLC, |
| as the Borrower | as the Borrower |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,<br> as a Guarantor | ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI MERLIN LLC,<br> as a Guarantor | TCFI MERLIN LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| MERLIN GLOBAL SERVICES, LLC,<br> as a Guarantor | MERLIN GLOBAL SERVICES, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TRIPLE M WORLDWIDE SOLUTIONS, LLC,<br> as a Guarantor | TRIPLE M WORLDWIDE SOLUTIONS, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI CSG LLC,<br> as a Guarantor | TCFI CSG LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

------

---

| | |
|:---|:---|
| COMPANION SECURITY GROUP LLC, | COMPANION SECURITY GROUP LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI SOS LLC,<br> as a Guarantor | TCFI SOS LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| SPECIAL OPERATIONS SOLUTIONS, LLC,<br> as a Guarantor | SPECIAL OPERATIONS SOLUTIONS, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AIRCRAFT LEASE LLC,<br> as a Guarantor | TCFI AIRCRAFT LEASE LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL1 LLC,<br> as a Guarantor | TCFI AL1 LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL2 LLC,<br> as a Guarantor | TCFI AL2 LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

------

---

| | |
|:---|:---|
| TCFI AL3 LLC, | TCFI AL3 LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL4 LLC, | TCFI AL4 LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL5 LLC, | TCFI AL5 LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

------

---

| | |
|:---|:---|
| ANKURA TRUST COMPANY, LLC, | ANKURA TRUST COMPANY, LLC, |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Krista Gulalo |
| Name: | Krista Gulalo |
| Title: | Managing Director |

---

------

---

| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION, | PNC BANK, NATIONAL ASSOCIATION, |
| as Collateral Agent and Revolving Agent | as Collateral Agent and Revolving Agent |
| By: | /s/ Chad W. Greene |
| Name: Chad W. Greene | Name: Chad W. Greene |
| Title: Vice President | Title: Vice President |
| PNC BANK, NATIONAL ASSOCIATION,<br> as Revolving Credit Lender | PNC BANK, NATIONAL ASSOCIATION,<br> as Revolving Credit Lender |
| By: | /s/ Chad W. Greene |
| Name: Chad W. Greene | Name: Chad W. Greene |
| Title: Vice President | Title: Vice President |

---

------

GSO BARRE DES ECRINS MASTER FUND SCSP

---

| | |
|:---|:---|
| By: GSO Capital Partners LP, its Investment Advisor | By: GSO Capital Partners LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| BLACKSTONE / GSO SECURED LENDING FUND | BLACKSTONE / GSO SECURED LENDING FUND |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| GN LOAN FUND LP | GN LOAN FUND LP |
| By: GSO Capital Partners LP, its Investment Manager | By: GSO Capital Partners LP, its Investment Manager |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| BGSL BIG SKY FUNDING LLC | BGSL BIG SKY FUNDING LLC |
| By: Blackstone / GSO Secured Lending Fund, its Sole Member | By: Blackstone / GSO Secured Lending Fund, its Sole Member |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| BGSL JACKSON HOLE FUNDING LLC | BGSL JACKSON HOLE FUNDING LLC |
| By: Blackstone / GSO Secured Lending Fund, its Sole Member | By: Blackstone / GSO Secured Lending Fund, its Sole Member |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |

---

------

---

| | |
|:---|:---|
| TCG BDC, INC. | TCG BDC, INC. |
| By: | /s/ Jonathan Pearl |
| Name: | Jonathan Pearl |
| Title: | Managing Director |
| TCG BDC II SPV LLC. | TCG BDC II SPV LLC. |
| By: | /s/ Jonathan Pearl |
| Name: | Jonathan Pearl |
| Title: | Managing Director |
| CPC V, L.P. | CPC V, L.P. |
| By: | /s/ Jonathan Pearl |
| Name: | Jonathan Pearl |
| Title: | Managing Director |

---

------

<u>Exhibit A</u> 

Amended Credit Agreement

(see attached)

------

**<u>CONFORMED THROUGH AMENDMENT</u>** 

**<u>NO. 1 TO CREDIT AGREEMENT</u>** 

**EXECUTION VERSION** 

$19<u>24</u>5,000,000

CREDIT AGREEMENT

Dated as of March 18, 2020

among

ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,

initially, as Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor

TCFI AEVEX LLC,

as Borrower,

THE OTHER BORROWERS AND GUARANTORS PARTY HERETO FROM TIME TO TIME,

ANKURA TRUST COMPANY, LLC,

as Administrative Agent,

PNC BANK, NATIONAL ASSOCIATION,

as Revolving Agent and Collateral Agent,

GSO CAPITAL PARTNERS LP

CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT

as Joint Lead Lenders

and

THE LENDERS AND L/C ISSUERS PARTY HERETO FROM TIME TO TIME

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS |
| Section 1.01. | Defined Terms | 2 |
| Section 1.02. | Other Interpretive Provisions | 69 |
| Section 1.03. | Accounting Terms | 70<u>1</u> |
| Section 1.04. | Rounding | 70<u>1</u> |
| Section 1.05. | References to Agreements, Laws, Etc. | 71 |
| Section 1.06. | Times of Day | 71 |
| Section 1.07. | Timing of Payment or Performance | 72 |
| Section 1.08. | Cumulative Credit Transactions | 71<u>2</u> |
| Section 1.09. | Pro Forma Calculations | 71<u>2</u> |
| Section 1.10. | Currency Generally | 74 |
| Section 1.11. | Letters of Credit | 74<u>5</u> |
| Section 1.12. | Certifications | 74<u>5</u> |
| ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS |
| Section 2.01. | The Loans | 74<u>5</u> |
| Section 2.02. | Borrowings, Conversions and Continuations of Loans | 76 |
| Section 2.03. | Letters of Credit | 78<u>9</u> |
| Section 2.04. | [Reserved] | 86<u>7</u> |
| Section 2.05. | Prepayments | 86<u>7</u> |
| Section 2.06. | Termination or Reduction of Commitments | 98<u>9</u> |
| Section 2.07. | Repayment of Loans | 18<u>00</u> |
| Section 2.08. | Interest | 99<u>101</u> |
| Section 2.09. | Fees | 99<u>101</u> |
| Section 2.10. | Computation of Interest and Fees | 100<u>2</u> |
| Section 2.11. | Evidence of Indebtedness | 101<u>3</u> |
| Section 2.12. | Payments Generally | 101<u>3</u> |
| Section 2.13. | Sharing of Payments | 104<u>6</u> |
| Section 2.14. | Incremental Credit Extensions; Increase in Revolving Credit Facility | 105<u>7</u> |
| Section 2.15. | Refinancing Amendments | 111<u>3</u> |
| Section 2.16. | Extension of Term Loans; Extension of Revolving Loans | 112<u>4</u> |
| Section 2.17. | Defaulting Lenders | 115<u>7</u> |
| Section 2.18. | Co-Borrowers; New Guarantors | 117<u>9</u> |
| ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY |
| Section 3.01. | Taxes | 1<u>2</u>19 |
| Section 3.02. | Illegality | 122<u>5</u> |
| Section 3.03. | Inability to Determine Rates | 123<u>5</u> |
| Section 3.04. | Increased Cost and Reduced Return; Capital Adequacy; Eurocurrency Rate Loan Reserves | 124<u>6</u> |
| Section 3.05. | Funding Losses | 125<u>8</u> |
| Section 3.06. | Matters Applicable to All Requests for Compensation | 126<u>8</u> |
| Section 3.07. | Replacement of Lenders under Certain Circumstances | 127<u>9</u> |
| Section 3.08. | Survival | 129<u>31</u> |

---

i

------

---

| | | |
|:---|:---|:---|
| ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS |
| Section 4.01. | Conditions to Initial Credit Extension | 129<u>31</u> |
| Section 4.02. | Conditions to All Credit Extensions after the Closing Date | 132<u>4</u> |
| Section 4.03. | Additional Conditions to the Delayed Draw Term Loans | 133<u>5</u> |
| <u>Section 4.04</u> | <u>Additional Conditions to the 2020 Delayed Draw Term Loans</u> | <u>135</u> |
| ARTICLE V. REPRESENTATIONS AND WARRANTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES |
| Section 5.01. | Existence, Qualification and Power; Compliance with Laws | 133<u>6</u> |
| Section 5.02. | Authorization; No Contravention | 134<u>6</u> |
| Section 5.03. | Governmental Authorization | 134<u>6</u> |
| Section 5.04. | Binding Effect | 134<u>7</u> |
| Section 5.05. | No Material Adverse Effect | 134<u>7</u> |
| Section 5.06. | Litigation | 135<u>7</u> |
| Section 5.07. | Ownership of Real Property; Liens | 135<u>7</u> |
| Section 5.08. | Environmental Matters | 135<u>7</u> |
| Section 5.09. | Taxes | 136<u>8</u> |
| Section 5.10. | ERISA Compliance | 136<u>8</u> |
| Section 5.11. | [Reserved] | 136<u>9</u> |
| Section 5.12. | Margin Regulations; Investment Company Act | 136<u>9</u> |
| Section 5.13. | Disclosure | 136<u>9</u> |
| Section 5.14. | Labor Matters | 137<u>9</u> |
| Section 5.15. | Intellectual Property; Licenses, Etc. | 147<u>0</u> |
| Section 5.16. | Solvency | 137<u>40</u> |
| Section 5.17. | [Reserved] | 138<u>40</u> |
| Section 5.18. | USA Patriot Act; OFAC; FCPA | 138<u>40</u> |
| Section 5.19. | Security Documents | 138<u>40</u> |
| ARTICLE VI. AFFIRMATIVE COVENANTS | ARTICLE VI. AFFIRMATIVE COVENANTS | ARTICLE VI. AFFIRMATIVE COVENANTS |
| Section 6.01. | Financial Statements | 139<u>41</u> |
| Section 6.02. | Certificates; Other Information | 141<u>3</u> |
| Section 6.03. | Notices | 142<u>4</u> |
| Section 6.04. | Payment of Taxes | 142<u>5</u> |
| Section 6.05. | Preservation of Existence, Etc. | 143<u>5</u> |
| Section 6.06. | Maintenance of Properties | 143<u>5</u> |
| Section 6.07. | Maintenance of Insurance | 143<u>5</u> |
| Section 6.08. | Compliance with Laws | 144<u>6</u> |
| Section 6.09. | Books and Records | 144<u>6</u> |
| Section 6.10. | Inspection Rights | 144<u>6</u> |
| Section 6.11. | Additional Collateral; Additional Guarantors | 144<u>7</u> |
| Section 6.12. | Compliance with Environmental Laws | 146<u>9</u> |
| Section 6.13. | Further Assurances; Post-Closing Obligations | 146<u>9</u> |
| Section 6.14. | Designation of Subsidiaries | 147<u>9</u> |
| Section 6.15. | Cash Management | 17<u>50</u> |
| Section 6.16. | Use of Proceeds | 148<u>50</u> |
| Section 6.17. | Lender Conference Call | 148<u>50</u> |
| Section 6.18. | Change in Nature of Business. | 148<u>51</u> |
| Section 6.19. | Fiscal Year | 148<u>51</u> |

---

ii

------

---

| | | |
|:---|:---|:---|
| ARTICLE VII. NEGATIVE COVENANTS | ARTICLE VII. NEGATIVE COVENANTS | ARTICLE VII. NEGATIVE COVENANTS |
| Section 7.01. | Liens | 149<u>51</u> |
| Section 7.02. | Investments | 153<u>6</u> |
| Section 7.03. | Indebtedness | 158<u>60</u> |
| Section 7.04. | Fundamental Changes | 162<u>4</u> |
| Section 7.05. | Dispositions | 163<u>6</u> |
| Section 7.06. | Restricted Payments | 166<u>9</u> |
| Section 7.07. | [Reserved] | 171<u>3</u> |
| Section 7.08. | Transactions with Affiliates | 171<u>3</u> |
| Section 7.09. | Burdensome Agreements | 173<u>5</u> |
| Section 7.10. | Amendments or Waivers of Organization Documents | 175<u>7</u> |
| Section 7.11. | Consolidated First Lien Net Leverage Ratio | 175<u>7</u> |
| Section 7.12. | [Reserved] | 175<u>7</u> |
| Section 7.13. | Prepayments, Etc. of Subordinated Indebtedness | 175<u>7</u> |
| Section 7.14. | Permitted Activities, Etc. | 176<u>9</u> |
| ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES |
| Section 8.01. | Events of Default | 177<u>9</u> |
| Section 8.02. | Remedies Upon Event of Default | 179<u>82</u> |
| Section 8.03. | Application of Funds | 180<u>2</u> |
| Section 8.04. | Borrower's Right to Cure | 181<u>3</u> |
| ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS | ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS | ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS |
| Section 9.01. | Appointment and Authority | 182<u>5</u> |
| Section 9.02. | Rights as a Lender | 183<u>5</u> |
| Section 9.03. | Exculpatory Provisions | 183<u>6</u> |
| Section 9.04. | Reliance by Agent | 184<u>7</u> |
| Section 9.05. | Delegation of Duties | 184<u>7</u> |
| Section 9.06. | Removal or Resignation of an Agent | 185<u>7</u> |
| Section 9.07. | Non-Reliance on Agents and Other Lenders | 186<u>8</u> |
| Section 9.08. | No Other Duties, Etc. | 186<u>8</u> |
| Section 9.09. | Agents May File Proofs of Claim | 186<u>9</u> |
| Section 9.10. | Collateral and Guaranty Matters | 197<u>0</u> |
| Section 9.11. | Secured Cash Management Agreements and Secured Hedge Agreements | 188<u>91</u> |
| Section 9.12. | Withholding Tax Indemnity | 189<u>1</u> |
| ARTICLE X. MISCELLANEOUS | ARTICLE X. MISCELLANEOUS | ARTICLE X. MISCELLANEOUS |
| Section 10.01. | Amendments, Etc. | 189<u>2</u> |
| Section 10.02. | Notices and Other Communications; Facsimile Copies | 193<u>5</u> |
| Section 10.03. | No Waiver; Cumulative Remedies | 195<u>7</u> |
| Section 10.04. | Attorney Costs and Expenses | 195<u>8</u> |
| Section 10.05. | Indemnification by the Borrower | 196<u>8</u> |
| Section 10.06. | Payments Set Aside | 198<u>200</u> |
| Section 10.07. | Successors and Assigns | 198<u>201</u> |
| Section 10.08. | Confidentiality | 217<u>0</u> |
| Section 10.09. | Setoff | 2<u>1</u>18 |
| Section 10.10. | Interest Rate Limitation | 209<u>11</u> |

---

iii

------

---

| | | |
|:---|:---|:---|
| Section 10.11. | Counterparts | 209<u>12</u> |
| Section 10.12. | Integration | 209<u>12</u> |
| Section 10.13. | Survival of Representations and Warranties | 209<u>12</u> |
| Section 10.14. | Severability | 210<u>2</u> |
| Section 10.15. | GOVERNING LAW | 210<u>3</u> |
| Section 10.16. | WAIVER OF RIGHT TO TRIAL BY JURY | 211<u>4</u> |
| Section 10.17. | Binding Effect | 211<u>4</u> |
| Section 10.18. | USA Patriot Act | 211<u>4</u> |
| Section 10.19. | Judgment Currency | 212<u>4</u> |
| Section 10.20. | No Advisory or Fiduciary Responsibility | 212<u>5</u> |
| Section 10.21. | Electronic Execution of Assignments and Certain Other Documents | 212<u>5</u> |
| Section 10.22. | Intercreditor Agreements | 213<u>5</u> |
| Section 10.23. | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 213<u>6</u> |
| Section 10.24. | Closing Date Debt Assumptions | 213<u>6</u> |
| ARTICLE XI. GUARANTY | ARTICLE XI. GUARANTY | ARTICLE XI. GUARANTY |
| Section 11.01. | The Guaranty | 214<u>7</u> |
| Section 11.02. | Obligations Unconditional | 215<u>7</u> |
| Section 11.03. | Reinstatement | 216<u>8</u> |
| Section 11.04. | Subrogation; Subordination | 216<u>9</u> |
| Section 11.05. | Remedies | 216<u>9</u> |
| Section 11.06. | Instrument for the Payment of Money | 216<u>9</u> |
| Section 11.07. | Continuing Guarantee | 217<u>9</u> |
| Section 11.08. | General Limitation on Guaranteed Obligations | 217<u>9</u> |
| Section 11.09. | Release of Guarantors | 217<u>9</u> |
| Section 11.10. | Right of Contribution | 218<u>20</u> |
| Section 11.11. | Keepwell | 218<u>21</u> |

---

iv

------

SCHEDULES

---

| | |
|:---|:---|
| I | Guarantors |
| 1.01A | Commitments |
| 1.01B | Closing Date Documents |
| 5.06 | Litigation |
| 5.07 | Owned Real Property |
| 5.08 | Environmental Matters |
| 6.13(b) | Post-Closing Obligations |
| 6.14 | Restricted Subsidiaries |
| 7.01(b) | Existing Liens |
| 7.02(f) | Existing Investments |
| 7.03(b) | Existing Indebtedness |
| 7.05(w) | Dispositions |
| 7.08 | Affiliate Transactions |
| 7.09 | Burdensome Agreements |
| 10.02 | Agents' Offices, Certain Addresses for Notices |

---

EXHIBITS

---

| | |
|:---|:---|
|  | *Form of* |
| A | Committed Loan Notice |
| B | [Reserved] |
| C-1 | Term Note |
| C-2 | Revolving Credit Note |
| D-1 | Compliance Certificate |
| D-2 | Solvency Certificate |
| E-1 | Assignment and Assumption |
| E-2 | Affiliated Lender Notice |
| E-3 | Acceptance and Prepayment Notice |
| E-4 | Discount Range Prepayment Notice |
| E-5 | Discount Range Prepayment Offer |
| E-6 | Solicited Discounted Prepayment Notice |
| E-7 | Solicited Discounted Prepayment Offer |
| E-8 | Specified Discount Prepayment Notice |
| E-9 | Specified Discount Prepayment Response |
| F | Security Agreement |
| G | Intercompany Note |
| H | United States Tax Compliance Certificate |
| I | Calculation of Consolidated EBITDA |
| J | Affiliated Lender Assignment and Assumption |
| K | Borrower Joinder Agreement |
| L | Guarantor Joinder Agreement |
| M | New Revolving Credit Lender Joinder and Assumption Agreement |

---

v

------

**<u>CREDIT AGREEMENT</u>**

This CREDIT AGREEMENT is entered into as of March 18, 2020, among Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company (the "**Initial Borrower**" and following the Debt Assumption (as defined below), "**Holdings**"), following consummation of the Acquisition (as defined below), TCFI AEVEX LLC, a Delaware limited liability company ("**TCFI**" and after giving effect to the Debt Assumption, the "**Borrower**" as hereinafter further defined), the other Guarantors party hereto from time to time, Carlyle Global Credit Investment Management and GSO Capital Partners LP, as Joint Lead Lenders, Ankura Trust Company, LLC, as Administrative Agent, PNC Bank, National Association, as Revolving Agent and as Collateral Agent, each lender from time to time party hereto (collectively, the "**Lenders**" and, individually, a "**Lender**") and the L/C Issuers from time to time party hereto.

**<u>PRELIMINARY STATEMENTS</u>**

Pursuant to the Membership Interest Purchase Agreement, dated as of February 18, 2020 (together with the exhibits and disclosure schedules thereto, and as amended, supplemented or modified from time to time, the "**Purchase Agreement**"), by and among the Initial Borrower and TCFI Aevex Holdings LLC, a Delaware limited liability company (together with the sellers party thereto, "**Seller**"), the Investors will directly or indirectly purchase all of the issued and outstanding membership interests of TCFI (the "**Acquisition**").

Following the initial Borrowing on the Closing Date, TCFI will assume all of the Obligations of the Initial Borrower hereunder (the "**Debt Assumption**"), and become the Borrower under this Agreement.

In accordance with the foregoing, the Initial Borrower has requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in <u>Section 1.01</u> below) and Revolving Loans on the Closing Date.

The proceeds of the Initial Term Loans and the Revolving Loans (limited, on the Closing Date, as set forth herein), together with the proceeds of the Equity Contributions contributed directly or indirectly to the Initial Borrower and cash on hand, will be used on the Closing Date (i) to consummate the Refinancing, (ii) to fund the Acquisition, (iii) to pay the Transaction Expenses and (iv) for working capital and general corporate purposes and, after the Closing Date, in accordance with <u>Section 6.16</u>.

Immediately after consummation of the Acquisition, the Borrower will be a direct, wholly owned subsidiary of Holdings.

The applicable Lenders have indicated their willingness to lend and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein.

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

------

**<u>ARTICLE I.</u>**

**<u>DEFINITIONS AND ACCOUNTING TERMS</u>**

Section 1.01. <u>Defined Terms</u>.

As used in this Agreement, the following terms shall have the meanings set forth below:

<u>"**2020 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2020 Delayed Draw Term Loan to the Borrower pursuant to Section 2.01(d) in an aggregate amount not to exceed the amount set forth opposite such Lender's name in Schedule 1.01A(1) under the caption "2020 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The aggregate amount of the 2020 Delayed Draw Term Loan Commitments as of the Amendment No. 1 Effective Date is $45,000,000.</u>

<u>"**2020 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(d).</u>

<u>"**2020 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) December 31, 2021 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of Section 2.06).</u>

<u>"**2020 Delayed Draw Term Loan Funding Date**" has the meaning set forth in Section 2.01(d).</u>

<u>"**2020 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in Section 2.07(d).</u>

<u>"**2020 Delayed Draw Term Loan Lender**" means each Lender that has a 2020 Delayed Draw Term Loan Commitment or is the holder of a 2020 Delayed Draw Term Loan.</u>

<u>"**2020 Delayed Draw Term Loans**" has the meaning set forth in Section 2.01(d).</u>

"**Acceptable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acceptable Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Acceptance and Prepayment Notice**" means a notice of the Borrower's acceptance of the Acceptable Discount in substantially the form of <u>Exhibit E-3</u>.

"**Acceptance Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acquisition**" has the meaning set forth in the preliminary statements to this Agreement.

"**Additional Refinancing Lender**" means, at any time, any bank, financial institution or other institutional lender or investor (other than any such bank, financial institution or other institutional lender or investor that is a Lender at such time) that agrees to provide any portion of Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.15</u>, *provided* that each Additional Refinancing Lender shall be subject to the approval of the Borrower.

"**Additional Term Lender**" has the meaning set forth in Section 2.14(c).

------

"**Administrative Agent**" means Ankura, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"**Administrative Questionnaire**" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. "**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"**Affiliated Lender**" means, at any time, any Lender that is the Sponsor (including portfolio companies of the Sponsor notwithstanding the exclusion in the definition of "Sponsor") or a Non-Debt Fund Affiliate, in each case, other than Holdings, the Borrower or any of its Subsidiaries and other than any Debt Fund Affiliate.

"**Affiliated Lender Assignment and Assumption**" has the meaning set forth in <u>Section 10.07(k)(ii)</u>.

"**Affiliated Lender Cap**" has the meaning set forth in <u>Section 10.07(k)(v)</u>.

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates and controlling Persons, officers, directors and employees.

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent and the Revolving Agent, each an "**Agent**".

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreement**" means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"**Agreement Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**AHYDO Payment**" means any payment required to be made under the terms of Indebtedness in order to avoid the application of Section 163(e)(5) of the Code to such Indebtedness.

"**Aircraft Trust Arrangemen**t" means the contribution of the Equity Interests of a special purpose entity organized for the purpose of holding aircraft to a trust for the purposes of Federal Aviation Administration registration of such aircraft, the trustee of which is a third party engaged in the business of acting as trustee with respect to such assets in order to facilitate such registration.

"**All-In Yield**" means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, OID, upfront fees, any Base Rate (or equivalent term) "floor" then in effect or a "Eurocurrency Rate" (or equivalent term) floor then in effect or otherwise, in each case incurred or payable by the Borrowers generally to all lenders of such Indebtedness; *provided* that OID and upfront fees shall be equated to interest rate assuming a four-year life to maturity; *provided*, *further*, that "All-In Yield" shall not include

------

prepayment premiums, arrangement fees, syndication fees, ticking fees, structuring fees, amendment fees, commitment or facility fees, underwriting fees or other similar fees, payable in connection therewith regardless of whether such fees are paid to or shared in whole or in part with any Lender, or any other fees not paid generally to all Lenders ratably. In calculating the All-In Yield, if on the date of incurrence of any applicable Indebtedness (including any Incremental Term Loans), such Indebtedness includes an interest rate floor greater than the interest rate floor applicable to the Initial Term Loans, such differential shall be added to the interest rate with respect to such Indebtedness for purposes of determining whether an increase to the interest rate margin under the Initial Term Loans shall be required (if applicable), but only to the extent that an increase in the interest rate floor would cause an increase to the interest rate margin then in effect with respect to such Initial Term Loans, solely for the purpose of determining the All-In Yield applicable to such Indebtedness and, in such case for purposes of Section 2.14(e)(iii), the interest rate floor (but not the interest rate margin) applicable to such Class of Initial Term Loans shall be increased to the extent of such differential between interest rate floors.

**<u>"Amendment No. 1"</u>** <u>means that certain Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto**.**</u> 

**<u>"Amendment No. 1 Effective Date"</u>** <u>means October 28, 2020.</u> 

**<u>"Amendment No. 1 Fee Letter"</u>** <u>means the Amendment No. 1 Fee Letter, dated as of the Amendment No. 1 Effective Date, among the Borrower, the Administrative Agent, the Collateral Agent and the Lenders party thereto.</u> 

"**Ankura**" means Ankura Trust Company, LLC.

"**Annual Financial Statements**" means the audited consolidated balance sheets and the related consolidated statements of operations, changes in stockholders' equity and cash flows of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement)(except for Triple M (as defined in the Purchase Agreement)) to the extent covered thereby for the fiscal year ended December 31, 2018.

"**Applicable Agent**" means, with respect to the Term Loans, the Administrative Agent, and with respect to the Revolving Loans, the Revolving Agent.

"**Applicable Agent's Office**" means the Administrative Agent's or the Revolving Agent's, as applicable, address as set forth on <u>Schedule 10.02</u> or such other address as the Administrative Agent or the Revolving Agent may from time to time notify the Borrower and the Lenders.

"**Applicable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Applicable ECF Percentage**" means, for any Excess Cash Flow Period, (a) 50% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is greater than 4.00 to 1.00, (b) 25% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 4.00 to 1.00 and greater than 3.50 to 1.00 and (c) 0% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the

------

applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 3.50 to 1.00. The Consolidated First Lien Net Leverage Ratio shall be calculated on a Pro Forma Basis and shall give Pro Forma Effect to any paydown of Loans or reduction of Commitments made after year-end and prior to the date such Excess Cash Flow payment is due.

"**Applicable Rate**" means a percentage per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Initial Term Loans<u>, Delayed Draw Term Loans</u> and <u>2020</u> Delayed Draw Term Loans, (A) for Eurocurrency Rate Loans, 6.00% per annum and (B) for Base Rate Loans, 5.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Revolving Loans, (i) until the delivery to the Revolving Agent of the financial statements pursuant to <u>Section 6.01(b)</u> for the fiscal quarter ending June 30, 2020: (A) for Eurocurrency Rate Loans, 4.00% per annum and (B) for Base Rate Loans, 3.00% per annum and (ii) following the delivery of such financial statements, the percentage set forth below based on the Consolidated First Lien Net Leverage Ratio for the four (4) fiscal quarters ending on the last day of each fiscal quarter as demonstrated in the financial statements delivered to the Revolving Agent pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u>:

---

| | | |
|:---|:---|:---|
| Consolidated First Lien Net Leverage Ratio | Eurodollar Loans | ABR Loans |
|  ≥3.50x | 4.00% | 3.00% |
|  <3.50x | 3.75% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Unused Revolver Commitment Fees, 0.50% per annum.

Any increase or decrease in the Applicable Rate resulting from a change in Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Responsible Officer delivers notice to the Revolving Agent that a change to the Applicable Rate shall be effective based upon delivery of the financial statements pursuant to Section 6.01(a) or 6.01(b). Notwithstanding the foregoing, (v) the Applicable Rate in respect of any Extended Revolving Credit Commitments or any Class of Extended Term Loans or Revolving Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment, (w) the Applicable Rate in respect of any Class of Incremental Term Loans shall be the applicable percentages per annum set forth in the relevant Incremental Amendment, (x) the Applicable Rate in respect of any Class of Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement, (y) the Applicable Rate in respect of any Class of Refinancing Revolving Credit Commitments, any Class of Refinancing Revolving Loans or any Class of Refinancing Term Loans shall be the applicable percentages per annum set forth in the relevant Refinancing Amendment or other relevant agreement and (z) in the case of the Initial Term Loans<u>, the Delayed Draw Term Loans</u> and the <u>2020</u> Delayed Draw Term Loans, the Applicable Rate shall be increased as, and to the extent, necessary to comply with the provisions of <u>Section 2.14</u>.

------

"**Appropriate Lender**" means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class and (b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders.

"**Approved Bank**" has the meaning set forth in <u>clause (c)</u> of the definition of "Cash and Cash Equivalents."

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

**"Assignee"** has the meaning set forth in <u>Section 10.07(b)</u>.

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of <u>Exhibit E-1</u> hereto.

"**Attorney Costs**" means and includes all reasonable and documented fees, out-of-pocket expenses and disbursements of any law firm or other external legal counsel, in each case, to the extent reimbursable by the Borrower pursuant to <u>Section 10.04</u> or <u>Section 10.05</u>.

"**Attributable Indebtedness**" means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

**"Auction Agent"** means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to <u>Section 2.05(a)(v)</u>; *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent).

"**Auto-Extension Letter of Credit**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

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

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

"**Base Rate**" means for any day a fluctuating rate per annum equal to the highest of (a) the Overnight Rate in effect on such day *plus* 0.50%, (b) the Prime Rate for such day and (c) the Eurocurrency Rate for an interest period of one month *plus* 1.00% (or, if such day is not a Business Day, the immediately preceding Business Day). Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs.

------

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.

"**Borrower**" and "**Borrowers**" mean (a) prior to the Debt Assumption, the Initial Borrower and (b) upon and at any time after the consummation of the Debt Assumption, the Borrower and any Subsidiary Guarantor that, after the Closing Date becomes a Borrower by executing a Borrower Joinder Agreement; *provided* that any Subsidiary that is or has become a Borrower (a "**Subsidiary Borrower**") may have its status as a Borrower terminated by a notice to the Administrative Agent and the Collateral Agent from the Borrower and such Subsidiary Borrower electing to terminate such Subsidiary's status as a Borrower, *provided further* that no such termination shall affect any obligation of such Subsidiary as a Guarantor or as a Grantor under any Loan Document.

"**Borrower Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit K</u>.

"**Borrower Materials**" has the meaning set forth in <u>Section 6.01</u>.

"**Borrower Offer of Specified Discount Prepayment**" means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to <u>Section 2.05(a)(v)(B)</u>.

"**Borrower Solicitation of Discount Range Prepayment Offers**" means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to <u>Section 2.05(a)(v)(C)</u>.

"**Borrower Solicitation of Discounted Prepayment Offers**" means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to <u>Section 2.05(a)(v)(D)</u>.

"**Borrowing**" means a Revolving Credit Borrowing or a Term Borrowing, as the context may require.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars, or any other dealings in any currency other than Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.

------

"**Capital Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries.

"**Capitalized Leases**" means all leases that have been or are required to be, in accordance with GAAP (subject to <u>Section 1.03</u>), recorded as capitalized leases; *provided* that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.

**"Carlyle"** means Carlyle Global Credit Investment Management.

"**Cash and Cash Equivalents**" means any of the following types of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, Euros or any other readily tradable currency to the extent utilized in connection with the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of the United States or any member state of the European Economic Area having average maturities of not more than 24 months from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) time deposits or eurodollar time deposits with, certificates of deposit, bankers' acceptances or overnight bank deposits of, or letters of credit issued by, any commercial bank that (i) is a Lender or (ii) (A) is organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development and is a member of the Federal Reserve System, and (B) has combined capital and surplus of at least $250,000,000 or $100,000,000 in the case of any non-U.S. bank (any such bank in the foregoing <u>clauses (i)</u> or <u>(ii)</u> being an "Approved Bank"), in each case with maturities not exceeding 24 months from the date of acquisition thereof;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations for underlying securities of the types described in <u>clauses (b)</u>, <u>(c)</u> and <u>(e)</u> above entered into with any Approved Bank;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments (other than in structured investment vehicles and structured financing transactions) with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any Approved Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) instruments analogous to those referred to in <u>clauses (a)</u> through <u>(i)</u> above denominated in Euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and (ii) in the case of any Foreign Subsidiary, such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments, classified in accordance with GAAP as Consolidated Current Assets of the Borrower or any Restricted Subsidiary, in money market investment programs which are registered under the Investment Company Act of 1940 or which are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character, quality and maturity described in <u>clauses (a)</u> through <u>(i)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing at least 95% of their assets in securities of the types described in <u>clauses (a)</u> through <u>(k)</u> above.

Notwithstanding the foregoing, Cash and Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (a)</u> and <u>(j)</u> above; *provided* that such amounts are converted into any currency listed in <u>clause (a)</u> or <u>(j)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

"**Cash Collateral**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Collateralize**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Dominion Event**" means the occurrence and continuance of an Event of Default pursuant to <u>Section 8.1(a)</u> or <u>8.01(f)</u>.

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including controlled disbursement services, treasury, depository, overdraft and related liabilities, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management services or arrangements, supply chain finance services, foreign exchange facilities and any automated clearing house transfer of funds.

------

"**Cash Netting Amount**" means the lesser of (i) the aggregate amount of Cash and Cash Equivalents (other than Restricted Cash), in each case, included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of such date (which, for the avoidance of doubt, shall not be required to be held in a deposit account pledged to the Collateral Agent pursuant to a control agreement) and (ii) $10,000,000.

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

"**Change of Control**" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to a Qualified IPO, the Sponsor shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), but excluding (w) any underwriters in connection with such Qualified IPO, (x) any employee benefit plan of such person and its Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (y) the Sponsor and (z) any one or more direct or indirect parent companies of Holdings in which the Sponsor, directly or indirectly, owns the largest percentage of such parent company's voting Equity Interests, shall have, directly or indirectly, acquired beneficial ownership of Equity Interests representing 35% or more of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company and the Sponsor shall own, directly or indirectly, less than such person or "group" of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "change of control" (or similar event) shall occur in any document pertaining to Other Term Loans, Other Notes, Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt (or any Permitted Refinancing of any of the foregoing), in each case with an aggregate outstanding principal amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Holdings shall cease to own, directly or indirectly, 100% of the Equity Interests of TCFI.

"**Class**" (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Extended Revolving Credit Commitments of a given Extension Series, Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Commitments, Delayed Draw Commitments, Incremental Term Loan Commitments, Refinancing Term Commitments of a given Refinancing Series or Commitments in respect of Replacement Term Loans and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, <u>2020 Delayed Draw Term Loans,</u> Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term

------

Loans. Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, <u>Delayed Draw Term Loans, 2020</u> Delayed Draw Term Loans, Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the Borrower, be construed to be in different Classes; *provided* that any Incremental Term Loans effected as a Term Loan Increase to any existing Class of Term Loans and such existing Class of Term Loans shall in all events be part of the same Class.

"**Closing Date**" means March 18, 2020.

"**Code**" means the U.S. Internal Revenue Code of 1986 and the United States Treasury Department regulations promulgated thereunder, each as amended from time to time (unless as specifically provided otherwise).

"**Collateral**" means the "Collateral" as defined in the Security Agreement and all the "Collateral" or "Pledged Assets" as defined in any other Collateral Document and any other assets pledged pursuant to any Collateral Document, but in any event excluding Excluded Assets.

"**Collateral Agent**" means PNC, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent.

"**Collateral and Guarantee Requirement**" means, at any time, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Agent shall have received each Collateral Document required to be delivered (i) on the Closing Date, pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>) and (ii) at such time as may be designated therein, pursuant to the Collateral Documents or <u>Section 6.11</u> or <u>6.13</u>, subject, in each case, to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Obligations (i) of the Borrowers shall have been unconditionally guaranteed by Holdings and each Restricted Subsidiary of the Borrower (other than any other Borrower) that is then required to be a Guarantor, and (ii) of any Borrower shall have been unconditionally guaranteed by each other Borrower; *provided*, that the Borrower may, in its sole discretion, (1) designate any Excluded Subsidiary as a Guarantor and (2) cause any Guarantor that is an Excluded Subsidiary (including any Excluded Subsidiary that became a Guarantor pursuant to clause (1) hereof) to be released from its guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secured Obligations and the Guaranty shall have been secured by a first-priority security interest (subject to Liens permitted by <u>Section 7.01</u>) in (i) all of the Equity Interests of the Borrowers, (ii) all of the Equity Interests of each wholly owned Material Domestic Subsidiary (other than a Domestic Subsidiary described in the following clause (iii)) directly owned by a Borrower or any Subsidiary Guarantor, (iii) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is directly owned by a Borrower or by any Subsidiary Guarantor that is a Domestic Foreign Holdco, and (iv) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is a Foreign Subsidiary directly owned by a Borrower or by any Subsidiary Guarantor, in each case other than any Excluded Pledged Subsidiary;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except to the extent otherwise provided hereunder, including subject to Liens permitted by <u>Section 7.01</u>, or under any Collateral Document, the Secured Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security interest may be perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making any necessary security filings with the United States Patent and Trademark Office or United States Copyright Office, in each case to the extent required in the Security Agreement) in the Collateral of any Borrower and each Guarantor (including accounts (other than Securitization Assets and any Receivables Assets), intercompany obligations, inventory, equipment, investment property, contract rights, applications and registrations of Intellectual Property filed in the United States, other general intangibles, Material Real Property and proceeds of the foregoing), in each case, (i) with the priority required by the Collateral Documents and (ii) subject to exceptions and limitations otherwise set forth in this Agreement (for the avoidance of doubt, including the limitations and exceptions set forth in <u>Section 4.01</u>) and the Collateral Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to each Material Real Property, the Collateral Agent shall have received on or before the date required to be delivered pursuant to <u>Section 6.11</u> or <u>Section 6.13</u> (after giving effect to any extension by the Collateral Agent), (i) counterparts of a Mortgage over such Material Real Property required to be delivered pursuant to <u>Section 6.11</u> or <u>6.13</u> (the "**Mortgaged Properties**") duly executed and delivered by the applicable Loan Party, (ii) a title insurance policy for such property available in each applicable jurisdiction (the "**Mortgage Policies**") insuring the Lien of each such Mortgage as a valid first-priority Lien on the property described therein, free of any other Liens except as permitted by <u>Section 7.01</u>, together with such endorsements, coinsurance and reinsurance and in such amounts as the Collateral Agent may reasonably request, (iii) a completed Life-of-Loan Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if any improvements on any Mortgaged Property are located within an area designated a "flood hazard area," evidence of such flood insurance as may be required under <u>Section 6.07</u>, (iv) ALTA surveys in form and substance reasonably acceptable to the applicable title company or such existing surveys together with no-change affidavits sufficient for the title company to remove all standard survey exceptions from the Mortgage Policies and issue the endorsements required in <u>clause (ii)</u> above, (v) copies of any existing title reports, abstracts, appraisals or environmental assessment reports in each case to the extent required under <u>Section 6.11(a)(iii)</u> and (vi) such legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged Property;

provided, however, that (i) the foregoing definition shall not require, and the Loan Documents shall not contain any requirements as to, the creation or perfection of pledges of, security interests in, Mortgages on, or the obtaining of title insurance, surveys, abstracts or appraisals or taking other actions with respect to any Excluded Assets and (ii) the Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth in this Agreement and the Collateral Documents.

The Collateral Agent may grant extensions of time for the perfection of security interests in, or the delivery of the Mortgages and the obtaining of title insurance and surveys with respect to, particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) or any other compliance with the timing requirements of this definition where it reasonably determines, in consultation with the Borrower, that perfection or compliance cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement, the Collateral Documents or the other Loan Documents.

------

No actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets of Holdings, the Borrower, or any Domestic Subsidiary located or titled outside of the United States or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the Laws of any non-U.S. jurisdiction or foreign Intellectual Property filing, search or schedule). Elective Guarantors that are Foreign Subsidiaries shall be required to grant such security interests and take such perfection steps as are customary in its jurisdiction of organization (as determined mutually in good faith by the Collateral Agent and Loan Parties).

The foregoing definition shall not (i) require control agreements or perfection by "control" with respect to any Collateral other than: (x) certificated Equity Interests of the Borrower and, to the extent constituting Collateral, its Restricted Subsidiaries, in each case to the extent possession of such certificates is a manner of perfecting a security interest therein, and (y) so long as the Revolving Credit Commitments are outstanding, control agreements over deposit accounts (other than Excluded Accounts), (ii) require the Collateral Agent to enter into any source code escrow arrangement or register any Intellectual Property or (iii) require the Borrowers or any of their respective Subsidiaries to provide any notice to obtain the consent of Governmental Authorities under the Federal Assignment of Claims Act (or any state equivalent thereof).

"**Collateral Documents**" means, collectively, the Security Agreement, the Intercreditor Agreements, the Intellectual Property Security Agreements, the Mortgages, the Security Agreement Supplements, all security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent pursuant to <u>Section 4.01(a)(iv)</u>, <u>6.11</u> or <u>6.13</u> and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

"**Committed Loan Notice**" means a written notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other or (c) a continuation of Eurocurrency Rate Loans pursuant to <u>Section 2.02(a)</u>, which shall be substantially in the form of <u>Exhibit A</u> hereto or such other form as may be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), and agreed by the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), as applicable, and agreed by the Borrower), appropriately completed and signed by a Responsible Officer of the Borrower.

"**Commitment**" means a Revolving Credit Commitment, Extended Revolving Credit Commitment of a given Extension Series, Refinancing Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Delayed Draw Commitment, <u>2020 Delayed Draw Term Loan Commitment,</u> Incremental Term Loan Commitment, Refinancing Term Commitment of a given Refinancing Series or a Commitment in respect of Replacement Term Loans, as the context may require.

"**Commitment Letter**" means the Amended and Restated Commitment Letter, dated March 13, 2020, among the Initial Borrower and the Commitment Parties, as amended, restated, supplemented or otherwise modified.

"**Commitment Parties**" means, collectively, GSO, Carlyle and PNC, in their respective capacities as such under the Commitment Letter.

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

------

"**Company Parties**" means the collective reference to Holdings and its Restricted Subsidiaries, including any Borrower, and "Company Party" means any one of them.

"**Compensation Period**" has the meaning set forth in <u>Section 2.12(c)(ii)</u>.

"**Competitor**" has the meaning set forth in the definition of "Disqualified Institution."

"**Competitor Debt Fund**" means, with respect to any Competitor or any Affiliate thereof, any diversified debt fund, investment vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is (i) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and (ii) managed, sponsored or advised by any person that is controlling, controlled by or under common control with the relevant Competitor or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Competitor (A) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated bank entity or unregulated entity with respect to decisions involving any investment in debt of the Borrower or any of its Subsidiaries or (B) has access to any information (other than information that is publicly available) relating to Holdings, the Borrower or any of their respective Subsidiaries.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit D-1</u> hereto.

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

"**Consolidated Current Assets**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than Cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than (i) amounts related to current or deferred Taxes based on income, profits or capital gains (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (ii) assets held for sale, (iii) loans (permitted) to third parties, (iv) pension assets, (v) deferred bank fees, (vi) derivative financial instruments and (vii) in the event that a Securitization Financing is accounted for off-balance sheet, (x) gross accounts receivable comprising Securitization Assets sold pursuant to such Securitization Financing less (y) collection against the amount sold pursuant to <u>clause (x)</u>.

"**Consolidated Current Liabilities**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) the current portion of interest expense, (c) accruals for current or deferred Taxes based on income or profits (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (d) accruals of any costs or expenses related to restructuring reserves, (e) deferred revenue, (f) any Revolving Credit Exposure or Revolving Loans, (g) the current portion of pension liabilities, (h) liabilities in respect of funds of third parties on deposit with the Borrower or its Restricted Subsidiaries and (i) any assumed professional liability risks.

------

"**Consolidated EBITDA**" means, for any period, Consolidated Net Income for such period, *plus*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without duplication and, except with respect to <u>clauses (v)</u> (to the extent of the first parenthetical in such clause), <u>(vii)(B)</u>, <u>(viii)</u>, <u>(x)</u>, <u>(xi)</u> and <u>(xiv)</u> below, to the extent deducted (and not added back) or excluded in arriving at such Consolidated Net Income, the sum of the following amounts for such period with respect to the Borrower and its Restricted Subsidiaries and including, the portion of such item attributable to any Equity Interest of the Loan Parties or Subsidiaries of Loan Parties in such non wholly-owned Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) total interest expense determined in accordance with GAAP (including (whether or not classified as interest expense under GAAP), to the extent deducted and not added back in computing Consolidated Net Income, (A) amortization of OID resulting from the issuance of Indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or, any fee or expense paid to any agent in connection with its services hereunder, and any other bank, administrative agency or trustee, or financing fees, (C) non-cash interest payments, (D) the interest component of Capitalized Leases, (E) net payments, if any, pursuant to interest Swap Contracts with respect to Indebtedness, (F) amortization of deferred financing fees, debt issuance costs, commissions and fees, (G) the interest component of any pension or other post-employment benefit expense, and (H) commissions, discounts, yield and other fees (including related interest expenses) related to any Qualified Securitization Financing or any Receivables Facility) and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication, provision for Taxes based on income, profits or capital gains of the Borrower and the Restricted Subsidiaries, including, without limitation, federal, state, foreign, local, franchise and similar Taxes and other local, franchise, state, real estate and property Taxes and foreign withholding Taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax examinations, and any Tax distributions made pursuant to this Agreement (including <u>Section 7.06(h)(iii)</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) depreciation and amortization (including amortization or write-off of (A) intangible assets and non-cash organization costs, (B) deferred financing fees, debt issuance costs, commissions, fees and expenses, bridge, commitment and other financing fees, discounts, yield and other fees and charges (including interest expense related to any Securitization Financing or any Receivables Facility), (C) unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, (D) capitalized software expenditures or costs, capitalized customer acquisition costs and incentive payments and capitalized conversion costs and contract acquisition costs, and (E) favorable or unfavorable lease assets or liabilities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) non-cash charges, expenses, write-downs or losses, including, without limitation, any non-cash expense relating to the vesting of warrants, impairment charges, the revaluation of inventory or other inventory adjustments or the impact of purchase accounting or recapitalization accounting (including deferred revenue which would reasonably have been included in determining Consolidated Net Income for such period, but for the application of purchase accounting rules) (*provided* that if any such non-cash charges, expenses, write-downs or losses represent an accrual or reserve for potential cash items in any future period, (i) the Borrower may determine not to add back such non-cash item in the current period or (ii) to the extent the Borrower determines to add back such non-cash item in the current period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) retention, recruiting, relocation, stay and signing bonuses (including payments made to employees or others who are subject to non-compete agreements) and expenses, stock option and other equity-based compensation expenses, severance costs, transaction fees and expenses and management, monitoring, consulting and advisory fees and expenses and other consulting fees, indemnities and expenses, any one time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or a public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) integration costs, transition costs, consolidation, opening and closing costs for offices and facilities, curtailments or modifications to pension and post-retirement employee benefits (including pension buyout costs), decommissioning or reconfiguration of fixed assets for alternative uses, costs in connection with future lease commitments, costs incurred in connection with any strategic initiatives, costs incurred in connection with acquisitions and investments (whether or not consummated) and intellectual property development after the Closing Date, other business optimization expenses (including costs, technology upgrades and expenses relating to business optimization programs and new systems design and initiatives and implementation costs), project start-up costs and costs incurred with the implementation of a new contract (provided, such costs incurred with the implementation of a new contract added back pursuant to this clause (vii) shall not exceed $2,500,000 for any Test Period) and other restructuring charges, carve-out related items, accruals or reserves (including restructuring costs related to acquisitions and investments whether or not incurred before or after the Closing Date, retention charges, systems establishment costs and excess pension charges) and (B) without duplication of amounts added back pursuant to clause (xiv) below the amount of "run rate" cost savings, operating expense reductions, other operating improvements and synergies projected by the Borrower in good faith to be realized in connection with the Transactions, any Specified Transaction or the implementation of an operational initiative or operational change before or after the Closing Date (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions, which are factually supportable and reasonably anticipated to result from actions taken or expected to be taken in the good faith judgment of the Borrower, within 18 months after the consummation of the Transactions, the Specified Transaction or the implementation of an initiative or operational change (including commencement of activities constituting a business or the termination or discontinuance of activities constituting such business), as applicable, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies (and a Responsible Officer of the Borrower shall certify, solely in his or her capacity as a Responsible Officer, that such cost savings, operating expense reductions, other operating improvements and synergies satisfy the foregoing requirements); *provided* no cost savings, operating expense reductions and synergies shall be added pursuant to this <u>clause (vii)(B)</u> to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, for such period; *provided*, *further* that such

------

costs, charges, expenses or losses pursuant to <u>clause (vii)(A)</u>, together with the pro forma cost savings, operating expense reductions, other operating improvements and synergies pursuant to <u>clause (vii)(B)</u> and <u>Section 1.09(c)</u>, shall not exceed 25% of Consolidated EBITDA for any Test Period (determined after giving effect to all such amounts that would be added back pursuant to this <u>clause (vii)</u> and <u>Section 1.09</u>, and after giving effect to all other applicable adjustments as if there were no such 25% limitation); *provided*, that the amount of any such items that would be permitted to be included in financial statements prepared in accordance with Regulation S-X shall not be subject to such 25% limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) adjustments in connection with the Transactions, including those adjustments of the type set forth in the Sponsor model delivered to the Commitment Parties prior to the Closing Date and the quality of earnings report provided by third party financial advisors and/or consultants retained by the Borrower and delivered to the Commitment Parties prior to the Closing Date, and other adjustments (including pro forma adjustments) identified in writing and agreed to by Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other accruals, payments, fees and expenses (including rationalization, legal, tax, structuring and other costs and expenses), or any amortization thereof, related to the Transactions (including all Transaction Expenses), acquisitions, Investments, joint ventures, Restricted Payments, Dispositions, issuances or registrations (actual or proposed) of Indebtedness or Equity Interests or repayment of debt, Qualified IPO, Refinancing or recapitalization transactions or amendment or other modification of any debt instrument, in each case, including any such transaction consummated on or prior to the Closing Date and any such transaction attempted but not completed (including, for the avoidance of doubt, the effects of expensing all transaction related expenses in accordance with Accounting Standards Codification Topic No. 805, Business Combinations),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the extent received and not already included in Consolidated Net Income, proceeds of business interruption insurance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>paragraph (b)</u> below for any previous period and not added back,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash increase in expenses (A) resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods including changes in capitalization of variances) or other inventory adjustments, or (B) due to purchase accounting or recapitalization accounting adjustments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the amount of any expense or reduction of Consolidated Net Income consisting of Restricted Subsidiary income attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) adjustments (including pro forma adjustments) of a type set forth in any quality of earnings or due diligence report (prepared by an independent accounting firm or consulting firm of regionally or nationally recognized standing) delivered to the Administrative Agent in connection with any acquisition or investment after the Closing Date and (B) adjustments (including pro forma adjustments) consistent with Regulation S-X,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the amount of (A) management, consulting, monitoring and advisory fees (including termination and exit fees) and related expenses and indemnities paid or accrued to the Investors in accordance with the Investor Management Agreement and the Ultimate Parent LLC Agreement, (B) payments or accruals by the Borrower or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are permitted by <u>Section 7.08</u> and (C) indemnification payments and accruals, fees and expenses paid to directors of the Borrower or its direct or indirect parent entities, in each case to the extent otherwise permitted to be paid under <u>Section 7.08</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Equity Funded Employee Plan Costs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any net loss from disposed, abandoned or discontinued operations or product lines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount of loss or discount on sales of Securitization Assets to a Securitization Subsidiary in connection with a Securitization Financing or losses or discounts on sales of receivables and related assets in connection with any Receivables Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) costs to support implementation of operational and reporting systems and technology initiatives in an amount not to exceed $5,000,000 in the aggregate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the non-cash portion of straight line rent expense,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) earn-out obligations with respect to any Permitted Acquisitions or other investment and paid or accrued during the applicable period to the extent such earn-out obligations are deducted from the calculation of such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the amount of business development, research and development, and customer development costs and expenses and strategic growth investments and reorganization costs and expenses;

*minus* (b) without duplication and to the extent included in arriving at such Consolidated Net Income, (i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period), and excluding the accrual of revenue in the ordinary course, including accrual for deferred revenue, (ii) any net gain from disposed, abandoned or discontinued operations or product lines and (iii) the amount of any minority interest income consisting of Restricted Subsidiary losses attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary. 

Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, Consolidated EBITDA for such fiscal quarter shall be $7,303,894.77, $8,339,237.36, $7,954,634.35 and $7,902,425.85, respectively, in each case as may be subject to addbacks and adjustments (without duplication) pursuant to <u>clauses (vii)(B)</u>, <u>(viii</u>), <u>(xiv</u>) and <u>Section 1.09(c)</u> for the applicable Test Period (but only with respect to actions taken or expected to be taken or events having occurred after the Closing Date). For the avoidance of doubt, Consolidated EBITDA shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

------

"**Consolidated First Lien Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of any Indebtedness described in <u>clause (a)</u> of the definition of "Consolidated Total Net Debt" outstanding on such date that is secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary that is pari passu with or senior to the Liens securing the Secured Obligations, but excluding any such Indebtedness that is subordinated in right of payment to the Secured Obligations, *minus* (b) the Cash Netting Amount; *provided* that Consolidated First Lien Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated First Lien Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated First Lien Net Debt.

"**Consolidated First Lien Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Net Income**" means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; *provided*, *however*, that, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any after-tax effect of extraordinary, non-recurring or unusual items (including gains, losses or charges and all fees and expenses relating thereto) for such period shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application to the extent included in Consolidated Net Income shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) accruals and reserves that are established or adjusted within 18 months after the Closing Date that are so required to be established or adjusted as a result of the Transactions (or within 18 months after the closing of any acquisition or Investment that are so required to be established or adjusted as a result of such acquisition of Investment) in accordance with GAAP or changes as a result of adoption or modification of accounting policies in accordance with GAAP shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any net after-tax effect of gains or losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person, in each case other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the net income (loss) for such period of any Person that is (I) not a Subsidiary of the Borrower, (II) an Unrestricted Subsidiary, or (III) accounted for by the equity method of accounting shall be excluded; *provided* that (i) Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in Cash and Cash Equivalents (or to the extent subsequently converted into Cash and Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period and (ii) the net income (loss) of any Unrestricted Subsidiary that has been designated as a Restricted Subsidiary in such period shall be included to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any impairment charge or asset or asset value write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, goodwill, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP or SEC guidelines, and the amortization of intangibles arising pursuant to GAAP or SEC guidelines shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any (i) equity or phantom equity based non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs or any other equity-based compensation, (ii) cash charges associated with the rollover, acceleration or payout of Equity Interests by managers, officers, directors, consultants or employees of the Borrower, any Restricted Subsidiary or any of the Borrower's direct or indirect parents, (iii) income (loss) attributable to deferred compensation plans or trusts, shall be excluded, and (iv) any cash charge for such period relating to payments made to option holders or holders of profits interests of any direct or indirect parent entity in connection with, or as a result of, any distributions being made to its equityholders or its direct or indirect parent entities, which payments are being made to compensate such option holders or holders of profits interests as though they were equityholders as of the date of, and entitled to share in, such distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions, including, in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually paid-for or reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for such amount to be paid-for, indemnified or reimbursed and only to the extent that such amount is in fact paid-for, indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365-day period), shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent covered by insurance and actually paid for or reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be paid for or reimbursed by the insurer and only to the extent that such amount is in fact paid for or reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so paid for or reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, any Permitted Acquisition or other Investment, or the release of any valuation allowance related to such item, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any non-cash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation or Accounting Standards Codification Topic No. 505-50, Equity-Based Payments to Non-Employees, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) non-cash gains, losses, income and expenses resulting from the valuation of any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at fair value required by the applicable standard under GAAP and related interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries or such Person's assets are acquired by the Borrower or any of its Restricted Subsidiaries shall be excluded (except to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (x) currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain (i) resulting from Swap Contracts for currency exchange risk and (ii) resulting from intercompany indebtedness) and (y) all other foreign currency translation gains or losses to the extent such gains or losses are non-cash items, shall in each case be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any adjustments resulting from the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging and International Accounting Standard No. 39 and their respective related pronouncements and interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any income (loss) for such period attributable to the early extinguishment of (i) Indebtedness, (ii) obligations under any Swap Contracts or (iii) other derivative instruments shall in each case be excluded, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) solely for the purpose of determining Excess Cash Flow, the income of any Restricted Subsidiary of the Borrower that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such income is not at the time permitted by operation of the terms of its charter or any Laws applicable to such Restricted Subsidiary (which has not been waived) shall be excluded, except (solely to the extent permitted to be paid) to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Restricted Subsidiaries that are Guarantors by such Person during such period.

There shall be excluded from Consolidated Net Income for any period the purchase accounting or recapitalization accounting effects of adjustments in component amounts required or permitted by GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, credit balances and debt line items thereof) and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition constituting an Investment permitted under this Agreement consummated after the Closing Date or any acquisition or other Investment consummated prior to the Closing Date, or the amortization or write-off of any amounts thereof. For the avoidance of doubt, Consolidated Net Income shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated Total Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting or recapitalization accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement) consisting of funded Indebtedness for borrowed money, purchase money Indebtedness and Attributable Indebtedness, *minus* (b) the Cash Netting Amount; *provided* that Consolidated Total Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated Total Net Debt.

------

"**Consolidated Total Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Working Capital**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Consolidated Current Assets at such date of determination *minus* Consolidated Current Liabilities at such date of determination; *provided* that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Consolidated Current Assets or Consolidated Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent, (b) the effects of purchase accounting or recapitalization accounting or (c) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under Swap Contracts.

"**Contract Consideration**" has the meaning set forth in the definition of "Excess Cash Flow."

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

"**Control**" has the meaning set forth in the definition of "Affiliate."

"**Copyrights**" means (a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO.

"**CoVant**" means CoVant Management II, Inc. and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Credit Agreement Refinancing Indebtedness**" means (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness of the Borrowers, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or Refinance, in whole or part, any Class of existing Term Loans or the existing Revolving Loans (or unused Revolving Credit Commitments), or any then-existing Credit Agreement Refinancing Indebtedness (the "**Refinanced Debt**"); *provided* that with respect to each of the foregoing <u>clauses (a)</u> through <u>(d)</u>, (i) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of such Refinanced Debt, such Indebtedness shall have a maturity no earlier, and a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt (if any) that remains outstanding; (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt *plus* an amount equal to the aggregate unused commitments cancelled in connection therewith, *plus* accrued interest, fees, premiums (if any) and penalties thereon and fees and expenses associated with the Refinancing; *provided* that nothing in this clause (ii) shall limit the ability of the Borrowers to incur additional Indebtedness concurrently as part of the issuance or incurrence of such Indebtedness so long as such additional Indebtedness is otherwise

------

permitted pursuant to the terms of this Agreement, (iii) such Indebtedness (other than revolving loans or commitments with respect thereto) shall not have the benefit of a financial maintenance covenant unless (x) the Term Loans hereunder or the commitments being Refinanced, as applicable, have the benefit of such financial maintenance covenant on the same terms, (y) the Term Loans hereunder or the commitments being Refinanced, as applicable, shall have in the future been provided with the benefit of a financial maintenance covenant, in which case such Credit Agreement Refinancing Indebtedness issued after such future date may be provided with the benefit of the same financial maintenance covenant on the same terms or (z) such financial maintenance covenant is only applicable after the Latest Maturity Date applicable to the Term Loans hereunder, (iv) the All-In Yield with respect to such Credit Agreement Refinancing Indebtedness shall be determined by the Borrowers and the lenders or purchasers providing such Credit Agreement Refinancing Indebtedness, (v) except as provided for in preceding <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, optional prepayment or redemption terms shall be determined by the Borrower and the other terms and conditions of such Indebtedness shall reflect market terms and conditions (as reasonably determined by the Borrower) at the time of incurrence or issuance of such Credit Agreement Refinancing Indebtedness, (vi) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, and all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid substantially simultaneously with the issuance, incurrence or obtaining of such Credit Agreement Refinancing Indebtedness (or in any event not later than one Business Day following the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained), (vii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (viii) to the extent secured, such Indebtedness is not secured by property or assets of the Loan Parties other than the Collateral except to the extent permitted by any Intercreditor Agreement.

"**Credit Extension**" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"**Cumulative Credit**" means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Retained Excess Cash Flow Amount, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cumulative amount of Cash and Cash Equivalent proceeds from (i) the sale of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) which proceeds have been contributed as common equity to the capital of the Borrower and (ii) the Qualified Equity Interests of the Borrower (or Equity Interests of any direct or indirect parent of the Borrower) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) issued upon conversion of Indebtedness or Disqualified Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower owed to a Person other than a Loan Party or a Restricted Subsidiary of a Loan Party, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 100% of the aggregate amount of contributions to the common capital of the Borrower (other than from the Borrower or a Restricted Subsidiary) or the net proceeds of the issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent) (other than to the Borrower or a Restricted Subsidiary) contributed to the Borrower, received in Cash and Cash Equivalents after the Closing Date (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), *plus*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower in Cash and Cash Equivalents from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale, transfer or other disposition (other than to the Borrower or any such Restricted Subsidiary) of the Equity Interests or any assets of an Unrestricted Subsidiary or any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend or other distribution by an Unrestricted Subsidiary or received in respect of any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any interest, returns of principal, repayments and similar payments by such Unrestricted Subsidiary or received in respect of any joint venture minority Investments;

*plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", in the event any Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys any of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, the fair market value (as reasonably determined by the Borrower) of the Investments of the Borrower and the Restricted Subsidiaries made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by the Borrower or any Restricted Subsidiary in respect of any Investments made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by any Loan Party in respect of any Investments pursuant to <u>Section 7.02</u> (other than pursuant to <u>Sections 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(f)</u>, <u>(j)</u>, <u>(t)</u>, <u>(u)</u> and <u>(v))</u>; *provided*, that in no case shall such amount exceed the amount of any Investment made using internally generated cash flow or the Cumulative Credit pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [reserved], plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the proceeds and the fair market value (as reasonably determined by the Borrower) of marketable securities or other property contributed to the Borrower or a Restricted Subsidiary or contributed to the capital of Holdings and further contributed to the Borrower or a Restricted Subsidiary since the Closing Date from any Person other than the Borrower or a Restricted Subsidiary, plus

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an amount equal to Declined Proceeds, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any amount of the Cumulative Credit used to make Investments pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> after the Closing Date and prior to such time (net of any Return in respect of any Investment that the Borrower elects to be treated as a deduction pursuant to the definition of "Investment"), *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any amount of the Cumulative Credit used to pay dividends or make distributions or other Restricted Payments pursuant to <u>Section 7.06(f)(A)</u> or <u>7.06(g)(y)</u> after the Closing Date and prior to such time, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any amount of the Cumulative Credit used to make payments or distributions in respect of Junior Financings pursuant to <u>Section 7.13</u> after the Closing Date and prior to such time.

"**Cure Amount**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Cure Expiration Date**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Debt Assumption**" has the meaning set forth in the introductory paragraph to this Agreement

"**Debt Fund Affiliate**" means any Affiliate of Holdings or the Sponsor (other than a natural person) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of or in addition to their duties to Holdings or the Sponsor.

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

"**Declined Proceeds**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Default**" means any event or condition that constitutes an Event of Default under <u>Section 8.01</u> or that, with the giving of any notice, the passage of time, or both, in each case, as set forth in this Agreement, without cure or waiver hereunder, would be an Event of Default under <u>Section 8.01</u>.

"**Default Rate**" means an interest rate equal to (a) the Base Rate *plus* (b) the Applicable Rate, if any, applicable to Base Rate Loans *plus* (c) 2.0% per annum; *provided* that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan *plus* 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

"**Defaulting Lender**" means, subject to <u>Section 2.17(b)</u>, any Lender whose act or failure to act, whether directly or indirectly, causes it to meet any part of the definition of Lender Default.

"**Delayed Draw Commitment**" means, as to each Term Lender, its obligation to make a Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(c)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Delayed Draw Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Delayed Draw Commitments as of the Closing Date is $30,000,000.

------

"**Delayed Draw Funding Date**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Installment Payment Date**" has the meaning set forth in <u>Section 2.07(c)</u>.

"**Delayed Draw Lender**" means each Lender that has a Delayed Draw Commitment or is the holder of a Delayed Draw Term Loan.

"**Delayed Draw Term Loan**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(d).

"**Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) March 18, 2022 and (b) the date on which the Delayed Draw Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**Discount Prepayment Accepting Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(2)</u>.

"**Discount Range**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Notice**" means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(C)</u> substantially in the form of <u>Exhibit E-4</u>.

"**Discount Range Prepayment Offer**" means the irrevocable written offer by a Lender, substantially in the form of <u>Exhibit E-5</u>, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

"**Discount Range Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Discounted Prepayment Determination Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Discounted Prepayment Effective Date**" means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with <u>Section 2.05(a)(v)(B)(1)</u>, <u>2.05(a)(v)(C)(1)</u> or <u>2.05(a)(v)(D)(1)</u>, respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"**Discounted Term Loan Prepayment**" has the meaning set forth in <u>Section 2.05(a)(v)(A)</u>.

------

"**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance of Equity Interests (other than directors' qualifying shares or other shares required by applicable Law) in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) solely at the discretion of the issuer), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), (b) is redeemable at the option of the holder thereof (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date at the time of issuance of such Equity Interests; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because such Equity Interests may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death or disability.

"**Disqualified Institution**" means (a) those financial institutions, lenders and other Persons previously specified in writing by the Borrower or the Sponsors to the Commitment Parties on or prior to February 18, 2020, (b) competitors of the Borrower and its Subsidiaries, as identified by the Borrower by written notice to the Administrative Agent and the Revolving Agent from time to time (each such Person, a "**Competitor**"), and (c) in the cases of <u>clause (a)</u> or <u>(b)</u>, Affiliates thereof (other than, in the case of <u>clause (b)</u>, any Competitor Debt Fund) that are either (i) identified as specified in such <u>clause (a)</u> (it being understood and agreed that affiliates of the financial institutions, lenders and other Persons identified in clause (a) shall be included if identified after February 18, 2020) or <u>(b)</u> or (ii) clearly identifiable on the basis of such Affiliates' names; it being understood and agreed that the identification of any Person as a Disqualified Institution after the Closing Date shall not apply to retroactively disqualify any Person that has previously acquired an assignment or participation interest in any Loan or Commitment so long as such Person was not a Disqualified Institution at the time of such assignment or participation. The list of Disqualified Institutions shall be posted to the Platform, it being understood that the Borrower may update such list from time to time with respect to Disqualified Institutions to the extent provided for above, and the Administrative Agent shall post such updated schedule to the Platform promptly following its receipt thereof, with such updates effective solely upon the posting thereof to the Platform.

------

"**Dollar**" and "**$**" mean lawful money of the United States.

"**Dollar Amount**" means (i) with respect to any L/C Obligation (or any risk participation therein), the amount thereof and (ii) with respect to any Revolving Loan, the amount thereof.

"**Domestic Foreign Holdco**" means any Domestic Subsidiary (i) substantially all of the assets of which consist of Equity Interests or Indebtedness (and Cash and Cash Equivalents or Indebtedness related thereto) of one or more Foreign Subsidiaries or (ii) that is treated as a disregarded entity or partnership for U.S. federal income tax purposes and substantially all of the assets of which are Equity Interests of one or more Foreign Subsidiaries.

"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

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

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

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

"**Elective Guarantor**" has the meaning set forth in the definition of "Guarantors."

"**Eligible Assignee**" has the meaning set forth in <u>Section 10.07(a)(i)</u>.

"**Enforcement Qualifications**" has the meaning set forth in <u>Section 5.04</u>.

"**Environment**" means air, surface water, groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any applicable Law relating to the prevention of pollution or the protection of the Environment or natural resources, or the protection of human health and safety as it relates to the exposure to Hazardous Materials, including any applicable provisions of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 *et seq.*, the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 *et seq.*, the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 *et seq.*, the Clean Water Act, 33 U.S.C. § 1251 *et seq.*, the Clean Air Act, 42 U.S.C. § 7401 *et seq.*, the Toxic Substances Control Act, 15 U.S.C. § 2601 *et seq.*, the Occupational Safety and Health Act, 29 U.S.C. § 651 *et seq.* (as it relates to exposure to Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 *et seq.*, and all analogous state or local statutes, and the regulations promulgated pursuant thereto.

------

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of the Loan Parties or any Restricted Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any legally binding contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

"**Equity Contribution**" means the contribution by the Sponsor and the Investors in cash directly or indirectly to the Initial Borrower in the form of common equity or other Equity Interests that does not constitute Disqualified Equity Interests, in an aggregate amount, when taken together with all "rollover" equity, will constitute an aggregate amount of not less than 60.0% of the sum of (i) the aggregate principal amount of the Term Loans hereunder funded on the Closing Date *plus* (ii) all "rollover" equity *plus* (iii) the Equity Contribution *minus* the aggregate amount of cash on hand of the Borrower and its Subsidiaries on the Closing Date immediately following the consummation of the Transactions; *provided* that the Sponsor shall directly or indirectly own at least 50.1% of the voting Equity Interests of the Borrower immediately following the consummation of the Transactions.

"**Equity Funded Employee Plan Costs**" means cash costs or expenses, incurred pursuant to any management equity plan or stock option plan or any other equity-based management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower (other than amounts designated as Excluded Contributions, any amount designated as a Cure Amount or any amount used in the Cumulative Credit).

"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities); *provided*, that any instrument evidencing Indebtedness convertible or exchangeable for Equity Interests shall not be deemed to be Equity Interests unless and until such instrument is so converted or exchanged.

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

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) that is under common control with a Loan Party or any Restricted Subsidiary within the meaning of Section 414(b) or (c) of the Code or Section 4001 of ERISA (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Section 4245 of ERISA) or in "endangered" or "critical" status (within the meaning of Section 432 of the

------

Code or Section 305 of ERISA); (d) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for, and that could reasonably be expected to result in, the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived; (h) a failure by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate to make a required contribution to a Multiemployer Plan; (i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to a Loan Party or any Restricted Subsidiary; or (j) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate.

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

"**Eurocurrency Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Interest Period with respect to a Eurocurrency Rate Loan, (i) the rate per annum equal to the London Interbank Offered Rate ("**LIBOR**"), as published on the Reuters Screen LIBOR01 Page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent or the Revolving Agent from time to time) determined as of approximately 11:00 a.m. (London, England time), two Business Days prior to the commencement of such Interest Period for deposits in the relevant currency, or (ii) in the event the rate referenced in the preceding clause (A) does not appear on such page or service or if such page or service shall cease to be available, the rate determined by the Administrative Agent or the Revolving Agent to be the offered rate on such other page or other service which displays the Eurocurrency Rate for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period; provided that the Eurocurrency Rate shall not be less than 1.00% per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

*provided* that to the extent a comparable or successor rate is approved pursuant to the provisions of <u>Section 3.03</u>, "LIBOR" shall mean the "LIBOR Successor Rate"; *provided*, *further* if LIBOR shall be less than zero, LIBOR shall be deemed to be zero for purposes of this Agreement.

"**Eurocurrency Rate Loan**" means a Loan that bears interest at a rate based on the Eurocurrency Rate (which shall not include Base Rate Loans even if the interest rate then in effect is determined pursuant to clause (c) of the definition thereof). Revolving Loans that are Eurocurrency Rate Loans shall be denominated in Dollars.

"**Euros**" means lawful currency of the European Union.

"**Event of Default**" has the meaning set forth in <u>Section 8.01</u>.

------

"**Excess Cash Flow**" means, for any Excess Cash Flow Period, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such decreases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries completed during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period (other than sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses deducted from Consolidated Net Income for such Excess Cash Flow Period in respect of expenditures made during any prior Excess Cash Flow Period for which a deduction from Excess Cash Flow was made for a future period in such prior Excess Cash Flow Period pursuant to <u>clause (b)(xi)</u>, <u>(xii)</u>, <u>(xv)</u> or <u>(xvi)</u> below, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash income or gain (actually received in cash) excluded from the calculation of Consolidated Net Income for such Excess Cash Flow Period pursuant to the definition thereof; *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income, and cash charges included in <u>clauses (a)</u> through <u>(q)</u> of the definition of "Consolidated Net Income",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Capital Expenditures or acquisitions of or expenses incurred to develop intellectual property to the extent not expensed or accrued for such Excess Cash Flow Period, to the extent that such Capital Expenditures or acquisitions or development expenses were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent not financed through the incurrence of long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the aggregate amount of all principal payments of Indebtedness of the Borrower or its Restricted Subsidiaries (including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of any scheduled repayment of Term Loans, Other Term Loans, Other Notes, Permitted Ratio Debt and any other Indebtedness, (C) any mandatory prepayment of Term Loans pursuant to <u>Section 2.05(b)(ii)</u>, Other Term Loans, Other Notes, Permitted Ratio Debt or any other Indebtedness, in each case to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of

------

such increase and (D) payments of earn-outs or sellers notes or notes converted from an earn-out, but excluding (x) other prepayments, redemptions or repurchases (including debt buybacks) of Term Loans, Other Notes, Other Term Loans and other Indebtedness constituting Pari Passu Secured Obligations (other than prepayments referred to in <u>clause (C)</u> above) and (y) all prepayments in respect of any revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such increases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash payments by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness to the extent such payments are not expensed for such Excess Cash Flow Period or are not deducted in calculating Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Investments and acquisitions made in cash during such Excess Cash Flow Period pursuant to <u>Section 7.02</u> (other than <u>Section 7.02(a), (c)</u>, <u>(e)</u>, or <u>(h)</u>) to the extent that such Investments and acquisitions were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of Restricted Payments paid during such Excess Cash Flow Period pursuant to <u>Section 7.06</u> (other than pursuant to <u>Sections 7.06(a)(i)</u>, <u>7.06(b)</u>, <u>7.06(d)</u> (except to the extent relating to a transaction permitted under <u>Section 7.04</u>), <u>7.06(e)</u>, <u>7.06(m)</u> (to the extent relating to any other clause of <u>Section 7.06</u> referred to in the first parenthetical in this clause (viii)) and <u>7.06(n)</u>), in each case, to the extent such Restricted Payments were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries in cash for such Excess Cash Flow Period (including expenditures for the payment of financing fees and including retention, recruiting, relocation, severance, signing bonuses and similar expenses) to the extent that such expenditures are not expensed for such Excess Cash Flow Period (and were not expensed in a prior Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period that are required to be made in connection with any prepayment of Indebtedness to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow for prior Excess Cash Flow Periods, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries committed (pursuant to binding contracts or executed letters of intent entered into) or budgeted (the "**Contract Consideration**") prior to or during such Excess Cash Flow Period, or after the end of such Excess Cash Flow Period and prior to the date of such Excess Cash Flow payment for such Excess Cash Flow Period, relating to Permitted Acquisitions, Investments (other than Investments made pursuant to <u>Section 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(h)</u> or <u>(r)(ii)</u>), Capital Expenditures or acquisitions or development of intellectual property (to the extent not expensed) to be consummated or made, *plus* any restructuring cash expenses, pension payments or tax contingency payments that have been added to Excess Cash Flow pursuant to <u>clause (a)(ii)</u> above required to be made, in each case for the Excess Cash Flow Period of four consecutive fiscal quarters of the Borrower following the end of such Excess Cash Flow Period; *provided* that to the extent the aggregate amount actually utilized to finance such acquisitions, Investments, Capital Expenditures or acquisitions or development of intellectual property during such Excess Cash Flow Period of four consecutive fiscal quarters is less than the Contract Consideration or to the extent such aggregate amount is financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the amount of such shortfall or so financed shall be added to the calculation of Excess Cash Flow at the end of such Excess Cash Flow Period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of cash taxes (including penalties, interest or tax reserves and Tax Distributions) paid or payable for such Excess Cash Flow Period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Contracts for such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any payment of cash to be amortized or expensed over a future Excess Cash Flow Period and recorded as a long-term asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) reimbursable or insured expenses incurred for such Excess Cash Flow Period to the extent that such reimbursement has not yet been received and to the extent not deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cash expenditures for costs and expenses (including retention, recruiting, relocation, stay and signing bonuses and expenses) in connection with the Transactions (including all Transaction Expenses), acquisitions, Investments, Restricted Payments, dispositions and the issuance of equity interests or Indebtedness, repayment of debt, issuance of equity securities, Qualified IPO, Refinancing transactions or amendments or other modifications of any debt instrument (including, in each case, any such transaction consummated on the Closing Date and any such transaction undertaking but not completed), in each case, to the extent not deducted in arriving at such Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries;

------

*provided* that, at the option of the Borrower, all such payments (i) made after the applicable Excess Cash Flow Period and prior to the applicable due date of such Excess Cash Flow payment may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period or (ii) committed or budgeted to be made after the applicable Excess Cash Flow Period may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period.

Notwithstanding anything in the definition of any term used in the definition of "Excess Cash Flow" to the contrary, all components of Excess Cash Flow shall be computed for the Borrower and its Restricted Subsidiaries on a consolidated basis.

"**Excess Cash Flow Period**" means each fiscal year of the Borrower, commencing with the fiscal year ending on or about December 31, 2021.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Excluded Account**" means (a) any bank account of a Loan Party that is solely a payroll, trust, employee benefit, fiduciary or tax withholding account, (b) any bank account of a Loan Party at a bank other than the Revolving Agent containing an average daily balance less than $2,500,000 over three consecutive Business Days (all such bank accounts not to contain an average daily balance greater than $5,000,000 over three consecutive Business Days), (c) zero balance deposit accounts which are linked to a deposit account of a Loan Party which is either subject to a control agreement or maintained with Revolving Agent, (d) any deposit account with cash deposited solely as required in connection with a Lien permitted pursuant to <u>Sections 7.01(b) - (ss)</u>, and (e) any other deposit account or securities account as the Collateral Agent may reasonably agree.

"**Excluded Assets**" means (i) any fee owned real property (other than Material Real Properties) and any leasehold rights and interests in real property (including any obligation to obtain landlord waivers, non-disturbance agreements, estoppels, bailee waivers, warehouseman waivers and collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, (iii) commercial tort claims where the amount of damages claimed by the applicable Loan Party is less than $2,500,000 individually and $5,000,000 in the aggregate, (iv) governmental licenses, state or local franchises, charters and authorizations and any other property and assets to the extent that the Collateral Agent may not validly possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any Governmental Authority or agency) or the pledge of, or creation of a security interest in any asset, which would require governmental, regulatory or third party consent, approval, license or authorization (including compliance with the Federal Assignment of Claims Act or similar statute which, for the avoidance of doubt, shall not be required hereunder or under any other Loan Document), except to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition, (v) any lease, license, permit or agreement or any property subject to such agreement or arrangement to the extent that a grant of a security interest therein, (A) is prohibited or restricted by applicable Law other than to the extent such prohibition or restriction is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition or restriction or (B) to the extent and for so long as it would violate or invalidate the terms of such lease, license, permit or agreement (in each case, after giving effect to the relevant provisions of the UCC or other applicable Laws) or would give rise to a termination right of a third party (other than Holdings, the Borrower, or any Restricted Subsidiary) thereunder, require consent of a third party (other than Holdings, the Borrower or any Restricted Subsidiary) thereunder or permit any third party to amend any rights, benefits or obligations of any Loan Party in respect of such asset or otherwise require any Loan Party or any Subsidiary of any Loan Party to take any action that is adverse to its interests (except to the extent such provision is overridden by the UCC or other applicable Laws), in each case, (a) excluding any such agreement that relates to Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt and (b) only to the extent that such limitation on such pledge or security interest is not otherwise prohibited pursuant to <u>Section 7.09</u>, (vi) (A) Margin Stock, (B) Equity Interests in, and property and assets of, any Person other than wholly owned Restricted Subsidiaries

------

and (C) Equity Interests in, and property and assets of, Excluded Pledged Subsidiaries and Immaterial Subsidiaries (in the case of Immaterial Subsidiaries, except as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement), (vii) any property subject to a Lien permitted by <u>Section 7.01(b)</u>, <u>(u)</u>, <u>(w)</u> or <u>(aa)</u> (to the extent relating to a Lien originally incurred pursuant to <u>Section 7.01(b)</u>, <u>(u)</u> or <u>(w)</u>), (viii) the creation or perfection of pledges of, or security interests in, any property or assets that could reasonably be expected to result in adverse tax consequences or adverse regulatory consequences to Holdings, the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower and notified to Collateral Agent, (ix) letter of credit rights, except to the extent constituting support obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement), (x) any intent-to-use trademark or service mark application prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto and acceptance thereof by the United States Patent and Trademark Office, (xi) particular assets if and for so long as, if reasonably agreed by GSO (so long as it holds a majority of the Term Loans) and the Borrower, and otherwise, the Collateral Agent and the Borrower, the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance, surveys, abstracts or appraisals in respect of such assets exceed the practical benefits to be obtained by the Lenders therefrom, (xii) (a) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of each Domestic Foreign Holdco, (b) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of, any Foreign Subsidiary and (c) any assets of any such Subsidiary referred to in clauses (xii)(a) or (xii)(b) (including Equity Interests of any Subsidiary of such Subsidiary), (xiii) Securitization Assets (or interests therein) sold to any Securitization Subsidiary or otherwise pledged, factored, transferred or sold in connection with a Qualified Securitization Financing including any supply chain financing arrangements or "reverse factoring" and similar programs which any Loan Party enters into at the request of a customer, (xiv) Receivables Assets sold or otherwise pledged or transferred in connection with a Receivables Facility, (xv) any intellectual property registered in any non-U.S. jurisdiction (and any foreign intellectual property filing, search or schedule), (xvi) any assets acquired in connection with a Permitted Acquisition or other permitted Investment subject to Liens permitted by <u>Section 7.01</u> and which are subject to contractual arrangements in connection with such Liens prohibiting a Lien securing the Secured Obligations to the extent permitted by <u>Section 7.09</u> (*provided* that, except with respect to Liens permitted by <u>Section 7.01(bb)</u>, such Liens and contractual arrangements were not created in anticipation or contemplation of such Permitted Acquisition or Investment and were in place on the date of such Permitted Acquisition or Investment), and (xvii) the Equity Interests or assets of GeoOpsis Software Services Private Limited; *provided*, *however*, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u> (unless such Proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u>).

"**Excluded Contribution**" means the amount of cash capital contributions to the Borrower or net cash proceeds from the sale or issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent of Holdings) actually received by the Borrower (other than the Equity Contributions or any amount designated as a Cure Amount, used for Equity Funded Employee Plan Costs or included for purposes of determining the Cumulative Credit) and designated by the Borrower to the Administrative Agent as an Excluded Contribution on the date such capital contributions are made or such Equity Interests are sold or issued. As of any date of determination, the amount of the Excluded Contribution shall be the aggregate amount of such contributions and proceeds less such amounts used pursuant to <u>Sections 7.02(v)</u>, <u>7.06(l)</u>, and <u>7.13(a)(vi)</u>.

"**Excluded Information**" has the meaning set forth in <u>Section 2.05(a)(v)(F)</u>.

------

"**Excluded Pledged Subsidiary**" means (a) any Subsidiary for which the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations existing on the Closing Date (or, in the case of any Subsidiary acquired or formed after the Closing Date, Contractual Obligations in existence at the time of acquisition or formation (including in any Indebtedness assumed in connection therewith) but not any Contractual Obligations in contemplation thereof for the purpose of avoiding the obligation to pledge such Equity Interests entered into the Collateral and Guarantee Requirements (including any Indebtedness financing such acquisition or formation)) or for which governmental (including regulatory) consent, approval, license or authorization would be required unless such consent, approval, license or authorization has been obtained, (b) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower, in consultation with the Required Lenders, the burden or cost or other consequences (including any adverse tax consequences) of the pledge of its Equity Interests shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (c) any not-for-profit Subsidiaries, (d) broker-dealer subsidiaries, (e) captive insurance companies, (f) Unrestricted Subsidiaries, and (g) any special purpose vehicle (or similar entity), including any Securitization Subsidiary only to the extent that the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations, including any Contractual Obligation incurred in connection with a Qualified Securitization Financing.

"**Excluded Subsidiary**" means (a) any Subsidiary that is not a wholly owned Domestic Subsidiary of a Borrower or a Guarantor, (b) any Subsidiary that is prohibited or restricted by applicable Law or by Contractual Obligations existing on the Closing Date, so long as any such Contractual Obligation was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations, from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or would result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents, (c) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower and the Required Lenders, the burden or cost of providing the Guaranty outweighs the benefits to be obtained by the Lenders therefrom, (d) any not-for-profit Subsidiaries, (e) any Unrestricted Subsidiaries, (f) any special purpose vehicle (or similar entity), including any Securitization Subsidiary, (g) any direct or indirect Domestic Subsidiary that is a Domestic Foreign Holdco, (h) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary or a Domestic Foreign Holdco, (i) captive insurance Subsidiaries, (j) Immaterial Subsidiaries, (k) without limiting <u>clause (b)</u> above, any Restricted Subsidiary acquired by the Borrower or any of its Restricted Subsidiaries after the Closing Date that, at the time of the relevant acquisition, is an obligor in respect of Indebtedness that is permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable Indebtedness prohibits such Restricted Subsidiary from providing a guaranty so long as such restriction existed at the time such subsidiary was formed or acquired and (l) any Subsidiary formed or acquired after the Closing Date pursuant to a Permitted Acquisition or other permitted Investment that is prohibited or restricted by applicable Law or by Contractual Obligations in existence at the time of acquisition (so long as such contractual prohibition existed at the time such Subsidiary was formed or acquired and was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations) from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or could reasonably be expected to result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents.

"**Excluded Swap Obligation**" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such

------

Guarantor's failure for any reason not to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation but for such Guarantor's failure to constitute an "eligible contract participant" at such time.

"**Excluded Taxes**" means the following Taxes imposed on or with respect to a Recipient or required to be deducted or withheld from any payment to a Recipient: (i) any Taxes imposed on or measured by net income, however denominated, franchise Taxes, and branch profits Taxes, in each case that are imposed by a jurisdiction as a result of such Recipient being organized in or having its principal office or applicable lending office in such jurisdiction (or any political subdivision thereof), or that are Other Connection Income Taxes, (ii) any Taxes attributable to the failure of such Agent or Lender to comply with <u>Section 3.01(d)</u> or <u>Section 3.10(e)</u>, (iii) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under <u>Section 3.07(a)</u>), any U.S. withholding Tax that is in effect and would apply to amounts payable hereunder at such time the Lender becomes a party to this Agreement, or designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Borrower or any Guarantor with respect to such withholding Tax pursuant to <u>Section 3.01</u>, and (iv) any withholding Taxes imposed under FATCA.

"**Existing Term Loan Tranche**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extended Revolving Credit Commitments**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Extending Revolving Credit Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extended Revolving Loans**" means one or more Classes of Revolving Loans that result from an Extension Amendment.

"**Extended Term Loans**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extending Term Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension**" means the establishment of an Extension Series by amending a Loan pursuant to the terms of <u>Section 2.16</u> and the applicable Extension Amendment.

"**Extension Amendment**" has the meaning set forth in <u>Section 2.16(d)</u>.

"**Extension Election**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension Offer**" has the meaning set forth in <u>Section 2.13</u>.

"**Extension Request**" means any Term Loan Extension Request or a Revolver Extension Request, as the case may be.

"**Extension Series**" means any Term Loan Extension Series or a Revolver Extension Series, as the case may be.

"**Facility**" means the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit Commitments, a given Refinancing Series of Refinancing Revolving Loans, any Term Facility, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans or a given Refinancing Series of Refinancing Term Loans, as the context may require.

------

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities implementing the foregoing.

"**FCPA**" has the meaning set forth in <u>Section 5.18(c)</u>.

"**Fee Letter**" means the Amended and Restated Fee Letter, dated as of March 13, 2020, among the Initial Borrower and the Commitment Parties.

"**Financial Covenant**" has the meaning given in Section 7.11.

"**FIRREA**" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

"**Flood Insurance Laws**" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

"**Foreign Casualty Event**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Disposition**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Subsidiary**" means any direct or indirect Restricted Subsidiary of the Borrower which is not a Domestic Subsidiary.

"**Foreign Subsidiary Excess Cash Flow**" has the meaning set forth in <u>Section 2.05(b)(v)</u>.

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

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

"**GAAP**" means generally accepted accounting principles in the United States of America, as in effect from time to time; *provided*, *however*, that, subject to <u>Section 1.03</u>, if the Borrower notifies the Administrative Agent and the Revolving Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof (including through conforming changes made consistent with IFRS) on the operation of such provision (or if the Administrative Agent and the Revolving Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (including through conforming changes made consistent with IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

------

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

"**Granting Lender**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**GSO**" means GSO Capital Partners LP and, except for the purposes of <u>Section 10.07</u>, its Affiliates, including any funds managed or advised by it.

"**Guarantee**" means, as to any Person, without duplication, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness by another Person (the "**primary obligor**") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

"**Guaranteed Obligations**" has the meaning set forth in <u>Section 11.01</u>.

"**Guarantor Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit L</u>.

"**Guarantors**" means (i) in the case of the Secured Obligations of the Borrowers, Holdings and each Restricted Subsidiary of the Borrower that is a Material Domestic Subsidiary (other than a Borrower or an Excluded Subsidiary unless such Excluded Subsidiary is then an Elective Guarantor) including, on the Closing Date, those listed on <u>Schedule I</u> hereto and any Material Domestic Subsidiary that shall have become a Guarantor pursuant to <u>Section 6.11</u> and (ii) in the case of the Secured Obligations of any Borrower each other Borrower. For avoidance of doubt, the Borrower in its sole discretion may (x) designate any Restricted Subsidiary that is not required to be a Guarantor (such a Restricted Subsidiary, an "<u>Elective Guarantor</u>") to Guarantee the Secured Obligations by causing such Restricted Subsidiary to execute this Agreement on the Closing Date or a Guarantor Joinder Agreement or (y) cause any Guarantor that is not then required to be a Guarantor (including any Elective Guarantor that became a Guarantor pursuant to <u>clause (x)</u> above) to be released from its Guaranty.

"**Guaranty**" means, collectively, the guaranty of the Secured Obligations by the Guarantors pursuant to this Agreement.

"**Hazardous Materials**" means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, or toxic mold, that are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law based on their dangerous or deleterious properties.

------

"**Holdings**" has the meaning set forth in the introductory paragraph to this Agreement; *provided* that Parent or any direct or indirect parent company of Holdings that becomes a Guarantor in accordance with <u>Section 7.14(xi)</u> as a result of merging, amalgamating or consolidating with or into Holdings or as a result of executing a Guaranty shall be deemed to be "Holdings" for purposes hereunder and under the Loan Documents.

"**Honor Date**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Identified Participating Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Identified Qualifying Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**IFRS**" means international accounting standards as promulgated by the International Accounting Standards Board.

"**Immaterial Subsidiary**" means any Subsidiary which is not a Material Subsidiary.

"**Increasing Revolving Credit Lender**" has the meaning set forth in <u>Section 2.14(h)</u>.

"**Incremental Amendment**" has the meaning set forth in <u>Section 2.14(f)</u>.

"**Incremental Facility Closing Date**" has the meaning set forth in <u>Section 2.14(d)</u>.

"**Incremental Request**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Loan Commitments**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Lender**" has the meaning set forth in <u>Section 2.14(c)</u>.

"**Incremental Term Loan**" has the meaning set forth in <u>Section 2.14(b)</u>.

"**Indebtedness**" means, as to any Person at a particular time, without duplication, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all such obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Attributable Indebtedness;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not otherwise included above, all Guarantees of such Person in respect of Indebtedness described in <u>clauses (a)</u> through <u>(g)</u> in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner, except to the extent such Person's liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of Holdings and its Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions or terms) and made in the ordinary course of business and (C) exclude (i) trade liabilities and accounts and accrued expenses payable in the ordinary course of business, (ii) any purchase price adjustment or earn-out obligation until such obligation is not paid after becoming due and payable and not subject to a good faith dispute, (iii) accruals for payroll, obligations under employment arrangements and other liabilities accrued in the ordinary course of business, (iv) deferred compensation payable to officers, directors or employees of such Person or any of its Subsidiaries, (v) deferred rent, deferred revenue and deferred taxes, in each case, in the ordinary course of business and (vi) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of <u>clause (g)</u> shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

"**Indemnified Liabilities**" has the meaning set forth in <u>Section 10.05</u>.

"**Indemnified Taxes**" means, with respect to any Recipient, (a) all Taxes imposed on or required to be withheld or deducted from or with respect to payments under the Loan Documents other than Excluded Taxes, and (b) to the extent no otherwise described in (a), Other Taxes.

"**Indemnitees**" has the meaning set forth in <u>Section 10.05</u>.

"**Independent Financial Advisor**" means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates.

"**Information**" has the meaning set forth in <u>Section 10.08</u>.

"**Initial Borrower**" has the meaning set forth in the preliminary statements to this Agreement.

"**Initial Revolving Borrowing**" means one or more borrowings of Revolving Loans on the Closing Date in an amount not to exceed the aggregate amounts specified or referred to in the definition of "Permitted Initial Revolving Credit Borrowing Purposes"; *provided*, that, without limitation, Letters of Credit may be issued on the Closing Date to back-stop or replace letters of credit, guarantees and performance or similar bonds outstanding on the Closing Date (including deemed issuances of Letters of Credit under this Agreement resulting from existing issuers of letters of credit outstanding on the Closing Date agreeing to become L/C Issuers under this Agreement).

------

"**Initial Term Commitment**" means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to <u>Section 2.01(a)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Initial Term Commitments as of the Closing Date is $145,000,000.

"**Initial Term Loans**" means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to <u>Section 2.01(a)</u>.

"**Intellectual Property**" means all intellectual property of every kind and nature, including inventions, designs, Internet Domain Names, Patents, Copyrights, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all additions and improvements to the foregoing, and renewals and extensions thereof.

"**Intellectual Property Security Agreement**" has the meaning set forth in the Security Agreement.

"**Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit G</u>.

"**Intercreditor Agreements**" means, collectively, (i) any Junior Intercreditor Agreement and (ii) any Parity Intercreditor Agreement, or (iii) any other intercreditor agreement or subordination agreement or written arrangement permitted by this Agreement, in each case to the extent then in effect.

"**Interest Payment Date**" means, (a) as to any Eurocurrency Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided* that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made.

"**Interest Period**" means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, twelve months thereafter, or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, less than one month thereafter, in each case as selected by the Borrower in its Committed Loan Notice; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the applicable Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with the funding of a <u>Delayed Draw Term Loan or 2020</u> Delayed Draw Term Loan, the Borrower may elect that the Interest Period applicable to such Delayed Draw Term Loan <u>or 2020 Delayed Draw Term Loan</u> match the Interest Period then in effect for any other Term Loans.

"**Interim Financial Statements**" means the unaudited consolidated balance sheet of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement), as of December 31, 2019 and related statement of income for the twelve (12) month period then ended.

"**Internet Domain Names**" means the rights of Internet domain name registrants in Internet domain names.

"**Investment**" means, as to any Person, any acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions, including by way of merger) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment, less any Returns in respect of such Investment; *provided*, that in lieu of treating any Return as a deduction to the amount of any applicable Investment, the Borrower may instead elect that such Return be used to increase <u>clause (e)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of the definition of "Cumulative Credit".

"**Investor Management Agreement**" means a management services agreement or similar agreement among the Investors or certain of the management companies associated with the Investors or its advisors, if applicable, and one or more Loan Parties (and/or any of their direct or indirect parent companies).

"**Investors**" means the Sponsor, CoVant, certain other investors designated by the Sponsor and any managers, officers, directors, consultants or employees of Borrower and its Restricted Subsidiaries.

"**IP License**" means any written agreement, now or hereafter in effect, granting to any Person any right to Intellectual Property, and all rights of any Person under any such agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof.

"**IPO Reorganization Transaction**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries in connection with and reasonably related to consummating a Qualified IPO, so long as, after giving effect thereto, (a) the Loan Parties are in compliance

------

with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**ISP**" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

"**Joint Venture Investment Basket Amount**" has the meaning set forth in <u>Section 7.02(o)</u>.

"**Judgment Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**Junior Financing**" has the meaning set forth in <u>Section 7.13(a)</u>.

"**Junior Financing Documentation**" means any documentation governing any Junior Financing.

"**Junior Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Indebtedness permitted by this Agreement to be secured by the Collateral on a junior basis, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Latest Maturity Date**" means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Extended Revolving Credit Commitments, Refinancing Revolving Credit Commitments, Initial Term Loans, Delayed Draw Term Loans, <u>2020 Delayed Draw Term Loan,</u> Extended Term Loans, Incremental Term Loans, Refinancing Term Loans, Replacement Term Loans and Refinancing Term Commitments, in each case as extended in accordance with this Agreement from time to time.

"**Laws**" means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"**LCT Election**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**LCT Test Date**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**L/C Advance**" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement. All L/C Advances shall be denominated in Dollars.

"**L/C Borrowing**" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars.

------

"**L/C Credit Extension**" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof (other than pursuant to the terms of an Auto-Extension Letter of Credit), or the increase of the amount thereof.

"**L/C Issuer**" means PNC (or its designee), and each other Revolving Credit Lender that becomes an L/C Issuer in accordance with <u>Section 2.03(k)</u> or <u>10.07(j)</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"**L/C Obligations**" means, as at any date of determination, without duplication, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.14</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"**Lender**" has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes an L/C Issuer, and its respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender."

"**Lender Default**" means (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or participations in Letters of Credit when required hereunder, which refusal or failure is not cured within one Business Day after the date of such refusal or failure; (ii) the failure of any Lender to pay over to any Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute; (iii) the notification by a Lender to the Borrower or any Agent that such Lender does not intend or expect to comply with any of its funding obligations hereunder or a public statement by a Lender to that effect with respect to such Lender's funding obligations hereunder; (iv) the failure by a Lender to confirm in a manner reasonably satisfactory to the Administrative Agent and/or the Revolving Agent that such Lender will comply with such Lender's obligations hereunder; (v) the admission in writing by a Distressed Person that it is insolvent or such Distressed Person becoming subject to a Lender-Related Distress Event or (vi) such Lender has, or has a parent company that has, become the subject of a Bail-In Action.

"**Lender-Related Distress Event**" means, with respect to any Lender, that such Lender or any Person that directly or indirectly controls such Lender (each, a "**Distressed Person**"), as the case may be, is or becomes subject to a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt or such Distressed Person becomes the subject of a Bail-In Action; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Equity Interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership or acquisition does not result in or provide such person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

------

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

"**Letter of Credit**" means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; *provided*, *however*, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. Letters of Credit shall be issued in Dollars.

"**Letter of Credit Application**" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.

"**Letter of Credit Expiration Date**" means the day that is five Business days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

"**Letter of Credit Sublimit**" means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"**LIBOR Successor Rate**" has the meaning set forth in <u>Section 3.03</u>.

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

"**Lien**" means any mortgage, pledge, hypothecation, collateral assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). For the avoidance of doubt, "Lien" shall be deemed to not include any license or other contractual obligation relating to any IP License.

"**Limited Condition Transaction**" means any (i) Permitted Acquisition or other permitted Investment in any assets, business or Person, in each case the consummation of which is not conditioned on the availability of, or on obtaining, third party financing, (ii) repurchase, repayment or prepayment of Indebtedness or the repurchase or redemption (directly or indirectly) of any preferred Equity Interests that requires irrevocable notice in advance thereof or (iii) Restricted Payments, but solely to the extent such Restricted Payments are made in order to consummate a transaction separately subject to clause (i) or (ii) hereof.

------

"**Limited Originator Recourse**" means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Financing, in each case, solely to the extent required to satisfy Standard Securitization Undertakings.

"**Loan**" means an extension of credit under <u>Article II</u> by a Lender to a Borrower in the form of a Term Loan or a Revolving Loan (including any Initial Term Loans, any <u>Delayed Draw Term Loans, any 2020</u> Delayed Draw Term Loans, any Incremental Term Loans, any Extended Term Loans and any extensions of credit under any Extended Revolving Credit Commitment, any Refinancing Term Loans and any extensions of credit under any Refinancing Revolving Credit Commitment and any Replacement Term Loans).

"**Loan Documents**" means, collectively, the following (in each case together with all amendments, modifications, supplements, renewals, extensions, restatements, substitutions and replacements thereto and thereof): (i) this Agreement (including the Schedules hereto), (ii) the Notes, (iii) the Collateral Documents, (iv) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (v) each Letter of Credit Application, (vi) each Intercreditor Agreement, (vii) any Borrower Joinder Agreement or Guarantor Joinder Agreement, (viii) the Fee Letter, (ix) <u>the Amendment No. 1 Fee Letter, (x)</u> each Compliance Certificate, and (x<u>xi</u>) each other agreement, document or instrument that the Borrower and any Agent (or the Required Lenders) designate in writing as a Loan Document.

"**Loan Parties**" means, collectively, the Borrowers and each Guarantor.

"**London Banking Day**" means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

"**Management Stockholders**" means the current or former members of management of Holdings, the Borrower or any of its Subsidiaries who are investors in Holdings or any direct or indirect parent thereof.

"**Margin Stock**" shall have the meaning assigned to such term in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto.

"**Master Agreement**" shall have the meaning set forth in the definition of "Swap Contract."

"**Material Adverse Effect**" means (a) on the Closing Date, a Material Adverse Effect (as defined in the Purchase Agreement) or (b) after the Closing Date, a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the ability of the Borrowers and the Guarantors (taken as a whole) to perform their material payment obligations under any Loan Document to which the Borrowers or any of the Loan Parties is a party; or (iii) the material rights and remedies (taken as a whole) of the Agents under the Loan Documents, taken as a whole, including the legality, validity, binding effect or enforceability of the Loan Documents.

"**Material Domestic Subsidiary**" means, at any date of determination, each of the Borrower's Domestic Subsidiaries that are Restricted Subsidiaries whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 5.00% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries that are Restricted Subsidiaries but are not Guarantors solely because their individual contribution to such Trailing Four Quarter Consolidated EBITDA does not meet the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed

------

10.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Domestic Subsidiaries as "Material Domestic Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of <u>Section 6.11</u> applicable to such Subsidiary.

"**Material Foreign Subsidiary**" means, at any date of determination, each of the Borrower's Foreign Subsidiaries that are Restricted Subsidiaries and whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 7.50% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Foreign Subsidiaries that are Restricted Subsidiaries not meeting the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 15.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Foreign Subsidiaries as "Material Foreign Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of the definition of "Collateral and Guarantee Requirement" with respect to each such designated Foreign Subsidiary.

"**Material Real Property**" means any fee-owned real property located in the United States that is owned by any Loan Party and that has a fair market value in excess of $2,000,000 (on the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably estimated by the Borrower in good faith); *provided* that any Real Property subject to a mortgage, deed of trust, deed to secure debt or other equivalent real estate security document that creates or evidences a Lien on such Real Property that is permitted under <u>Section 7.01</u> in respect of Indebtedness that is permitted under <u>Section 7.02</u> shall be deemed not to be a "Material Real Property" for so long as such Real Property remains encumbered by such lien.

"**Material Subsidiary**" means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

"**Maturity Date**" means (i) with respect to the Initial Term Loans and any Delayed Draws Term Loans, March 18, 2026; (ii) with respect to the Revolving Credit Facility, March 18, 2026; (iii) with respect to any tranche of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Amendment, (iv) with respect to any Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment, (v) with respect to any Refinancing Term Loans or Refinancing Revolving Credit Commitments, the final maturity date as specified in the applicable Refinancing Amendment, and (vi) with respect to any Replacement Term Loans, the final maturity date as specified in the applicable agreement; *provided* that, in each case, if such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day.

"**Maximum Revolving Credit Amount**" means $20<u>5</u>,000,000, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

"**Maximum Rate**" has the meaning set forth in <u>Section 10.10</u>.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

------

"**Mortgage Policies**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgaged Properties**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgages**" means collectively, the deeds of trust, trust deeds, hypothecations and mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent, and any other mortgages executed and delivered pursuant to <u>Sections 6.11</u> and <u>6.13</u>, in each case, as the same may from time to time be amended, restated, supplemented or otherwise modified.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions.

"**Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the cash proceeds actually received by the Borrower or any of the Restricted Subsidiaries (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and when received) from any Disposition or Casualty Event, net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees and expenses actually incurred in connection therewith, (ii) the principal amount of any Indebtedness that is secured by a Lien (other than a Lien subordinated to the Liens securing the Secured Obligations) on the asset subject to such Disposition or Casualty Event and that is required to be repaid or prepaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), together with any applicable premium, penalty, interest and breakage costs, (iii) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (iii)</u>) attributable to minority interests, (iv) Taxes or Tax Distributions paid or reasonably estimated to be payable or, without duplication, permitted to be paid as a result thereof, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to <u>clause (i)</u> above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and other liabilities or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction) and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (provided that to the extent that any amounts are released from such escrow to the Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, net of all Taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower shall be disregarded.

"**New Revolving Credit Lender**" has the meaning set forth in Section 2.14(h).

"**Non-Consenting Lender**" has the meaning set forth in <u>Section 3.07(d)</u>.

"**Non-Debt Fund Affiliate**" means any Affiliate of Holdings, including Holdings or any of its Subsidiaries, but excluding (a) any Debt Fund Affiliate and (b) any natural person.

"**Non-Defaulting Lender**" means, at any time, a Lender that is not a Defaulting Lender.

"**Non-extension Notice Date**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

"**Note**" means a Term Note or a Revolving Credit Note as the context may require.

"**Notice of Intent to Cure**" has the meaning set forth in <u>Section 8.04</u>.

"**Obligations**" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender may elect to pay or advance on behalf of such Loan Party in accordance with the terms of the Loan Documents; *provided*, that in no event shall "Obligations" include any Secured Cash Management Obligations or Secured Hedge Obligations; *provided*, *further*, that Obligations of any Guarantor shall not include any Excluded Swap Obligations solely of such Guarantor.

"**OFAC**" has the meaning set forth in <u>Section 5.18(b)</u>.

"**Offered Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Offered Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**OID**" means original issue discount.

"**Organization Documents**" means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of

------

formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"**Other Applicable Indebtedness**" means Permitted First Priority Refinancing Debt, Other Term Loans, Other Notes, Permitted Ratio Debt, other Indebtedness constituting Pari Passu Secured Obligations or, in each case, the Permitted Refinancing of any such Indebtedness.

"**Other Commitments**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

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

"**Other Notes**" has the meaning set forth in <u>Section 2.14(a)(iii)</u>.

"**Other Taxes**" has the meaning set forth in <u>Section 3.01(b)</u>.

"**Other Term Loans**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

"**Outstanding Amount**" means (a) with respect to the Term Loans and/or the Revolving Loans on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans and Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing), as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding Dollar Amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

"**Overnight Rate**" means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent or the Revolving Agent, as applicable, for the purpose of displaying such rate) (an "Alternate Source"); provided, that if such day is not a Business Day, the Overnight Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative Agent or the Revolving Agent, as applicable, at such time (which determination shall be conclusive absent manifest error). If the Overnight Rate as determined as set forth above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Rate without notice to the Borrower.

------

"**Pari Passu Secured Obligations**" means any Indebtedness of the Loan Parties secured on a *pari passu* basis (including any obligations subject to a Parity Intercreditor Agreement) with the Secured Obligations.

"**Parity Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Pari Passu Secured Obligations, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Participant**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participant Register**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participating Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Patents**" means (a) all letters patent of the United States, all registrations and recordings thereof, and all applications for letters patent of the United States, including registrations, recordings and pending applications in the USPTO; and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein.

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years if liability to a Loan Party or Restricted Subsidiary remains.

"**Perfection Certificate**" means a certificate substantially in the form of Exhibit II to the Security Agreement or any other form reasonably approved by the Administrative Agent or the Collateral Agent and agreed by the Borrower, as the same shall be supplemented from time to time.

"**Permitted Acquisition**" has the meaning set forth in <u>Section 7.02(i)</u>.

"**Permitted First Priority Refinancing Debt**" means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of senior secured loans or notes; *provided* that (i) such Indebtedness is designated as "additional first lien debt" (or comparable term) under any Intercreditor Agreement and is not secured by any property or assets of Holdings, the Borrower or any Subsidiary other than the Collateral except to the extent permitted by any Intercreditor Agreement, (ii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date of any Term Loan outstanding at the time such Indebtedness is incurred or issued, such Indebtedness does not mature prior to the date that is the Latest Maturity Date of, or have a Weighted Average Life to Maturity less than the Weighted Average Life to Maturity of, any Term Loan outstanding at the time such Indebtedness is incurred or issued. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

------

"**Permitted Initial Revolving Credit Borrowing Purposes**" means one or more Borrowings of Revolving Loans (i) to fund a portion of the Transactions (including purchase price adjustments, working capital adjustments in accordance with the Purchase Agreement and Transaction Expenses), (ii) for general corporate purposes and for working capital needs, and (iii) to replace, backstop or cash collateralize existing letters of credit, guarantees and performance or similar bonds; <u>provided</u> that amounts available under <u>clause (i)</u> shall not in the aggregate exceed $7,500,000 and amounts available under clause (i) and (ii) shall not in the aggregate be less than $5,000,000 nor more than $7,500,000.

"**Permitted Junior Priority Refinancing Debt**" means secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of junior lien secured notes or junior lien secured loans; *provided* that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of any Loan Party other than the Collateral except to the extent permitted by any Junior Intercreditor Agreement, (ii) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of "Credit Agreement Refinancing Indebtedness" and (iii) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Other Debt Conditions**" means that such applicable Indebtedness (i) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except (x) customary asset sale or change of control or similar event provisions that provide for the prior repayment in full of the Loans and all other Secured Obligations, (y) AHYDO Payments and (z) to the extent constituting Permitted Junior Priority Refinancing Debt, mandatory repayments or prepayments (or offers to prepay or repurchase) that are customarily available in junior secured loan facilities or note issuances), in each case prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) to the extent secured, is not secured by property or assets of any Loan Party other than the Collateral except as permitted by any Intercreditor Agreement.

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary (including any such Indebtedness incurred to finance any Permitted Acquisition or other similar Investment permitted hereunder), *provided* that immediately after giving Pro Forma Effect thereto and to the use of the proceeds thereof, (i) either (A) no Event of Default shall be continuing or result therefrom or (B) in the case of Indebtedness incurred or issued in order to finance a Permitted Acquisition or permitted Investment made pursuant to a legally binding commitment, (x) no Event of Default shall exist on the date that the Borrower or the applicable Restricted Subsidiary enters into such binding agreement and (y) no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist at the time of such incurrence or issuance or would result from such incurrence or issuance; *provided*, that this clause (i) shall not apply if the Indebtedness being incurred is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities, (ii) the aggregate principal amount of such Indebtedness incurred following the Closing Date shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 2.14(d)(iii)(A)</u> *plus* (B) such additional amount that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Initial Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to

------

1.00 (in the case of any Permitted Ratio Debt consisting of revolving Indebtedness, such ratio determined only at the time the relevant commitment is established and assuming any such revolving facility established in connection therewith is fully drawn and without netting the cash proceeds of such Indebtedness); *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness, *plus* (C) an amount equal to (1) the sum, without duplication, of all (x) voluntary prepayments, debt buybacks, open market purchases and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> and (y) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long-term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u>) *minus* (2) the aggregate principal amount of Incremental Term Loans, Other Term Loans and Other Notes incurred in reliance on <u>Section 2.14(d)(iii)(C)</u>, (iii) (A) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured by the Collateral on a pari passu basis with the Initial Term Loans and the Revolving Loans, such Indebtedness does not mature prior to the Latest Maturity Date at the time such Indebtedness is incurred and (B) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured (other than as described in <u>clause (iii)(A)</u> hereof) or is unsecured, such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred and (iv) any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to <u>Section 7.03(g)</u>, does not exceed in the aggregate at any time outstanding the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined at the time of incurrence (it being understood that (x) amounts under clause (ii)(B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A) or (ii)(C), and amounts under clause (ii)(C) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A), (y) Indebtedness may be incurred under clauses (ii)(A) and (ii)(B), (ii)(B) and (ii)(C) or (ii)(A), (ii)(B) and (ii)(C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (ii)(B) and then calculating the incurrence under clause (ii)(A) and/or (ii)(C) and, for the avoidance of doubt, any such incurrence under clause (ii)(A) and/or (ii)(C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (ii)(B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (ii)(A) or (ii)(C) as incurred pursuant to clause (ii)(B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (ii)(A) or (ii)(C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)). With respect to any Permitted Ratio Debt (other than Indebtedness consisting of a revolving credit facility) that is pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Permitted Ratio Debt shall not be greater than the All-In Yield then applicable to the Initial Term Loans plus 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans<u>, Delayed Draw Term Loans</u> and <u>2020</u> Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans and<u>,</u> Delayed Draw Term Loans <u>and 2020 Delayed</u> <u>Draw Term Loan</u> to equal the All-In Yield applicable to such Permitted Ratio Debt, minus 50 basis points per annum.

------

"**Permitted Refinancing**" means, with respect to any Person, any Refinancing of any Indebtedness of such Person; *provided* that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced except by an amount equal to unpaid accrued interest and premium thereon *plus* other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in connection with such Refinancing and by an amount equal to any existing commitments unutilized thereunder, (b) except with respect to (x) a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Sections 7.03(e)</u>, <u>(g)(i), (u)</u>, or <u>(dd)</u> (y) a Permitted Refinancing in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of the Indebtedness being refinanced, the Indebtedness resulting from such Refinancing shall not mature prior to the maturity date of, or have a shorter Weighted Average Life to Maturity than, the Indebtedness being Refinanced, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to (x) <u>Section 7.03(e)</u> or <u>7.03(g)(i)</u> or <u>7.03(dd)</u> or (y) <u>Section 7.03(s)</u>, <u>7.03(t), 7.03(u)</u> or <u>7.03(z)</u> (in each case of this clause <u>(y)</u>, solely to the extent such Refinanced Indebtedness is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities), at the time of such Refinancing, no Event of Default shall have occurred and be continuing and (d) if such Indebtedness being Refinanced is subordinated in right of payment to the Secured Obligations, the Indebtedness resulting from such Refinancing is subordinated in right of payment to the Secured Obligations on terms not materially more favorable, taken as a whole (as reasonably determined by the Borrower) to the lenders providing such Refinancing (except, in each case, for such other terms and conditions that are (A) applied to the Refinanced Debt at the time of incurrence of the Credit Agreement Refinancing Indebtedness (so that the Lenders also receive the benefit of such provisions), (B) applicable only to periods after the Latest Maturity Date of the Refinanced Debt existing at the time of such Refinancing, (C) market terms and conditions for such type of Indebtedness at the time of incurrence or issuance of such Refinancing or (D) otherwise reasonably acceptable to the Required Lenders), and the Indebtedness resulting from such Refinancing is incurred by one or more Persons who is an obligor of the Indebtedness being Refinanced and/or a Borrower or Guarantor of the Secured Obligations. For the avoidance of doubt, if such Permitted Refinancing is secured by the Collateral, it shall be subject to a Junior Intercreditor Agreement and/or a Parity Intercreditor Agreement, as applicable.

"**Permitted Reorganization"** means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries related to Tax planning and re-organization, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**Permitted Repricing Amendment**" has the meaning set forth in <u>Section 10.01</u>.

"**Permitted Unsecured Refinancing Debt**" means unsecured Indebtedness (including any unsecured Registered Equivalent Notes) incurred by a Borrower or any Loan Party in the form of one or more series of senior unsecured notes or loans; *provided* that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Fund, account, Governmental Authority or other entity.

------

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA), other than a Multiemployer Plan, established or maintained by any Loan Party or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"**Platform**" has the meaning set forth in <u>Section 6.01(d)</u>.

"**Pledged Debt**" has the meaning set forth in the Security Agreement.

"**Pledged Equity**" has the meaning set forth in the Security Agreement.

"**PNC**" means PNC Bank, National Association, a national banking association, and its successors and assigns.

"**Prime Rate**" means the rate set by the Administrative Agent or the Revolving Agent, as applicable, in effect at its principal office in New York City based upon various factors including the Administrative Agent's or the Revolving Agent's, as applicable, costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Administrative Agent or the Revolving Agent, as applicable, shall take effect at the opening of business on the day specified in the public announcement of such change.

"**Proceeding**" has the meaning set forth in <u>Section 10.05</u>.

"**Proceeds**" has the meaning set forth in the Security Agreement.

"**Protective Advances**" has the meaning set forth in <u>Section 2.01(b)(ii)</u>.

"**Pro Forma Basis**" and "**Pro Forma Effect**" means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with <u>Section 1.09</u>.

"**Pro Forma Compliance**" means, with respect to the covenant in <u>Section 7.11</u>, compliance on a Pro Forma Basis with such covenant in accordance with <u>Section 1.09</u>.

"**Pro Rata Share**" means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; *provided* that, in the case of the Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

"**Projections**" has the meaning set forth in <u>Section 6.01(c)</u>.

"**Purchase Agreement**" has the meaning set forth in the preliminary statements to this Agreement.

------

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests.

"**Qualified IPO**" means any transaction whereby, or upon the consummation of which, any direct or indirect parent of the Borrower's common Equity Interests are offered or sold (whether through an initial primary public offering or a merger with and into a special purpose acquisition company or other Person that has consummated (or will consummate) an initial primary public offering) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act (or to the equivalent registration documents filed with the equivalent authority in the applicable foreign jurisdiction).

"**Qualified Securitization Financing**" means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary; (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value; and (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms, in each case, as determined by the Borrower or the applicable Restricted Subsidiary in good faith. The grant of a security interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing.

"**Qualifying Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Real Property**" means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures thereto.

"**Receivables Assets**" means (a) any accounts receivable owed to the Borrower or a Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed, assigned or otherwise transferred or pledged by the Borrower to a commercial bank in connection with a Receivables Facility.

"**Receivables Facility**" means an agreement between the Borrower or a Restricted Subsidiary and a commercial bank that is entered into at the request of a customer of the Borrower or a Restricted Subsidiary, pursuant to which (a) the Borrower or such Restricted Subsidiary, as applicable, agrees to sell to such commercial bank accounts receivable owing by such customer, together with Receivables Assets related thereto, at a maximum discount, for each such account receivable, not to exceed 5.0% of the face value thereof, and (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except for Securitization Repurchase Obligations) to the Borrower and such Restricted Subsidiary.

------

"**Recipient**" means (a) any Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

"**Refinance**" means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, refund, replace or repay, or to issue other Indebtedness, whether of the same principal amount or greater or lesser principal amount, in exchange or replacement for such Indebtedness. "**Refinanced**" and "**Refinancing**" shall have correlative meanings.

"**Refinanced Debt**" has the meaning set forth in the definition of "Credit Agreement Refinancing Indebtedness."

"**Refinanced Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Refinancing**" means the repayment, redemption, defeasance, discharge, refinancing, replacement or termination (or the furnishing of irrevocable notice for the repayment or redemption thereof) in a manner reasonably satisfactory to the Borrower of all Indebtedness, commitments to extend credit, all guarantees and security interests (if any) under that certain Credit Agreement, dated as of May 13, 2019, among TCFI AEVEX LLC, TCFI AEVEX Holdings LLC, the lenders from time to time party thereto and Bain Capital Credit, LP, as agent and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time).

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrowers, (b) the Administrative Agent, (c) the Revolving Agent, if applicable, (d) each Additional Refinancing Lender and (e) each Lender that agrees to provide any portion of Refinancing Term Loans, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans incurred pursuant thereto, in accordance with <u>Section 2.15</u>.

"**Refinancing Revolving Credit Commitments**" means one or more Classes of Revolving Credit Commitments hereunder that result from a Refinancing Amendment.

"**Refinancing Revolving Loans**" means one or more Classes of Revolving Loans that result from a Refinancing Amendment.

"**Refinancing Series**" means all Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans, or Refinancing Revolving Credit Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans or Refinancing Revolving Credit Commitments provided for therein are intended to be a part of any previously established Refinancing Series).

"**Refinancing Term Commitments**" means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans that result from a Refinancing Amendment.

"**Register**" has the meaning set forth in <u>Section 10.07(d)</u>.

------

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

"**Reinvestment Period**" has the meaning set forth in <u>Section 2.05(b)(ii)</u>.

"**Rejection Notice**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Related Parties**" means, with respect to any Person, such Person's controlled Affiliates and the partners, directors, officers, employees, agents, and other representatives of such Person and of such Person's Affiliates.

"**Release**" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating in, into, onto or through the Environment or from or through any facility, property or equipment to the Environment.

"**Released Guarantor**" has the meaning set forth in <u>Section 11.09</u>.

"**Relevant Public Company**" means Holdings or any direct or indirect parent thereof that is the registrant with respect to a Qualified IPO.

"**Removal Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

"**Replacement Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the otherwise applicable notice period has been waived by regulation or otherwise by the PBGC.

"**Request for Credit Extension**" means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Loans, a Committed Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

"**Required Lenders**" means, as of any date of determination, without duplication, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition), (b) aggregate unused Delayed Draw Commitment<u>s, 2020 Delayed Draw Term Loan Commitments</u>, Incremental Term Loan Commitments and Refinancing Term Commitments, and (c) aggregate unused Revolving Credit Commitments; *provided* that the unused Term Commitment, Incremental Term Loan Commitment and Refinancing Term Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; *provided*, *further*, that, to the same extent set forth in <u>Section 10.07(m)</u> with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders.

"**Required Revolving Credit Lenders**" means, as of any date of determination, Revolving Credit Lenders having more than 50% of the sum of the (a) Outstanding Amount of all Revolving Loans and all L/C Obligations (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; *provided* that the aggregate unused Revolving Credit Commitments of, and the portion of the Outstanding Amount of all Revolving Loans and all L/C Obligations held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders, and (y) if there are two (2) or more unaffiliated Revolving Credit Lenders, the Required Revolving Credit Lenders shall require at least two (2) unaffiliated Revolving Credit Lenders.

------

"**Resignation Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

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

"**Responsible Officer**" means the chief executive officer, president, vice president, chief financial officer, chief administrative officer, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Loan Party or any other Responsible Officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party, the Administrative Agent and the Revolving Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"**Restricted Cash**" means Cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to the Borrower (other than such Cash and Cash Equivalents restricted in favor of the Facilities, which may also include Cash and Cash Equivalents securing other Indebtedness that is secured by a lien on the Collateral along with the Liens securing the Facilities); *provided*, that Cash and Cash Equivalents maintained by (x) any Foreign Subsidiary that is subject to minority shareholder approval before being distributed to the Borrower or any Restricted Subsidiary (a "**Shareholder Restriction**") shall not be deemed to be "Restricted Cash" as a result of such Shareholder Restriction. or (y) any joint venture with respect to which the joint venture agreement contains a formula for distributions of cash to the Borrower or any Restricted Subsidiary shall not be deemed to be "Restricted Cash".

"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower's or a Restricted Subsidiary's stockholders, partners or members (or the equivalent Persons thereof).

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Retained Excess Cash Flow Amount**" means, at any date of determination, an amount, no less than zero in any fiscal year and determined on a cumulative basis, that is equal to the aggregate cumulative sum of Excess Cash Flow that is not required to be applied to make a payment under <u>Section 2.05(b)(i)</u> for each Excess Cash Flow Period.

"**Returns**" means, with respect to any Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a Disposition or otherwise) and other amounts received or realized in respect of such Investment.

"**Revolver Extension Request**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolver Extension Series**" has the meaning set forth in <u>Section 2.16(b)</u>.

------

"**Revolving Agent**" means PNC, in its capacity as revolving agent under any of the Loan Documents, or any successor revolving agent.

"**Revolving Credit Borrowing**" means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to <u>Section 2.01(b)(i)</u> or under any Extension Amendment or Refinancing Amendment.

"**Revolving Credit Commitment**" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrowers and (b) purchase participations in L/C Obligations in respect of Letters of Credit as such commitment may be (i) reduced from time to time pursuant to <u>Section 2.06</u> and (ii) reduced or increased from time to time pursuant to (A) assignments by or to such Revolving Credit Lender pursuant to an Assignment and Assumption, (B) an increase in the Revolving Credit Commitment pursuant to <u>Section 2.14(h)</u>, (C) a Refinancing Amendment or (D) an Extension Amendment. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $20<u>5</u>,000,000 on the Closing<u>Amendment No. 1 Effective</u> Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement. The initial amount of each Revolving Credit Lender's Revolving Credit Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Revolving Credit Commitment" or, otherwise, in the Assignment and Assumption, New Revolving Credit Lender Joinder and Assumption Agreement, Extension Amendment or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as the case may be.

"**Revolving Credit Exposure**" means, as to each Revolving Credit Lender, the sum of the amount of the Outstanding Amount of such Revolving Credit Lender's Revolving Loans and its Pro Rata Share or other applicable share provided for under this Agreement of the Dollar Amount of the L/C Obligations at such time.

"**Revolving Credit Facility**" means the Revolving Credit Commitments, each Extension Series of Extended Revolving Credit Commitments, each Refinancing Series of Refinancing Revolving Credit Commitments and the Credit Extensions made thereunder.

"**Revolving Credit Lender**" means, at any time, any Lender that has a Revolving Credit Commitment at such time or, if the Revolving Credit Commitments have terminated, Revolving Credit Exposure.

"**Revolving Credit Note**" means a promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns, in substantially the form of <u>Exhibit C-2</u> hereto, evidencing the Revolving Loans made by such Revolving Credit Lender to the Borrowers.

"**Revolving Loans**" has the meaning set forth in <u>Section 2.01(b)(i)</u>.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto.

"**Same Day Funds**" means immediately available funds.

"**Scheduled Unavailability Date**" has the meaning set forth in <u>Section 3.03</u>.

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

------

"**Secured Cash Management Agreement**" means any agreement between the Borrower or any Restricted Subsidiary and any Secured Cash Management Provider for the provision of Cash Management Services, to the extent designated by the Borrower as a "Secured Cash Management Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Cash Management Agreement shall not create in favor of any Secured Cash Management Provider any rights in connection with the management or release of Collateral or the obligations of any Guarantor under the Loan Documents.

"**Secured Cash Management Obligations**" means all obligations owing to any Secured Cash Management Provider by the Borrower or any Restricted Subsidiary under any Secured Cash Management Agreement.

"**Secured Cash Management Provider**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Cash Management Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent), in its capacity as a party thereto and that is designated a "Secured Cash Management Provider" with respect to such Secured Cash Management Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Cash Management Provider were a Lender.

"**Secured Hedge Agreement**" means any Swap Contract permitted under <u>Article VII</u> that is entered into by and between the Borrower or any Restricted Subsidiary and any Secured Hedge Bank, to the extent designated by the Borrower and such Secured Hedge Bank as a "Secured Hedge Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Hedge Agreement shall not create in favor of any Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Bank**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Hedge Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent) in its capacity as a party thereto and that is designated a "Secured Hedge Bank" with respect to such Secured Hedge Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Hedge Bank were a Lender. The designation of any Secured Hedge Bank shall not create in favor of such Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Obligations**" means all obligations owing to any Secured Hedge Bank by Holdings, the Borrower or any Restricted Subsidiary under any Secured Hedge Agreement.

"**Secured Obligations"** means, collectively, (a) the Obligations, (b) the Secured Cash Management Obligations and (c) all Secured Hedge Obligations.

"**Secured Parties**" means, collectively, the Administrative Agent, the Revolving Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Secured Cash Management Providers, the Secured Hedge Banks and each co-agent or sub-agent appointed by any Agent from time to time pursuant to <u>Section 9.05</u>.

------

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securitization Assets**" means (a) the accounts receivable subject to a Qualified Securitization Financing and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guaranties or other obligations in respect of such accounts receivable, lockbox accounts and records with respect to such accounts receivable and any other assets customarily transferred (or in respect of which security interests are customarily granted), together with accounts receivable in a securitization financing and which in the case of <u>clause (a)</u> and <u>(b)</u> above are sold, conveyed, assigned or otherwise transferred or pledged by a borrower in connection with a Securitization Financing.

"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing or a Receivables Facility.

"**Securitization Financing**" means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries.

"**Securitization Repurchase Obligation**" means any obligation of a seller of Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables Facility, as applicable, to repurchase such assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

"**Securitization Subsidiary**" means a wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings or Limited Originator Recourse), (ii) is recourse to or obligates Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse or (iii) subjects any property or asset of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably

------

believes to be no less favorable to Holdings, the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced by delivery to the Administrative Agent and the Revolving Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions.

"**Security Agreement**" means a security agreement substantially in the form of <u>Exhibit F</u>.

"**Security Agreement Supplement**" has the meaning set forth in the Security Agreement.

"**Seller**" has the meaning set forth in the preliminary statements to this Agreement.

"**Solicited Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Solicited Discounted Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solicited Discounted Prepayment Notice**" means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(D)</u> substantially in the form of <u>Exhibit E-6</u>.

"**Solicited Discounted Prepayment Offer**" means the irrevocable written offer by each Lender, substantially in the form of <u>Exhibit E-7</u>, submitted following the Administrative Agent's receipt of a Solicited Discounted Prepayment Notice.

"**Solicited Discounted Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solvent**" and "**Solvency**" mean, with respect to the Borrower on the Closing Date, after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection therewith, that on such date (i) the sum of the debt (including contingent liabilities) of the Borrower and its Subsidiaries, on a consolidated basis, does not exceed the fair value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis; (ii) the capital of the Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of the Borrower and its Subsidiaries, on a consolidated basis, contemplated as of the Closing Date; (iii) the present fair saleable value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis, is not less than the amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured in the ordinary course of business and (iv) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

"**SPC**" has the meaning set forth in <u>Section 10.07(h)</u>.

------

"**Specified Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Notice**" means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant to <u>Section 2.05(a)(v)(B)</u> substantially in the form of <u>Exhibit E-8</u>.

"**Specified Discount Prepayment Response**" means the irrevocable written response by each Lender, substantially in the form of <u>Exhibit E-9</u>, to a Specified Discount Prepayment Notice.

"**Specified Discount Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(3)</u>.

"**Specified Representations**" means those representations and warranties made by Holdings and the Borrower (and, as applicable, each other Loan Party on the Closing Date) in <u>Sections 5.01(a)</u> and <u>(b)</u>, <u>5.02(a)</u> and <u>(b)(i)</u>, <u>5.04</u>, <u>5.12</u>, <u>5.16</u>, <u>5.18(a)(ii)</u>, <u>5.18(b)(ii)</u>, <u>5.18(c)</u> and <u>5.19</u> (subject to the proviso at the end of <u>Section 4.01(a)</u>).

"**Specified Transaction**" means any Investment that results in a Person becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition (including the commencement of activities constituting such business), or any Disposition that results in a Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Borrower, any Investment constituting an acquisition of assets constituting a business unit, line of business or division of, or all or substantially all of the Equity Interest of, another Person or any Disposition, termination or discontinuance of a business unit, line of business or division of the Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit), Restricted Payment, an increase in the Revolving Credit Commitments pursuant to <u>Section 2.14(h)</u> or Incremental Term Loan that by the terms of this Agreement requires such test to be calculated on a "Pro Forma Basis" or after giving "Pro Forma Effect."

"**Sponsor**" means any of Madison Dearborn Partners, LLC and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Standard Securitization Undertakings**" means representations, warranties, covenants, agreements and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement.

"**Submitted Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Submitted Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Subsidiary**" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity (excluding, for the avoidance of doubt, any charitable organizations, and any other Person that meets the requirements of Section 501(c)(3) of the Code) of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing

------

body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries (whether direct or indirect) of the Borrower.

"**Subsidiary Guarantor**" means any Guarantor other than Holdings or the Borrower in its capacity as a Guarantor.

"**Successor Company**" has the meaning set forth in <u>Section 7.04(d)</u>.

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

"**Swap Obligation**" means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

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

"**Target Person**" has the meaning set forth in <u>Section 7.02</u>.

"**Tax Distribution**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Tax Group**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Taxes**" means all present or future taxes, duties, levies, imposts, assessments or withholdings imposed by any Governmental Authority including interest, penalties and additions to tax.

"**Term Borrowing**" means a borrowing consisting of Term Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the Term Lenders pursuant to <u>Section 2.01(a)</u> or <u>Section 2.01(c)</u> or under any Incremental Amendment, Extension Amendment, Refinancing Amendment or amendment providing for Replacement Term Loans.

------

"**Term Commitment**" means, as to each Term Lender, its obligation to make a Term Loan to the Borrowers hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.06</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment, (iv) an Extension Amendment or (v) the incurrence of Replacement Term Loans. The initial amount of each Term Lender's Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or<u>,</u> "Delayed Draw <u>Commitment" or "2020 Delayed Draw Term Loan</u> Commitment" or, otherwise, in the Assignment and Assumption, Incremental Amendment, Extension Amendment or Refinancing Amendment or any other amendment, in each case, pursuant to which such Lender shall have assumed its Commitment, as the case may be.

"**Term Facility**" means (a) prior to the Closing Date, the Initial Term Commitments and<u>,</u> the Delayed Draw Commitments and<u>,</u> (b<u>) the 2020 Delayed Draw Term Loan Commitments and (c</u>) thereafter, each Class of Term Loans and/or Term Commitments in respect thereof.

"**Term Lender**" means, at any time, any Lender that has (a) a Term Commitment (including an Initial Term Commitment, a Delayed Draw Commitment, <u>a 2020 Delayed Draw Term Loan Commitment,</u> an Incremental Term Loan Commitment, a Refinancing Term Commitment or a commitment to make Replacement Term Loans) or (b) a Term Loan at such time.

"**Term Loan**" means any Initial Term Loan, <u>Delayed Draw Term Loan, 2020</u> Delayed Draw Term Loan, Extended Term Loan, Incremental Term Loan, Refinancing Term Loan or Replacement Term Loan, as the context may require.

"**Term Loan Extension Request**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Extension Series**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Increase**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Term Note**" means a promissory note of the Borrowers payable to any Term Lender or its registered assigns, in substantially the form of <u>Exhibit C-1</u> hereto, evidencing the aggregate Indebtedness of the Borrowers to such Term Lender resulting from the Term Loans made by such Term Lender.

"**Test Period**" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements are available.

"**Testing Threshold**" means, as of the last day of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending June 30, 2020) the aggregate Outstanding Amount of the Revolving Loans and Letters of Credit exceeds 40% of the Revolving Credit Commitments at such time (excluding (i) solely with respect to the first four full fiscal quarters following the Closing Date, the principal amount of any Revolving Loans funded, and the face amount of any Letters of Credit issued, on the Closing Date, (ii) Letters of Credit that have been Cash Collateralized and (iii) Letters of Credit that have not been Cash Collateralized in an aggregate undrawn face amount not to exceed $5,000,000).

"**Threshold Amount**" means $12,500,000.

"**Total Outstandings**" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

------

"**Trademarks**" means (a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any state of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks; and (b) all goodwill connected with the use of and symbolized thereby.

"**Trailing Four Quarter Consolidated EBITDA**" means Consolidated EBITDA for the most recently ended Test Period (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>).

"**Transaction Expenses**" means any fees, premiums, expenses and other transaction costs incurred or paid by the Sponsor, Holdings, the Borrower or any of their respective Subsidiaries in connection with the Transactions (including fees and expenses reflected in the funds flow and/or sources and uses provided to the Commitment Parties and expenses in connection with hedging transactions), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"**Transactions**" means, collectively, (a) the Acquisition and other related transactions contemplated by the Purchase Agreement, (b) the Equity Contribution, (c) the funding of the Initial Term Loan and the Initial Revolving Borrowing and the execution and delivery of Loan Documents to be entered into on the Closing Date, (d) the Refinancing, and (e) the payment of Transaction Expenses.

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan.

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

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

"**Ultimate Parent**" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company.

"**Ultimate Parent LLC Agreement**" means the amended and restated limited liability company agreement of the Ultimate Parent in effect on the Closing Date.

"**Uniform Commercial Code**" or "**UCC**" means (i) the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or (ii) the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. References in this Agreement and the other Loan Documents to specific sections of the Uniform Commercial Code are based on the Uniform Commercial Code as in effect in the State of New York on the Closing Date. In the event such Uniform Commercial Code is amended or another Uniform Commercial Code described in <u>clause (ii)</u> is applicable, such section reference shall be deemed to be references to the comparable section in such amended or other Uniform Commercial Code.

"**United States**" and "**U.S.**" mean the United States of America.

------

"**United States Tax Compliance Certificate**" has the meaning set forth in <u>Section 3.01(d)(ii)(C)</u> and is in substantially the form of <u>Exhibit H</u> hereto.

"**Unreimbursed Amount**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Unrestricted Subsidiary**" means any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 6.14</u> subsequent to the Closing Date and each Securitization Subsidiary.

"**Unused Revolver Commitment Fee**" has the meaning set forth in Section 2.09(a).

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness; *provided* that AHYDO payments and the effects of any reductions in scheduled amortization or other scheduled payments as a result of any prior prepayment of the applicable Indebtedness shall be disregarded.

"**wholly owned**" means, with respect to any Person at any date, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned, controlled or held by such Person and/or by one or more Affiliates of such Person.

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

Section 1.02. <u>Other Interpretive Provisions</u>.

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The word "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining compliance with any Section of <u>Article VII</u> at any time (including within any defined terms used in such section and including <u>Section 2.14</u>), in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, Contractual Obligation or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions permitted pursuant to any clause of such Sections, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses as determined by the Borrower in its sole discretion at such time (or at any later time from time to time, as determined by the Borrower in its sole discretion at such time and thereafter may be re-divided and/or re-classified by the Borrower in any manner not prohibited by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All references to "knowledge" of any Loan Party or a Restricted Subsidiary means the actual knowledge of a Responsible Officer of such Loan Party or Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The words "asset" and "property" shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All references to any Person shall be constructed to include such Person's successors and assigns (subject to any restriction on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All references to "in the ordinary course of business" of the Borrower or any Subsidiary thereof means (i) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of the Borrower or such Subsidiary, as applicable, (ii) customary and usual in the industry or industries of the Borrower and its Subsidiaries in the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable, or (iii) generally consistent with the past or current practice of the Borrower or such Subsidiary, as applicable, or any similarly situated businesses of the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.

Section 1.03. <u>Accounting Terms</u>.

All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. Notwithstanding any other provision contained herein, (a) any lease (or similar arrangement conveying the right to use) that is treated as an operating lease for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update ("<u>ASU</u>") shall not be treated as Indebtedness, Attributable Indebtedness or as a Capitalized Lease and shall continue to be treated as an operating lease (and any future lease or similar arrangement conveying the right to use), that would be treated as an operating lease for purposes of GAAP without giving effect to the implementation of ASC 842 shall be treated as an operating lease), in each case for purposes of Indebtedness under this Agreement, notwithstanding such change in GAAP after the issuance of such ASU and (b) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or effect).

Section 1.04. <u>Rounding</u>.

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

Section 1.05. <u>References to Agreements, Laws, Etc.</u>

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other Contractual Obligations shall be deemed to include all subsequent amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications thereto, but only to the extent that such amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications are not prohibited by the Loan Documents or by the Intercreditor Agreements; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. Any term or section reference herein or in the other Loan Documents which refers to a defined term or section reference in any Organization Document, agreement, Contractual Obligation or Law shall be deemed to be a cross-reference to the same or comparable defined term or section reference, as applicable, in any such amendment, Refinancing, restatement, renewal, restructuring, extension, supplement or other modification to such Organization Document, agreement, Contractual Obligation or any such consolidation, amendment, replacement, supplement or interpretation of such Law.

Section 1.06. <u>Times of Day</u>.

Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

------

Section 1.07. <u>Timing of Payment or Performance</u>.

Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day.

Section 1.08. <u>Cumulative Credit Transactions</u>.

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.09. <u>Pro Forma Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Consolidated Total Net Leverage Ratio and the Consolidated First Lien Net Leverage Ratio, shall be calculated in the manner prescribed by this <u>Section 1.09</u>; *provided* that notwithstanding anything to the contrary in <u>Section 1.09(b)</u>, <u>(c)</u> or <u>(d)</u>, when calculating the Consolidated First Lien Net Leverage Ratio for purposes of determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with the covenant pursuant to <u>Section 7.11</u>, the events described in this <u>Section 1.09</u> that occurred subsequent to the end of the applicable Test Period shall not be given *pro forma* effect. In addition, whenever a financial ratio or test is to be calculated on a *pro forma* basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which internal financial statements of the Borrower are available (as determined in good faith by the Borrower); *provided* that, the provisions of this sentence shall not apply for purposes of calculating the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable ECF Percentage" and determining actual compliance with <u>Section 7.11</u> (other than for the purpose of determining *pro forma* compliance with <u>Section 7.11</u>), each of which shall be based on the financial statements delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u>, as applicable, for the relevant Test Period, subject to the adjustments contemplated by the parenthetical in clause (ii) of the proviso to the first sentence of this <u>Section 1.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating any financial ratio or test, or basket that is based on a percentage of Consolidated EBITDA, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to <u>Section 1.09(d)</u> (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit)) that have been made (i) during the applicable Test Period and (ii) if applicable as described in <u>Section 1.09(a)</u>, subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a *pro forma* basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this <u>Section 1.09</u>, then such financial ratio or test shall be calculated to give *pro forma* effect thereto in accordance with this <u>Section 1.09</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever *pro forma* effect is to be given to the Transactions, a Specified Transaction or the implementation of an operational initiative or operational change, the *pro forma* calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and include, for the avoidance of doubt, the amount of "run-rate" cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies projected by the Borrower in good faith to be realized as a result of specified actions taken, committed to be taken or expected to be taken (calculated on a *pro forma* basis as though such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies were realized during the entirety of such period) and "run-rate" means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements) net of the amount of actual benefits realized during such period from such actions, and any such adjustments shall be included in the initial *pro forma* calculations of such financial ratios or tests and during any subsequent Test Period in which the effects thereof are expected to be realized relating to the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change; *provided* that (A) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable in the good faith judgment of the Borrower, (B) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable and reasonably anticipated to result from the actions taken or expected to be taken in the good faith judgment of the Borrower within 18 months after the date of the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change, (C) no amounts shall be added pursuant to this <u>Section 1.09(c)</u> to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, with respect to such period; and (D) any increase in Consolidated EBITDA as a result of cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies pursuant to this <u>Section 1.09(c)</u> shall be subject to the limitation set forth in the last proviso to <u>clause (vii)</u> of the definition of Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, amortization, retirement or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility or line of credit unless accompanied by a permanent commitment reduction), (i) during the applicable Test Period or (ii) subject to <u>Section 1.09(a)</u> subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving *pro forma* effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time prior to the first applicable test date under <u>Section 7.11</u>, any provision requiring the *pro forma* compliance with <u>Section 7.11</u> shall be made assuming that compliance with the Consolidated First Lien Leverage Ratio set forth in <u>Section 7.11</u> for the first Test Period set forth in <u>Section 7.11</u> is required with respect to the most recent Test Period prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) In connection with the calculation of the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, for purposes of calculating any basket that is subject to a financial ratio or test under this Agreement, no effect (pro forma or otherwise) shall be given to amounts incurred or transactions entered into or consummated on the same date (or on a subsequent date which otherwise requires Pro Forma Effect to be given to such amounts incurred, or transactions entered into or consummated pursuant to any fixed dollar basket or basket based on Consolidated EBITDA.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, testing availability under any basket provided for in this Agreement or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom or requiring the accuracy of representations and warranties) in connection with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio and determination or measurement of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant or accuracy of representations and warranties shall, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the "**LCT Test Date**") and if, after such ratios and other provisions are measured or determined on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied with on such date; *provided* that, if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, (x) if any of such ratios or baskets are exceeded as a result of fluctuations in such ratio or basket (including due to fluctuations in Consolidated EBITDA of the Borrower or the target of any Limited Condition Transaction or any incurrence, disposition or Restricted Payment at or prior to the consummation of the relevant Limited Condition Transaction) or any Default or Event of Default has occurred and is continuing or any such representation or warranty in any Loan Document is not correct on the date of such Limited Condition Transaction, such ratios, baskets and other provisions will not be deemed to have been exceeded or failed to have been complied with as a result of such circumstance solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder and (y) such ratios, baskets and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio (excluding, for the avoidance of doubt, any ratio contained in <u>Section 7.11</u> (other than Pro Forma Compliance)) or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction or is otherwise revoked or withdrawn by the Borrower, any such ratio or basket shall be calculated (and tested) on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

Section 1.10. <u>Currency Generally</u>.

For purposes of determining compliance with <u>Section 7.01</u>, <u>7.02</u>, <u>7.03</u>, <u>7.05</u>, <u>7.06</u> or <u>7.13</u> with respect to any transaction consummated in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such transaction is consummated (so long as such transaction, at the time consummated, was permitted hereunder).

------

Section 1.11. <u>Letters of Credit</u>.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of the undrawn face amount of such Letter of Credit in effect at such time; *provided*, *however*, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Amount of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

Section 1.12. <u>Certifications</u>.

All certifications to be made hereunder by an officer or representative of a Loan Party shall be made by such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party's behalf and not in such Person's individual capacity.

**ARTICLE II.** 

**<u>THE COMMITMENTS AND CREDIT EXTENSIONS</u>**

Section 2.01. <u>The Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Term Lender severally agrees to make to the Initial Borrower on the Closing Date one or more Term Borrowings of Initial Term Loans denominated in Dollars in an aggregate amount not to exceed at any time outstanding the amount of such Term Lender's Initial Term Commitment. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid may not be re-borrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Revolving Credit Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions expressly set forth herein, each Revolving Credit Lender severally agrees to make Revolving Loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan, together with any loans made pursuant to an Extended Revolving Credit Commitment and Refinancing Revolving Loans, a "**Revolving Loan**") from time to time, on any Business Day during the period from the Closing Date until the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment; *provided* that after giving effect to any Revolving Credit Borrowing, such Revolving Credit Lender's Revolving Credit Exposure shall not exceed such Revolving Credit Lender's Revolving Credit Commitment. Within the limits of each Lender's Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section 2.01(b)</u>, prepay under <u>Section 2.05</u>, and re-borrow under this <u>Section 2.01(b)</u> in each case without premium or penalty (subject to <u>Section 3.05</u>). Revolving Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Revolving Agent is hereby authorized by each Loan Party, at any time in the Revolving Agent's sole discretion, regardless of (A) the existence of a Default or an Event of Default, (B) whether any of the other applicable conditions precedent set forth in <u>Section 4.02</u> have not been satisfied or the commitment of Revolving Credit Lenders to make Revolving Loans hereunder has been terminated for any reason, or (C) any other contrary provision of this Agreement, to make Revolving Loans for the account of the Borrower in an aggregate amount at any time outstanding not to exceed the Maximum Revolving Credit Amount, to which the Revolving Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, the repayment of the Secured Obligations, or (3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement (the "**Protective Advances**"). The Revolving Credit Lenders shall be obligated to fund such Protective Advances and effect a settlement with the Revolving Agent therefor upon demand of the Revolving Agent in accordance with their respective Revolving Credit Commitments to the extent that after giving effect to any such Protective Advances, the Outstanding Amount of Revolving Loans plus the Outstanding Amount of the L/C Obligations do not exceed the Maximum Revolving Credit Amount. To the extent any Protective Advances are not actually funded by the other Revolving Credit Lenders as provided for in this <u>Section 2.01(b)(ii)</u>, any such Protective Advances funded by the Revolving Agent shall be deemed to be Revolving Loans made by and owing to the Revolving Agent, and the Revolving Agent shall be entitled to all rights (including accrual of interest) and remedies of a Revolving Credit Lender under this Agreement and the Loan Documents with respect to such Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Delayed Draw Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Closing Date until the Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Delayed Draw Commitment. Amounts borrowed under this <u>Section 2.01(c)</u> and repaid or prepaid may not be re-borrowed. The Delayed Draw Term Loans shall be funded on or prior to the Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**Delayed Draw Funding Date**"). Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) *2020 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2020 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to Section 2.02 (each such loan a "**2020 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 1 Effective Date until the 2020 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2020 Delayed Draw Term Loan Commitment. Amounts borrowed under this Section 2.01(d) and repaid or prepaid may not be re-borrowed. The 2020 Delayed Draw Term Loans shall be funded on or prior to the 2020 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2020 Delayed Draw Term Loan Funding Date**"). 2020 Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.</u>

Section 2.02. <u>Borrowings, Conversions and Continuations of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower's notice to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans), which may be given by telephone in the case of Revolving Loans. Each such notice must be received by the Applicable Agent not later than 11:00 a.m., (i) three Business Days prior to the requested date of any Initial Term Borrowing or any Revolving Credit Borrowing, in each case, for a Borrowing of Eurocurrency Rate Loans or any continuation of Eurocurrency

------

Rate Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans, (ii) prior to 2:00 p.m. on the requested date of any Initial Term Borrowing of Base Rate Loans or Revolving Credit Borrowing of Base Rate Loans and (iii) twelve (12) Business Days prior to the requested date of any Borrowing of Delayed Draw Term Loans <u>or 2020 Delayed Draw Term Loans</u>; *provided* that the notice referred to in <u>clause (1)</u> above may be delivered no later than one Business Day prior to the Closing Date in the case of the initial Credit Extensions. Each telephonic notice by the Borrower permitted pursuant to this <u>Section 2.02(a)</u> must be confirmed promptly by delivery (including via email) to the Revolving Agent (in the case of Revolving Loans) of a written Committed Loan Notice (and will not be effective until so confirmed), appropriately completed and signed by a Responsible Officer of the Borrower. Except as otherwise provided in <u>Section 2.14</u>, each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a minimum principal amount of $1,000,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans <u>or 2020 Delayed Draw Term Loans</u>, $2,500,000), or a whole multiple of $500,000, in excess thereof. Except as provided herein, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $100,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans <u>or 2020 Delayed Draw Term Loans</u>, $2,500,000) or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Loans from one Type to the other or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) wire instructions of the account(s) to which funds are to be disbursed (it being understood, for the avoidance of doubt, that the amount to be disbursed to any particular account may be less than the minimum or multiple limitations set forth above so long as the aggregate amount to be disbursed to all such accounts pursuant to such Borrowing meets such minimums and multiples). If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify each Appropriate Lender of the amount (and currency) of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans, in each case as described in <u>Section 2.02(a)</u>. In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans)in Same Day Funds, through its relevant Lending Office, at the Applicable Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) by wire transfer of such funds in accordance with instructions provided by the Borrower to (and reasonably acceptable to) the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans); *provided* that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, <u>first</u>, to the payment in full of any such L/C Borrowing and <u>second</u>, to the Borrowers as provided above.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan unless the Borrowers pay the amount due, if any, under <u>Section 3.05</u> in connection therewith. During the occurrence and continuation of an Event of Default, the Required Lenders may require that no Loans may be converted to or continued as Eurocurrency Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify the Borrower and the Appropriate Lenders of any change in the Prime Rate used by such Agent in determining the Base Rate promptly following the announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Loans from one Type to the other, and all continuations of Term Loans or Revolving Loans as the same Type, there shall not be more than seven Interest Periods in effect; *provided* that after the establishment of any new Class of Loans pursuant to an Incremental Amendment, a Refinancing Amendment or Extension Amendment, the number of Interest Periods otherwise permitted by this <u>Section 2.02(e)</u> shall increase by three Interest Periods for each applicable Class so established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Administrative Agent or the Revolving Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent or the Revolving Agent such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such Borrowing, the Administrative Agent or the Revolving Agent may assume that such Lender has made such Pro Rata Share or other applicable share provided for under this Agreement available to the Administrative Agent or the Revolving Agent on the date of such Borrowing in accordance with <u>Section 2.02(b)</u> above, and the Administrative Agent or the Revolving Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent or the Revolving Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent or the Revolving Agent, each of such Lender and each Borrower severally agrees to repay to the Administrative Agent or the Revolving Agent promptly after written demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent or the Revolving Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate *plus* any administrative, processing, or similar fees customarily charged by the Administrative Agent or the Revolving Agent in accordance with the foregoing. A certificate of the Administrative Agent or the Revolving Agent submitted to any Lender with respect to any amounts owing under this <u>Section 2.02(g)</u> shall be conclusive in the absence of manifest error. If any Borrower and such Lender shall pay such interest to the Administrative Agent or the Revolving Agent for the same or an overlapping period, the

------

Administrative Agent or the Revolving Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent or the Revolving Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim any Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent or the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower and the Administrative Agent or the Revolving Agent.

Section 2.03. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Letter of Credit Commitment*. (i) Subject to the terms and conditions expressly set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this <u>Section 2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrowers (*provided* that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with <u>Section 2.03(b)</u>, and (2) to honor drafts under the Letters of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this <u>Section 2.03</u>; *provided* that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender's Revolving Credit Commitment or (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit; *provided*, *further*, that notwithstanding anything herein to the contrary, no L/C Issuer shall have any obligation to issue trade or commercial Letters of Credit without its consent. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired, terminated or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any material restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any material unreimbursed loss, cost or expense which was not applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to <u>Section 2.03(b)(iii)</u>, the expiry date of such requested Letter of Credit would occur more than 12 months after the date of issuance or last renewal (or more than 180 days thereafter in the case of trade Letters of Credit), unless (1) each Revolving Credit Lender has approved of such expiration date or (2) the applicable L/C Issuer has approved of such expiration date and the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless such Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the issuance of such Letter of Credit would violate any policies of such L/C Issuer applicable to letters of credit generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such Revolving Credit Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.17(a)(iv)</u>) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to amend, extend or renew any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. Notwithstanding anything herein to the contrary, the expiry date of any Letter of Credit denominated in a currency other than Dollars must be approved by the relevant L/C Issuer in its sole discretion even if it is less than 12 months after the date of issuance and any Auto-Extension Letter of Credit denominated in a currency other than Dollars shall be issued only at the relevant L/C Issuer's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit*. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Revolving Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Revolving Agent not later than 2:00 p.m., at least two Business Days prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any drawing thereunder; (f) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (g) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will confirm with the Revolving Agent (by telephone or in writing) that the Revolving Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Revolving Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation from the Revolving Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or its applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement times the stated amount of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower so requests in any applicable Letter of Credit Application with respect to any standby Letter of Credit, the relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); *provided* that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer to prevent any such extension at least once in each 12-month period (commencing with the date of issuance of such Letter of Credit and in no event extending beyond the Letter of Credit Expiration Date unless Cash Collateralized or back-stopped in a manner reasonably acceptable to the Revolving Agent and the applicable L/C Issuer) by giving prior notice to the beneficiary thereof not later than a day (the "**Non-extension Notice Date**") in each such 12-month period to be mutually agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; *provided* that the relevant L/C Issuer shall not permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of <u>Section 2.03(a)(ii)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-extension Notice Date from the Revolving Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in <u>Section 4.02</u> is not then satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the Borrower and the Revolving Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Drawings and Reimbursements; Funding of Participations*. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Revolving Agent thereof. With respect to any payment by an L/C Issuer under a Letter of Credit, the Borrowers shall reimburse such L/C Issuer through the Revolving Agent in accordance with the preceding sentence not later than (x) 2:00 p.m. on the first Business Day immediately following delivery of written notice to the Borrower of such payment if such written notice is delivered on or prior to 9:00 a.m. and (y) otherwise, not later than 2:00 p.m. on the second Business Day immediately following delivery of written notice to the Borrower of such payment (any such date of reimbursement, an "**Honor Date**"); *provided* that if such reimbursement is not made on the date of drawing, the Borrowers shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans (without duplication of interest payable on L/C Borrowings). The relevant L/C Issuer shall notify the Borrower in writing of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If the Borrowers fail to so reimburse such L/C Issuer by such time, the Revolving Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the

------

unreimbursed drawing (the "**Unreimbursed Amount**"), and the amount of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in <u>Section 4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Revolving Agent pursuant to this <u>Section 2.03(c)(i)</u> may be given by telephone if immediately confirmed in writing; *provided* that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender (including any Revolving Credit Lender acting as an L/C Issuer) shall upon any notice pursuant to <u>Section 2.03(c)(i)</u> make funds available to the Revolving Agent for the account of the relevant L/C Issuer in Dollars at the Applicable Agent's Office for Dollar-denominated payments in an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Revolving Agent, whereupon, subject to the provisions of <u>Section 2.03(c)(iii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Revolving Agent shall remit the funds so received to the relevant L/C Issuer in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in <u>Section 4.02</u> cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on written demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender's payment to the Revolving Agent for the account of the relevant L/C Issuer pursuant to <u>Section 2.03(c)(ii)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Revolving Credit Lender funds its Revolving Loan or L/C Advance pursuant to this <u>Section 2.03(c)</u> to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement of such amount shall be solely for the account of the relevant L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section 2.03(c)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Loans pursuant to this <u>Section 2.03(c)</u> is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Revolving Agent for the account of the relevant L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this <u>Section 2.03(c)</u> by the time specified in <u>Section 2.03(c)(ii)</u>, such L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Revolving Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Revolving Agent) with respect to any amounts owing under this <u>Section 2.03(c)(vi)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*. (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender's L/C Advance in respect of such payment in accordance with <u>Section 2.03(c)</u>, the Revolving Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Revolving Agent), the Revolving Agent will distribute to such Revolving Credit Lender its Pro Rata Share or other applicable share provided for under this Agreement thereof in Dollars (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender's L/C Advance was outstanding) in the Dollar Amount received by the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Revolving Agent for the account of an L/C Issuer pursuant to <u>Section 2.03(c)(i)</u> is required to be returned under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Revolving Agent for the account of such L/C Issuer its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Revolving Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Revolving Credit Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Obligations Absolute*. The obligation of the Borrowers to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party (other than payment in cash or performance in full);

*provided* that the foregoing in <u>clauses (i)</u> through <u>(vii)</u> shall not excuse any L/C Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are waived by the Borrowers to the extent permitted by applicable Law) suffered by the Borrowers that are caused by such L/C Issuer's (or its Related Parties') gross negligence, bad faith, material breach or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Role of L/C Issuers*. Each Revolving Credit Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; *provided* that this assumption is not intended to, and shall not, preclude the Borrowers from pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in <u>clauses (i)</u> through <u>(vi)</u> of <u>Section 2.03(e)</u>; *provided* that anything in such clauses to the contrary notwithstanding, each Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or gross negligence or such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in each case as determined in a final and non-appealable judgment by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any

------

notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cash Collateral*. (i) If, as of the Letter of Credit Expiration Date, any Letter of Credit issued to the Borrowers may for any reason remain outstanding and partially or wholly undrawn, (ii) if any Event of Default occurs and is continuing and the Required Revolving Credit Lenders, as applicable, require the Borrowers to Cash Collateralize the L/C Obligations pursuant to <u>Section 8.02</u> or (iii) if an Event of Default set forth under <u>Section 8.01(f)</u> occurs and is continuing, the Borrowers shall Cash Collateralize the then Outstanding Amount of all of its L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m. on (x) in the case of the immediately preceding <u>clauses (i)</u> through <u>(iii)</u>, the next Business Day following the Business Day that the Borrower receives written notice thereof, and (y) in the case of the immediately preceding <u>clause (iii)</u>, the Business Day on which an Event of Default set forth under <u>Section 8.01(f)</u> occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. The Borrowers hereby grant to the Collateral Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Revolving Agent or another financial institution acceptable to the Agents and may be invested in readily available Cash and Cash Equivalents (for the benefit of the Borrowers). If at any time the Revolving Agent determines that any funds held as Cash Collateral are expressly subject to any right or claim of any Person other than the Revolving Agent or Collateral Agent (on behalf of the Secured Parties) or nonconsensual liens permitted under <u>Section 7.01</u> or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, promptly following written demand by the Revolving Agent, pay to the Revolving Agent, as additional funds to be deposited and held in the deposit accounts at the Revolving Agent as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Revolving Agent reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrowers. To the extent any Event of Default giving rise to the requirement to Cash Collateralize any Letter of Credit pursuant to this <u>Section 2.03(g)</u> is cured or otherwise waived by the Required Revolving Credit Lenders, then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such Letter of Credit shall be promptly refunded to the Borrowers. If at any time the Revolving Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person other than the Revolving Agent or the Collateral Agent as herein provided or Liens described above, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrowers or the relevant Defaulting Lender will, promptly following written demand by the Revolving Agent, pay or provide to the Revolving Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Letter of Credit Fees*. The Borrowers shall pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to the Applicable Rate with respect to Eurocurrency Rate Loans, times the daily maximum amount then available to be drawn under such Letter of Credit (whether or not such maximum Dollar Amount is then in effect under such Letter of Credit if such maximum amount increases periodically

------

pursuant to the terms of such Letter of Credit); *provided* that (x) if any portion of a Defaulting Lender's Pro Rata Share of any Letter of Credit is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders pursuant to <u>Section 2.17</u>, then the Borrowers shall not be required to pay a Letter of Credit fee to such Defaulting Lender with respect to such portion of such Defaulting Lender's Pro Rata Share so long as it is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders, but such Letter of Credit fee shall instead be retained by the Borrowers to the extent the applicable Letter of Credit is Cash Collateralized and/or payable to such other Revolving Credit Lenders to the extent reallocated to such other Revolving Credit Lenders in accordance with their Pro Rata Share of such reallocated amount, and (y) if any portion of a Defaulting Lender's Pro Rata Share is not Cash Collateralized or reallocated pursuant to <u>Section 2.17</u>, then the Letter of Credit fee with respect to such Defaulting Lender's Pro Rata Share shall be payable to the applicable L/C Issuer until such Pro Rata Share is Cash Collateralized or reallocated or such Revolving Credit Lender ceases to be a Defaulting Lender. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter of Credit fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. If there is any change in the Applicable Rate with respect to Eurocurrency Rate Loans, during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate with respect to Eurocurrency Rate Loans, separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers*. The Borrowers shall pay directly to each L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it for the account of the Borrowers (whether for the benefit of the Borrower or its Subsidiaries) equal to 0.25% per annum (or such other lower amount as may be mutually agreed by the Borrower and the applicable L/C Issuer) of the maximum Dollar Amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit) or such lesser fee as may be agreed with such L/C Issuer. Such fronting fees shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued for the account of the Borrower (whether for the benefit of the Borrower or its Subsidiaries) the customary and reasonable issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within 30 days of demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Conflict with Letter of Credit Application*. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Addition of an L/C Issuer*. A Revolving Credit Lender reasonably acceptable to the Borrower and the Revolving Agent may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Revolving Agent and such Revolving Credit Lender. The Revolving Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Letter of Credit Reporting*. On a monthly basis, each L/C Issuer shall deliver to the Revolving Agent a complete list of outstanding Letters of Credit issued by such L/C Issuer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Letters of Credit Issued for Subsidiaries*. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the L/C Issuers hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers' business derives substantial benefits from the businesses of such Subsidiaries.

Section 2.04. <u>[Reserved]</u>.

Section 2.05. <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. (i) The Borrowers may, upon written notice to the Applicable Agent by the Borrower, at any time or from time to time voluntarily prepay any Class or Classes of Term Loans and Revolving Loans of any Class or Classes in whole or in part without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>); *provided* that (1) such notice must be received by the Applicable Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) on the requested date of prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency Rate Loans shall be in a minimum principal amount of $1,000,000, or a whole multiple of $500,000 in excess thereof and (3) any prepayment of Base Rate Loans shall be in a minimum principal amount of $100,000, or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Applicable Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. If such notice is given by the Borrower, unless rescinded, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Loan (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, any notice of prepayment under <u>Section 2.05(a)(i)</u> may be conditional, extendable or revocable if such prepayment is conditioned upon a Refinancing of all or any portion of the applicable Class or occurrence of another event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Voluntary prepayments of any Class of Term Loans permitted hereunder shall be applied to the remaining scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner determined at the discretion of the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in any Loan Document to the contrary, in addition to the terms set forth in <u>Sections 2.05(a)(i)</u> and <u>10.07</u>, so long as no Event of Default has occurred and is continuing, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdings or any of its Subsidiaries may purchase such outstanding Loans and contribute such Loans to the Borrower (which shall be automatically cancelled)) without premium or penalty on the following basis:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the "**Discounted Term Loan Prepayment**"), in each case made in accordance with this <u>Section 2.05(a)(v)</u> and without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) Any Company Party may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with five Business Days' notice in the form of a Specified Discount Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the "**Specified Discount Prepayment Amount**") with respect to each applicable tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the "**Specified Discount**") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(B)</u>), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Specified Discount Prepayment Response Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount and, if so (such accepting Lender, a "**Discount Prepayment Accepting Lender**"), the amount and the tranches of such Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(B)</u> to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Term Loans specified in such Lender's Specified Discount Prepayment Response given pursuant to <u>clause (2)</u> above; *provided* that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (with

------

the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "**Specified Discount Proration**"). The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) Any Company Party may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Discount Range Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "**Discount Range Prepayment Amount**"), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "**Discount Range**") of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(C)</u>), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded pursuant to <u>clause (iii)</u> above, each such solicitation by a Company Party shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Discount Range Prepayment Response Date**"). Each Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "**Submitted Discount**") at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender's Term Loans (the "**Submitted Amount**") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this <u>Section 2.05(a)(v)(C)</u>. The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "**Applicable Discount**") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following <u>clause (3)</u>) at the Applicable Discount (each such Term Lender, a "**Participating Lender**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender's Discount Range Prepayment Offer at the Applicable Discount; *provided* that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "**Identified Participating Lenders**") shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Discount Range Proration**"). The Auction Agent shall promptly, and in any case within five Business Days following the Discount Range Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (1) Any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Solicited Discounted Prepayment Notice (or such later notice specified therein); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate amount of the Term Loans (the "**Solicited Discounted Prepayment Amount**") and the tranche or tranches of Term Loans the applicable Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(D)</u>), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Term Lenders (the "**Solicited Discounted Prepayment Response Date**"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date and (z) specify both a discount to par (the "**Offered Discount**") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans (the "**Offered Amount**") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Company Party (the "**Acceptable Discount**"), if any. If the Company Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the fifth Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this <u>clause (2)</u> (the "**Acceptance Date**"), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within five Business Days after receipt of an Acceptance and Prepayment Notice (the "**Discounted Prepayment Determination Date**"), the Auction Agent will determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the "**Acceptable Prepayment Amount**") to be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this <u>Section 2.05(a)(v)(D)</u>. If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a "**Qualifying Lender**"). The Company Party will prepay outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(D)</u> to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; *provided* that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "**Identified Qualifying Lenders**") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Solicited Discount Proration**"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the tranches to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) In connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If any Term Loan is prepaid in accordance with <u>Sections 2.05(a)(v)(B)</u> through <u>2.05(a)(v)(D)</u> above, a Company Party shall prepay such Term Loans on the Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Applicable Agent's Office in immediately available funds not later than 11:00 a.m. on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans being prepaid as directed by the Borrower (and absent such direction, in direct order of maturity). The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)</u> shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this <u>Section 2.05(a)(v)</u>, each Lender participating in any prepayment described in this <u>Section 2.05(a)(v)</u> acknowledges and agrees that in connection therewith, (1) the Borrower or any Company Party then may have, and later may come into possession of, information regarding the Borrowers, the Sponsor, their respective affiliates not known to such Lender and that may be material to a decision by such Lender to participate in such prepayment (including Material Non-Public Information) ("**Excluded Information**"), (2) such Lender has independently, and without reliance on the Borrowers, any of their Subsidiaries, the Administrative Agent or any of their respective Affiliates, made its own analysis and determination to participate in such prepayment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrowers, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information and all parties to the relevant transactions shall render customary "big boy" disclaimer letters, (4) none of the Borrowers, their Subsidiaries, the Administrative Agent or any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrowers, their Subsidiaries, the Administrative Agent and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information, and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this <u>Section 2.05(a)(v)</u>, established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each of the Company Parties and the Term Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties under this <u>Section 2.05(a)(v)</u> by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this <u>Section 2.05(a)(v)</u> as well as activities of the Auction Agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable, pursuant to this <u>Section 2.05(a)(v)</u> shall not constitute a Default or Event of Default under <u>Section 8.01</u> or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five Business Days after financial statements have been delivered pursuant to <u>Section 6.01(a)</u> and the related Compliance Certificate has been delivered pursuant to <u>Section 6.02(a)</u> (commencing with the fiscal year ending December 31, 2021), subject to <u>Section 2.05(b)(v)</u>, the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the Excess Cash Flow Period covered by such financial statements *minus*, without duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such Excess Cash Flow Period, (B) the sum of (1) all voluntary prepayments of Term Loans made during such Excess Cash Flow Period pursuant to <u>Section 2.05(a)(v)</u>, in an amount equal to the discounted amount actually paid in cash in respect of the principal amount of such Term Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (2) all other optional redemptions or voluntary prepayments of Term Loans and any other Pari Passu Secured Obligations, during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (3) all voluntary prepayments of Revolving Loans, Extended Revolving Loans and Refinancing Revolving Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, to the extent the Revolving Credit Commitments, Extended Revolving Credit Commitments, and/or Refinancing Revolving Credit Commitments, as the case may be, are permanently reduced by the amount of such payments and (4) the amount equal to all payments in cash paid by the Borrowers or any Subsidiary in connection with the buyback of Loans pursuant to <u>Section 10.07(l)</u>, in the case of each of the immediately preceding <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u>, to the extent such prepayments are not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness) of the Borrower and its Restricted Subsidiaries; *provided* that, to the extent any deduction is made pursuant to the foregoing <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u> after year-end and prior to when such Excess Cash Flow prepayment is due, such prepayment shall not be deducted with respect to the Excess Cash Flow prepayment for the succeeding Excess Cash Flow Period; *provided*, *however*, the Borrowers shall not be obligated to make any prepayment otherwise required by this <u>Section 2.05(b)(i)</u> unless and until the aggregate amount of such prepayment for such Excess Cash Flow Period exceeds $1,000,000 for such Excess Cash Flow Period (and only amounts in excess of $1,000,000 for such Excess Cash Flow Period shall be required to be prepaid); *provided further* that if at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Excess Cash Flow, then the Borrowers may apply such Excess Cash Flow on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion

------

of such Excess Cash Flow allocated to the Other Applicable Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(i)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If (1) the Borrower or any Restricted Subsidiary of the Borrower Disposes of any property or assets pursuant to <u>Sections 7.05(j)</u>, <u>(k)</u> or <u>(m)</u> (solely to the extent set forth in the proviso thereof)), or (2) any Casualty Event occurs, which results in the receipt by the Borrower or any Restricted Subsidiary of Net Proceeds, subject to <u>Section 2.05(b)(vi)</u>, the Borrowers shall cause to be prepaid on or prior to the date which is 10 Business Days after the date of the receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds (or if the Borrower or any Restricted Subsidiary intends to reinvest such Net Proceeds within the Reinvestment Period or has entered into a binding commitment or binding letter of intent prior to the last day of the Reinvestment Period to reinvest, the last day of such Reinvestment Period), an aggregate principal amount of Term Loans in an amount equal to 100% of all such Net Proceeds; *provided* that, if the Borrower or its Restricted Subsidiaries use any portion of such proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets used or useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition permitted hereunder (or any subsequent investment made in a Person, division or line of business previously acquired) capital expenditure or capitalized software expenditures, in each case within 12 months of such receipt (or credited against any such usage consummated no more than 18 months prior to the applicable disposition), such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 12 months of such receipt, so used or contractually committed to be so used (or so credited with respect to any prior usage) (it being understood that if any portion of such proceeds are not so used within such 12-month period but within such 12-month period are contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used (or so credited with respect to any prior usage) within 18 months of such receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso (such period, the "**Reinvestment Period**")); *provided*, *further*, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless (y) such Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $2,500,000 and (z) the aggregate Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $5,000,000 in any fiscal year (and thereafter only Net Proceeds in excess of such individual and annual amounts shall constitute Net Proceeds under this <u>clause (a)</u>). If at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Net Proceeds of such Disposition or Casualty Event, then the Borrowers may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(ii)</u> shall be reduced accordingly.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (A) not permitted to be incurred or issued pursuant to <u>Section 7.03</u> or (B) that is intended to constitute Replacement Term Loans or Credit Agreement Refinancing Indebtedness in respect of any Class of Terms Loans, Revolving Loans or Revolving Credit Commitments, the Borrowers shall cause to be prepaid an aggregate principal amount of such Term Loans (or, in the case of Credit Agreement Refinancing Indebtedness in respect of Revolving Loans or Revolving Credit Commitments, prepay such Revolving Loans and terminate such Revolving Credit Commitments) in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Proceeds plus any additional premium (if any) owing pursuant to <u>Section 2.05(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If for any reason the aggregate Outstanding Amount of Revolving Loans and L/C Obligations at any time exceeds the aggregate Revolving Credit Commitments then in effect, the Borrowers shall within two Business Days after receipt of written notice from the Revolving Agent or becoming aware of such excess prepay the Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; *provided* that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.05(b)(iv)</u> unless, after the prepayment in full of the Revolving Loans, such aggregate Outstanding Amount exceeds the aggregate Revolving Credit Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any Excess Cash Flow attributable to Foreign Subsidiaries ("**Foreign Subsidiary Excess Cash Flow**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the portion of such Foreign Subsidiary Excess Cash Flow that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any Foreign Subsidiary Excess Cash Flow could reasonably be expected to result in a tax liability (including any withholding tax) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower), the Borrower or any Subsidiary (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), an amount equal to such Foreign Subsidiary Excess Cash Flow that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>; *provided* that (A) for purposes of this <u>Section 2.05</u>, Excess Cash Flow shall be deemed allocable to each Foreign Subsidiary, with respect to any Excess Cash Flow Period, in an amount equal to (i) the Consolidated EBITDA of such Foreign Subsidiary for such Excess Cash Flow Period, *divided* by (ii) the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period (it being understood and agreed for the avoidance of doubt that such allocation shall exclude any reduction from interest and principal payments in respect of the Obligations) and (B) the Borrower and its Restricted Subsidiaries shall be entitled to reduce Excess Cash Flow owed to the Lenders pursuant to <u>Section 2.05(b)(i)</u> in respect of any Excess Cash Flow Period by the aggregate amount of Excess Cash Flow attributable to Foreign Subsidiaries subject to the limitations and restrictions described

------

above in this <u>Section 2.05(b)(v)</u> for such Excess Cash Flow Period. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary ("**Foreign Disposition**") or the Net Proceeds of any Casualty Event incurred by a Foreign Subsidiary ("**Foreign Casualty Event**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the Net Proceeds that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Disposition or Foreign Casualty Event could reasonably be expected to result in a tax liability (including any withholding tax)(other than a de minimis tax liability) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower) (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), the Borrower or any Restricted Subsidiary with respect to such Net Proceeds, an amount equal to such Net Proceeds that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as otherwise provided in any Refinancing Amendment, Extension Amendment or any Incremental Amendment or as otherwise provided herein, (A) each prepayment of Term Loans pursuant to this <u>Section 2.05(b)</u> shall be applied ratably to each Class of Term Loans then outstanding; *provided* that (x) any prepayment of Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt and (y) any prepayment of Term Loans with the Net Cash Proceeds of Replacement Term Loans shall be applied solely to each applicable Class of Refinanced Term Loans; (B) with respect to each Class of Term Loans, each prepayment pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> shall be applied to the scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner directed by the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity) and (C) each such prepayment shall be paid to the Lenders of each Class in accordance with their respective Pro Rata Shares of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made by the Borrowers pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> not later than 11:00 a.m. at least three Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the aggregate amount of such prepayment required to be made

------

by the Borrowers. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower's prepayment notice and of such Appropriate Lender's Pro Rata Share of the prepayment. Each Term Lender may reject all (but not less than all) of its Pro Rata Share of any mandatory prepayment (such declined amounts, the "**Declined Proceeds**") of Term Loans required to be made pursuant to <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section 2.05(b)</u> by providing written notice (each, a "**Rejection Notice**") to the Administrative Agent no later than 5:00 p.m. one Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment; *provided*, *however*, in no event may the proceeds of any Credit Agreement Refinancing Indebtedness be rejected. If a Term Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be retained by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest, Funding Losses, Etc*. All prepayments under this <u>Section 2.05</u> shall be without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>) and accompanied by all accrued interest thereon (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments), together with, in the case of any such prepayment of a Eurocurrency Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Eurocurrency Rate Loan pursuant to <u>Section 3.05</u>. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Call Protection*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> Any prepayment of all or any portion of the Initial Term Loans or the Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of the Initial Term Loans or the Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs prior to the first anniversary of the Closing Date, (y) 1.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date and (z) 0.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the second anniversary of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) Any prepayment of all or any portion of the 2020 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to Section 2.05(a)(i) (excluding, for the avoidance of doubt, any reduction of 2020 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to Section 2.05(a)(v), Section 10.07(k) or Section 10.07(l)), (ii) any mandatory prepayment pursuant to Section 2.05(b)(iii) and (iii) any Lender being replaced pursuant to Section 3.07(a)(iii) for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 1 Effective Date, (y) 1.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 1 Effective Date and prior to the second anniversary of the Amendment No. 1 Effective Date and (z) 0.00% of the aggregate principal</u> <u>amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 1 Effective Date.</u>

------

Notwithstanding any of the other provisions of this <u>Section 2.05</u>, so long as no Event of Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is required to be made under this <u>Section 2.05</u>, prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this <u>Section 2.05</u> in respect of any such Eurocurrency Rate Loan prior to the last day of the Interest Period therefor, the Borrowers may, in their sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such Interest Period into a deposit account of the Borrower maintained with the Revolving Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with this <u>Section 2.05</u>. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this <u>Section 2.05</u>. Such deposit shall be deemed to be a prepayment of such Loans by the Borrowers for all purposes under this Agreement.

Section 2.06. <u>Termination or Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. The Borrowers may, upon written notice to the Administrative Agent or the Revolving Agent, as applicable, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent or the Revolving Agent, as applicable, three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,500,000, or any whole multiple of $500,000 in excess thereof or, if less, the entire amount thereof, (iii) if, after giving effect to any reduction of the Revolving Credit Commitments or the Letter of Credit Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess and (iv) any termination or permanent reduction of any Revolving Credit Commitments pursuant to this <u>Section 2.06(a)</u> shall be applied as directed by the Borrowers, including as to any Class of Extended Revolving Credit Commitments or existing Revolving Credit Commitments (including any Refinancing Revolving Credit Commitments). Except as provided above, the amount of any such Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Borrowers. Notwithstanding the foregoing, any notice of termination of any Commitments may be conditional, extendable or revocable if such termination would result from a Refinancing of all or any portion of the applicable Class or occurrence of any other event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. The Initial Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by such Term Lender on the Closing Date. The Delayed Draw Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (x<u>w</u>) the Delayed Draw Term Loan Commitment Termination Date and (y<u>x</u>) the funding of the Delayed Draw Term Loans in an amount equal to the aggregate Delayed Draw <u>Commitment. The 2020 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (y) the 2020 Delayed Draw Term Loan Commitment Termination Date and (z) the funding of the 2020 Delayed Draw Term Loans in an amount equal to the aggregate 2020 Delayed Draw Term Loan Commitment.</u> The Revolving Credit Commitments of each Revolving Credit Lender shall automatically and permanently terminate on the Maturity Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Application of Commitment Reductions; Payment of Fees*. The Revolving Agent will promptly notify the Revolving Credit Lenders of any termination or reduction of the Revolving Credit Commitments under this <u>Section 2.06</u>. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Revolving Credit Lender's Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced (other than the termination of the Revolving Credit Commitment of any Revolving Credit Lender as provided in <u>Section 3.07</u>). All Unused Revolver Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitments shall be paid to the Revolving Agent, for the benefit of the Revolving Credit Lenders, on the effective date of such termination.

Section 2.07. <u>Repayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2020, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Loans*. The Borrowers shall repay to the Revolving Agent for the ratable account of the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Loans under the Revolving Credit Facility outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable Delayed Draw Funding Date of such Delayed Draw Term Loans (each such day, a "**Delayed Draw Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) *2020 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2020 Delayed Draw Term Loan Funding Date of such 2020 Delayed Draw Term Loans (each such day, a "**2020 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2020 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2020 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05 or Section 10.07 to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2020 Delayed Draw Term Loans, the aggregate principal amount of all 2020 Delayed Draw Term Loans outstanding on such date.</u>

------

Section 2.08. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 2.08(b)</u>, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period *plus* the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate *plus* the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default under <u>Section 8.01(a)</u> (with respect to principal, interest or fees) or non-payment after acceleration pursuant to <u>Section 8.01(f)</u>, the Borrowers shall pay interest on past due amounts (after giving effect to any applicable grace period) owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; *provided* that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon written demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

Section 2.09. <u>Fees</u>.

In addition to certain fees described in <u>Sections 2.03(h)</u> and <u>(i)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Unused Revolver Commitment Fee*. The Borrowers agree to pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, an unused commitment fee (the "Unused Revolver Commitment Fee") in an amount equal to the Applicable Rate (as set forth in clause (c) of such definition) *times* the actual daily amount by which the aggregate amount of the Revolving Credit Commitments exceeds the sum of the Outstanding Amount of Revolving Loans and the Outstanding Amount of L/C Obligations for each calendar quarter or portion thereof; *provided* that any Unused Revolver Commitment Fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Revolver Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Unused Revolver Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Unused Revolver Commitment Fee shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date for the Revolving Credit Facility. The Unused Revolver Commitment Fee shall be calculated quarterly in arrears. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Fees*. The Borrowers shall pay to the Agents and the Commitment Parties such fees as shall have been separately agreed upon in writing (including pursuant to the Commitment Letter and the Fee Letter) in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrowers and the applicable Agent or Commitment Party). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved].

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each Delayed Draw Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the Delayed Draw Commitments exceeds the sum of the Outstanding Amount of Delayed Draw Term Loans; *provided* that any Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Delayed Draw Term Loan Commitment Fee on the Delayed Draw Commitments shall accrue commencing on the ninetieth (90th) day following the Closing Date and at all times thereafter until the Delayed Draw <u>Term Loan Commitment</u> Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Closing Date, and on the Delayed Draw Term Loan Commitment Termination Date. The Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) *2020 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2020 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2020 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2020 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2020 Delayed Draw Term Loans; *provided* that any 2020 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2020 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2020 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2020 Delayed Draw Term Loan Commitment Fee on the 2020 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 1 Effective Date and at all times thereafter until the 2020 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 1 Effective Date, and on the 2020 Delayed Draw Term Loan Commitment Termination Date. The 2020 Delayed Draw Term Loan Commitment Fee under this Section 2.09(d) shall be calculated quarterly in arrears.</u>

Section 2.10. <u>Computation of Interest and Fees</u>.

All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate) shall be made on the basis of a year of 365 days, or 366 days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; *provided* that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.12(a)</u>, bear interest for one day. Each determination by the Administrative Agent or the Revolving Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

------

Section 2.11. <u>Evidence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent or the Revolving Agent, as applicable, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrowers, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent or the Revolving Agent, as applicable, and each Lender shall be *prima facie* evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, in respect of such matters, the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent or the Revolving Agent, as applicable, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent or the Revolving Agent, as applicable) a Note payable to such Lender, which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section 2.11(a)</u>, each Appropriate Lender, the Revolving Agent and the Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Revolving Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Revolving Agent or the Administrative Agent, as applicable, and the accounts and records of any Lender in respect of such matters, the accounts and records of the Revolving Agent or the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entries made in good faith by the Administrative Agent and the Revolving Agent in the Register pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, and by each Lender in its account or accounts pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, shall be *prima facie* evidence of the amount of principal and interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent, the Revolving Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement and the other Loan Documents.

Section 2.12. <u>Payments Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided by <u>Section 3.01</u>, all payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense (other than payment in full), recoupment or setoff. All payments by the Borrowers hereunder shall be made to the Administrative Agent or the Revolving Agent, as applicable, for the account of the respective Lenders to which such payment is owed, at the Applicable Agent's Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Without limiting the generality of the foregoing, the Administrative Agent or the Revolving Agent, as applicable, may require that any payments due under this Agreement be made in the United States. The Administrative Agent or the Revolving Agent, as applicable, will promptly distribute

------

to each Appropriate Lender its Pro Rata Share (or other applicable share provided for under this Agreement) of such payment in like funds as received by wire transfer to such Lender's applicable Lending Office. All payments received by the Administrative Agent or the Revolving Agent, as applicable, after 2:00 p.m. on any Business Day shall in each case be deemed received on the next succeeding Business Day (or, in the Administrative Agent's or the Revolving Agent's, as applicable, sole discretion, on the same Business Day) and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, if any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; *provided* that, if such extension would cause payment of interest on or principal of Eurocurrency Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower or any Lender has notified the Administrative Agent or the Revolving Agent, as applicable, prior to the date any payment is required to be made by it to the Administrative Agent or the Revolving Agent, as applicable, hereunder, that a Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent or the Revolving Agent, as applicable, may assume that such Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrowers failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent or the Revolving Agent, as applicable, the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to such Lender to the date such amount is repaid to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds at the applicable Overnight Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent or the Revolving Agent, as applicable, the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to the Borrowers to the date such amount is recovered by the Administrative Agent or the Revolving Agent, as applicable, (the "**Compensation Period**") at a rate per annum equal to the applicable Overnight Rate from time to time in effect. When such Lender makes payment to the Administrative Agent or the Revolving Agent, as applicable, (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender's Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent's or the Revolving Agent's, as applicable, demand therefor, the Administrative Agent or the Revolving Agent, as applicable, may make a demand therefor upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent or the Revolving Agent, as applicable, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent, the Revolving Agent or the Borrowers may have against any Lender as a result of any default by such Lender hereunder.

------

A written notice (including documentation reasonably supporting such request) of the Administrative Agent or the Revolving Agent, as applicable, to any Lender or the Borrowers with respect to any amount owing under this <u>Section 2.12(c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent or the Revolving Agent, as applicable, funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrowers by the Administrative Agent or the Revolving Agent, as applicable, because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent or the Revolving Agent, as applicable, shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever any payment received by the Administrative Agent or the Revolving Agent, as applicable, under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent or the Revolving Agent, as applicable, and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent or the Revolving Agent, as applicable, and applied by the Administrative Agent or the Revolving Agent, as applicable, and the Lenders in the order of priority set forth in <u>Section 8.03</u>. If the Administrative Agent or the Revolving Agent, as applicable, receives funds for application to the Secured Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent or the Revolving Agent, as applicable, may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender's Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Secured Obligations then owing to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amounts to be applied to the prepayment of Loans in connection with any mandatory prepayments by the Borrowers of the Term Loans pursuant to <u>Section 2.05(b)</u> shall be applied, as applicable, on a pro rata basis to the then outstanding Class of Term Loans being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or, after giving effect to the last paragraph of <u>Section 2.05</u>, Eurocurrency Rate Loans; *provided* that if no Lenders exercise the right to waive a given mandatory prepayment of the Term Loans pursuant to <u>Section 2.05(b)(viii)</u>, then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to reduce outstanding Base Rate Loans. Any amounts remaining after each such application shall be applied to prepay Eurocurrency Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to <u>Section 3.05</u>.

------

Section 2.13. <u>Sharing of Payments</u>.

If, other than as provided elsewhere herein, any Lender shall obtain payment in respect of any principal or interest on account of the Loans made by it, or the participations in L/C Obligations held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent or the Revolving Agent, as applicable, of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such sub-participations in the participations in L/C Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of any principal or interest on such Loans or such participations, as the case may be, pro rata with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For the avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers or application of funds pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder, (C) transactions in connection with an open market purchase or Dutch Auction contemplated hereunder, (D) in connection with a transaction pursuant to an Extension Amendment, Refinancing Amendment or Incremental Amendment or amendment in connection with Replacement Term Loans contemplated hereunder, (E) the application of Cash Collateral as provided herein (including the application of funds arising from the existence of a Defaulting Lender) or (F) non-pro rata payments and repayments permitted pursuant to <u>Section 2.16(b)</u>. The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this <u>Section 2.13</u> may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participations. The Administrative Agent and the Revolving Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section 2.13</u> and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section 2.13</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

Notwithstanding anything to the contrary contained in this <u>Section 2.13</u> or elsewhere in this Agreement, the Borrowers may extend the final maturity of Term Loans and/or Revolving Credit Commitments in connection with an Extension that is permitted under <u>Section 2.16</u> (each, an "**Extension Offer**") without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (i) shall constitute a payment or prepayment of any Term Loans or Revolving Loans, as applicable, for purposes of this <u>Section 2.13</u> or (ii) shall reduce the amount of any scheduled amortization payment due under <u>Section 2.07(a)</u>, except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement. Furthermore, the Borrowers may take all actions

------

contemplated by <u>Section 2.16</u> in connection with any Extension (including modifying pricing, amortization and repayments or prepayments), and in each case such actions shall be permitted, and the differing payments contemplated therein shall be permitted without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement.

Section 2.14. <u>Incremental Credit Extensions; Increase in Revolving Credit Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Incremental Term Loan Commitments*. The Borrowers may at any time or from time to time after the Closing Date, by notice to the Administrative Agent and the Revolving Agent, as applicable (an "**Incremental Request**"), request (i) one or more new commitments which may be in the same Facility as any outstanding Term Loans (a "**Term Loan Increase**") or a new Class of term loans (including any delayed draw term loans) (collectively with any Term Loan Increase, the "**Incremental Term Loan Commitments**") in each case, under this Agreement, (ii) one or more new term loans (including any delayed draw term loans) in a separate facility from the Facilities and either unsecured or secured on a pari passu basis or a junior lien basis to the Facilities (the "**Other Commitments**" and the loans in respect thereof, the "**Other Term Loans**"), which shall be documented under another credit agreement, and/or (iii) one or more series of pari passu secured, junior lien secured or unsecured notes (the "**Other Notes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incremental Term Loans*. Any Incremental Term Loans to the extent effected through the establishment of one or more new delayed draw commitments or new Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Loan Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction (or waiver) of the terms and conditions in this <u>Section 2.14</u>, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrowers (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Loan Commitment and (ii) each Incremental Term Lender shall become a Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loans made pursuant thereto. For the avoidance of doubt, Incremental Term Loans having identical terms to any of the other Term Loans (other than OID and/or upfront fees) may be treated as the same Class as any of such Term Loans for all purposes herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Request*. Each Incremental Request from the Borrowers pursuant to this <u>Section 2.14</u> shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans, Other Term Loans or Other Notes. Incremental Term Loans, Other Term Loans and extensions of credit in respect of Other Notes will first be offered to the then-existing Term Lenders with respect to the Incremental Term Loans on a pro rata basis (but each existing Lender will not have an obligation to make any Incremental Term Loan Commitment or Other Commitment, or to extend credit in respect of any Other Term Loans or Other Notes) and, to the extent such existing Term Lenders have not agreed or declined to provide such Incremental Term Loan within five (5) Business Days following such offer on the terms specified by the Borrower or arranger of such Incremental Term Loan, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Term Lenders) (any such other bank or other financial institution that is not an Existing Lender being called an "**Additional Term Lender**") (each such existing Lender or Additional Term Lender providing such Incremental Term Loans, Other Term Loans or Other Notes an "**Incremental Term Lender**," and, collectively, the "**Incremental Term Lenders**"); *provided* that any Affiliated Lender providing an Incremental Term Loan Commitment shall be subject to the same restrictions set forth in <u>Section 10.07(k)</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Initial Term Loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effectiveness of Incremental Amendment*. The obtaining of Other Commitments, the making of Other Term Loans, the incurrence of Indebtedness in respect of Other Notes, the effectiveness of any Incremental Amendment, and the Incremental Term Loan Commitments thereunder, shall be subject to the satisfaction on the date of such Incremental Amendment (or, in the case of Other Commitments, Other Term Loans and Other Notes, on the date of the extension of such commitments or the incurrence or issuance of such Other Term Loans or Other Notes, as applicable) (the "**Incremental Facility Closing Date**") of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Incremental Term Loan Commitments, no Event of Default shall exist after giving effect to such Incremental Term Loan Commitments (or, in the case of Incremental Term Loan Commitments incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Incremental Term Loan Commitments become effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Incremental Term Loan Commitment shall be in an aggregate principal amount that is not less than $2,500,000 and shall be in an increment of $500,000 (*provided* that such amount may be less than $2,500,000 or $500,000, as applicable, if such amount represents all remaining availability under the limit set forth in <u>clause (iii)</u> below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of the Incremental Term Loans, the Other Term Loans and the Other Notes shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to clause (ii)(A) of the definition of "Permitted Ratio Debt" *plus* (B) such additional amount of Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (assuming for purposes of each of these calculations that any increase to the Revolving Credit Facility in accordance with Section 2.14(h) established on the same date as such Incremental Term Loan Commitment is drawn), after giving effect to any such incurrence or issuance and any transaction consummated in connection therewith on a Pro Forma Basis, and, in each case, with respect to any Incremental Term Loan Commitment established at such time, assuming a borrowing of the maximum amount of Incremental Term Loans, Other Term Loans and Other Notes available thereunder (*provided* that, at the option of the Borrower, any unfunded Incremental Term Loan Commitments may be tested on the date such Incremental Loans are incurred in lieu of testing on the date of establishment), and excluding the cash proceeds of any such Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes for the purposes of netting; *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness; *plus* (C) an amount equal to (x) the sum, without duplication, of all (i) voluntary prepayments and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt" and (ii) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt", (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long term Indebtedness (other than revolving Indebtedness) or (B) proceeds of

------

Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt") *minus* (y) the aggregate principal amount of the aggregate principal amount of all Indebtedness incurred in reliance on clause (ii)(C) of the definition of "Permitted Ratio Debt" (it being understood that (x) amounts under clause (B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (A) or (C), and amounts under clause (C) shall be deemed to have been used prior to utilization of amounts under clause (A), (y) Indebtedness may be incurred under clauses (A) and (B), (B) and (C) or (A), (B) and (C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (B) above and then calculating the incurrence under clause (A) and/or (C) and, for the avoidance of doubt, any such incurrence under clause (A) and/or (C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (A) or (C) as incurred pursuant to clause (B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (A) or (C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Required Terms*. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Loan Commitments of any Class, and of the Other Term Loans and the Other Notes, except as otherwise set forth herein, shall be as agreed between the Borrowers and the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments, Other Term Loans or Other Notes, as applicable; *provided* that , except with respect to AHYDO Payments, in no event will any Incremental Term Loans or Other Term Loans be permitted to be mandatorily prepaid prior to the repayment in full of the Initial Term Loans and<u>,</u> Delayed Draw Term Loans <u>and 2020 Delayed Draw Term Loan</u>, unless accompanied by at least a ratable payment of the Initial Term Loans and<u>,</u> Delayed Draw Term <u>Loans and 2020 Delayed Draw Term</u> Loans (and, for the avoidance of doubt, any Incremental Amendment may provide that the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments or such Other Notes, as applicable, shall receive a less than ratable payment). In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans, Other Term Loans and Other Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) with respect to Incremental Term Loans, Other Term Loans and Other Notes that are intended to be secured on a pari passu basis, such Incremental Term Loans, Other Term Loans and Other Notes shall (w) either constitute (I) Pari Passu Secured Obligations and be subject to either the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement or (II) "additional first lien debt" (or a comparable term) (as defined in any Junior Intercreditor Agreement) and be subject to a Junior Intercreditor Agreement, (x) shall not at any time be guaranteed by any Subsidiaries other than the Restricted Subsidiaries that are Guarantors, (y) to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment or other definitive documentation therefor, and (z) shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among the Lenders or the applicable Intercreditor Agreement; and (2) with respect to Other Term Loans and Other Notes that are unsecured or secured on a junior lien

------

basis, shall not at any time be guaranteed by any Subsidiaries other than the Subsidiaries that are Guarantors and, to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and shall not be entitled to participate in any mandatory prepayments of Term Loans hereunder other than to the same extent such participation is customarily available in junior secured loan facilities or note issuances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date, shall not mature earlier than the Latest Maturity Date of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except (x) in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date or (y) as may be required to achieve fungibility with any then-existing Term Loans to the extent intended to be fungible by the Borrowers and the Administrative Agent, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of then-existing Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other than with respect to Other Term Loans and Other Notes, shall have an Applicable Rate, and subject to <u>clauses (e)(i)(B)</u> and <u>(e)(i)(C)</u> above and <u>clause (e)(iii)</u> below, amortization determined by the Borrowers and the applicable Incremental Term Lenders or other Additional Term Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the amortization of Other Term Loans and Other Notes (subject to <u>clauses (B)</u> and <u>(C)</u> above) shall be determined by the Borrowers and the lenders or purchasers providing such Other Term Loans and Other Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Incremental Term Loans may be in the form of delayed draw term loans and, to the extent incurred pursuant to clause (d)(iii)(B) above, shall, unless the Borrower otherwise elects, be subject to the applicable incurrence test at funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to <u>Section 2.14(e)(i)(C)</u>, the amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans of each Class, and to each series of Other Term Loans and Other Notes, shall be determined by the Borrowers and the applicable Incremental Term Lenders and shall be set forth in each applicable Incremental Amendment and in the definitive documentation governing such Indebtedness; *provided*, *however*, that, with respect to any Incremental Term Loans, Other Term Loans or Other Notes made under Incremental Term Loan Commitments that are pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes as applicable, shall not be greater than the All-In Yield then applicable to the Initial Term Loans *plus* 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans<u>, Delayed Draw Term Loans</u> and <u>2020</u> Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans and<u>,</u> Delayed Draw Term <u>Loans and 2020 Delayed Draw Term</u> Loans to equal the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes, as applicable, *minus* 50 basis points per annum.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Incremental Amendment*. Commitments in respect of Incremental Term Loans shall become Commitments under this Agreement pursuant to an amendment (an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Incremental Term Lender providing such Commitments, the Administrative Agent and the Collateral Agent (and the Administrative Agent shall execute such Incremental Amendment so long as the conditions to such Incremental Term Commitment in this Section 2.14 are satisfied), and as a condition precedent to each Incremental Amendment, each Incremental Term Lender shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date (or another equivalent agreement that establishes the senior priority in right of payment of the Revolving Loans to such Incremental Term Loans). The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this <u>Section 2.14</u>. The Borrowers will use the proceeds of the Incremental Term Loans as determined by the Borrowers and the Lenders providing such Incremental Term Loans. No Lender shall be obligated to provide any Incremental Term Loans unless it so agrees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Increase in Revolving Credit Facility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, at any time, request that the Maximum Revolving Credit Amount and the Revolving Credit Commitments be increased by (1) one or more of the current Revolving Credit Lenders increasing their Revolving Credit Commitment (any current Revolving Credit Lender which elects to increase its Revolving Credit Commitment shall be referred to as an "<u>Increasing Revolving Credit Lender</u>") or (2) one or more new financial institutions (each a "<u>New Revolving Credit Lender</u>") joining this Agreement and providing a Revolving Credit Commitment hereunder, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no current Revolving Credit Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Revolving Credit Lender shall be in the sole discretion of such current Revolving Credit Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such increase will first be offered to the then-existing Revolving Credit Lenders on a pro rata basis (but no existing Revolving Credit Lender will have an obligation to make any such increase) and, any increase in the Maximum Revolving Credit Amount to the extent such existing Revolving Credit Lenders have not agreed or declined to provide such increase within five (5) Business Days following the receipt of notice of the date of the proposed increase, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Revolving Credit Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) after giving effect to such increase, the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments shall not exceed $30,000,000;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Borrowers may not request an increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments under this <u>Section 2.14(h)</u> more than four (4) times prior to the Maturity Date, and no single such increase shall be for an amount less than $2,500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Borrowers shall deliver to Revolving Agent on or before the effective date of such increase the following documents, in each case in form and substance satisfactory to Revolving Agent: (A) a certificate dated as of the effective date of such increase certifying that (i) the increase in the Revolving Credit Commitment has been approved by the board of directors of each Borrower, (ii) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective), and (iii) all of the representations and warranties made by each Borrower herein are true and complete in all respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date), and (B) such other agreements, instruments and information (including supplements or modifications to this Agreement and/or the Loan Documents executed by Borrowers) as Revolving Agent reasonably deems necessary in order to document the increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments and to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents in light of such increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Borrowers shall execute and deliver (A) to each Increasing Revolving Credit Lender a replacement Revolving Credit Note reflecting the new amount of such Increasing Revolving Credit Lender's Revolving Credit Commitment Amount after giving effect to the increase (and the prior Revolving Credit Note issued to such Increasing Revolving Credit Lender shall be returned to the Borrower and canceled) and (B) to each New Revolving Credit Lender a Revolving Credit Note reflecting the amount of such New Revolving Credit Lender's Revolving Credit Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to the extent required by <u>Section 10.07</u>, any New Revolving Credit Lender shall be subject to the approval of Revolving Agent and each L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) each Increasing Revolving Credit Lender shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement, signed by it and each Borrower and delivered to Revolving Agent on or before the effective date of such increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) each New Revolving Credit Lender shall execute a lender joinder and assumption agreement in substantially the form of Exhibit M hereto pursuant to which such New Revolving Credit Lender shall join and become a party to this Agreement and the Loan Documents with a Revolving Credit Commitment as set forth in such joinder and assumption agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the effective date of such increase: (i) the Revolving Credit Commitment of each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall be recalculated such that each such Revolving Credit Lender's Revolving Credit Commitment is equal to (x) the Revolving Credit Commitment of such Revolving Credit Lender <u>divided by</u> (y) the aggregate of the Revolving Credit Commitments of all Revolving Credit Lenders; (ii) each Revolving Credit Lender shall participate in any new Revolving Loans made on or after such date in accordance with its Revolving Credit Commitment after giving effect to the increase in the aggregate Revolving Credit Commitments and recalculation of the Revolving Credit Commitment contemplated by this <u>Section 2.14(h)</u>; and (iii) each reference to the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments herein and in any of the Loan Documents shall be deemed amended to mean the amount of the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments as so increased pursuant to this <u>Section 2.14(h)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the effective date of such increase, each Increasing Revolving Credit Lender shall be deemed to have purchased an additional/increased participation in, and each New Revolving Credit Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder in an amount equal to such Revolving Credit Lender's Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above) of the L/C Obligations of each such Letter of Credit (as in effect from time to time). As necessary to effectuate the foregoing, each existing Revolving Credit Lender that is not an Increasing Revolving Credit Lender shall be deemed to have sold to each applicable Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as necessary, a portion of such existing Revolving Credit Lender's participations in such outstanding Letters of Credit and drawings such that, after giving effect to all such purchases and sales, each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) in accordance with their respective Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the effective date of such increase, Borrowers shall pay all costs and expenses incurred by each Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as applicable, and Revolving Agent (including, without limitation, the reasonable fees and expenses of counsel to Revolving Agent) in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Revolving Agent, Borrowers, such Increasing Revolving Credit Lender and/or such New Revolving Credit Lender in connection with, such increase (including all fees for any supplemental or additional public filings of any Loan Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Revolving Agent and Revolving Credit Lenders hereunder and under the Loan Documents in light of such increase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section 2.14</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.15. <u>Refinancing Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On one or more occasions after the Closing Date, the Borrowers may obtain, from any Lender or any Additional Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans or all (but not less than all) of the Revolving Loans and unused Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this <u>Section 2.15(a)</u> will be deemed to include any then outstanding Refinancing Term Loans or Incremental Term Loans), in the form of Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans pursuant to a Refinancing Amendment; *provided* that notwithstanding anything to the contrary in this <u>Section 2.15</u> or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect to Refinancing Revolving Credit Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be repaid (with respect to existing Revolving Loans) or replaced (with respect to existing Revolving Credit Commitments) in full, (2) subject to the provisions of <u>Section 2.03(m)</u> to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Credit Commitments with a longer maturity date, all Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Credit Commitments (and except as provided in <u>Section 2.03(m)</u>, without giving effect to changes thereto on an earlier maturity

------

date with respect to Letters of Credit theretofore incurred or issued), (3) assignments and participations of Refinancing Revolving Credit Commitments and Refinancing Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Loans and (4) each Additional Refinancing Lender that is or becomes a Lender under this Agreement shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date and all Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, receipt by the Administrative Agent or the Revolving Agent, as applicable of (i) customary legal opinions consistent with those delivered on the Closing Date (other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each issuance of Credit Agreement Refinancing Indebtedness under <u>Section 2.15(a)</u> shall be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and the fourth paragraph of <u>Section 10.01</u> and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.15</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Refinancing Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This <u>Section 2.15</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.16. <u>Extension of Term Loans; Extension of Revolving Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Extension of Term Loans*. The Borrowers may at any time and from time to time request that all or a portion of the Term Loans of a given Class (each, an "**Existing Term Loan Tranche**") be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended, "**Extended Term Loans**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a "**Term Loan Extension Request**") setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) (except as to interest rates, fees, amortization, final maturity date, AHYDO Payments, optional prepayments and redemptions, premium, required prepayment dates and participation in

------

prepayments, which shall be determined by the Borrowers and the Extending Term Lenders and set forth in the relevant Term Loan Extension Request), be substantially identical to, or (taken as a whole) not materially more favorable (as reasonably determined by the Borrowers) to the Extending Term Lenders than those applicable to the Existing Term Loan Tranche subject to such Term Loan Extension Request (except if the existing Lenders receive the benefit of such favorable terms or for covenants or other provisions applicable only to periods after the Latest Maturity Date), including: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; *provided*, *however*, that at no time shall there be Classes of Term Loans hereunder (including Refinancing Term Loans and Extended Term Loans) which have more than five different Maturity Dates; (ii) the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments with respect to the Extended Term Loans (whether in the form of interest rate margin, upfront fees, OID or otherwise) may be different than the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments for the Term Loans of such Existing Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Term Loans); and (iv) Extended Term Loans may have call protection as may be agreed by the Borrowers and the Lenders thereof; *provided*, *however*, that (A) in no event shall the final maturity date of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Term Loans hereunder, (B) the Weighted Average Life to Maturity of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of the applicable Existing Term Loan Tranche, (C) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect), (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing and (E) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans amended pursuant to any Term Loan Extension Request shall be designated a series (each, a "**Term Loan Extension Series**") of Extended Term Loans for all purposes of this Agreement; *provided* that any Extended Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each Term Loan Extension Series of Extended Term Loans incurred under this <u>Section 2.16</u> shall be in an aggregate principal amount that is not less than $10,000,000 (or, if less, the entire principal amount of the Indebtedness being extended pursuant to this <u>Section 2.16(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Extension of Revolving Credit Commitments*. The Borrowers may at any time and from time to time request that the Revolving Credit Commitments be amended to extend the Maturity Date with respect thereto (as so extended, "**Extended Revolving Credit Commitments**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Revolving Agent (who shall provide a copy of such notice to each of the Revolving Credit Lenders) (each, a "**Revolver Extension Request**") setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Revolving Credit Lender (including as to the proposed interest rates and fees payable) and offered pro rata to each Revolving Credit Lender and (y) the Extended Revolving Credit Commitment extended pursuant to a Revolver Extension Request, and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be) with such other terms as determined by the Borrower and the Extending Revolving Credit Lender agreeing to extend their Revolving Credit

------

Commitment and the Extension Amendment may provide for other covenants (as determined by the Borrowers and Revolving Credit Lenders); and (ii) all borrowings under the Revolving Credit Facility and all repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstandings), (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments and (III) repayments made in connection with a permanent repayment and termination of non-extended Revolving Credit Commitments); *provided*, *further*, that (A) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, (B) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect) and (C) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a "**Revolver Extension Series**") of Extended Revolving Credit Commitments for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Extension Request*. The Borrowers shall provide the applicable Extension Request at least five Business Days prior to the date on which the applicable existing Lenders are requested to respond (or such shorter period as agreed by the Administrative Agent or the Revolving Agent, as applicable), and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, in each case acting reasonably to accomplish the purposes of this <u>Section 2.16</u>. Subject to <u>Section 3.07</u>, no Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Extended Term Loans or any of its Revolving Credit Commitments amended into Extended Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an "**Extending Term Lender**") wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extended Term Loans and any Revolving Credit Lender (each, an "**Extending Revolving Credit Lender**") wishing to have its Revolving Credit Commitments subject to such Extension Request amended into Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent or the Revolving Agent, as applicable (each, an "**Extension Election**") on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, which it has elected to request be amended into Extended Term Loans or Extended Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent or the Revolving Agent, as applicable). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, in respect of which applicable Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extended Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent or the Revolving Agent, as applicable, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Extension Amendment*. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an amendment (each, an "**Extension Amendment**") to this Agreement among the Borrowers, the Administrative Agent or the Revolving Agent, as applicable, and each Extending Term Lender or Extending Revolving Credit Lender, as applicable, providing an Extended Term Loan or Extended Revolving Credit Commitment, as applicable, thereunder, which shall be consistent

------

with the provisions set forth in <u>Section 2.16(a)</u> or <u>2.16(b)</u> above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Extension Amendment shall be, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, subject to receipt by the Administrative Agent or the Revolving Agent, as applicable, of (i) customary legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable, and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. The Administrative Agent or the Revolving Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled repayments set forth in <u>Section 2.07</u> with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to <u>Section 2.07</u>), (iii) modify the prepayments set forth in <u>Section 2.05</u> to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.16</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Extension Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No conversion or extension of Loans or Commitments pursuant to any Extension in accordance with this <u>Section 2.16</u> shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. This <u>Section 2.16</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.17. <u>Defaulting Lenders</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Revolving Agent, as applicable, for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent or the Revolving Agent, as applicable, as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent or the Revolving Agent, as applicable, hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by that

------

Defaulting Lender to the L/C Issuers hereunder; <u>third</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, or requested by the applicable L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; <u>fourth</u>, as the Borrowers may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent or the Revolving Agent, as applicable; <u>fifth</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to be held in a non-interest bearing deposit account and released in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this Agreement and (y) be held as Cash Collateral for funding obligations of such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 2.03</u>; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the applicable L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.17(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees; Default Interest</u>. That Defaulting Lender (x) shall not be entitled to receive any Unused Revolver Commitment Fee or<u>, Delayed Draw Term Loan Commitment Fee or 2020</u> Delayed Draw Term Loan Commitment Fee pursuant to <u>Section 2.09(a)</u> or<u>,</u> <u>(d</u><u>) or (e</u><u>)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender), (y) shall not be entitled to receive any interest at the Default Rate pursuant to <u>Section 2.08(b)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such interest that otherwise would have been required to have been paid to that Defaulting Lender) and (z) shall be limited in its right to receive Letter of Credit Fees as provided in <u>Section 2.03(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Pro Rata Share to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.03</u>, the "Pro Rata Share" of each Non- Defaulting Lender's Revolving Loans and L/C Obligations shall automatically be computed without giving effect to the Commitment of that Defaulting Lender; *provided* that (i) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that Non-Defaulting Lender *minus* (2) the aggregate Outstanding Amount of the Loans of that Lender and (ii) each reallocation shall be given effect only to the extent it does not cause the Revolving Credit Exposure of the applicable Lender to exceed its Revolving Credit Commitments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Defaulting Lender Cure*. If the Borrowers, the Revolving Agent and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Revolving Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Revolving Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to <u>Section 2.17(a)(iv)</u>), whereupon that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees, or interest at the Default Rate pursuant to <u>Section 2.08(b)</u>, accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; *provided*, *further*, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time that there shall exist a Defaulting Lender, promptly upon the written request of the Revolving Agent (with respect to any or all Fronting Exposure) or the L/C Issuer (solely with respect to such Person's Fronting Exposure at such time), the Borrowers shall deliver to the Revolving Agent Cash Collateral in an amount sufficient to cover all such Fronting Exposure that has not been reallocated pursuant to <u>Section 2.17(a)(iv)</u> (after giving effect to any Cash Collateral provided by the Defaulting Lender). For purposes hereof, "**Cash Collateralize**" means to pledge and deposit with or deliver to the Revolving Agent, for the benefit of the relevant L/C Issuer and the Appropriate Lenders, as collateral for the L/C Obligations, Cash and Cash Equivalents (if reasonably acceptable to the Revolving Agent and the relevant L/C Issuer) or deposit account balances ("**Cash Collateral**") pursuant to documentation in form and substance reasonably satisfactory to the Revolving Agent and the relevant L/C Issuer (which documents are hereby consented to by the Appropriate Lenders) in an amount equal to 100% of such L/C Obligations or such lesser amount as the Revolving Agent may agree in its sole discretion. Derivatives of such term have corresponding meanings.

Section 2.18. <u>Co-Borrowers; New Guarantors</u>.

To the extent additional Restricted Subsidiaries are designated as "Borrowers" or "Guarantors" after the Closing Date pursuant to the terms of <u>Section 2.18(g)</u> below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower and each Guarantor accepts joint and several liability hereunder in consideration of the financial accommodations to be provided by the Administrative Agent or the Revolving Agent, as applicable, the Lenders and the L/C Issuers under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and Guarantor and in consideration of the undertakings of each Borrower and Guarantor to accept joint and several liability for the obligations of each Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower and each Guarantor shall be jointly and severally liable for the Secured Obligations with each Borrower and with each Guarantor, regardless of which Borrower actually receives the Loans hereunder or the amount of the Secured Obligations received or the manner in which the Administrative Agent or the Revolving Agent, as applicable, or any Lender accounts for the Secured Obligations on its books and records. Each Borrower's obligations with respect to Loans made to it, and each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder, with respect to Loans or L/C Obligations made to and other Secured Obligations owing by the Borrowers and Guarantors hereunder, shall be separate and distinct obligations, but all such obligations shall be primary obligations of each Borrower and Guarantor.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower and Guarantor hereunder with respect to Loans made to, Letters of Credit issued on behalf of, and other Secured Obligations owing by the Borrowers and Guarantors hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (A) the validity or enforceability, avoidance or subordination of the obligations of any other Borrower or any Guarantor or of any promissory note or other document evidencing all or any part of the Secured Obligations of any other Borrower or any Guarantor, (B) the absence of any attempt to collect the Secured Obligations from any other Borrower, or Guarantor, any other guarantor, or any other security therefor, or the absence of any other action to enforce the same, (C) the waiver, consent, extension, forbearance or granting of any indulgence by any Agent or any Lender with respect to any provision of any instrument evidencing the obligations of any other Borrower or Guarantor, or any part thereof, or any other agreement now or hereafter executed by any other Borrower or any Guarantor and delivered to any Agent or any Lender, (D) the failure by any Agent or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the obligations of any other Borrower or any Guarantor, (E) any Agent's or any Lender's election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code of the United States, (F) any borrowing or grant of a security interest by any other Borrower or any Guarantor, as Debtor In Possession under Section 364 of the Bankruptcy Code of the United States, (G) the disallowance of all or any portion of any Agent's or any Lender's claim(s) for the repayment of the obligations of any other Borrower or any Guarantor under Section 502 of the Bankruptcy Code of the United States, or (H) any other circumstances which might constitute a legal or equitable discharge or defense of any other Borrower or any Guarantor. With respect to each Borrower's and each Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder with respect to Loans made to the Borrowers hereunder, such Borrower and Guarantor waives, until the Secured Obligations shall have been paid in full and this Agreement and the other Loan Documents shall have been terminated, any right to enforce any right of subrogation or any remedy which any Agent or any Lender now has or may hereafter have against such Borrower, any other Borrower or any Guarantor, and any benefit of, and any right to participate in, any security or collateral given to any Agent or any Lender to secure payment of the Secured Obligations or any other liability of any Borrower or any Guarantor to any Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuation of any Event of Default, the Agents and the Lenders may proceed directly and at once, without notice, against any Borrower or Guarantor to collect and recover the full amount, or any portion of the Secured Obligations, without first proceeding against any other Borrower, any Guarantor or any other Person, or against any security or collateral for the Secured Obligations. Each Borrower and Guarantor consents and agrees that the Agents and the Lenders shall be under no obligation to marshal any assets in favor of such Borrower, any other Borrower or any Guarantor or against or in payment of any or all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Borrower hereby irrevocably appoints TCFI as the borrowing agent and attorney-in-fact for the Borrowers, which appointment shall remain in full force and effect unless and until the Administrative Agent and the Revolving Agent shall have received prior written notice signed by all of the Borrowers that such appointment has been revoked and that another Borrower has been appointed in the place of TCFI. Each Borrower hereby irrevocably appoints and authorizes TCFI (i) to provide to the Administrative Agent and the Revolving Agent, and receive from the Administrative Agent and the Revolving Agent, all notices with respect to Loans obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and the other Loan Documents and (ii) to take such action as TCFI deems appropriate on its behalf to obtain Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the

------

Collateral of the Loan Parties and Guarantors in a combined fashion, as more fully set forth herein and in the Collateral Documents, is done solely as an accommodation to the Borrowers and Guarantors in order to utilize the collective borrowing powers of the Borrowers in the most efficient and economical manner and at their request, and that neither the Agents nor the Lenders shall incur liability to any Loan Party or Guarantors as a result hereof. Each of the Borrowers and Guarantors expects to derive benefit, directly or indirectly, from the handling of the Collateral in a combined fashion since the successful operation of each Borrower and Guarantor is dependent on the continued successful performance of the integrated group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Borrower or Guarantor hereunder would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability hereunder, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Borrower, any Loan Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After the Closing Date, TCFI may, at any time and from time to time, designate any Restricted Subsidiary that is a Domestic Subsidiary as a Borrower or a Guarantor by delivery to the Administrative Agent and the Revolving Agent of a Borrower Joinder Agreement or Guarantor Joinder Agreement executed by such Subsidiary and TCFI, together with other documentation and other information with respect to such additional Borrower or Guarantor required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act requested by any Agent or any Lender (and to the extent not theretofore delivered on the Closing Date or otherwise), and upon such delivery and satisfaction, such Subsidiary shall for all purposes of this Agreement and the other Loan Documents be a Borrower or Guarantor and a party to this Agreement. As soon as practicable upon receipt of a Borrower Joinder Agreement or Guarantor Joinder Agreement, as applicable, the Administrative Agent or the Revolving Agent, as applicable, shall furnish a copy thereof to each Appropriate Lender.

**ARTICLE III.** 

**<u>TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</u>**

Section 3.01. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section 3.01</u>, any and all payments made by or on account of a Borrower (the term Borrower under <u>Article III</u> being deemed to include any Subsidiary for whose account a Letter of Credit is issued) or Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes. If a Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to any Recipient, (i) if the Tax in question is an Indemnified Tax or Other Tax, the sum payable by a Borrower or any Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this <u>Section 3.01</u>), each such Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall be entitled to make such deductions or withholdings, (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment (or, if receipts or evidence are not available within 30 days, as soon as practicable thereafter), if a Borrower or any Guarantor is the applicable withholding agent, it shall furnish to such Recipient (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Recipient.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay, or timely reimburse any Agent or any Lender at its option with respect to, any and all present or future stamp, court or documentary Taxes and any other excise, property, intangible or mortgage recording Taxes, imposed by any Governmental Authority, which arise from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document excluding, in each case, any such Tax imposed as a result of a Recipient's Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (other than as a result of an assignment or participation that is requested or required in writing by the Borrower pursuant to <u>Section 3.07</u>) (all Taxes described in this <u>Section 3.01(b)</u> being hereinafter referred to as "**Other Taxes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication of any obligation under <u>Section 3.01(a)</u> or <u>(b)</u>, each Borrower and each Guarantor agree to indemnify each Recipient for (i) the full amount of Indemnified Taxes and Other Taxes payable by such Recipient and (ii) any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the Governmental Authority; *provided* that any Recipient seeking indemnification pursuant to this <u>Section 3.01(c)</u> provides the Borrower the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to the Borrower. A certificate as to the amount of such payment or liability prepared in good faith and delivered by such Recipient (or by an Agent on behalf of such Recipient), accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Recipient shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by Law or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Recipient to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Recipient under the Loan Documents. Each such Recipient shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly and on or before the date such documentation expires, becomes obsolete or inaccurate to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other provision of this <u>Section 3.01(d)</u>, a Recipient shall not be required to deliver any form or other documentation pursuant to this <u>Section 3.01(d)</u> that would in such Recipient's reasonable judgment subject such Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Recipient. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the reasonably request of the Borrower or the Administrative Agent) two properly completed and duly signed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from federal backup withholding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A) a certificate substantially in the form of <u>Exhibit H-1</u> hereto that such Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (any such certificate in Exhibit H, a "**United States Tax Compliance Certificate**") and (B) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or has sold a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, Form W-8BEN, Form W-8BEN-E, a United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-3</u> or <u>H-4</u>, Form W-9 or any other required information from each beneficial owner, as applicable (*provided* that, if the Lender is a partnership and one or more beneficial owners of such Lender are claiming the portfolio interest exemption, the United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-2</u> may be provided by such Lender on behalf of such beneficial owner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Agent that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-9, certifying that such Agent is exempt from federal backup withholding. Each Agent that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI or Form W-8BEN-E with respect to payments received by it as a beneficial owner and, two executed copies of Internal Revenue Form W-8IMY (together with accompanying documentation) with respect to

------

payments received by it on behalf of others, certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a United States person with respect to such payments (and the Borrower and such Agent agree to so treat such Agent as a United States person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a payment made to a Recipient under any Loan Document would be subject to withholding tax imposed under FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Laws and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Recipient has or has not complied with such Person's obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section 3.01(e)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Recipient claiming any additional amounts payable pursuant to this <u>Section 3.01</u> shall use its reasonable efforts to mitigate or reduce the additional amounts payable, which reasonable efforts may include a change in the jurisdiction of its Lending Office or assignment of its rights and obligations hereunder to another of its offices, branches, or affiliates (or any other measures reasonably requested by the Borrower) if such a change or other measures would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole determination of such Recipient, result in any unreimbursed cost or expense or be otherwise disadvantageous to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund in respect of any Taxes as to which indemnification or additional amounts have been paid to it by a Loan Party pursuant to this <u>Section 3.01</u>, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by the Loan Party under this <u>Section 3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Recipient, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund net of any Taxes payable by any Agent or Lender on such interest); *provided* that the Loan Parties, upon the request of the Recipient, agree promptly to return such refund (*plus* any penalties, interest or other charges imposed by the relevant taxing authority) to such Recipient in the event such Recipient is required to repay such refund to the relevant taxing authority; *provided, further,* that in no event will any Recipient be required to pay any amount to a Loan Party pursuant to this paragraph (g) the payment of which would place such Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>Section 3.01(g)</u> shall not be construed to require any Recipient to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other person.

------

Section 3.02. <u>Illegality</u>.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans, or to determine or charge interest rates based upon the Eurocurrency Rate, in each case after the Closing Date, then, on written notice thereof by such Lender to the Borrower, the Administrative Agent and the Revolving Agent, if applicable, any obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower , and the Revolving Agent, if applicable, that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall promptly, following written demand from such Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable, prepay or, if applicable, and such Loans are denominated in Dollars, convert all applicable Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under <u>Section 3.05</u>. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

Section 3.03. <u>Inability to Determine Rates</u>.

If, after the Closing Date, either (a) the Required Lenders determine or the Administrative Agent or the Revolving Agent reasonably determines in good faith that for any reason adequate and reasonable means do not exist for determining the applicable Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or that deposits in the applicable currency in which such proposed Eurocurrency Rate Loan is to be denominated are not being offered to banks in the applicable offshore interbank market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan in the applicable currency or (b) the Required Lenders determine that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that Dollar deposits are not being offered to banks in the London interbank eurodollar, or other applicable, market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan, the Administrative Agent or the Revolving Agent will promptly so notify the Borrower and each Lender in writing. Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies shall be suspended until the Administrative Agent or the Revolving Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of such Eurocurrency Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request, if applicable, into a request for a Borrowing of Base Rate Loans in the amount specified therein.

Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent or the Revolving Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrowers) and the Revolving Agent, if applicable, that the Borrowers or Required Lenders (as applicable) have determined, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of the LIBOR screen rate or a Governmental Authority having jurisdiction over the
Administrative Agent or the Revolving Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR screen rate shall no longer be made available, or used for determining the interest rate of loans (such specific date,
the "**Scheduled Unavailability Date** "), or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) syndicated loans currently being executed, or that include language similar to that contained in this <u>Section 3.03</u>, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

then, reasonably promptly after such determination by the Administrative Agent or the Revolving Agent or receipt by the Administrative Agent or the Revolving Agent of such notice, as applicable, the Administrative Agent or the Revolving Agent, as applicable, the Required Lenders and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a "**LIBOR Successor Rate**"), together with any proposed LIBOR Successor Rate Conforming Changes (as defined in <u>Section 1.01</u>).

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

Notwithstanding anything else herein, any definition of Eurocurrency Rate shall provide that in no event shall such Eurocurrency Rate be less than 1.00% for purposes of this Agreement.

Section 3.04. <u>Increased Cost and Reduced Return; Capital Adequacy; Eurocurrency Rate Loan Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender reasonably determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each case after the Closing Date, or such Lender's compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Eurocurrency Rate Loans or (as the case may be) issuing or participating in Letters of Credit, a reduction in the amount received or receivable by such Lender in connection with any of the foregoing, or subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (excluding for purposes of this <u>Section 3.04(a)</u> any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes, (ii) any Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, (iii) Connection Income Taxes or (iv) reserve requirements contemplated by <u>Section 3.04(c)</u>) and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining the Eurocurrency Rate Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of any sum received or receivable by such Lender, then from time to time within 15 Business Days after written demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer

------

Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender reasonably determines that the introduction of any Law regarding capital adequacy or liquidity requirements or any change therein or in the interpretation thereof, in each case after the Closing Date, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender's obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender's desired return on capital), then from time to time promptly following written demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction within 15 Business Days after receipt of such demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent not otherwise included in the determination of the Eurocurrency Rate, each Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount of each applicable Eurocurrency Rate Loan of such Borrower equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of any Eurocurrency Rate Loans of such Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest is payable on such Loan; *provided* that such Borrower shall have received at least 15 Business Days' prior written notice (with a copy to the Administrative Agent and the Revolving Agent, if applicable) of such additional interest or cost from such Lender. If a Lender fails to give notice 15 Business Days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable 15 Business Days from receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section 3.04</u> shall not constitute a waiver of such Lender's right to demand such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender requests compensation under this <u>Section 3.04</u>, then such Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan or Letter of Credit affected by such event or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates; *provided* that such efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; *provided*, *further*, that nothing in this <u>Section 3.04(e)</u> shall affect or postpone any of the Secured Obligations of the Borrowers or the rights of such Lender pursuant to <u>Section 3.04(a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u>.

------

Section 3.05. <u>Funding Losses</u>.

Promptly following written demand of any Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (excluding loss of profits) actually incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan of such Borrower on a day other than the last day of the Interest Period for such Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Eurocurrency Rate Loan of such Borrower on the date or in the amount notified by such Borrower;

including, in the case of clauses <u>(a)</u> and <u>(b)</u>, any loss or expense (excluding loss of profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

Section 3.06. <u>Matters Applicable to All Requests for Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Recipient claiming compensation under this <u>Article III</u> shall deliver a certificate to the Borrower (with a copy to the Administrative Agent and the Revolving Agent, if applicable) setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Recipient may use any reasonable and customary averaging and attribution methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Recipient's claim for compensation under <u>Section 3.01</u>, <u>3.02</u>, <u>3.03</u>, <u>3.04</u> or <u>3.05</u>, the Borrowers shall not be required to compensate such Recipient for any amount incurred if such Lender notifies the Borrower of the event that gives rise to such claim more than 180 days after such event; *provided*, that if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Recipient requests compensation by the Borrowers under <u>Section 3.04</u>, the Borrowers may, by notice to such Recipient (with a copy to the Administrative Agent and the Revolving Agent, if applicable), suspend the obligation of such Recipient to make or continue from one Interest Period to another applicable Eurocurrency Rate Loan, or, if applicable, to convert Base Rate Loans into Eurocurrency Rate Loan, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of <u>Section 3.06(c)</u> shall be applicable); *provided* that such suspension shall not affect the right of such Recipient to receive the compensation so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the obligation of any Lender to make or continue any Eurocurrency Rate Loan, or to convert Base Rate Loans into Eurocurrency Rate Loans shall be suspended pursuant to <u>Section 3.06(b)</u> hereof, such Lender's applicable Eurocurrency Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day(s) of the then current Interest Period(s) for such Eurocurrency Rate Loans (or, in the case of an immediate conversion required by <u>Section 3.02</u>, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to such conversion no longer exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such Lender's Eurocurrency Rate Loans have been so converted, all payments and prepayments of principal that would otherwise be applied to such Lender's applicable Eurocurrency Rate Loans shall be applied instead to its Base Rate Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted into Eurocurrency Rate Loans shall remain as Base Rate Loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender gives notice to the Borrowers (with a copy to the Administrative Agent and the Revolving Agent, if applicable) that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to the conversion of any of such Lender's Eurocurrency Rate Loans pursuant to this <u>Section 3.06</u> no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such Lender's Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency Rate Loans under such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments for the applicable Facility.

Section 3.07. <u>Replacement of Lenders under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time (i) any Borrower becomes obligated to pay additional amounts or indemnity payments described in <u>Section 3.01</u> or <u>3.04</u> as a result of any condition described in such Sections or any Lender ceases to make any Eurocurrency Rate Loans as a result of any condition described in <u>Section 3.02</u> or <u>3.04</u> or requires any Borrower to pay additional amounts as a result thereof, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender (including by virtue of such Lender refusing to make an Extension Election pursuant to <u>Section 2.16</u>, a Refinancing Amendment pursuant to <u>Section 2.15</u> or a Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan pursuant to <u>Section 10.01</u>), then the Borrower may, on written notice to the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to <u>Section 10.07(b)</u> (so long as the assignment fee is paid in such instance) all of its rights and obligations under this Agreement (which, in the case of <u>clause (iii)</u>, shall only apply in respect of any applicable Facility to which the consent, waiver or amendment in question relates and not to any other Facility hereunder) to one or more Eligible Assignees; *provided* that neither the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; *provided*, *further*, that (A) in the case of any such assignment resulting from a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents, (y) terminate the Commitment of such Lender or L/C Issuer, as the case may be, and/or (z) in the case of such Lender (other than an L/C Issuer), repay all Obligations of the Borrowers due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of an L/C Issuer, repay all Obligations of the Borrowers owing to such L/C Issuer relating to the Loans and participations held by such L/C Issuer as of such termination date and cancel or back-stop on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; *provided* that (I) in the case of any such termination of the Revolving Credit Commitment of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders after giving effect hereto) to cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and (II) such termination shall be in respect of any applicable facility (and not all Facilities hereunder).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender being replaced pursuant to <u>Section 3.07(a)</u> above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's applicable Commitment and outstanding Loans and participations in L/C Obligations in respect thereof, and (ii) deliver any Notes evidencing such Loans to the Borrowers or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans). Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitment and outstanding Loans and participations in L/C Obligations, (B) all obligations of the Borrowers owing to the assigning Lender relating to the Loans, Commitments and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Lender does not execute and deliver to the Administrative Agent and the Revolving Agent, if applicable, a duly executed Assignment and Assumption reflecting such replacement within five Business Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to such Lender, then such Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Lender. Notwithstanding the foregoing, in addition if a Non-Consenting Lender is being replaced in connection with any Extension Amendment, Refinancing Amendment, Permitted Repricing Amendment or amendment effecting a Replacement Term Loan, the Borrower shall have the option, with the consent of the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and subject to advance notice (which notice may be rescinded if the Refinancing or replacement transaction contemplated in such notice is not consummated) to such Non-Consenting Lenders, in lieu of execution of an Assignment and Assumption as otherwise provided for in this clause (b), effect such assignment by purchasing any such Non-Consenting Lender's Loans (which shall be automatically cancelled upon consummation of such acquisition) and unfunded Commitments at par plus any amount required to be paid pursuant to <u>Section 2.05(d)</u> (solely for failure to consent to a Repricing Transaction) (allocated among the applicable Lenders in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon (and, if applicable, any amounts payable pursuant to clause (e) of this Section). By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained above, any Revolving Credit Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder, unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a back-stop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or Cash Collateral) have been made in respect of such outstanding Letters of Credit and the Lender that acts as the Revolving Agent may not be replaced hereunder except in accordance with the terms of <u>Section 9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that (i) the Borrower or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan, (ii) the consent, waiver or amendment in question requires the agreement of each affected Lender or each Lender of a Class in accordance with the terms of <u>Section 10.01</u> or each directly and adversely affected Lender and (iii) the Required Lenders (or, in lieu of the Required Lenders, in the case of a consent, waiver or amendment involving all of a directly and adversely

------

affected Class of Lenders (including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan), at least 50.1% (in dollar amount) of such Class (in lieu of any requirement to obtain the consent of the Required Lenders)) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> above the Borrower shall pay to such replaced Lender the prepayment premium required to be paid pursuant to <u>Section 2.05(d)</u> only if applicable at the time replaced in respect of the aggregate principal amount of the Initial Term Loans<u>, Delayed Draw Term Loans</u> and <u>2020</u> Delayed Draw Term Loans held by such replaced Lender immediately prior to such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This <u>Section 3.07</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 3.08. <u>Survival</u>.

Each party's obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments and repayment of all other Secured Obligations hereunder.

**ARTICLE IV.** 

**<u>CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</u>**

Section 4.01. <u>Conditions to Initial Credit Extension</u>.

The obligation of each Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction (or waiver) of the following conditions precedent, except as otherwise agreed between the Borrower and the Commitment Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent's receipt of the following, each of which shall be original, pdf or facsimile copies or delivered by other electronic method (followed promptly by originals) unless otherwise specified, properly executed by a Responsible Officer of the signing Loan Party, and in customary form and substance and consistent with the provisions of the Commitment Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Committed Loan Notice in accordance with the requirements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) counterparts of this Agreement executed by Holdings, the Borrower and each of the Subsidiary Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Revolving Credit Note executed by the Borrowers in favor of each Revolving Credit Lender and a Term Note executed by the Borrowers in favor of each Term Lender that has requested a Term Note at least three Business Days in advance of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Collateral Document and each other document set forth in <u>Schedule 1.01B</u> required to be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party party thereto, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if required pursuant to the terms of the relevant Collateral Documents, certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments, if any, evidencing the Pledged Debt indorsed in blank; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of good standing (to the extent such concept exists in the relevant jurisdiction) from the applicable secretary of state of the state of organization of each Loan Party, certificates of resolutions or other corporate or limited liability company action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) opinions from (A) Kirkland & Ellis LLP, New York counsel to the Loan Parties, (B) Holland & Knight LLP, North Carolina and Florida counsel to the Loan Parties and (C) Ballard Spahr LLP, Maryland counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (immediately after giving effect to the Transactions) substantially in the form attached hereto as <u>Exhibit D-2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate stating that the conditions set forth in Section 4.01 (b), and (g) (in the case of clause (g), as to the Specified Representations) have been satisfied.

*provided* that each of the requirements set forth in <u>clause (iv)</u> above, including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement (except to the extent that the provision of a guarantee from TCFI or any of its Subsidiaries and/or the creation or perfection of a Lien on the Collateral cannot be provided (other than a Lien on such Collateral that may be perfected solely (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates or other certificates, if any, of the Equity Interests of the Borrower to the extent (i) possession of such stock certificates or other certificates perfects a security interest therein and (ii) other than in the case of stock certificates or other equity certificates representing Equity Interests of the Borrower (after giving effect to the Acquisition), such stock certificates or other certificates have been received from the Seller after the Borrower's use of commercially reasonable efforts to receive such documents and instruments)) shall not constitute conditions precedent to any Credit Extension on the Closing Date after the Borrower's use of commercially reasonable efforts to provide such items on or prior to the Closing Date or without undue burden or expense if the Borrower agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within five (5) Business Days with regards to a guarantee from TCFI or its Subsidiaries, and, in all other cases 90 days after the Closing Date (subject to extensions approved by the Required Lenders in their reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to or substantially concurrently with the initial Borrowing on the Closing Date, the Initial Borrower shall have received the Equity Contribution (to the extent not otherwise applied to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Substantially concurrently with the initial Borrowing on the Closing Date, the Refinancing shall have been consummated and all security interests and guarantees in connection therewith shall have been terminated and released. Substantially concurrently with the initial Borrowing on the Closing Date,

------

the Acquisition shall be consummated in all material respects in accordance with the terms of the Purchase Agreement, without giving effect to any other amendments or modifications to the provisions thereof or express waivers or consents thereto by the Borrower that, in each case, are materially adverse to the interests of the Lenders without the consent of the Lenders, such consent not to be unreasonably withheld, conditioned or delayed (it being understood and agreed that (i) any of the following decreases in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders (x) decreases pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement, as in effect on the date hereof (y) decreases of less than twenty percent (20%) in the aggregate and (z) decreases to the extent they are applied first, to reduce the Equity Contribution to a percentage not less than the minimum percentage set forth in the definition of "Equity Contribution" and second, to reduce the amount of the Initial Term Commitments and the Equity Contribution on a pro rata basis, (ii) any increase in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders so long as funded with proceeds of common equity or preferred equity that does not constitute Disqualified Equity Interests, the Initial Revolving Borrowing or cash on hand at TCFI and its Subsidiaries and (iii) any adverse modification to the definition of "Material Adverse Effect" (as defined therein) without the prior written consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned) shall be deemed to be materially adverse to the interests of the Commitment Parties); provided that in each case the Commitment Parties shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within 3 business days of receipt of written notice of such modification, amendment, consent or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of the Purchase Agreement, there shall not have been any "Material Adverse Effect" (as defined in the Purchase Agreement as of February 18, 2020).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) So long as requested at least ten (10) business days prior to the Closing Date, (x) each Agent and each Lender shall have received, at least three (3) business days prior to the Closing Date, all documentation and other information with respect to Borrowers and the Guarantors that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and (y) each Loan Party shall deliver, at least three (3) business days prior to the Closing Date, to each Agent and each Commitment Party a Beneficial Ownership Certification, in form and substance reasonably requested by such Commitment Party, duly authorized, executed and delivered by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All fees and expenses required to be paid hereunder and invoiced at least three Business Days before the Closing Date shall have been paid (or shall be paid substantially contemporaneously with the initial fundings under the Facilities) from the proceeds of the initial fundings under the Facilities, including fees pursuant to the Commitment Letter and the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Specified Representations shall be true and correct in all material respects (or, in the case of any such representation or warranty that is already qualified by or subject to a "Material Adverse Effect" or similar term or qualification, in all respects) on and as of the Closing Date; *provided* that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; *provided, further*, that any references to Material Adverse Effect in the Specified Representations shall be deemed to be references to "Material Adverse Effect" (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The representations and warranties made by or with respect to TCFI in the Purchase Agreement that are material to the interests of the Lenders shall be true and correct in all material respects, but only to the extent that the Borrower or its applicable affiliates have the right (determined without regard to any notice provisions but taking into account any applicable cure provisions) to terminate their obligations under the Purchase Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties (such representations and warranties, the "<u>Specified Purchase Agreement Representations</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent and the Revolving Agent shall have received the Annual Financial Statements and the Interim Financial Statements.

Without limiting the generality of the provisions of <u>Section 9.03(b)</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement or accepts an assignment of Loans or Commitments on or after the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent or the Revolving Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 4.02. <u>Conditions to All Credit Extensions after the Closing Date</u>.

The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to satisfaction or waiver of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of each Loan Party set forth in <u>Article V</u> and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; <u>provided</u>, that in the case of a Delayed Draw Term Loan <u>or 2020 Delayed Draw Term Loan</u> incurred to finance a Limited Condition Transaction, the condition in this 4.02(a) shall be limited to the Specified Representations being true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such Specified Representations expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom (or, in the case of any <u>Delayed Draw Term Loan or 2020</u> Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Delayed Draw Term Loans <u>or such 2020 Delayed Draw Term Loans</u> are actually funded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent or the Revolving Agent, as applicable, and, if applicable, the relevant L/C Issuers shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) submitted by any Borrower after the Closing Date shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension (or on the LCT Test Date, if applicable).

------

Notwithstanding anything in this <u>Section 4.02</u> to the contrary, (i) the effectiveness of any Incremental Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.14(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Incremental Amendment, (ii) the effectiveness of any Refinancing Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.15(b)</u> and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment, (iii) the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.16(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Extension Amendment and (iv) the effectiveness of any amendment with respect to Replacement Term Loans shall be subject only to the conditions precedent set forth in <u>Section 4.02(a)</u>, the absence of any Event of Default and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment.

Section 4.03. <u>Additional Conditions to the Delayed Draw Term Loans</u>.

The obligation of each Delayed Draw Lender to honor any Request for Credit Extension that is a Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such Delayed Draw Term Loans being requested to be borrowed on any Delayed Draw Funding Date, together with the original principal amount of any Delayed Draw Term Loans previously funded, shall not exceed the Delayed Draw Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.00 to 1.00 for any Delayed Draw Term Loan incurred during the first full four Fiscal Quarters after the Closing Date and 4.50 to 1.00 on any date of incurrence thereafter.

<u>Section 4.04. Additional Conditions to the 2020 Delayed Draw Term Loans.</u>

<u>The obligation of each 2020 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2020 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the satisfaction or waiver of the further conditions that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) The maximum principal amount of such 2020 Delayed Draw Term Loans being requested to be borrowed on any 2020 Delayed Draw Term Loan Funding Date, together with the original principal amount of any Delayed Draw Term Loans previously funded, shall not exceed the 2020 Delayed Draw Term Loan Commitments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) After giving *pro forma* effect to the incurrence of such 2020 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with Section 1.09), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with Section 1.09, excluding the cash proceeds (if any) of any such 2020 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.50 to 1.00 for any 2020 Delayed Draw Term Loan incurred on or prior to June 30, 2021, and 5.00 to 1.00 on any date of incurrence thereafter; provided that with respect to any Borrowing of the 2020 Delayed Draw Term Loans on the Amendment No. 1 Effective Date, the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with Section 1.09) shall not exceed 5.25 to 1.00.</u>

------

**ARTICLE V.** 

**<u>REPRESENTATIONS AND WARRANTIES</u>**

Holdings, the Borrower and each of the Subsidiary Guarantors party hereto represent and warrant to the Agents and the Lenders at the time of each Credit Extension (to the extent required to be made for such Credit Extension pursuant to <u>Article IV</u>; *provided* that, for purposes of the initial Credit Extensions on the Closing Date, such representations and warranties shall be limited to the Specified Representations) that:

Section 5.01. <u>Existence, Qualification and Power; Compliance with Laws</u>.

Each Loan Party and each Restricted Subsidiary that is a Material Subsidiary (a) is a Person duly incorporated, organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, organization or formation to the extent such concept exists in such jurisdiction, (b) in the case of the Loan Parties, has all requisite organizational power and authority to execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case, referred to in <u>clauses (a)</u> (other than with respect to the Borrower), <u>(c)</u>, <u>(d)</u> or <u>(e)</u>, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

Section 5.02. <u>Authorization; No Contravention</u>.

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such Person's Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by <u>Section 7.01</u>), or require any payment to be made under) (x) any Contractual Obligation to which such Person is a party or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; except with respect to any violation, conflict, breach or contravention or payment (but not creation of Liens) referred to in <u>clauses (ii)</u> and <u>(iii)</u>, to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

Section 5.03. <u>Governmental Authorization</u>.

No material approval, consent, exemption, authorization, or other action by, notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, the perfection (if and to the extent required by the Collateral and Guarantee Requirement) or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) approval, consent, exemption, authorization, or other action by, or notice to, or filing necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (or release existing Liens) under applicable U.S. law, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in be in full force and effect pursuant to the Collateral and Guarantee Requirement), (iii) filings pursuant

------

to the Assignment of Claims Act of 1940, as amended from time to time (31 U.S.C. § 3727 et seq.), in respect of Accounts and contracts of the Borrower and its Subsidiaries, the obligor in respect of which is the United States of America or any department, agency or instrumentality thereof or (iv) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

Section 5.04. <u>Binding Effect</u>.

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties or (iii) the effect of foreign Laws, rules and regulations as they relate to the granting of security interests in assets of, and pledges of Equity Interests in or Indebtedness owed by, Foreign Subsidiaries (<u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, the "**Enforcement Qualifications**").

Section 5.05. <u>No Material Adverse Effect</u>.

Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

Section 5.06. <u>Litigation</u>.

Except as set forth in <u>Schedule 5.06</u>, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues (other than actions, suits, proceedings and claims in connection with the Transactions) that have a reasonable likelihood of adverse determination and such determination either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

Section 5.07. <u>Ownership of Real Property; Liens</u>.

<u>Schedule 5.07</u> hereto sets forth all Real Property owned by the Borrower and each of its Restricted Subsidiaries as of the Closing Date (including whether or not any such Real Property constitutes a Material Real Property). The Borrower and each of its Restricted Subsidiaries has good and marketable fee simple title to, or valid leasehold interests in, or valid easements or other rights to use in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except (a) defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes, (b) Liens permitted by <u>Section 7.01</u> or (c) where the failure to have such title could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.08. <u>Environmental Matters</u>.

Except as specifically disclosed in <u>Schedule 5.08</u> or except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party is in material compliance with all Environmental Laws, which includes obtaining and maintaining all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan Parties;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loan Parties have not received any written notice that alleges any of them is in violation of or potentially liable under any Environmental Laws and none of the Loan Parties nor any of the Real Property is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened in writing, under any Environmental Law or to revoke or modify any Environmental Permit held by any of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities owned, operated or leased by any of the Loan Parties, or, to the knowledge of the Borrower, Real Property formerly owned, operated or leased by any Loan Party or arising out of the conduct of the Loan Parties that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup or could reasonably be expected to result in the any Loan Party incurring liability under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there are no facts, circumstances or conditions arising out of or relating to the operations of the Loan Parties or Real Property or facilities owned, operated or leased by any of the Loan Parties or, to the knowledge of the Borrower, any Real Property or facilities formerly owned, operated or leased by the Loan Parties that could reasonably be expected to result in any Loan Party incurring liability under Environmental Laws.

Section 5.09. <u>Taxes</u>.

Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Restricted Subsidiaries have timely filed all tax returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, income, profits or assets, that are due and payable (including in their capacity as a withholding agent), except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. To the knowledge of the Loan Parties, there is no proposed Tax deficiency or assessment against the Loan Parties that, if made would, individually or in the aggregate, have a Material Adverse Effect.

Section 5.10. <u>ERISA Compliance</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due under Section 4007 of ERISA), including on account of an ERISA Affiliate; (iii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability, including on account of an ERISA Affiliate (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party, Restricted Subsidiary nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA; except, with respect to each of the foregoing clauses of this <u>Section 5.10(b)</u>, as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

------

Section 5.11. <u>[Reserved]</u>.

Section 5.12. <u>Margin Regulations; Investment Company Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation T, U or X of the Board of Governors of the United States Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Borrower, Holdings or any of their Restricted Subsidiaries is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

Section 5.13. <u>Disclosure</u>.

As of the Closing Date, no written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party on or prior to the Closing Date concerning Holdings and (to the knowledge of the Initial Borrower with respect to information of TCFI and its Subsidiaries prior to the Closing Date) the Initial Borrower and its Subsidiaries or the Transactions (other than projected financial information, *pro forma* financial information, budgets, estimates, other forward-looking statements and information of a general economic or industry nature) to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement on or prior to the Closing Date (as modified or supplemented by other information so furnished) when taken as a whole and as supplemented contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to written projected financial information and *pro forma* financial information furnished by or on behalf of the Initial Borrower on or prior to the Closing Date concerning Holdings, the Borrower and its Subsidiaries or the Transactions, the Initial Borrower represents that, as of the Closing Date, such written information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was furnished, it being understood that such projected financial information and *pro forma* financial information are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries, and that actual results may vary from such forecasts and that such variations may be material and that no assurance can be given that the projected results will be realized. 

Section 5.14. <u>Labor Matters</u>.

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) within the past three (3) years, hours worked by and payment made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws dealing with such matters; and (c) within the past three (3) years, all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party.

------

Section 5.15. <u>Intellectual Property; Licenses, Etc.</u>

The Borrower and its Restricted Subsidiaries own, or license or possess the right to use, all Intellectual Property that is reasonably necessary for the operation of their respective businesses as currently conducted, except to the extent the failure to own, or license or possess the right to use, such Intellectual Property, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower and its Restricted Subsidiaries as currently conducted (including the use of Intellectual Property) does not infringe upon any Intellectual Property held by any Person, except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual Property owned by Borrower or its Restricted Subsidiaries, is pending or, to the knowledge of the Borrower, threatened against any Loan Party or any of the Restricted Subsidiaries (other than office actions issued in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual Property, which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect).

All registrations listed in Section II.B of the Perfection Certificate are valid and in full force and effect, except, in each case, to the extent failure to be valid or in full force and effect could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.16. <u>Solvency</u>.

On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

Section 5.17. <u>[Reserved]</u>.

Section 5.18. <u>USA Patriot Act; OFAC; FCPA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) None of Holdings, the Borrower, any Restricted Subsidiary nor, to the knowledge of the Borrower, any director or officer of Holdings, the Borrower or any Restricted Subsidiary is the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") and (ii) the Borrower will not, directly or knowingly indirectly (x) use the proceeds of the Loans or (y) otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person, that is the subject of any U.S. sanctions administered by OFAC, or in any country that is the subject of comprehensive U.S. sanctions administered by OFAC, except to the extent licensed or otherwise approved or exempted by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No part of the proceeds of the Loans will be used by Holdings or its Subsidiaries, directly or knowingly indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>").

Section 5.19. <u>Security Documents.</u>

Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents (including the delivery to the Collateral Agent of any Pledged Debt and any Pledged Equity required to be delivered pursuant hereto or pursuant to the applicable Collateral

------

Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, a legal, valid, enforceable and perfected Lien on all right, title and interest of the respective Loan Parties in the Collateral described therein (to the extent that a Lien may be perfected by such filings and other actions) subject to the Enforcement Qualifications and Liens permitted by <u>Section 7.01</u>.

Notwithstanding anything herein (including this <u>Section 5.19</u>) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest (other than with respect to those pledges and security interests (if any) made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary) in any Equity Interests or assets of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law, (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or (C) on the Closing Date and until required pursuant to <u>Section 6.13</u> or <u>4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>), the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge or security interest to the extent not required on the Closing Date pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>).

**ARTICLE VI.** 

**<u>AFFIRMATIVE COVENANTS</u>**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent obligations not yet due and owing) hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then after the Closing Date, Holdings (solely in the case of <u>Sections 6.05</u>, <u>6.11</u> and <u>6.13</u>) and the Borrower shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u> and <u>6.03</u>) cause each of its respective Restricted Subsidiaries to:

Section 6.01. <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 150 days after the end of the fiscal year ending on December 31, 2020 and 135 days after the end of each subsequent fiscal year, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders' equity and cash flows for such fiscal year, setting forth in each case beginning with the financial statements for the fiscal year ending on December 31, 2021 in comparative form the figures for the previous fiscal year, all in reasonable detail (together with, in all cases, customary management discussion and analysis) and prepared in accordance with GAAP (except as noted therein), audited and accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Agents (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>));

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 45 days (or 60 days in the case of the fiscal quarters ending on June 30, 2020, September 30, 2020 and March 31, 2021) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower beginning with the Fiscal Quarter ending on June 30, 2020, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the fiscal year then ended, setting forth, in each case beginning with the fiscal quarter ending on March 31, 2021, in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail (together with, in all cases, beginning with the fiscal quarter ending on March 31, 2021, customary management discussion and analysis) and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP (except as noted therein), subject only to normal year-end audit adjustments and the absence of footnotes; *provided* that, any change in GAAP (or relevant pronouncements) or in the application thereof (including through conforming changes made consistent with IFRS) shall not be required to be reflected in the financial statements delivered pursuant to this <u>Section 6.01(b)</u> until after such changes are reflected in the audited financial statements most recently delivered pursuant to <u>Section 6.01(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to a Qualified IPO, deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, no later than 150 days after the end of the fiscal year ending on December 31, 2020 and within 135 days after the end of each subsequent fiscal year, a detailed consolidated budget for the following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the "**Projections**"), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by the Borrower to be reasonable at the time such Projections were furnished, it being understood that such Projections are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies many of which are beyond the control of the Borrower and its Restricted Subsidiaries, and that actual results may vary from such Projections and that such variations may be material and that no assurance can be given that the projected results will be realized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deliver to the Administrative Agent and the Revolving Agent with each set of consolidated financial statements referred to in <u>Sections 6.01(a)</u> and <u>6.01(b)</u>, the related consolidating financial information reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which are not required to be audited and may be in footnote form only) from such consolidated financial information.

Notwithstanding the foregoing, the obligations in <u>Sections 6.01(a)</u> and <u>(b)</u> may be satisfied with respect to financial information of the Borrower and its Restricted Subsidiaries by furnishing (I) the applicable financial statements of Holdings (or any direct or indirect parent of the Borrower) or (II) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable filed with the SEC; *provided* that, with respect to <u>clauses (I)</u> and <u>(II)</u>, (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under <u>Section 6.01(a)</u>, such materials are accompanied by a report and opinion of an independent

------

registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Administrative Agent and the Revolving Agent (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>)).

Any financial statement required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> shall not be required to include purchase accounting or recapitalization accounting adjustments relating to the Transactions or any Permitted Acquisition or other permitted Investment to the extent it is not practicable to include them.

Documents required to be delivered pursuant to <u>Sections 6.01</u> and <u>6.02(a)</u> through <u>(d)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the website address listed on <u>Schedule 10.02</u>; or (ii) on which such documents are posted on the Borrower's behalf on IntraLinks or another relevant website, if any, to which each Lender and each Agent have access; *provided* that (i) upon written request by the Administrative Agent or the Revolving Agent, the Borrower shall deliver paper copies of such documents to such Agent for further distribution to each Appropriate Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent and the Revolving Agent of the posting of any such documents and provide to such Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Notwithstanding anything contained herein, in every instance, the Borrower shall be required to provide paper copies of the Compliance Certificates required by <u>Section 6.02(a)</u> to the Administrative Agent and the Revolving Agent (which may be electronic copies delivered via electronic mail). Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Agents and maintaining its copies of such documents.

The Borrower hereby acknowledges that the Agents will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on IntraLinks or another similar electronic system (the "**Platform**").

Section 6.02. <u>Certificates; Other Information</u>.

Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings, the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent and the Revolving Agent pursuant to any other clause of this <u>Section 6.02</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) together with the delivery of each Compliance Certificate pursuant to <u>Section 6.02(a)</u>, (i) a description of each event, condition or circumstance during the last fiscal year covered by such Compliance Certificate requiring a mandatory prepayment under <u>Section 2.05(b)</u> (to the extent notice of such event, condition or circumstance has not been previously furnished to the Administrative Agent), (ii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate (to the extent that there have been any changes in the identity or status as a Restricted Subsidiary or Unrestricted Subsidiary of any such Subsidiaries since the Closing Date or the most recent list provided) and (iii) a list of any additional registrations of Intellectual Property constituting Collateral of all Grantors (as defined in the Security Agreement) for such fiscal year not previously disclosed to the Administrative Agent and the Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly following any request therefor, (i) such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as any Agent or any Lender through the Administrative Agent or the Revolving Agent may from time to time reasonably request and (ii) solely in connection with the designation of a new Borrower pursuant to Section 2.18(f) information and documentation reasonably requested by any Agent or any Lender through the Administrative Agent or the Revolving Agent for purposes of compliance with applicable "know your customer" requirements under the PATRIOT Act or other applicable anti-money laundering laws.

In no event shall the requirements set forth in <u>Section 6.02(d)</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.03. <u>Notices</u>.

Promptly after a Responsible Officer of the Borrower or any Subsidiary Guarantor has obtained knowledge thereof, notify each Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Event of Default (except to the extent the Administrative Agent or the Collateral Agent shall have previously furnished to the Borrower written notice of such Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the occurrence of an ERISA Event which could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to be adversely determined and, if so determined, could reasonably be expected to result in a Material Adverse Effect; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the occurrence of any environmental contamination or violation that could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this <u>Section 6.03</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to <u>Section 6.03(a)-(d)</u> (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. In no event shall the requirements set forth in <u>Section 6.03</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.04. <u>Payment of Taxes</u>.

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of material Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent (a) any such Tax is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (b) the failure to pay or discharge the same would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.05. <u>Preservation of Existence, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of <u>Section 6.05(a)</u> (other than with respect to the Borrower) or this <u>Section 6.05(b)</u>, to the extent (i) that failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by <u>Article VII</u>.

Section 6.06. <u>Maintenance of Properties</u>.

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect (a) all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted and (b) all of the Intellectual Property owned by it that are necessary, as reasonably determined in the Borrower's business judgment, for the operation of its business as currently conducted.

Section 6.07. <u>Maintenance of Insurance</u>.

Maintain with insurance companies that the Borrower believes (in the good faith judgment of its management) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar

------

circumstances by such other Persons. The Borrower shall provide to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent: (i) not later than 10 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Collateral Agent shall reasonably agree), in the case of insurance obtained after the Closing Date), (x) evidence that adequate insurance required to be maintained under this Agreement (including without limitation, casualty and liability insurance, but excluding business interruption insurance, director and officer insurance and worker's compensation insurance and other policies as agreed by the Required Lenders in their reasonable discretion) is in full force and effect and (y) insurance certificates issued by the Loan Parties' insurance broker containing such information regarding such insurance policies as the Collateral Agent or the Required Lenders shall reasonably request and naming the Collateral Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (ii) not later than 45 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Required Lenders shall reasonably agree), in the case of casualty and liability insurance obtained after the Closing Date), loss payable endorsements that name the Collateral Agent, on behalf of the Secured Parties, as loss payee thereunder. If the improvements on any Mortgaged Property are at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then, to the extent required by applicable Flood Insurance Laws, the Borrower shall, or shall cause each Loan Party to, as promptly as reasonably practicable, (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount reasonably satisfactory to the Required Lenders and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Collateral Agent evidence of such compliance.

Section 6.08. <u>Compliance with Laws</u>.

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property (including, without limitation USA Patriot Act, OFAC and FCPA), except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.09. <u>Books and Records</u>.

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries may maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).

Section 6.10. <u>Inspection Rights</u>.

Permit representatives and independent contractors of each of the Administrative Agent and the Revolving Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants' customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower, it being agreed that, while the provisions of this <u>Section 6.10</u> are for the benefit of the Agents

------

and the Lenders, only the Administrative Agent and the Revolving Agent on behalf of the Lenders may exercise rights under this <u>Section 6.10</u>; *provided* that each such Agent shall not exercise such rights more often than one time during any calendar year and such time shall be at the Borrower's expense; *provided*, *further*, that during the continuation of an Event of Default, any such Agent (or any of its respective representatives or independent contractors), on behalf of the Lenders, may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Applicable Agent shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. Notwithstanding anything to the contrary in this <u>Section 6.10</u>, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or any Contractual Obligation (not created in contemplation thereof) or (c) is subject to attorney-client or similar privilege or constitutes attorney work product.

Section 6.11. <u>Additional Collateral; Additional Guarantors</u>.

At the Borrower's expense, subject to the terms, conditions and provisions of the Collateral and Guarantee Requirement and any applicable limitation in any Collateral Document, take all action necessary or reasonably requested by the Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the formation or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary) by any Loan Party or the designation in accordance with <u>Section 6.14</u> of any existing direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary (in each case, other than an Excluded Subsidiary) or any Subsidiary becoming a wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 60 days after such formation, acquisition or designation, or such longer period as the Collateral Agent may agree in writing in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Collateral Agent, other than with respect to any Excluded Assets, a Guarantor Joinder Agreement, Security Agreement Supplements, Intellectual Property Security Agreements and other security agreements and documents as reasonably requested by and in form and substance reasonably satisfactory to the Collateral Agent (consistent with the Mortgages (if any), Security Agreement, Intellectual Property Security Agreements and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated and a security interest therein may be perfected by the delivery of such certificates) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement and each direct or indirect parent of such Material Domestic Subsidiary to take whatever action (including the recording of Mortgages, the filing of UCC financing statements and delivery of stock and membership interest certificates to the extent certificated) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent a signed copy of an opinion, addressed to the Collateral Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Collateral Agent as to such matters set forth in this <u>Section 6.11(a)</u> as the Collateral Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after the written request therefor by the Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property (as determined by the Borrower (acting reasonably and in good faith)) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, any existing title reports, abstracts, appraisals or environmental assessment reports, to the extent available and in the possession or control of the Borrower; *provided*, *however*, that there shall be no obligation to deliver to the Collateral Agent any environmental assessment report whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property that would constitute Collateral of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement, but not specifically covered by the preceding <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> or <u>Section 6.11(b)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than one hundred twenty (120) days after the acquisition by any Loan Party of Material Real Property as determined by the Borrower (acting reasonably and in good faith) (or such longer period as the Collateral Agent may agree in writing in its reasonable discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

------

Section 6.12. <u>Compliance with Environmental Laws</u>.

Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and properties; and (c) in each case to the extent the Loan Parties are required by Governmental Authorities or otherwise pursuant to Environmental Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

Section 6.13. <u>Further Assurances; Post-Closing Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly upon reasonable request by the Collateral Agent (i) correct any mutually identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement and subject in all respects to the limitations therein. If the Collateral Agent reasonably determines that it is required by applicable Law to have appraisals prepared in respect of the Real Property of any Loan Party subject to a mortgage constituting Collateral, the Borrower shall cooperate with the Collateral Agent such that the Collateral Agent is able to order appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.13(b)</u>, in each case within the time limits specified therein (or such longer period of time reasonably acceptable to the Collateral Agent and the Required Lenders).

Section 6.14. <u>Designation of Subsidiaries</u>.

The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that, immediately after such designation, no Event of Default shall have occurred and be continuing and no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Junior Financing. As of the Closing Date, the Restricted Subsidiaries are set forth on <u>Schedule 6.14</u>. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined in good faith by the Borrower of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a Return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined in good faith by the Borrower at the date of such designation. Notwithstanding anything to the contrary contained herein, in no event shall (1) any Restricted Subsidiary that holds any Equity Interests in any Restricted Subsidiary (unless such Restricted Subsidiary is included in the designation pursuant to this Section 6.14), (2) the Borrower, in each case, be designated as an Unrestricted Subsidiary or (3) immediately after giving effect to any such designation or redesignation of a Restricted Subsidiary to an Unrestricted Subsidiary, such Unrestricted Subsidiary account for more than 7.5% of Trailing Four Quarter Consolidated EBITDA or 7.5% of the fair market value of the total assets of the Borrower and its Subsidiaries, in each case as of the applicable date of designation or redesignation.

------

Section 6.15. <u>Cash Management</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within one hundred twenty (120) days of the Closing Date (or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall have established their primary domestic deposit accounts with the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one hundred twenty (120) days of the Closing Date or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall deliver to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, a deposit account control agreement with respect to each deposit account of the Loan Parties (other than an Excluded Account), duly authorized, executed and delivered by the applicable Loan Party, the applicable bank and the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Cash Dominion Event, the Revolving Agent shall have the sole and exclusive right to direct, and is hereby authorized to give instructions pursuant to any deposit account control agreement directing, the disposition of funds in all domestic deposit accounts of the Loan Parties (other than Excluded Accounts) either maintained with Revolving Agent and/or subject to a deposit account control agreement to the Revolving Agent at such intervals as the Revolving Agent shall elect, to a deposit account maintained by the Revolving Agent at Revolving Agent, which such funds may be applied by Revolving Agent to repay the Revolving Loans (without a corresponding reduction in the Revolving Credit Commitments) and, if permitted hereby, to Cash Collateralize outstanding Letters of Credit.

Section 6.16. <u>Use of Proceeds</u>.

Use the proceeds of (a) the Initial Term Loans to finance a portion of the Transactions (including working capital and/or purchase price adjustments and the payment of the Transaction Expenses, upfront fees and OID with respect to the Facilities) and for working capital and general corporate purposes, (b) the Term Loans (other than Initial Term Loans and the Delayed Draw Term Loans), Revolving Loans and the Letters of Credit issued hereunder, for general corporate purposes and working capital of the Borrower and its Subsidiaries and any other purpose not prohibited by this Agreement including Permitted Acquisitions, other Investments, Capital Expenditures and Restricted Payments; *provided* that the proceeds of the Revolving Loans made on the Closing Date shall be used as set forth in the definition of "Permitted Initial Revolving Credit Borrowing Purposes" and (c) the Delayed Draw Term Loans <u>and the 2020 Delayed Draw Term Loans</u> to (i) finance Permitted Acquisitions and other Investments not prohibited by this Agreement, including, for the avoidance of doubt, deferred consideration (including earn-outs, seller notes, holdbacks and deferred purchase price obligations) payable in connection therewith (whether funded on or after the closing of such transaction), (ii) to finance Capital Expenditures and/or purchase aircraft and related equipment, (iii) refinance Revolving Loans used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures, aircraft and related equipment, (iv) to replace cash on the balance sheet of the Loan Parties used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures and/or purchase aircraft and related equipment and (v) to pay related fees, costs and expenses in connection with any of the foregoing.

Section 6.17. <u>Lender Conference Call</u>.

To the extent requested by the Administrative Agent, participate in a conference call (including a customary question and answer session) with the Administrative Agent and Lenders once during each Fiscal Year, in each case to be held at such time as may be agreed to by the Borrower and the Required Lenders, but in any event within 15 Business Days after the date that financial statements are required to be delivered for the relevant period pursuant to <u>Sections 6.01(a)</u> (which call may, at the option of the Borrower, be conducted with lenders under any other Indebtedness in addition to the Lenders).

------

Section 6.18. <u>Change in Nature of Business</u>.

From and after the Closing Date, engage only in material lines of business substantially similar as those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably related, complementary, corollary, synergistic, incidental or ancillary thereto (including related, complementary, synergistic, incidental or ancillary technologies) or reasonable extensions thereof.

Section 6.19. <u>Fiscal Year</u>.

From and after the Closing Date, maintain its fiscal year as in effect on the Closing Date; *provided*, *however*, that the Borrower may (x) align the dates of such fiscal year of any Restricted Subsidiary whose fiscal year ends on a date other than that of the Borrower and (y) upon written notice to the Administrative Agent and the Revolving Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent and the Revolving Agent, and, in the case of this <u>clause (y)</u>, the Borrower, the Administrative Agent and the Revolving Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

**ARTICLE VII.** 

**<u>NEGATIVE COVENANTS</u>**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligations hereunder (other than contingent obligations as to which no claim has been asserted or any Letter of Credit remaining outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), then from and after the Closing Date, the Borrower (and, with respect to <u>Section 7.14</u> only, Holdings) shall not and shall not permit any of its Restricted Subsidiaries to:

Section 7.01. <u>Liens</u>.

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens (i) created pursuant to any Loan Document and (ii) on the Collateral securing other Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date; *provided* that any Lien securing Indebtedness in excess of (x) $1,000,000 individually or (y) $2,500,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed in <u>Schedule 7.01(b)</u>) shall only be permitted to the extent such Lien is listed on in <u>Schedule 7.01(b)</u>, and any modifications, replacements, renewals, refinancings or extensions thereof, which may provide that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; *provided*, *further*, that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 7.03</u> and customary security deposits in connection therewith and (B) proceeds and products thereof and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by <u>Section 7.03</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes, assessments or governmental charges that are not overdue for a period of more than any applicable grace period related thereto or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, sub-landlords, carriers, warehousemen, mechanics, materialmen, repairmen, bailees, construction contractors or other like Liens, so long as, in each case, such Liens secure amounts not overdue for a period of more than 45 days or if more than 45 days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) pledges or deposits in the ordinary course of business in connection with, and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees incurred in the ordinary course of business with respect to, workers' compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges or deposits to secure the performance of bids, trade contracts, warranties, utilities, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, building codes, covenants, restrictions (including zoning restrictions), encroachments, licenses, protrusions and other similar encumbrances and minor title defects, in each case affecting Real Property and that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and any exceptions on the Mortgage Policies issued in connection with the Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens (i) securing judgments for the payment of money not constituting an Event of Default under <u>Section 8.01(h)</u>, (ii) arising out of judgments or awards against the Borrower or any of its Restricted Subsidiaries with respect to which an appeal or other proceeding for review is then being pursued and (iii) notices of *lis pendens* and associated rights related to litigation being contested in good faith by appropriate proceedings for which adequate reserves have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) leases, licenses, subleases or sublicenses (including the provision of software or the licensing of other Intellectual Property rights) and terminations thereof, in each case granted to others in the ordinary course of business which (i) do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) do not secure any Indebtedness and (iii) are permitted by <u>Section 7.05</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds or assets maintained with a financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institutions general terms and conditions, and (iv) contractual rights of setoff or rights of pledge related to Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section 7.02</u>, to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under <u>Section 7.05</u>, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i) in favor of the Borrower or any Guarantor and (ii) in favor of a Restricted Subsidiary that is not a Loan Party on assets of a Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted to be incurred by such Restricted Subsidiary under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens deemed to exist in connection with Investments in repurchase agreements under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers or suppliers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) ground leases in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens to secure Indebtedness permitted under <u>Section 7.03(e)</u>; *provided* that (i) such Liens are created within 270 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time encumber property (except for replacements, additions, accessions and proceeds to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits, *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender, and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets) other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness (and related obligations) of any Restricted Subsidiary that is not a Loan Party permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to <u>Section 6.14</u>) or otherwise assumed pursuant to <u>Section 7.03(g)</u>, in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Loan Party); *provided* that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds, products and accessions thereof and other than after-acquired property and customary security deposits in connection therewith subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the modification, replacement, renewal or extension of any Lien permitted by <u>Sections 7.01(b)</u>, <u>(u)</u> and <u>(w)</u>; *provided* that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and customary security deposits; *provided, however*, that individual financings of equipment provided by one lender may be cross-collateralized to other financing of equipment provided by such lender and (ii) the renewal, extension, restructuring or Refinancing of the obligations secured or benefited by such Liens is permitted by <u>Section 7.03</u> (to the extent constituting Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount outstanding at any time not to exceed the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens (i) securing Indebtedness incurred under <u>Section 7.03(s)</u> and (ii) solely on the assets acquired, securing Indebtedness incurred under <u>Section 7.03(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens on the Collateral (and other property and assets permitted by any Junior Intercreditor Agreement) securing obligations in respect of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing Debt and any Permitted Refinancing of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens or imperfections on property existing on the Closing Date which are immaterial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the performance of the Borrower's or such Subsidiary's obligations under the terms of the lease for such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on (i) the Securitization Assets arising in connection with a Qualified Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens securing obligations permitted under <u>Section 7.03(q)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens on property of any Foreign Subsidiary arising mandatorily under the Laws of the jurisdiction of organization of such Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens securing Indebtedness permitted pursuant to Section 7.03(dd);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Liens securing Other Term Loans and Other Notes and Permitted Refinancings thereof incurred pursuant to <u>Section 7.03(z)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) in the case of any non-wholly owned Restricted Subsidiary or any joint venture, any put and call arrangements or restrictions on disposition related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens securing Swap Contracts so long as the value of the property securing such Swap Contracts does not exceed $4,000,000 at any time;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens on property subject to any sale-leaseback transaction permitted hereunder and general intangibles related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Liens consisting of contractual restrictions of the type described in the definition of "Restricted Cash" (excluding the proviso thereto) so long as such contractual restrictions are not prohibited pursuant to <u>Section 7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Liens arising by operation of law in the United States under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Liens encumbering the Equity Interests of an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Liens permitted under the Purchase Agreement to remain outstanding after the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Aircraft Trust Arrangements.

Section 7.02. <u>Investments</u>.

Make or hold any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash and Cash Equivalents when such Investment was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to, or notes received from, managers, officers, directors, consultants, advisors, service providers or employees of any Loan Party (or any direct or indirect parent thereof) or any of its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests of Holdings or any direct or indirect parent thereof or to permit the payment of Taxes with respect thereto; *provided* that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed to the Borrower in cash as common equity; *provided*, *further*, that the aggregate principal amount outstanding of any loans or advances made in cash at any time under this <u>clause (ii)</u> shall not exceed $7,500,000 and (iii) for any other purposes not described in the foregoing <u>clauses (i)</u> and <u>(ii)</u>; *provided* that the aggregate principal amount outstanding at any time under this <u>clause (iii)</u> shall not exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (other than Holdings); *provided* all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note, (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan Party in any Restricted Subsidiary that is not a Loan Party; *provided* that, to the extent such Investments made pursuant to this <u>clause (iii)</u> are not in the ordinary course of business (as determined in good faith by the Borrower), (x) no such Investments made pursuant to this <u>clause (iii)</u> in the form of intercompany loans shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) the aggregate amount of Investments made pursuant to this <u>clause (iii)</u> shall not exceed at any time outstanding the sum of (x) together with Investments pursuant to <u>Section 7.02(i)(iv)</u>, the greater of $6,000,000 and 20.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, (y) the

------

Cumulative Credit at the time such Investment is made, and (z) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(i)</u> and <u>Section 7.02(o)</u>; *provided* that the application of any portion of the Joint Venture Investment Basket Amount pursuant to this <u>clause (z)</u> will result in a corresponding dollar-for-dollar reduction in the Joint Venture Investment Basket Amount available pursuant to <u>Section 7.02(o)</u>; *provided, further*, that if any Investment made pursuant to this <u>clause (iii)</u> is in connection with the closing of foreign facilities, including severance associated therewith, then the limitations set forth in this <u>clause (iii)</u> shall not apply; *provided, further*, if any Investment made pursuant to this <u>clause (iii)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>clause (i)</u> above and shall not be included as having been made pursuant to this <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by <u>Section 7.02(m)</u> below) consisting of transactions permitted under <u>Sections 7.01</u>, <u>7.03</u> (other than <u>7.03(c)</u> and <u>(d)</u>), <u>7.04</u> (other than <u>7.04(c)(ii)</u> or <u>(e)</u>), <u>7.05</u> (other than <u>7.05(e)</u>), <u>7.06</u> (other than <u>7.06(d)</u> or <u>(h)(iv)</u>) and <u>7.13</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing or contemplated on the Closing Date or made pursuant to legally binding written contracts in existence on the Closing Date, in each case set forth in <u>Schedule 7.02(f)</u> and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments in Swap Contracts and Cash Management Services permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promissory notes, securities and other non-cash consideration received in connection with Dispositions permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of all or substantially all the assets of a Person or division or line of business of a Person or any Equity Interests in a Person that becomes a Restricted Subsidiary (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions (including by way of merger), if immediately after giving effect thereto: (i) no Event of Default exists on the date that the Borrower or the applicable Restricted Subsidiary enters into a binding agreement with respect to such acquisition; (ii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Restricted Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, to the extent required by <u>Section 6.11</u>; (iii) the Borrowers are in compliance with <u>Section 6.18</u> (after giving effect to such acquisition); and (iv) the aggregate amount of Investments by Loan Parties pursuant to Section 7.02(i) in assets (other than Equity Interests) that are not (or do not become at the time of such acquisition) directly owned by a Loan Party together with Investments pursuant to <u>Section 7.02(c)(iii)</u> (but excluding Investments permitted pursuant to <u>Section 7.02(c)(iii)(B)(z)</u>), shall not exceed the sum of (A) the greater of $6,000,000 and 20% of Trailing Four Quarter Consolidated EBITDA *plus* (B) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(c)(iii)(z)</u> and <u>Section 7.02(o)</u> (any such acquisition, a "**Permitted Acquisition**");

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments made in connection with the Transactions or consisting of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances to any direct or indirect parent of the Borrower not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made to such parent in accordance with <u>Section 7.06(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u> or <u>(n)</u>, such Investment being treated for purposes of the applicable clause of <u>Section 7.06</u>, including any limitations, as if a Restricted Payment had been made pursuant to such clause in an amount equal to such Investment at the time such loan or advance is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments (including Permitted Acquisitions) in an aggregate amount outstanding pursuant to this <u>Section 7.02(n)</u> (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed (i) the sum of (A) the greater of $12,500,000 and 40.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time the Investment was made (in each case, net of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) *plus* (B) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make Investments shall result in a reduction in availability under <u>Section 7.06(g)(x)</u>) *plus* (C) at the election of the Borrower, the amount of repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings then permitted to be made in reliance on <u>Section 7.13(a)(v)(I)</u> (it being understood that any amount utilized under this <u>clause (C)</u> to make Investments shall result in a reduction in availability under <u>Section 7.13(a)(v)(I)</u>) *plus* (ii) the Cumulative Credit at the time such Investment is made; *provided*, that with respect to any Investment made pursuant to this <u>clause (ii)</u>, solely to the extent such Investment is made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom on the date the Borrower or any Restricted Subsidiary enters into a binding agreement with respect to such Investment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u>, at the time such Investment was made) is less than or equal to 4.25 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Investments made in respect of joint ventures, minority investments, other similar agreements, partnerships or Unrestricted Subsidiaries not to exceed in the aggregate the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, less all amounts applied pursuant to <u>Section 7.02(c)(iii)</u>(B)(z) and <u>Section 7.02(i)(iv)(B)</u>and the provisos thereto (the "**Joint Venture Investment Basket Amount**"); *provided* that if any Investment made pursuant to this <u>Section</u> <u>7.02(o)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>Section 7.02(c)(i)</u> and shall not be included as having been made pursuant to this <u>Section 7.02(o)</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in any Person to which the Borrower or any Restricted Subsidiary outsources operational activities or otherwise related to the outsourcing of operational activities in the ordinary course of business in an aggregate amount not to exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) advances of payroll payments to employees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors and suppliers in the ordinary course of business and (ii) Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (or any direct or indirect parent of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments of a Restricted Subsidiary acquired after the Closing Date or of a corporation merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with <u>Section 7.04</u> after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments made by a Restricted Subsidiary that is not a Loan Party (other than in Unrestricted Subsidiaries) to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary by a Loan Party permitted under this <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; *provided*, *however*, that any such Investment in a Securitization Subsidiary is in the form of (x) a contribution of additional Securitization Assets, (y) Limited Originator Recourse or (z) loans in respect of the noncash portion of the purchase price of Securitization Assets and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing or a Receivables Facility, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments funded with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments in deposit accounts, securities accounts and commodities accounts maintained by the Borrower or such Restricted Subsidiary, so long as such accounts are used only to maintain Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments made by a Restricted Subsidiary that is not a Guarantor using cash from operations of such Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments consisting of cash earnest money deposits in connection with a Permitted Acquisition or other Investment permitted hereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Loans repurchased by the Borrower or a Restricted Subsidiary, or purchased by Holdings and contributed to the Borrower or a Restricted Subsidiary, pursuant to and in accordance with <u>Section 2.05(a)(v)</u> or <u>Section 10.07</u>, so long as such Loans are immediately cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) guarantees by the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or contracts or other obligations that do not constitute Indebtedness, in each case, which leases, contracts or other obligations and guarantees are entered into in the ordinary course of business by the Borrower or a Restricted Subsidiary or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Investments so long as (i) the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> at the time the Investment was made) is no greater than 4.00 to 1.00 and (ii) no Event of Default then exists or would result therefrom; *provided* the aggregate amount of Investments by Loan Parties pursuant to this Section 7.02(cc) in assets (other than Equity Interests) that are not (or do not become at the time of their acquisition) directly owned by a Loan Party or in Equity Interests of Persons that do not become Loan Parties shall not exceed the greater of $7,500,000 and 25% of Trailing Four Quarter Consolidated EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments made in reliance on the last paragraph of <u>Section 7.06</u> or the last paragraph of <u>Section 7.13</u>.

To the extent an Investment is permitted to be made by a Loan Party directly in any Restricted Subsidiary or any other Person who is not a Loan Party (each such person, a "**Target Person**") under any provision of this <u>Section 7.02</u>, such Investment may be made by advance, contribution or distribution by a Loan Party to a Restricted Subsidiary or Holdings, and further contemporaneously advanced or contributed to a Restricted Subsidiary for purposes of making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 7.02</u> (it being understood that such Investment must satisfy the requirements of, and shall count towards any thresholds in, a provision of this <u>Section 7.02</u> as if made by the applicable Loan Party directly to the Target Person).

Section 7.03. <u>Indebtedness</u>.

Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness (including any unused commitment in respect thereof) outstanding on the Closing Date and listed in <u>Schedule 7.03(b)</u> and any Permitted Refinancing thereof; *provided* that all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to an Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; *provided* that (A) no Guarantee by any Restricted Subsidiary of any Indebtedness constituting a Junior Financing of any Loan Party shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Secured Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Secured Obligations, such Guarantee shall be subordinated to the Guarantee of the Secured Obligations on terms at least as favorable (as reasonably determined by the Borrower) to the Lenders as those contained in the subordination of such Indebtedness;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party), *provided* that, in the case of Indebtedness of a non-Loan Party owing to a Loan Party, such Indebtedness is an Investment permitted by <u>Section 7.02</u> or consists of any part of a Permitted Reorganization or IPO Reorganization Transaction; *provided further* that (x) no such Indebtedness owed to a Loan Party shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the applicable asset thereof in an aggregate amount not to exceed the greater of $3,750,000 and 12.5% of Trailing Four-Quarter Consolidated EBITDA, in each case determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding and (ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by <u>Section 7.05(m)</u> and any Permitted Refinancing of such Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Secured Hedge Obligations and other Indebtedness in respect of Swap Contracts designed to hedge against the Borrower's or any Restricted Subsidiary's exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of the Borrower or any Restricted Subsidiary (i) assumed in connection with any Permitted Acquisition or other similar Investment permitted hereunder and any Permitted Refinancing thereof; *provided* that (x) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other similar Investment permitted hereunder or any Permitted Refinancing thereof and (y) the obligors with respect to such Indebtedness are limited to the Persons acquired in such Permitted Acquisition or Investment or (ii) incurred to finance any Permitted Acquisition or Investment permitted hereunder (including earn-out obligations, Indebtedness incurred to finance the payment thereof and seller notes); *provided*, that after giving *pro forma* effect to such Permitted Acquisition or Investment permitted hereunder and the incurrence of such Indebtedness, the aggregate amount of such Indebtedness incurred pursuant to this <u>clause (ii)</u> does not exceed at any time outstanding (x) the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the applicable date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness representing deferred compensation to employees of the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former managers, officers, directors, advisors, service providers, consultants or employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by <u>Section 7.06</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions, a Permitted Acquisition, any other Investment permitted hereunder, merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price adjustments or other similar adjustments (including earn-outs and obligations in respect of transaction tax benefits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions, and Permitted Acquisitions or any other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) Secured Cash Management Obligations, (ii) other Indebtedness in respect of Cash Management Services and similar arrangements in the ordinary course of business and any Guarantees thereof, (iii) Indebtedness resulting from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and solely with respect to each incurrence pursuant to this <u>clause (iii)</u>, so long as such Indebtedness is extinguished within 10 Business Days of its incurrence, and (iv) endorsement of instruments or other payment items for deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to extent constituting Indebtedness, obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) letters of credit in an aggregate face amount at any time outstanding not to exceed the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence consisting of (i) letters of credit issued in currencies not available hereunder or (ii) documentary or commercial letters of credit not issued hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Ratio Debt and any Permitted Refinancing thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Credit Agreement Refinancing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this <u>Section 7.03(u)</u> and then outstanding for all such Persons taken together, does not exceed the greater of $5,250,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings and Limited Originator Recourse) to the Borrower or any of the Restricted Subsidiaries; *provided,* that the aggregate principal amount of Indebtedness at any time outstanding in connection therewith shall not exceed $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unsecured Indebtedness in an amount equal to the lesser of 100% of the net cash proceeds received by Holdings (or any direct or indirect parent thereof) since immediately after the Closing Date from the issuance or sale of Equity Interests of Holdings (or any direct or indirect parent thereof) or cash contributed to the capital of Holdings (or any direct or indirect parent thereof) (in each case, other than proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings (or any direct or indirect parent thereof) or any of its Subsidiaries) to the extent such net cash proceeds or cash have been contributed to the Borrower and have not been applied pursuant to <u>Section 7.02</u>, <u>7.06</u> or <u>7.13</u> and do not constitute Cure Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) Indebtedness in respect of Other Term Loans and Other Notes incurred or issued in accordance with <u>Section 2.14</u> and (ii) Permitted Refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness incurred by the Borrower as a result of the exchange of Term Loans assigned to the Borrower pursuant to <u>Section 10.07(k)</u>, as long as such Indebtedness would be a Permitted Refinancing of such Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) obligations in respect of Disqualified Equity Interests (x) issued to and held by the Borrower, Holdings or any Restricted Subsidiary (to the extent permitted by <u>Section 7.02</u>) or (y) in an amount not to exceed the greater of $1,200,000 and 4.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) intercompany Indebtedness incurred in connection with a Permitted Reorganization or IPO Reorganization Transaction, so long as such intercompany Indebtedness constitutes an Investment permitted pursuant to Section 7.02(j); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness in respect of aircraft or related equipment financing in an amount not to exceed $20,000,000 at any time outstanding (together with any amounts incurred under any Aircraft Trust Arrangement);

*provided, that*, (I) any such Indebtedness that constitutes Pari Passu Secured Obligations shall be subject to the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement, as applicable, (II) any such Indebtedness that is incurred pursuant to <u>Section 7.03(a)</u>, <u>Section 7.03(s)</u>, <u>Section 7.03(t), Section 7.03(u)</u>, <u>Section 7.03(z)</u> or <u>Section 7.03(aa)</u> and is secured

------

by the Collateral on a junior basis shall be subject to a Junior Intercreditor Agreement, and (III) any such Indebtedness that constitutes Pari Passu Secured Obligations or which is secured by the Collateral on a junior basis shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among Lenders or such Intercreditor Agreement.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; *provided* that if such Indebtedness is incurred to extend, replace, refund, Refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, Refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, Refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, Refinanced, renewed or defeased, *plus* the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such Refinancing. 

Interest (including post-petition interest), the accrual of interest, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and premiums (if any), fees, expenses, charges and additional or contingent interest on obligations shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 7.03</u>. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

For purposes of determining compliance with this <u>Section 7.03</u>, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in <u>Sections 7.03(a)</u> through <u>7.03(dd)</u>, the Borrower shall, in its sole discretion, divide or classify or later divide or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; *provided* that all Indebtedness outstanding under the Loan Documents on the Closing Date will be deemed to be incurred in reliance on the exception in <u>Section 7.03(a)</u>.

Section 7.04. <u>Fundamental Changes</u>.

Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person (other than as part of the Transactions), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction, so long as such new jurisdiction is the United States, any state thereof, the District of Columbia or any territory thereof); *provided* that the Borrower shall be the continuing or surviving Person, or (ii) one or more other Restricted Subsidiaries; *provided* that when any Person that is a Loan Party is merging with a Restricted Subsidiary, (i) a Loan Party shall be the continuing or surviving Person or (ii) such surviving Person shall become a Loan Party and comply with <u>Sections 6.11</u> and <u>6.13</u> substantially concurrently with such transaction (except as expressly provided in such Sections);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party, (ii) any Restricted Subsidiary may liquidate or dissolve and (iii) any Restricted Subsidiary may change its legal form if, with respect to <u>clauses (ii)</u> and <u>(iii)</u>, the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; *provided* that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in accordance with <u>Sections 7.02</u> (other than <u>7.02(e)</u>) and <u>7.03</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Company**"), (A) the Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Collateral Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee shall apply to the Successor Company's obligations under the Loan Documents, (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, (E) if reasonably requested by the Collateral Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, and (F) the Borrower shall have delivered to the Collateral Agent an officer's certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement and customary legal opinions reasonably satisfactory to the Collateral Agent; *provided*, *further*, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to <u>Section 7.02</u>; *provided* that (i) the continuing or surviving Person shall be a Restricted Subsidiary of the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of <u>Section 6.11</u> to the extent required pursuant to the Collateral and Guarantee Requirement or (ii) such Restricted Subsidiary would otherwise be permitted to be designated as an Unrestricted Subsidiary immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and the Restricted Subsidiaries may consummate the Acquisition, related transactions contemplated by the Purchase Agreement (and documents related thereto) and the Transactions and any Permitted Reorganization or IPO Reorganization Transaction; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to <u>Section 7.05</u> or a Restricted Payment permitted pursuant to <u>Section 7.06</u>.

Section 7.05. <u>Dispositions</u>.

Make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete, damaged, worn out, aged, used or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries, in each case determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of (i) inventory and goods held for sale in the ordinary course of business and (ii) immaterial assets and termination of leases and licenses in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Borrower or any Restricted Subsidiary; *provided* that if the transferor of such property is a Loan Party and such Disposition is not for fair market value (as reasonably determined by the Borrower), (i) the transferee thereof must be a Loan Party, (ii) such Disposition is for cash at fair market value or any promissory note or other non-cash consideration received in respect thereof is an Investment permitted under <u>Section 7.02</u>, or (iii) if such transaction constitutes an Investment, such transaction is permitted under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent constituting Dispositions, transactions permitted by (i) <u>Section 7.01</u>, (ii) <u>Section 7.02</u> (other than <u>7.02(e)</u>), (iii) <u>Section 7.04</u> (other than <u>7.04(g)</u>) and (iv) <u>Section 7.06</u> (other than <u>7.06(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions to consummate the Transactions or any Dispositions constituting any part of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) leases, subleases, licenses or sublicenses (including the provision of software under an open source license or the licensing of other Intellectual Property) and terminations thereof, in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole) and (ii) Dispositions (including allowing any registrations or any applications for registration to lapse or go abandoned) of Intellectual Property (including inbound licenses) that, in Borrower's reasonable business judgment, is no longer necessary for the conduct of the business of Borrower and its Restricted Subsidiaries (taken as a whole) or that otherwise do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property; *provided* that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default has occurred and is continuing or would result therefrom), no Event of Default shall have occurred and been continuing or would result from such Disposition, (ii) with respect to any Disposition pursuant to this <u>Section 7.05(j)</u> for a purchase price in excess of the greater of $7,000,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of Cash and Cash Equivalents (in each case, free and clear of all Liens at the time received, other than Liens permitted by <u>Section 7.01</u>); *provided*, *however*, that for the purposes of this <u>clause (ii)</u>, the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower's most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Secured Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into Cash and Cash Equivalents (to the extent of the Cash and Cash Equivalents received) within 180 days following the closing of the applicable Disposition, and (C) aggregate non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $2,250,000 and 7.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition and (iii) to the extent the aggregate amount of Net Proceeds received by the Borrower or a Restricted Subsidiary from Dispositions made pursuant to this <u>Section 7.05(j)</u> in the aggregate exceeds $10,000,000 in any fiscal year, with unused amounts in any fiscal year being carried over to the next succeeding fiscal year only (*provided* that if any such amount is carried over, it will be deemed used in the applicable subsequent fiscal year only after the amount available in such subsequent fiscal year has been fully used), *plus* any amount available pursuant to this <u>clause (iii)</u> in the next succeeding fiscal year only (which amount will be permanently reduced if used in the current fiscal year) subject to a maximum of $10,000,000 in any fiscal year, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions (i) of non-core assets acquired in connection with Permitted Acquisitions or other Investments or (ii) made to obtain the approval of an anti-trust authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of property pursuant to sale-leaseback transactions; *provided* that to the extent the aggregate Net Proceeds from all such Dispositions since the Closing Date exceeds $5,625,000, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the unwinding or settlement of any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Disposition of Securitization Assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any Disposition of Receivables Assets in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions of assets not constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower and any Restricted Subsidiary may (i) terminate or otherwise collapse its cost-sharing agreements with the Borrower or any Subsidiary and settle any crossing payments in connection therewith or (ii) surrender or waive contractual rights and settle or waive contractual or litigation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions set forth in <u>Schedule 7.05(w)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions in an amount not to exceed the greater of $1,500,000 and 5.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, in the aggregate in any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies;

Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of the sale, in accordance with the terms of the Loan Documents, of a Subsidiary Guarantor that owns such Collateral but excluding Dispositions among Loan Parties) in accordance with the terms of the Loan Documents, the security interest created in such item of Collateral under the Collateral Documents shall be automatically released and the Collateral Agent will, at the Borrower's expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents and, if applicable, the release of such Subsidiary Guarantor from its obligations under the Collateral Documents.

------

Section 7.06. <u>Restricted Payments</u>.

Declare or make, directly or indirectly, any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by <u>Section 7.03</u>) of such Person to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made (i) on the Closing Date to consummate the Transactions, (ii) in respect of working capital adjustments or purchase price adjustments pursuant to the Purchase Agreement, any Permitted Acquisition or other permitted Investments, (iii) in order to satisfy indemnity and other similar obligations under the Purchase Agreement, any Permitted Acquisition or other permitted Investments and (iv) to holders of Equity Interests of the Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, in each case, with respect to the Transactions, any Permitted Acquisition or other permitted Investments, and Restricted Payments consisting of a Permitted Reorganization or an IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent constituting Restricted Payments, the Borrower (or any direct or indirect parent thereof) and its Restricted Subsidiaries may enter into and consummate transactions permitted by any provision of <u>Section 7.02</u> (other than <u>7.02(e)</u> and <u>7.02(m)</u>), <u>7.04</u>, <u>7.05</u> (other than <u>7.05(e)(iv)</u> and <u>7.05(g)</u>) or <u>7.08</u> (other than <u>7.08(f)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchases of Equity Interests in the Borrower or any Restricted Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and each Restricted Subsidiary may (i) pay (or make Restricted Payments to allow Holdings or any other direct or indirect parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary (or of the Borrower or any other such direct or indirect parent thereof) held by any future, present or former manager, officer, director, consultant, advisor, service provider or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or (ii) make Restricted Payments in the form of distributions to allow Holdings or any direct or indirect parent of Holdings to pay principal or interest on promissory notes that were issued to any future, present or former manager, officer, director,

------

consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) in lieu of cash payments for the repurchase, retirement or other acquisition or retirement for value of such Equity Interests held by such Persons, in each case, upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee, manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any manager, officer, director, consultant, advisor, service provider or employee of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or any of its Restricted Subsidiaries; *provided* that the aggregate amount of Restricted Payments made pursuant to this <u>Section 7.06(f)</u> together with the aggregate amount of loans and advances to Holdings made pursuant to <u>Section 7.02(m)</u> in lieu of Restricted Payments permitted by this <u>Section 7.06(f)</u> (net of proceeds received by Holdings or any direct or indirect parent of Holdings subsequent to the Closing Date in connection with resales of any Equity Interests so purchased pursuant to this <u>clause (f)</u>) shall not exceed the greater of $15,000,000 and 50.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such payment, in any calendar year (which shall decrease to the greater of $10,000,000 and 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such Restricted Payment, subsequent to the consummation of a Qualified IPO) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $25,000,000 in any calendar year (which shall decrease to $20,000,000 subsequent to the consummation of a Qualified IPO)); *provided*, *further*, that such amount in any calendar year may further be increased by an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amounts used to increase the Cumulative Credit pursuant to <u>clauses (c)</u> and <u>(d)</u> of the definition of "Cumulative Credit"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Net Proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries less the amount of Restricted Payments previously made with the cash proceeds of such key man life insurance policies;

*provided*, *further*, that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower may make Restricted Payments in an aggregate amount not to exceed, (x) an amount equal to the greater of (1) $10,000,000 and (2) 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of such Restricted Payment, so long as no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment *plus* (y) the Cumulative Credit at the time such Restricted Payment is made; *provided*, that with respect to any Restricted Payment made pursuant to this <u>clause (y)</u>, solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.50 to 1.00;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower may make Restricted Payments to any direct or indirect parent of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, Transaction Expenses and any indemnification claims made by directors or officers of such parent attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) franchise Taxes and other fees, taxes and expenses required to maintain its (or any of its direct or indirect parents') corporate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) with respect to any taxable period (or portion thereof) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a "**Tax Group**"), to pay federal, foreign, state and local income or similar Taxes of such Tax Group (or any direct or indirect beneficial owners thereof) that are attributable to the taxable income of the Borrower and/or its Subsidiaries; *provided* that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower and its Subsidiaries would have been required to pay as a stand-alone consolidated, combined or similar income tax group, (B) with respect to any taxable period (or portion thereof) in which Holdings, the Borrower, and/or any of their Subsidiaries is treated as a pass-through entity for U.S. federal income purposes with respect to Ultimate Parent (or any direct or indirect parent thereof), dividends and distributions by such Subsidiaries to the Borrower, by the Borrower to Holdings (or any direct or indirect parent thereof) to permit Ultimate Parent to make distributions in the amount described in Section 4.6 of the Ultimate Parent LLC Agreement, or (C) to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries and any direct or indirect parent of the Borrower that are payable as a result of the operation of Section 2.05(b)(v) and 2.05(b)(vi); *provided, further*, that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar income Taxes (any amount to be paid under this Clause (iii), a "**Tax Distribution**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment that would be permitted to be made pursuant to <u>Sections 7.02</u> and <u>7.08</u> if such parent were subject to such Sections; *provided* that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or the Restricted Subsidiaries (which may be required to be Loan Parties) or (2) the merger (to the extent permitted in <u>Section 7.04</u>) of the Person formed or acquired into the Borrower or its Restricted Subsidiaries in order to consummate such Permitted Acquisition or Investment, in each case, in accordance with the requirements of <u>Section 6.11</u> and (C) such contribution shall constitute an Investment by the Borrower or the applicable Restricted Subsidiaries, as the case may be, at the date of such contribution or merger, as applicable, in an amount equal to the amount of such Restricted Payment;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which (A) shall be used to pay customary salary, bonus, severance and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries or (B) shall be used to make payments permitted under <u>Sections 7.08(c)</u>, <u>(e)</u>, <u>(i)</u>, <u>(k)</u>, and <u>(p)</u> (assuming the Borrower or a Restricted Subsidiary were to make the payment but only to the extent such payments have not been and are not expected to be made by the Borrower or a Restricted Subsidiary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses (other than to Affiliates) related to any equity or debt offering by Holdings (or any direct or indirect parent thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payments made or expected to be made by Holdings, the Borrower or any of the Restricted Subsidiaries in respect of withholding or similar Taxes payable by or with respect to any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) and any repurchases of Equity Interests in consideration of such payments and deemed repurchases in connection with the exercise of stock options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after a Qualified IPO, (i) any Restricted Payment by the Borrower or any other direct or indirect parent of the Borrower to pay listing fees, insurance premiums and other costs and expenses attributable to being a publicly traded company which are reasonable and customary and (ii) additional Restricted Payments in an aggregate amount per annum not to exceed the greater of (A) up to 6.0% the net proceeds received by (or contributed to) the Borrower and its Restricted Subsidiaries from such Qualified IPO and (B) 6.0% of the market capitalization of the Borrower (or the applicable parent entity) and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Holdings, the Borrower or any of the Restricted Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Restricted Payments in the amount of any Excluded Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Holdings, the Borrower and any Restricted Subsidiary may pay dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration, such payment would have complied with another provision of Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Restricted Payments so long as (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.00 to 1.00; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Payments to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries' Affiliates and direct and indirect holders of Equity Interests in the Borrower that are payable as a result of any actual repatriation described in clause (i) of <u>Section 2.05(b)(v)</u> or clause (i) of <u>Section 2.05(b)(vi).</u>

For the avoidance of doubt, any dividend or distribution otherwise permitted pursuant to this <u>Section 7.06</u> may be in the form of a loan; *provided* that Indebtedness of a Loan Party or Restricted Subsidiary must be otherwise permitted by <u>Section 7.03(d)</u>.

Any basket available for Restricted Payments pursuant to this <u>Section 7.06</u> may instead be used to either (i) make a prepayment, redemption, purchase, defeasement or other payment in respect of any Junior Financing pursuant to <u>Section 7.13</u>, and such prepayment, redemption, purchase, defeasement or other payment shall not be prohibited by <u>Section 7.13</u> and any such prepayment, redemption, purchase, defeasement or other payment shall reduce the amount available under such basket set forth in this <u>Section 7.</u>06 or (ii) make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in this <u>Section 7.06</u>.

For the avoidance of doubt, this Section 7.06 shall not restrict the making of any "AHYDO catch-up payment" with respect to, and required by the terms of, any Indebtedness of any Borrower or any Restricted Subsidiary permitted to be incurred under Section 7.03 hereof.

Section 7.07. <u>[Reserved]</u>.

Section 7.08. <u>Transactions with Affiliates</u>.

Enter into any transaction of any kind with a value in excess of $2,000,000, determined at the time of such transaction with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or in connection with the Transactions and transactions constituting any Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of Equity Interests of (x) Holdings (or any direct or indirect parent thereof) or (y) any Restricted Subsidiary constituting directors' qualifying shares or other shares required by applicable Law, in each case, to any manager, officer, director, consultant or employee of Holdings or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) so long as no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> has occurred and is continuing, the payment of management and monitoring fees pursuant to an Investor Management Agreement or other arrangement with the Investors or management companies associated with the Investors or their advisors in a maximum amount for all such agreements and arrangements not to exceed 2.50% of Consolidated EBITDA of the Borrower in any fiscal year, and transaction fees to the foregoing Persons not to exceed in the aggregate 1.00% of the applicable gross transaction value; provided that, upon the occurrence and during the continuance of an Event

------

of Default, such fees may accrue, but may not be payable in cash during such period, but all accrued fees (plus interest, if any, with respect thereto) may be payable in cash upon the cure or waiver of such Event of Default(s), (ii) indemnities and other expenses pursuant to an Investor Management Agreement or other arrangement with the foregoing Persons (including any transaction fee payable in connection with the Acquisition), and (iii) any unpaid management, monitoring, transaction fees, indemnities and expenses accrued in any prior year to the extent such fee or expense is otherwise permitted to be paid pursuant to this clause (e) in such prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted Payments permitted under <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) loans and other transactions among Holdings (or any direct or indirect parent company) and its Subsidiaries and joint ventures (to the extent any such Subsidiary that is not a Restricted Subsidiary or any such joint venture is only an Affiliate as a result of Investments by Holdings and its Restricted Subsidiaries in such Subsidiary or joint venture) to the extent otherwise permitted under this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) transactions by the Borrower and its Restricted Subsidiaries permitted under an express provision (including any exceptions thereto) of this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans, stock incentive plans and employee benefit plans and arrangements in the ordinary course of business or otherwise approved by the independent members of the board of directors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Borrower and its Restricted Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transactions pursuant to agreements, instruments or arrangements in existence on the Closing Date and set forth in <u>Schedule 7.08</u> or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) payments by the Borrower or any of its Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of the Borrower to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, but only to the extent permitted by <u>Section 7.06(h)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Investor or to any former, current or future manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, distributes or Affiliate of any of the foregoing) of the Borrower, any of its Subsidiaries or any direct or indirect parent thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower and the Restricted Subsidiaries, in the reasonable determination of the board of directors or the senior management of the Borrower, or are on terms at least as favorable (as reasonably determined by the Borrower) as might reasonably have been obtained at such time from an unaffiliated party;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any payments required to be made pursuant to (i) the Purchase Agreement and (ii) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the payment of reasonable out-of-pocket costs and expenses and indemnities pursuant to the Ultimate Parent LLC Agreement as in effect on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, deliver to the Administrative Agent and the Revolving Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of <u>Section 7.08(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by Holdings and the Restricted Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted under <u>Section 7.02;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Affiliate repurchases of the Loans or Commitments to the extent permitted by <u>Section 10.07</u> and Affiliate repurchases of Obligations, Pari Passu Secured Obligations and obligations in respect of any Junior Financing, in each case, the holding of such loans or commitments and the payments and other transactions contemplated herein in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Disposition of Securitization Assets or related assets, Investment permitted pursuant to <u>Section 7.02(v)</u> or Standard Securitization Undertakings, in each case in connection with any Qualified Securitization Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) IP Licenses in the ordinary course of business.

Section 7.09. <u>Burdensome Agreements</u>.

Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person that is intended to constitute Collateral for the benefit of the Lenders with respect to the Facilities and the Secured Obligations; *provided* that the foregoing <u>Sections 7.09(a)</u> and <u>(b)</u> shall not apply to Contractual Obligations which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) exist on the Closing Date and (to the extent not otherwise permitted by this <u>Section 7.09</u>) are listed in <u>Schedule 7.09</u> and (y) to the extent Contractual Obligations permitted by <u>clause (x)</u> are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or Refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or Refinancing (taken as a whole) does not materially expand the scope of such Contractual Obligation (as reasonably determined by the Borrower);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by <u>Section 7.03</u> and which does not apply to any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are customary restrictions (as reasonably determined by the Borrower) that arise in connection with (x) any Lien permitted by <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(i)</u>, <u>(j)(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(p)</u>, <u>(q)</u>, <u>(r)(i)</u>, <u>(r)(ii)</u>, <u>(s)</u>, <u>(u)</u>, <u>(v)</u>, <u>(w)</u>, <u>(z)</u>, <u>(aa)</u>, <u>(cc)</u>, <u>(dd)</u>, <u>(ee)</u> (to the extent such restrictions exist as of the Closing Date), <u>(gg)</u>, <u>(hh)</u>, <u>(ii)</u>, <u>(kk)</u>, <u>(ll)</u> and <u>(nn)</u> and relate to the property subject to such Lien or (y) arise in connection with any Disposition permitted by <u>Section 7.04</u> or <u>7.05</u> and relate solely to the assets or Person subject to such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under <u>Section 7.02</u> and entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under <u>Section 7.03</u> but solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds, accessions and products thereof or (ii) the property secured by such Indebtedness and the proceeds, accessions and products thereof so long as the agreements governing such Indebtedness permit the Liens securing the Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the property interest, rights or the assets subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to <u>Sections 7.03(b)</u>, <u>(e)</u>, <u>(g)</u>, <u>(n)(i)</u>, <u>(s)</u>, <u>(t)</u>, <u>(u)</u>, <u>(v)</u> and <u>(z)</u> and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or, in the case of <u>Section 7.03(g), (s)</u>, <u>(t)</u> or <u>(u)</u>, to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting, transfer or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) arise in connection with cash or other deposits permitted under <u>Sections 7.01</u> and <u>7.02</u> and limited to such cash or deposit;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) comprise restrictions imposed by any agreement governing Indebtedness entered into on or after the Closing Date and permitted under <u>Section 7.03</u> that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type, so long as the Borrower shall have determined in good faith that such restrictions will not affect its obligation or ability to make any payments required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) are restrictions regarding IP Licenses granted by Holdings and its Restricted Subsidiaries of Intellectual Property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) are restrictions on cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) are restrictions and conditions under the terms of the documentation governing any Qualified Securitization Financing or a Receivables Facility that in the good faith determination of Holdings or the Borrower are necessary or advisable to effect such Qualified Securitization Financing or such Receivables Facility.

Section 7.10. <u>Amendments or Waivers of Organization Documents</u>.

Agree, or permit any Loan Party to agree, to any material amendment, restatement, supplement or other modification to, or waiver of, any of its Organization Documents after the Closing Date in a manner that is materially adverse to the Lenders, except as required by Law; *provided* that for the avoidance of doubt, any amendment, restatement, supplement or other modification to any Organization Documents for the purpose of effectuating a change of legal entity name or fictitious business name as anticipated under the Purchase Agreement in connection with the Transactions shall not be deemed materially adverse to the Lenders. 

Section 7.11. <u>Consolidated First Lien Net Leverage Ratio</u>.

Solely for the benefit of the Revolving Credit Lenders, with respect to the Revolving Credit Facility and solely when the Outstanding Amount of the Revolving Loans and L/C Obligations exceeds the Testing Threshold, except with the written consent of the Required Revolving Credit Lenders, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period beginning with the Test Period ending June 30, 2020, to be greater than 7.50 to 1.00 (the "**Financial Covenant**"); <u>provided</u>, that, notwithstanding the foregoing, to the extent the aggregate Revolving Credit Exposure has been reduced to an amount less than the Testing Threshold for any prior period for which a Compliance Certificate has not yet been delivered, the Financial Covenant shall not be required to be tested for any such Fiscal Quarter.

Section 7.12. <u>[Reserved]</u>.

Section 7.13. <u>Prepayments, Etc. of Subordinated Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal, interest and fees and mandatory prepayments, expense reimbursement and indemnification obligations, redemptions and related offers to prepay or repurchase and any AHYDO Payments with respect to any Junior Financing and,

------

in connection with the amendment of any Junior Financing, the payment of fees (other than in connection with any amendment that reduces or forgives the commitments or outstanding principal amount) shall be permitted) any (A) Indebtedness subordinated in right of payment incurred under <u>Section 7.03</u>, or (B) any other Indebtedness for borrowed money of a Loan Party that is (x) subordinated in right of payment to the Secured Obligations expressly by its terms, (y) is secured by substantially the same Collateral on a junior lien basis to the Liens securing the Secured Obligations (but other than Indebtedness among the Borrower and its Restricted Subsidiaries) or (z) is unsecured and is incurred pursuant to <u>Section 7.03(s)</u>, <u>(t)</u>, <u>(y)</u> or <u>(z)</u> with a principal amount outstanding in excess of the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA (collectively, "**Junior Financing**") in excess of the Threshold Amount in each case, determined as of the date of payment, except (i) the Refinancing thereof with any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing), to the extent not required to prepay any Loans pursuant to <u>Section 2.05(b)</u>, (ii) the conversion or exchange of any Junior Financing into, or the redemption, repayment or prepayment of any Junior Financing with the proceeds of, Equity Interests of Holdings or any of its direct or indirect parents (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), (iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary, (iv) prepayments of principal of and any required premium on loans or notes pursuant to such Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof) in connection with the removal of a lender or holder pursuant to any Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof or the payment of any fees in connection with amendments thereto), (v) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed, the sum of (I) the greater of (x) $7,500,000 and (y) 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such prepayment *plus* (II) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this clause (II) to make repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings shall result in a reduction in availability under <u>Section 7.06(g)(x))</u>; *provided* that no Event of Default has occurred and is continuing or would result therefrom, (vi) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity funded with the proceeds of Excluded Contributions, *plus*, the Cumulative Credit at the time such repayment, redemption, purchase, defeasance or other payment is made; *provided* that solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", no Event of Default has occurred and is continuing and the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with Section 1.09) is less than or equal to 3.75 to 1.00, (vii) repayments, redemptions, purchases, defeasances and other payments so long as (x) no Event of Default has occurred and is continuing at the time such repayment, redemption, purchases or defeasance is made and (y) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> as of the date of payment) is less than or equal to 3.25 to 1.00 and (viii) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings made in reliance on the last paragraph of <u>Section 7.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amend, modify or change in any manner materially adverse to the interests of the Lenders any term or condition of any Junior Financing Documentation in respect of any Junior Financing having an aggregate outstanding principal amount in excess of the Threshold Amount, in each case, determined as of the date of payment, without the consent of the Administrative Agent and the Revolving Agent (which consent shall not be unreasonably withheld, delayed or conditioned) other than (i) in connection with a Permitted Refinancing of such Junior Financing or (ii) in a manner not prohibited by any applicable intercreditor or subordination agreement to which the Collateral Agent is a party with respect to such Junior Financing.

------

Any basket available for prepayments, redemptions, purchases, defeasements or other payments in respect of any Junior Financing pursuant to <u>Section 7.13(a)</u> may instead be used make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in <u>Section 7.13(a)</u>.

Section 7.14. <u>Permitted Activities, Etc</u>.

With respect to Holdings, engage in any material operating or business activities; *provided* that Holdings may engage in the following and any activities incidental thereto shall be permitted in any event: (i) its ownership of the Equity Interests of the Borrower and activities incidental thereto, including payment of dividends and other amounts in respect of its Equity Interests, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations with respect to the Transactions, Loan Documents and any other documents governing Indebtedness permitted hereby, (iv) any public offering of its common stock or any other issuance or sale of its Equity Interests, (v) payment of any distribution to its parent company and making contributions to the capital of the Borrower, (vi) the incurrence of (a) unsecured Indebtedness that is contractually subordinated (on customary terms for such types of unsecured subordinated Indebtedness, as reasonably determined by the Administrative Agent and the Revolving Agent) to the Guarantee of the Secured Obligations by Holdings, (b) Guaranteed Obligations in respect of Indebtedness of the Borrower and its Restricted Subsidiaries permitted under <u>Section 7.03</u>, including any Permitted Refinancing thereof, and (c) Guarantees of other obligations not constituting Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries, (vii) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Borrower, (viii) holding any cash or property (but not operate any property), (ix) making of any Restricted Payments or Investments permitted hereunder, (x) providing indemnification to officers and directors, (xi) merge, amalgamate or consolidate with or into any direct or indirect parent of Holdings in connection with or in preparation for a Qualified IPO (*provided* that Holdings shall be the continuing or surviving company or such surviving company assumes Holdings' obligations under the Loan Documents), (xii) repurchases of Indebtedness including through open market purchases pursuant to <u>Section 2.05(b)</u>, (xiii) transactions in connection with a Permitted Reorganization or IPO Reorganization Transaction and (xiv) any activities incidental or reasonably related to the foregoing.

**ARTICLE VIII.** 

**<u>EVENTS OF DEFAULT AND REMEDIES</u>**

Section 8.01. <u>Events of Default</u>.

Any of the following from and after the Closing Date shall constitute an event of default (an "Event of Default"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Non-Payment*. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, (ii) within five Business Days after the same becomes due, any interest on any Loan, or (iii) within 10 Business Days after the same becomes due, any fees or other amounts payable hereunder or with respect to any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Specific Covenants*. The Borrower, any Restricted Subsidiary or, in the case of <u>Section 7.14</u>, Holdings, fails to perform or observe any term, covenant or agreement contained in any of <u>Section 6.03(a)</u> or <u>6.05(a)</u> (solely with respect to Holdings and the Borrower), <u>6.16</u> or <u>Article VII</u>; *provided* that any Event of Default arising from the failure to timely deliver a notice of Event of Default pursuant to <u>Section 6.03(a)</u> shall be deemed cured upon the delivery of the applicable notice of Event of Default or to the extent the Event of Default that is subject of such notice is otherwise cured or waived; *provided further* that the covenant in <u>Section 7.11</u> is subject to cure pursuant to <u>Section 8.04</u>; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Defaults*. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence of such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Representations and Warranties*. (i) Any Specified Representation made by any Loan Party on the Closing Date is incorrect in any material respect when made or deemed made or (ii) any other representation, warranty or certification made or deemed made by any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made and such incorrect representation, warranty or certification shall remain incorrect for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence thereof (*provided* that such cure period shall not apply in the event such representation, warranty or certification is incapable of being cured); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Cross-Default*. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any Indebtedness having an aggregate outstanding principal amount of not less than the Threshold Amount, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any default thereunder by any Loan Party), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause (after delivery of any notice if required and after giving effect to any waiver, amendment, cure or grace period), with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; *provided* that this <u>clause (B)</u> shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder, (ii) any Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or non-performance of obligations related thereto or (y) sole option is to elect, in each case, to convert such Indebtedness into Qualified Equity Interests and cash in lieu of fractional shares and (iii) in the case of Indebtedness which the holder thereof may elect to convert into Qualified Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected; *provided*, *further*, that any such failure described under <u>clause (A)</u> or <u>(B)</u> is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to <u>Section 8.02</u> (and any event or condition set forth under this <u>Section 8.02(e)</u> shall not, until the expiration of any applicable period or the delivery of notice by the applicable holders of such Indebtedness, constitute a Default or Event of Default for purposes of this Agreement); <u>provided</u>, <u>further</u>, a default under any financial covenant in such Indebtedness shall not constitute an Event of Default unless and until the lenders or holders with respect to such Indebtedness have actually declared all such obligations to be immediately due and payable and terminate the commitments in accordance with the agreement governing such Indebtedness and such declaration has not been rescinded by the required lenders or holders; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency Proceedings, Etc.* Other than with respect to any dissolutions otherwise permitted hereunder, any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or substantially all of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [*Reserved*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Judgments*. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by either (i) independent third-party insurance as to which the insurer does not deny coverage or (ii) another creditworthy (as reasonably determined by the Administrative Agent or Revolving Agent) indemnitor); and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Invalidity of Loan Documents*. Any material provision of the Loan Documents, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>) or as a result of acts or omissions by any Agent or any Lender or the satisfaction in full of all the Obligations (other than contingent obligations not yet due and owing and Cash Collateralized or back-stopped Letters of Credit), ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations (other than in accordance with its terms) and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document (other than in accordance with its terms); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change of Control*. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collateral Documents*. Any Collateral Document after delivery thereof pursuant to <u>Section 4.01</u>, <u>6.11</u> or <u>6.13</u> shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under <u>Section 7.01</u>, (i) except to the extent that any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or results from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements or take other required actions and (ii) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *ERISA*. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material Adverse Effect could reasonably be expected to result.

Section 8.02. <u>Remedies Upon Event of Default</u>.

If any Event of Default occurs and is continuing, the Administrative Agent or the Collateral Agent, in each case, at the request of the Required Lenders (*provided* that if there are two (2) or more unaffiliated Lenders, the Required Lenders for purposes of this <u>Section 8.02</u> shall require at least two (2) unaffiliated Lenders) (or, with respect to an Event of Default under <u>Section 8.01(b)</u> due solely to the Borrower's failure to observe the covenant contained in <u>Section 7.11</u>, the Revolving Agent, solely at the request of the Required Revolving Credit Lenders (solely after the Cure Expiration Date)), shall take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower (to the extent permitted by applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

*provided* that upon the entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States or any Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of any Agent or any Lender. 

Section 8.03. <u>Application of Funds</u>.

After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Secured Obligations or in respect of the Collateral shall be applied by the Agents in the following order (to the fullest extent permitted by mandatory provisions of applicable Law):

------

*<u>First</u>*, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III) payable to the Agents in their capacities as such hereunder and under the other Loan Documents;

*<u>Second</u>*, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders hereunder (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them;

*<u>Third</u>*, to payment of that portion of the Secured Obligations consisting of accrued and unpaid interest in respect of Protective Advances funded by the Revolving Agent hereunder;

*<u>Fourth</u>*, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fourth payable to them;

*<u>Fifth</u>*, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any breakage, termination or other payments under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fifth held by them;

*<u>Sixth</u>*, to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Agents and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Agents and the other Secured Parties on such date; and

*<u>Last</u>*, the balance, if any, after all of the Secured Obligations then earned, due and payable have been paid in full, to the Borrowers or as otherwise required by Law.

Subject to <u>Section 2.03(c)</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fifth</u> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, to the Borrowers as applicable, or as otherwise required by the Intercreditor Agreements.

Section 8.04. <u>Borrower's Right to Cure</u>.

Notwithstanding anything to the contrary contained in <u>Section 8.01</u> or <u>Section 8.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of determining whether an Event of Default under <u>Section 7.11</u> has occurred, the Borrower may on one or more occasions designate any portion of the net cash proceeds from a sale or issuance of Qualified Equity Interests of the Borrower (or any direct or indirect parent company), which proceeds are then contributed to the Borrower) or any cash contribution to the common capital of the Borrower (the "**Cure Amount**") as an increase to Consolidated EBITDA for the applicable fiscal quarter; *provided* that (A) such amounts to be

------

designated (i) are actually received by the Borrower on or before the fifteenth Business Day after the date on which the Compliance Certificate pursuant to <u>Section 6.02(a)</u> is required to be delivered with respect to such applicable fiscal quarter (the "**Cure Expiration Date**") and (ii) do not exceed the aggregate amount necessary to cure any Event of Default under <u>Section 7.11</u> as of such date and (B) the Borrower shall have provided notice (the "**Notice of Intent to Cure**") to the Revolving Agent that such amounts are designated as a "Cure Amount" (it being understood that to the extent such notice is provided in advance of delivery of a Compliance Certificate for the applicable period, the amount of such net cash proceeds that is designated as the Cure Amount may be lower than specified in such notice to the extent that the amount necessary to cure any Event of Default under <u>Section 7.11</u> is less than the full amount of such originally designated amount). The Cure Amount used to calculate Consolidated EBITDA for one fiscal quarter shall be used and included when calculating Consolidated EBITDA for each Test Period that includes such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereby acknowledge that this <u>Section 8.04</u> may not be relied on for purposes of calculating any financial ratios other than for determining actual compliance with <u>Section 7.11</u> (and not Pro Forma Compliance with <u>Section 7.11</u> that is required by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including any *pro forma* reduction of the amount of Indebtedness and shall not be included for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under <u>Article VII</u>) with respect to the quarter with respect to which such Cure Amount was made other than the increase to Consolidated EBITDA referred to in <u>Section 8.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furtherance of <u>Section 8.04(a)</u> above, (i) upon actual receipt by the Revolving Agent of the Notice of Intent to Cure, the covenant under <u>Section 7.11</u> shall be deemed retroactively cured with the same effect as though there had been no failure to comply with the covenant under such <u>Section 7.11</u> and any Default or Event of Default under <u>Section 7.11</u> (or any notice required by <u>Section 6.03(a)</u> as a result thereof) shall be deemed not to have occurred for purposes of the Loan Documents (provided that if the Cure Expiration Date has occurred without the Cure Amount having been received and designated, such Default or Event of Default shall be deemed reinstated), and (ii) no Agent, Lender or other Secured Party may exercise any rights or remedies under <u>Section 8.02</u> (or under any other Loan Document) on the basis of any actual or purported Default or Event of Default under <u>Section 7.11</u> until and unless the Cure Expiration Date has occurred without the Cure Amount having been received and designated or the Borrower has confirmed in writing that it does not intend to provide such Cure Amount. Notwithstanding the foregoing, the Borrower shall not be able to request the making of any new Revolving Credit Borrowing or the issuance of any new Letters of Credit until receipt by the Borrower of the Cure Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) In each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no cure right set forth in this <u>Section 8.04</u> is exercised and (ii) there shall be no *pro forma* reduction in Indebtedness with the Cure Amount for determining compliance with <u>Section 7.11</u> for the fiscal quarter with respect to which such Cure Amount was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There can be no more than five fiscal quarters in which the cure rights set forth in this <u>Section 8.04</u> are exercised during the term of the Facilities.

------

**ARTICLE IX.** 

**<u>ADMINISTRATIVE AGENT AND OTHER AGENTS</u>**

Section 9.01. <u>Appointment and Authority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Ankura to act on its behalf as the Administrative Agent and PNC to act on its behalf as the Collateral Agent and the Revolving Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the terms hereof or thereof, together with such actions and powers as are reasonably incidental or related thereto. The provisions of this <u>Article IX</u> (other than <u>Sections 9.01</u>, <u>9.06</u>, and <u>9.10</u> through and including <u>9.12</u>) are solely for the benefit of the Administrative Agent, the Collateral Agent, the Revolving Agent the Lenders and the L/C Issuers, and no Loan Party has rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent, the Collateral Agent or Revolving Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Lenders (including in its capacities as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article X</u> (including the second paragraph of <u>Section 10.05</u>), as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Collateral Agent to (i) execute any and all documents (including releases) with respect to the Collateral (including each Intercreditor Agreement and any amendment, supplement, modification or joinder with respect thereto) and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by the Collateral Agent shall bind the Lenders and (ii) negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

Section 9.02. <u>Rights as a Lender</u>.

The Person serving as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, Collateral Agent or the Revolving Agent, as applicable, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent, Collateral Agent or Revolving Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder and without any duty to account therefor to the Lenders.

------

Section 9.03. <u>Exculpatory Provisions</u>.

The Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided* that the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable, shall not be required to take any action that, in its opinion or the opinion of its counsel, may (i) expose the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to liability or that is contrary to any Loan Document or applicable Law or (ii) be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Neither the Administrative Agent, the Collateral Agent nor the Revolving Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the Borrower, a Lender, an L/C Issuer or any other Agent; and

------

Section 9.04. <u>Reliance by Agent</u><u>s</u>.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, each Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received written notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension or increase of such Letter of Credit. Each Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.05. <u>Delegation of Duties</u>.

Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities as Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 9.06. <u>Removal or Resignation of an Agent</u>.

Any Agent may at any time give notice of its resignation to the other Agents, the Lenders, the L/C Issuers and the Borrower. (x) If any Agent becomes a Defaulting Lender, the Borrower may remove such Agent from such role upon 15 days' written notice to such Agent, the other Agents, the L/C Issuers and the Lenders, (y) at any time after the Closing Date, for any reason whatsoever, the Required Lenders may remove the Administrative Agent or the Collateral Agent from such role upon 15 days' written notice to such Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower, and (z) at any time after the Closing Date, for any reason whatsoever, the Required Revolving Credit Lenders may remove the Revolving Agent from such role upon 15 days' written notice to Revolving Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower (the date of any such removal, the "**Removal Effective Date**"). Upon receipt of any such notice of resignation (or removal pursuant to the preceding sentence), the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the right, with the consent of the Borrower (in its sole discretion) at all times other than upon the occurrence and during the continuation of an Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> (with respect to the Borrower) and other than in the case of removal of the Administrative Agent, appoint a successor. If no such successor shall have been so appointed by the Required Lenders or Required Revolving Credit Lenders and shall have accepted such appointment within 30 days after the resigning Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the resigning Agent may on behalf of the Lenders, appoint a successor Agent

------

meeting the qualifications set forth above (including consent of the Borrower, if applicable); *provided* that if the resigning Agent shall notify the Borrower, the other Agents, the L/C Issuers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice. The resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the resigning or removed Agent shall continue to hold such Collateral until such time as a successor Agent is appointed). Except for any indemnity payments or other amounts then owed to the resigning or removed Agent, all payments, communications and determinations provided to be made by, to or through the resigning or removed Agent shall instead be made by or to each Lender and the L/C Issuers directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as an Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning (or removed) Agent (other than any rights to indemnity payments or other amounts owed to the resigning or removed Agent as of the Resignation Effective Date or Removal Effective Date, as applicable), and the resigning (or removed) Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the resigning or removed Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article IX</u> and <u>Sections 10.04</u> and <u>10.05</u> shall continue in effect for the benefit of such resigning or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the resigning or removed Agent was acting as Administrative Agent, Collateral Agent or Revolving Agent, as applicable.

Section 9.07. <u>Non-Reliance on Agents and Other Lenders</u>.

Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Neither the Administrative Agent nor the Revolving Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or issuance of any Letter of Credit or at any time or times thereafter, and neither the Administrative Agent nor the Revolving Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

Section 9.08. <u>No Other Duties, Etc.</u>

Anything herein to the contrary notwithstanding, no Agent or Lender shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Revolving Agent, the Collateral Agent, a Lender or an L/C Issuer hereunder.

------

Section 9.09. <u>Agents May File Proofs of Claim</u>.

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agents shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Agents under <u>Sections 2.03(h)</u>, <u>2.03(i)</u>, <u>2.09</u>, <u>10.04</u> and <u>10.05</u>) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Agents and, if the Agents shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and its agents and counsel, and any other amounts due the Agents under <u>Sections 2.09</u>, <u>10.04</u> and <u>10.05</u>.

Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any L/C Issuer to authorize the Agents to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding.

The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with the Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).

------

Section 9.10. <u>Collateral and Guaranty Matters</u>.

Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from any Lender, from time to time prior to the occurrence and continuance of an Event of Default, to take any action with respect to any Collateral or Collateral Documents which may be necessary to create, perfect and maintain perfected security interests in and liens upon the Collateral granted pursuant to the Collateral Documents. Without limiting the provisions of Section 9.09, the Lenders (each including in its capacity as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuer irrevocably authorize the Collateral Agent, at its option and in its discretion (other than releases described in <u>clauses (b)</u> and <u>(d)</u> below which shall not be optional or discretionary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enter into and sign for and on behalf of the Lenders as Secured Parties the Collateral Documents (including any Intercreditor Agreements with respect to Indebtedness to the extent the Collateral Agent is otherwise contemplated herein as being a party to such Intercreditor Agreement) for the benefit of the Lenders and the other Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to automatically release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the Collateral Agent and the relevant L/C Issuers shall have been made), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, (iii) subject to <u>Section 10.01</u>, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to <u>Section 9.10(d)</u> or <u>Section 11.09</u> or (v) if the property subject to such Lien constitutes Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to release any Subsidiary Guarantor from its obligations under the Guaranty if such Guarantor becomes a Released Guarantor in accordance with <u>Section 11.09</u>;

Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section 9.10</u>. In each case as specified in this <u>Section 9.10</u>, the Collateral Agent will (and each Lender irrevocably authorizes the Collateral Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.10</u>.

------

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

Section 9.11. <u>Secured Cash Management Agreements and Secured Hedge Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Secured Cash Management Provider and no Secured Hedge Bank that obtains the benefits of <u>Section 8.03</u>, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> to the contrary, no Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Hedge Obligations unless such Agent has received written notice of such Secured Cash Management Obligations or Secured Hedge Obligations, together with such supporting documentation as such Agent may request, from the applicable Secured Cash Management Provider or Secured Hedge Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secured Cash Management Providers and the Secured Hedge Banks hereby authorize the Collateral Agent to enter into any Intercreditor Agreement permitted under this Agreement, and any amendment, modification, supplement or joinder with respect thereto, and any such Intercreditor Agreement is binding upon the Secured Cash Management Providers and the Secured Hedge Banks.

Section 9.12. <u>Withholding Tax Indemnity</u>.

To the extent required by any applicable Laws, the Administrative Agent or the Revolving Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent or the Revolving Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent or the Revolving Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective or if any payment has been made by the Administrative Agent or the Revolving Agent to any Lender without applicable withholding tax being deducted from such payment), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent or the Revolving Agent (to the extent that the Administrative Agent or the Revolving Agent has not already been reimbursed by the Borrowers pursuant to <u>Section 3.01</u> and <u>3.04</u> and without limiting or expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Administrative Agent or the Revolving Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent or the Revolving Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Revolving Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent or the

------

Revolving Agent under this <u>Section 9.12</u>. The agreements in this <u>Section 9.12</u> shall survive the resignation and/or replacement of the Administrative Agent or the Revolving Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank).

**ARTICLE X.** 

**<u>MISCELLANEOUS</u>**

Section 10.01. <u>Amendments, Etc.</u>

Subject to any separate agreement among the Lenders, except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders (unless specified therein)) (or by the Administrative Agent with the consent of the Required Lenders) and the applicable Loan Party, as the case may be (and with an executed copy thereof promptly delivered to the Administrative Agent if not otherwise a party thereto), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that, no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood that a waiver of any condition precedent, the waiver of any obligation of the Borrowers to pay interest at the Default Rate or the waiver of any Default, Event of Default, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such an extension or increase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise expressly provided for hereunder, including without limitation pursuant to a Refinancing Amendment or an Extension Amendment, postpone any date scheduled for any payment of principal (including final maturity), interest or fees under <u>Section 2.07</u>, <u>2.08</u> or <u>2.09</u>, respectively, without the written consent of each Lender directly and adversely affected thereby (it being understood that the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any Default or Event of Default, any condition precedent, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such a postponement of any date scheduled for the payment of principal or interest and it further being understood that any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a postponement of such scheduled payment); *provided* that only the consent of the Administrative Agent and/or the Revolving Agent, as applicable, shall be required for an extension or postponement for administrative convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (iii)</u> of the second proviso to this <u>Section 10.01</u>) or any fees payable hereunder or under any other Loan Document (or extend the timing of payments of such fees) without the written consent of each Lender directly and adversely affected thereby (it being understood that (i) the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any mandatory prepayment of the Loans or mandatory

------

reduction of any Commitments or any Default or Event of Default shall not constitute such a reduction and it further being understood that (ii) any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a reduction or forgiveness in any principal or rate of interest of any Loan, L/C Borrowing, fee or other amount payable hereunder or under any other Loan Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" in any manner that would alter the pro rata sharing of payments or other amounts required thereby, without the written consent of each Lender directly and adversely affected thereby; *provided* that modifications to <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" to the extent necessary in connection with (w) any buy back of Term Loans by Holdings or the Borrower pursuant to <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, (x) any Refinancing Amendment or amendment in respect of Replacement Loans, (y) any Incremental Amendment or (z) any Extension Amendment, in each case, shall only require approval (to the extent any such approval is otherwise required) of the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of (i) this <u>Section 10.01</u> or (ii) the definition of "Required Lenders", "Required Revolving Credit Lenders" or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents to reduce the percentage set forth therein, without the written consent of each Lender directly and adversely affected thereby (it being understood that, with the consent of the Required Lenders or Required Revolving Credit Lenders (if such consent is otherwise required), or the Administrative Agent or the Revolving Agent, as applicable (if the consent of the Required Lenders or Required Revolving Credit Lenders is not otherwise required), additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or Required Revolving Credit Lenders, as applicable, on substantially the same basis as the Term Commitments or Revolving Credit Commitments, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the aggregate value of the Guaranty without the written consent of each Lender;

*provided, further*, that, to the extent that any such amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> above is not executed by all Agents and/or all of the Lenders, the Borrower shall provide a copy of such amendment or waiver to any Agent and/or Lender which is not a party thereto; 

*provided*, *further*, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, directly and adversely affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) [reserved]; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or, with respect to the Revolving Loans, the Revolving Agent, in addition to the Lenders required above, directly and adversely affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or Revolving Agent, as applicable, under this Agreement or any other Loan Document; (iv) only the consent of the parties to the Fee Letter shall be required to amend, modify or supplement the terms thereof; (v) <u>Section 10.07(h)</u> may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans

------

are being funded by an SPC at the time of such amendment, waiver or other modification; (vi) (x) no Lender consent is required to effect an Incremental Amendment, Refinancing Amendment or Extension Amendment (except as expressly provided in <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u> or in the following <u>clause (y)</u> or <u>(z)</u>, as applicable) or to effect any amendment expressly contemplated by <u>Section 6.19</u>, (y) in connection with an amendment that addresses solely a re-pricing transaction in which any Class of Term Loans is Refinanced with a replacement Class of term loans bearing (or is modified in such a manner such that the resulting term loans bear) a lower All-In Yield (which may include other customary technical amendments related thereto, including providing that such replacement term loans may have a prepayment premium in connection therewith) (a "**Permitted Repricing Amendment**"), only the consent of the Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans shall be required for such Permitted Repricing Amendment, and (z) in connection with an Extension Amendment, only the consent of the Lenders that will continue as a Lender in respect of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, subject to such Extension Amendment shall be required for such Extension Amendment; and (vii) the Letter of Credit Sublimit may be increased with only the consent of each L/C Issuer and the Revolving Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms materially and adversely affects any Defaulting Lender to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding the foregoing, no Lender consent is required for the Collateral Agent to enter into, or to effect any amendment, modification or supplement to any Intercreditor Agreement pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan Commitment, any Other Commitment, any Other Term Loan, any Other Notes, or any Permitted First Priority Refinancing Debt or any Permitted Junior Priority Refinancing Debt, for the purpose of adding the holders of such Indebtedness (or their representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, in each case as contemplated by the terms of such Intercreditor Agreement (it being understood that any such amendment or supplement may make such other changes to the applicable Intercreditor Agreement as, in the good faith determination of the Collateral Agent, are required to effectuate the foregoing and *provided* that such other changes are not adverse, in any material respect (taken as a whole), to the interests of the Lenders); *provided*, *further*, that no such Intercreditor Agreement shall amend, modify or otherwise adversely affect the rights or duties of any Agent hereunder or under any other Loan Document without the prior written consent of such Agent. 

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

Notwithstanding any of the foregoing, only the consent of the Required Revolving Credit Lenders (and, in the case of the issuance of a Letter of Credit, the relevant Issuing Lender) shall be required for (i) any amendment or waiver of any condition precedent to an extension of credit (or deemed extension of credit) under the Revolving Credit Facility, (ii) any modification or amendment to the calculation or formulation of the Financial Covenant , Section 7.11 or Section 8.04, or any change to any definition related to the Financial Covenant, Section 7.11 or Section 8.04 (as such definitions are used for purposes of the Financial Covenant, Section 7.11 or Section 8.04, as applicable) or (iii) the waiver of any Default or Event of Default under the Financial Covenant.

------

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrowers and the Lenders providing the Replacement Term Loans (as defined below) to permit the Refinancing of all or a portion of the outstanding Term Loans of any Class ("**Refinanced Term Loans**") with one or more tranches of replacement term loans having different terms ("**Replacement Term Loans**") hereunder; *provided* that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans *plus* accrued interest, fees, expenses and premium (but nothing in this clause (a) shall limit the ability of the Borrowers to incur Incremental Term Loans of the same Class or of a different Class at the same time if such incurrence is otherwise permitted hereunder), (b) the Weighted Average Life to Maturity of Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, at the time of such Refinancing (except by virtue of amortization or prepayment of the Refinanced Term Loans prior to the time of such incurrence) and (c) such Replacement Term Loans shall otherwise constitute Credit Agreement Refinancing Indebtedness.

Notwithstanding anything to the contrary contained in this <u>Section 10.01</u>, guarantees, collateral security documents and related documents executed by the Loan Parties or the Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and the Collateral Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent and the Collateral Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel or (ii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, if at any time after the Closing Date, any Agent and the Borrower shall have jointly identified a mistake, ambiguity, obvious or technical error or any error or omission of a technical or administrative nature, in each case, in any provision of the Loan Documents, then the Administrative Agent, the Revolving Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, the Revolving Agent may waive any obligations or requirements under <u>Section 6.16</u>.

Section 10.02. <u>Notices and Other Communications; Facsimile Copies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices; Effectiveness; Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section 10.02(a)(ii)</u>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to the Borrower (or to any other Loan Party), the Administrative Agent, the Collateral Agent, the Revolving Agent or an L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for the Borrower, the Administrative Agent, the Collateral Agent, the Revolving Agent or such L/C Issuer on <u>Schedule 10.02</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>Section 10.02(a)(ii)</u> shall be effective as provided in such <u>Section 10.02(a)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Electronic Communications</u>. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, *provided* that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to <u>Article II</u> if such Lender or such L/C Issuer, as applicable, has notified each Agent that it is incapable of receiving notices under such Article by electronic communication. Any Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, *provided* that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent or the Revolving Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the "**Agent Parties**") have any liability to the Loan Parties, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or any Agent's transmission of the Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable

------

judgment to have resulted from the gross negligence, bad faith, material breach or willful misconduct of such Agent Party (or its Representatives); *provided*, *however*, that in no event shall any Person have any liability to any other Person hereunder for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages); *provided* that nothing in this sentence shall limit any Loan Party's indemnification obligations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Address, Etc.</u> Each of the Borrowers, the Agents and the L/C Issuers may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the Borrower, the Agents, the L/C Issuers. In addition, each Lender agrees to notify the Agents from time to time to ensure that the Agents has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reliance by Agents, L/C Issuers and Lenders</u>. The Agents, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Agents, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers in accordance with <u>Section 10.05</u> hereof. All telephonic notices to and other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording.

Section 10.03. <u>No Waiver; Cumulative Remedies</u>.

No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent and the Revolving Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuers; *provided*, *however*, that the foregoing shall not prohibit (a) any Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or the Revolving Agent, as applicable) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 10.09</u> (subject to the terms of <u>Section 2.13</u>) or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; *provided*, *further*, that if at any time there is no Person acting as Administrative Agent, Collateral Agent or Revolving Agent hereunder and under the other Loan Documents, then (i) the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall

------

have the rights otherwise ascribed to the Administrative Agent, the Collateral Agent or the Revolving Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of the preceding proviso and subject to <u>Section 2.13</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

Section 10.04. <u>Attorney Costs and Expenses</u>.

The Borrower agrees (a) to pay or reimburse the Agents, the Commitment Parties and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby, including (i) all Attorney Costs, which shall be limited to one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Commitment Parties (taken as a whole), plus, if reasonably necessary, one local counsel in each applicable jurisdiction material to the interests of the Lenders (taken as a whole), in each case except allocated costs of in-house counsel and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower, and (b) from and after the Closing Date, to pay or reimburse the Administrative Agent, the Revolving Agent, and the Collateral Agent, the L/C Issuers and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or protection of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including (i) all respective Attorney Costs, which shall be limited to Attorney Costs of one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Lenders (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction material to the interests of the Lenders (taken as a whole) and, solely in the case of an actual conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected parties) and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower. The agreements in this <u>Section 10.04</u> shall survive the termination of the Aggregate Commitments and repayment of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). All amounts due under this <u>Section 10.04</u> shall be paid within 30 days following receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail; *provided* that, with respect to the Closing Date, all amounts due under this <u>Section 10.04</u> shall be paid on the Closing Date solely to the extent invoiced to the Borrower at least three Business Days prior to the Closing Date (or such shorter period as the Borrower shall reasonably agree). If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by any Agent in its discretion following five Business Days' prior written notice to the Borrower and the other Agents. For the avoidance of doubt, this <u>Section 10.04</u> shall not apply to Taxes, except any Taxes that represent costs and expenses arising from any non-Tax claim.

Section 10.05. <u>Indemnification by the Borrower</u>.

The Borrower shall indemnify and hold harmless each Agent, each Agent-Related Person, each Lender and their respective controlled Affiliates and controlling Persons, and their respective officers, directors, agents, members and employees and their respective successors (collectively the "**Indemnitees**")

------

from and against any and all liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and its affiliated or associated Indemnities (taken as a whole), one counsel to the Revolving Agent and the Collateral Agent and their affiliated or associated Indemnities (taken as a whole) and one counsel to all other Indemnitees (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected Indemnitees, in each case except allocated costs of in-house counsel), joint or several, of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (c) any Environmental Liability arising from any actual or alleged presence or Release of Hazardous Materials at, on, under or from any property or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, or any other Environmental Liability of the Loan Parties or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (a "**Proceeding**") and regardless of whether any Indemnitee is a party thereto or whether or not such Proceeding is brought by the Borrower or any other person and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee (all of the foregoing, collectively, the "**Indemnified Liabilities**"); *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (w) the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (x) a material breach of any obligations under any Loan Document by such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) any disputes solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under any Facility (unless such claim would otherwise be excluded pursuant to clause <u>(w)</u> above) which do not arise out of any act or omission of Holdings, the Borrower, the Sponsor or any of their Affiliates or (z) settlements effected without the Borrower's prior written consent (such consent not to be unreasonably withheld, delayed or conditioned), but if settled with the Borrower's written consent, or if there is a final judgment in any such Proceeding, the Borrower shall indemnify and hold harmless such Indemnitee to the extent and the manner set forth above. In case any Proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrower of the commencement of any such Proceeding; *provided*, *however*, that the failure so to notify the Borrower will not relieve the Borrower from any liability to such Indemnitee pursuant to this <u>Section 10.05</u>. Each applicable Indemnitee (by accepting the benefits hereof) agrees to refund and return any and all amounts paid by or on behalf of the Borrower (or any other Loan Party) to such Indemnitee, in each case, pursuant to the terms of this paragraph to the extent such Indemnitee is not entitled to the payment thereof pursuant to the terms of this paragraph. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission

------

systems in connection with this Agreement, in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Indemnitee (or its officers, directors, employees or Affiliates), nor shall any Indemnitee, Loan Party or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); it being agreed that this sentence shall not limit the indemnification obligations of Holdings, the Borrower or any Subsidiary (including, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket expenses). In the case of an investigation, litigation or other proceeding to which the indemnity in this <u>Section 10.05</u> applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due under this <u>Section 10.05</u> shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); *provided*, *however*, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this <u>Section 10.05</u>. The agreements in this <u>Section 10.05</u> shall survive the resignation or removal of any Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). For the avoidance of doubt, this <u>Section 10.05</u> shall not apply to Taxes, except any Taxes that represent liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

To the extent that the Borrower for any reason fails to pay any amount required under this <u>Section 10.05</u> or <u>Section 10.04</u> to be paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender's Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, *provided* that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this paragraph are subject to the provisions of <u>Section 2.12(e)</u>.

Section 10.06. <u>Payments Set Aside</u>.

To the extent that any payment by or on behalf of any Borrower is made to any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each

------

Lender and each L/C Issuer severally agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, *plus* interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Base Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Secured Obligations and the termination of this Agreement.

Section 10.07. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Revolving Agent and each Lender (except as permitted by <u>Section 7.04</u> or <u>Section 7.05</u>) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of <u>Section 10.07(b)</u> and the proviso to this <u>Section 10.07(a)</u> (such an assignee, an "**Eligible Assignee**") and (A) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is an Affiliated Lender, <u>Section 10.07(k)</u>, (B) in the case of any Assignee that is Holdings or any of its Subsidiaries, <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, or (C) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is a Debt Fund Affiliate, <u>Section 10.07(o)</u>, (ii) by way of participation in accordance with the provisions of <u>Section 10.07(e)</u>, (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 10.07(g)</u> or (iv) to an SPC in accordance with the provisions of <u>Section 10.07(h)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void); *provided*, *however*, that notwithstanding the foregoing or anything else in this Agreement to the contrary, no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender, (ii) a natural Person or (iii) to Holdings, the Borrower or any of their respective Subsidiaries (except pursuant to or as contemplated by <u>Section 2.05(a)(v)</u>, the last paragraph of <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u>, as applicable). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 10.07(e)</u> and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>Section 10.07(b)(ii)</u> below, any Lender may at any time assign to one or more assignees (other than a Disqualified Institution unless the Borrower consents to such assignment to such entity, in which case such entity will not be considered a Disqualified Institution for the purpose of such assignment) (each, an "**Assignee**") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <u>Section 10.07(b)</u>, participations in L/C Obligations) at the time owing to it) with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower in its sole discretion; *provided* that no consent of the Borrower shall be required for an assignment (i) of all or a portion of the Term Loans to a Term Lender, (ii) all of a portion of any Revolving Credit Commitment or Revolving Loan to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) after the occurrence and during the continuance of an Event of Default under <u>Section 8.01(a)</u> or <u>Section 8.01(f)</u> (with respect to the Borrower), to any Assignee or (iv) of all or a portion of the Term Loans to an Affiliate or Approved Fund of such Lender, in each case, that is managed or advised by GSO or Carlyle, as the case may be, that are part of GSO's or Carlyle's "Direct Lending" or "Credit Opportunities" lines of business and are not part of GSO's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations" line of business; *provided*, *further*, that with respect to an assignment of all or a portion of the Term Loans, the Borrower shall be deemed to have consented

------

to any such assignment (other than with respect to any assignment to a Disqualified Institution or to an Affiliate or Approved Fund that are part of GSO's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations") unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent (with respect to the Term Loans) and the Revolving Agent (with respect to the Revolving Credit Commitments); *provided* that no consent of any Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Term Lender, an Affiliate of a Term Lender or any Approved Fund thereof, (ii) of all or any portion of any Revolving Credit Commitments or Revolving Credit Exposure to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) of all or a portion of the Loans pursuant to <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u> or (iv) from an Agent to its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each L/C Issuer at the time of such assignment; provided that no consent of the L/C Issuers shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class or in the case of an assignment to an Affiliate of a Lender or any Approved Fund thereof, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 (in the case of each Revolving Loan), $1,000,000 (in the case of a Term Loan), and shall be in increments of an amount of $2,500,000 (in the case of each Revolving Loan) or $1,000,000 (in the case of Term Loans), in excess thereof unless each of the Borrower and the Administrative Agent or the Revolving Agent, as applicable, otherwise consents; provided that such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall (1) execute and deliver to the applicable Agent an Assignment and Assumption via an electronic settlement system acceptable to such Agent or (2) if previously agreed with such Agent, manually execute and deliver to such Agent an Assignment and Assumption, together, in each case, with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the applicable Agent and shall in no event apply to assignments between (i) GSO and its Affiliates and (ii) Carlyle and its Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) other than in the case of assignments pursuant to <u>Section 10.07(l)</u>, the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent or the Revolving Agent, as applicable, an Administrative Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall execute and deliver to the Administrative Agent or the Revolving Agent, as applicable, and the Borrower the forms described in <u>Sections 3.01(d)</u> and <u>3.01(e)</u> applicable to it.

This <u>Section 10.07(b)</u> shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to acceptance and recording thereof by the Administrative Agent or the Revolving Agent, as applicable, pursuant to <u>Section 10.07(d)</u>, from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to <u>Section 10.07(l)</u> the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, <u>10.04</u> and <u>10.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 10.07(c)</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.07(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent and the Revolving Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Applicable Agent's Office a copy of each Assignment and Assumption, each Affiliated Lender Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower pursuant to <u>Section 10.07(l)</u> and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and the amounts due under <u>Section 2.03</u>, owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>Section 10.07(b)(ii)(B)</u> above, if applicable, and the written consent of the Administrative Agent or the Revolving Agent and, if required, the Borrower and each L/C Issuer to such assignment and any applicable tax forms, the Administrative Agent or the Revolving Agent shall (i) accept such Assignment and Assumption and (ii) promptly record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this <u>Section 10.07(d)</u>. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, any Agent and any Lender (solely with respect to such Lender), at any reasonable time and from time to time upon reasonable prior notice.

------

This <u>Section 10.07(d)</u> and <u>Section 2.11</u> shall be construed so that all Loans are at all times maintained in "registered form" within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations). Notwithstanding the foregoing, in no event shall the Administrative Agent or the Revolving Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent or the Revolving Agent be obligated to monitor the aggregate amount of Term Loans held by Affiliated Lenders. Notwithstanding anything to the contrary in this Agreement, the Borrowers, Holdings, the other Loan Parties and the Lenders acknowledge and agree that in no event shall the Administrative Agent or the Revolving Agent (in each case in its capacity as such) be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, neither the Administrative Agent nor the Revolving Agent shall (x) be obligated to ascertain, monitor or inquire as to whether any Lender is a Disqualified Institution or (y) have any liability with respect to any assignment or participation of Loans or Commitments, or any disclosure of confidential information, to any Disqualified Institution. Upon request by the Administrative Agent or the Revolving Agent, the Borrower shall (i) promptly (and in any case, not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>) provide to the Administrative Agent, a complete list of all Affiliated Lenders holding Term Loans or Incremental Term Loans at such time and (ii) not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Term Loans or Incremental Term Loans at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may at any time, sell participations to any Person (other than a natural person, a Defaulting Lender, the Sponsor, Holdings, any Non-Debt Fund Affiliate and, to the extent the list thereof has been made available to all Lenders, any Disqualified Institution) (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations) owing to it); *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in <u>clauses (a)</u> through <u>(h)</u> of the first proviso to <u>Section 10.01</u> that requires the affirmative vote of such Lender. Subject to <u>Section 10.07(f)</u> and a Participant's compliance with <u>Section 3.01(d)</u> and <u>(e)</u>, each Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and limitations of such Sections, including the requirements of Section 3.01(d) and (e) (it being understood that the documentation required under Section 3.01(d) and (e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.07(c)</u>. To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of <u>Section 10.09</u> as though it were a Lender; *provided* that such Participant (A) agrees to be subject to <u>Section 2.13</u> as though it were a Lender, and (B) shall not be entitled to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which

------

it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u>, <u>3.04</u> or <u>3.05</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Lender may, without the consent of any Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender; *provided* that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (other than a Disqualified Institution) identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement except, in the case of <u>Section 3.01</u>, to the extent that the grant to the SPC was made with the prior written consent of the Borrower in its sole discretion, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the

------

Note, if any, held by it to the trustee (other than a Disqualified Institution) for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; *provided* that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this <u>Section 10.07</u>, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained herein, any L/C Issuer may, upon 30 days' notice to the Borrower, the Agents and the Revolving Credit Lenders, resign as an L/C Issuer; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer shall have identified a successor L/C Issuer reasonably acceptable to the Borrower and the Revolving Agent willing to accept its appointment as successor L/C Issuer; *provided*, *further*, that any such resignation shall be effective only if (x) the relevant L/C Issuer is no longer a Revolving Credit Lender upon the effectiveness of such resignation or (y) the relevant L/C Issuer has obtained the consent of the Revolving Agent and the Borrower. In the event of any such resignation of an L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving Credit Lenders willing to accept such appointment a successor L/C Issuer hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer, except as expressly provided above. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Credit Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through open market purchases on a non-pro rata basis, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to an Affiliated Lender may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of <u>Exhibit J</u> hereto (an "**Affiliated Lender Assignment and Assumption**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Affiliated Lenders (A) will not receive information provided solely to Lenders by the Administrative Agent or any Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</u>, (B) will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent and (C) will not receive advice of counsel to the Administrative Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection with each assignment pursuant to this <u>Section 10.07(k)</u>, the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to such Affiliated Lender; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate principal amount of Term Loans (as of the date of consummation of any transaction under this <u>Section 10.07(k)</u>) held at such time by all Affiliated Lenders shall not exceed 25% of the principal amount of all Term Loans outstanding as of the date of such transaction (such percentage, the "**Affiliated Lender Cap**").

Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required and be delivered to the same addressee as set forth in <u>Exhibit E-2</u>.

Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or any of their Subsidiaries, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or their respective Subsidiaries, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Affiliated Lenders and any of their Subsidiaries, Holdings, the Borrower and their respective Subsidiaries, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) that the Excluded Information may not be available to the Administrative Agent or the other Lenders.

Notwithstanding anything to the contrary in the Loan Documents, any Term Loans assigned to an Affiliated Lender in accordance with this <u>Section 10.07(k)</u> or <u>Section 10.07(o)</u> may be contributed to Holdings or any of its Restricted Subsidiaries and be exchanged for debt or equity securities of the Borrower (or any of its direct or indirect parent) to the extent otherwise permitted herein, in which case Holdings, the Borrower and its Restricted Subsidiaries shall comply with <u>Sections 10.07(l)(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u> (with any references to the Borrower in such sections to be deemed to include any applicable Restricted Subsidiary) and for the avoidance of doubt any other assignment to Holdings or its Restricted Subsidiaries shall be consummated only pursuant to <u>Section 10.07(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to Holdings, the Borrower or any Restricted Subsidiary through, notwithstanding <u>Sections 2.12</u> and <u>2.13</u> or any other provision in this Agreement, open market purchase on a non-pro rata basis, in each case subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to Holdings, the Borrower or a Restricted Subsidiary may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall execute and deliver to the Administrative Agent an Affiliated Lender Assignment and Assumption substantially in the form of <u>Exhibit J</u> hereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Holdings or a Restricted Subsidiary is the assignee, upon such assignment, transfer or contribution, Holdings or such Restricted Subsidiary, as applicable, shall automatically be deemed to have contributed or distributed, as applicable, the principal amount of such Term Loans, *plus* all accrued and unpaid interest thereon, to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Borrower is the assignee (including through contribution or transfers set forth in <u>clause (iii)</u> above), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, distributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation and extinguishment of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, distribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with each assignment pursuant to this <u>Section 10.07(l)</u>, the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to Holdings, the Borrower or such Restricted Subsidiary, as applicable.

Each Lender participating in any assignment pursuant to this <u>clause (l)</u> acknowledges and agrees that in connection with such assignment, (1) Holdings and its Subsidiaries then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on Holdings or any of its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of Holdings or its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrower and its Subsidiaries and Affiliates, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to <u>Section 10.07(n)</u>, any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require any Agent or any Lender to take (or refrain from taking) any such action and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question adversely affects such Affiliated Lender in any material respect as compared to other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Additionally, the Loan Parties and Affiliated Lenders hereby agree that if a case under Title 11 of the United States Code is commenced by or against any Loan Party, such Loan Party shall seek (and the Affiliated Lenders shall consent) to provide that the vote of the Affiliated Lenders with respect to any plan of reorganization of such Loan Party shall be counted in the same proportion as all other Lenders, except that Affiliated Lenders' vote may be counted to the extent any such plan of reorganization (i) proposes to treat the Obligations held by Affiliated Lenders in a manner that is less favorable in any material respect to the Affiliated Lenders than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower, (ii) would deprive the Affiliated Lenders of their Pro Rata Share of any payments to which all Lenders are entitled or (iii) requires the consent of each Lender or each affected Lender. The Affiliated Lenders hereby irrevocably appoint each of the Administrative Agent or the Revolving Agent (such appointment being coupled with an interest) as the Affiliated Lenders' attorneys-in-fact, with full authority in the place and stead of the Affiliated Lenders and in the name of the Affiliated Lenders, from time to time in each such Agent's discretion to take any action and to execute any instrument that such Agent may deem reasonably necessary to carry out the provisions of this <u>Section 10.07(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Although Debt Fund Affiliates shall be Eligible Assignees and shall not be subject to the provisions of <u>Section 10.07(m)</u> or <u>10.07(n)</u>, any Lender may, at any time, assign all or a portion of its rights and obligations with respect to any Class of Loans or Commitments under this Agreement to a Person who is or will become, after such assignment, a Debt Fund Affiliate only through (x) Dutch auctions open to all Lenders holding such Class of Loans or Commitments on a pro rata basis in accordance with procedures of the type described in <u>Section 2.05(a)(v)</u> or (y) open market purchases on a non-pro rata basis. Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Loans held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans, Revolving Credit Commitments and Revolving Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant to <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding the foregoing, if an entire Class of Loans or Commitments is Refinanced or replaced in full with other Loans or Commitments hereunder, the Borrower shall have the option, with the consent of each of the Administrative Agent and the Revolving Agent and subject to at least three Business Days' advance notice (which notice may be rescinded if the transactions contemplated by such Refinancing Amendment are not consummated) to each Lender holding any Class of Loans or Commitments being Refinanced or replaced to consummate such Refinancing or replacement of such Class by way of assignment by purchasing each such Lender's Loans or unfunded Commitments at par, accompanied by payment of any accrued interest and fees thereon (including, if applicable, amounts payable pursuant to <u>Section 3.07(e)</u>) instead of prepaying the Loans or reducing or terminating the Commitments to be Refinanced or replaced. The assigned Loans and Commitments shall be amended immediately thereafter in accordance with <u>Section 10.01</u> to reflect the terms of any such Refinancing or replacement. The assignee under any such assignment may be (but shall not be required to be) any Agent, any Lender, any arranger of the new Loans or Commitments or any other Person designated by any Agent. By receiving the purchase price, the Lenders having the replaced or Refinanced Class of Loans or

------

Commitments shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing security interests in the Collateral.

Section 10.08. <u>Confidentiality</u>.

Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel, and other advisors (it being understood that (i) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and (ii) the applicable Agent or Lender disclosing such information shall be responsible for the compliance of its Affiliates and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel and other advisors, with this <u>Section 10.08</u>); (b) to the extent required or requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority regulating any Lender or its Affiliates), *provided* that the applicable Agent or such Lender, as applicable, agrees that it will make commercially reasonable efforts to notify the Borrower in advance in the event of any such disclosure by such Person (and will promptly notify the Borrower in any event) (other than at the request of a regulatory authority or pursuant to filings, submissions and any other similar documentation applicable to business development companies of the type disclosed in the Administrative Agent's Form 10-K prior to the Closing Date and required or customary to comply with SEC filing requirements) unless such notification is prohibited by law, rule or regulation; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process or required or requested by any regulatory authority having or asserting jurisdiction over such Person or its Related Parties, *provided* that the applicable Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions at least as restrictive as those of this <u>Section 10.08</u> (or as may otherwise be reasonably acceptable to the Borrower), to (i) any pledgee referred to in <u>Section 10.07(g)</u>, (ii) any direct or indirect contractual counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (other than any Disqualified Institution or Person); or (iii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder (other than any Disqualified Institution or Person whom the Borrower has affirmatively denied to provide consent to assignment in accordance with <u>Section 10.07(b)(i)(A)</u>); (f) with the prior written consent of the Borrower; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this <u>Section 10.08</u> or other obligation of confidentiality owed to the Borrower, the Sponsor or their respective Affiliates, (ii) is or becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or any Sponsor or their respective related parties (so long as such source is not known (after due inquiry) to such Agent, such Lender, such L/C Issuer or any of their respective Affiliates to be bound by confidentiality obligations to any Loan Party, the Sponsor or their respective Affiliates); (h) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (i) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this

------

Agreement or any other Loan Document or the enforcement of its rights hereunder or thereunder; (j) for purposes of establishing a "due diligence" defense or (k) in connection with filings, submissions and any other similar documentation required or customary to comply with SEC filing requirements. In addition, the Agents and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement, and management of this Agreement, the other Loan Documents, the Commitments and the Credit Extensions. For the purposes of this <u>Section 10.08</u>, "**Information**" means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates' directors, officers, employees, trustees, investment advisors or agents, other than any such information that is publicly available to any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this <u>Section 10.08</u> or any other confidentiality obligation owed to any Loan Party or their Affiliates. Notwithstanding anything to the contrary, this <u>Section 10.08</u> shall not terminate until the earlier of (x) payment in full of all Obligations (other than contingent obligations as to which no claim has been asserted), and (y) the Maturity Date.

Section 10.09. <u>Setoff</u>.

In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender (and any Agent, in respect of any unpaid fees, costs and expenses payable hereunder or under any of the other Loan Documents) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than escrow, payroll, petty cash, trust and tax accounts) at any time held by, and other Indebtedness at any time owing by, such Lender or such Agent to or for the credit or the account of the respective Loan Parties against any and all Secured Obligations then due and owing to such Lender or such Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Lender or such Agent shall have made demand under this Agreement or any other Loan Document; *provided* that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent or the Revolving Agent, as applicable, for further application in accordance with the provisions of <u>Section 2.17</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agents, the L/C Issuers, and the Lenders, and (y) the Defaulting Lender shall provide promptly to each Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Agents after any such set off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent and each Lender under this <u>Section 10.09</u> are in addition to other rights and remedies (including other rights of setoff) that each Agent and such Lender may have at Law.

Section 10.10. <u>Interest Rate Limitation</u>.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "**Maximum Rate**"). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

------

Section 10.11. <u>Counterparts</u>.

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. 

Section 10.12. <u>Integration</u>.

This Agreement, together with the other Loan Documents and the Fee Letter, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. Subject to <u>Section 10.22</u>, in the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; *provided* that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

Section 10.13. <u>Survival of Representations and Warranties</u>.

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

Section 10.14. <u>Severability</u>.

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions; *provided*, that the Lenders shall charge no fee in connection with any such amendment. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 10.14</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Agents or the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

------

Section 10.15. <u>GOVERNING LAW</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT NOTWITHSTANDING THE FOREGOING IT IS UNDERSTOOD AND AGREED THAT (A) THE INTERPRETATION OF CLAUSE (A) OF THE DEFINITION OF "MATERIAL ADVERSE EFFECT" (AND WHETHER OR NOT A "MATERIAL ADVERSE EFFECT" UNDER CLAUSE (A) OF SUCH DEFINITION HAS OCCURRED), (B) THE ACCURACY OF ANY SPECIFIED PURCHASE AGREEMENT REPRESENTATIONS AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF THE INITIAL BORROWER HAS THE RIGHT (WITHOUT REGARD TO ANY NOTICE REQUIREMENT BUT TAKING INTO ACCOUNT ANY APPLICABLE CURE PROVISIONS) TO TERMINATE THE INITIAL BORROWER'S OBLIGATIONS (OR TO REFUSE TO CONSUMMATE THE ACQUISITION) UNDER THE PURCHASE AGREEMENT AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE PURCHASE AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY (BOROUGH OF MANHATTAN) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE) IN <u>SECTION 10.02</u>. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

------

Section 10.16. <u>WAIVER OF RIGHT TO TRIAL BY JURY</u>.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.16</u>.

Section 10.17. <u>Binding Effect</u>.

This Agreement shall become effective when it shall have been executed and delivered by the Loan Parties, each Agent and each Lender and shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with <u>Section 10.07</u> (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Agents and the Lenders except as permitted by <u>Section 7.04</u>.

Section 10.18. <u>USA Patriot Act</u>.

Each Lender that is subject to the USA Patriot Act and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow such Lender or such Agent, as applicable, to identify such Loan Party in accordance with the USA Patriot Act. This notice is given in accordance with the requirements of the USA Patriot Act and is effective as to the Lenders and the Agents.

Section 10.19. <u>Judgment Currency.</u>

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent or the Revolving Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent, the Revolving Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "**Judgment Currency**") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "**Agreement Currency**"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent, the Revolving Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent, the Revolving Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender in such currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrowers (or to any other Person who may be entitled thereto under applicable Law).

------

Section 10.20. <u>No Advisory or Fiduciary Responsibility</u>.

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agents are arm's-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for each Loan Party or any of their respective Affiliates, or any other Person and (B) no Agent or Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party hereby agrees that it will not claim that any Agent or Lender has rendered advisory services of any nature or respect, or owe any fiduciary duty or similar duty to such Loan Party or its Affiliates in connection with any aspect of any transaction contemplated hereby or the process leading thereto.

Section 10.21. <u>Electronic Execution of Assignments and Certain Other Documents</u>.

The words "execute," "execution," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agents, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, no Agent is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Agent pursuant to procedures approved by it.

Section 10.22. <u>Intercreditor Agreements</u>.

Each Lender hereunder (a) acknowledges that it has received a copy of the Intercreditor Agreements, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements and (c) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Intercreditor Agreements on behalf of such Lender. The foregoing provisions are intended as an inducement to the lenders under any documentation governing other parity lien or junior lien Indebtedness permitted to be incurred hereunder to extend credit to the Loan Parties and such lenders are intended third party beneficiaries of such provisions. In the event of any conflict or inconsistency between the provisions of any Intercreditor Agreement and this Agreement, the provisions of such Intercreditor Agreement shall control.

------

Section 10.23. <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 10.24. <u>Closing Date Debt Assumptions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately after the consummation of the Acquisition, TCFI hereby assumes all of the Secured Obligations of the Initial Borrower (the "Debt Assumption").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Debt Assumption, TCFI hereby joins this Agreement as a Borrower and agrees and acknowledges that, for the benefit of the Agents and the Lenders, as evidenced by its signature below on its behalf, upon the consummation of the Debt Assumption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TCFI shall be and is a Borrower under this Agreement and the other Loan Documents with the same force and effect as if originally named therein as a "Borrower", from and after Acquisition, the effect of which shall be, without limitation, that (A) each reference to a "Borrower", "Borrowers", "Borrower Representative", "Loan Party" or "Loan Parties" in this Agreement and the other Loan Documents shall be deemed to be to, or include, it and (B) it shall be bound by all of the terms and provisions of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TCFI, as a borrower, debtor, grantor, mortgagor, pledgor, guarantor or assignor, or in any other similar capacities in which TCFI grants Liens or security interests in its assets and other property or otherwise acts as an accommodation party or guarantor, as the case may be, in any case under the Loan Documents, from and after the consummation of the Acquisition hereby (i) ratifies and confirms all of the payment, performance and observance obligations and liabilities of TCFI, whether contingent or otherwise, under the Loan Documents, and (ii) ratifies and confirms the grant of security by TCFI under the Collateral Documents and confirms and agrees that such Liens and security interests secure all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Release of Initial Borrower. Following the funding of the Loans on the Closing Date, and automatically upon consummation of the Acquisition and the Debt Assumption, the Initial Borrower is hereby automatically released from all its rights and Secured Obligations as a "Borrower" hereunder and under the other Loan Documents. Notwithstanding such release, Athena Technology Solutions Purchaser, LLC, as Holdings, will remain a Loan Party and Guarantor for all other purposes under the Loan Documents following the effectiveness of the Closing Date Acquisition and will not be released or discharged from any Secured Obligations that are applicable to Loan Parties or grants of security interests in the Collateral pursuant to the Collateral Documents), except as otherwise provided for hereunder.

------

**ARTICLE XI.** 

**<u>GUARANTY</u>**

Section 11.01. <u>The Guaranty</u>.

Each Guarantor, including each Guarantor joined hereto pursuant to a Guaranty Joinder Agreement as required by the Collateral and Guarantee Requirement, hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrowers (or, in the case of each Guarantor that is also a Borrower, each other Borrower), and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the "**Guaranteed Obligations**"); *provided*, *however*, that Guaranteed Obligations consisting of obligations of any Loan Party arising under any Secured Hedge Agreement shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrowers or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event that any Guarantor is not an "eligible contract participant" as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended at the time (i) any transaction is entered into under a Secured Hedge Agreement or (ii) such Guarantor becomes a Guarantor hereunder, the Guaranteed Obligations of such Guarantor shall not include (x) in the case of <u>clause (i)</u> above, such transaction and (y) in the case of <u>clause (ii)</u> above, any transactions under Secured Hedge Agreements as of such date.

Section 11.02. <u>Obligations Unconditional</u>.

The obligations of the Guarantors under <u>Section 11.01</u> shall constitute a guaranty of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrowers under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to <u>Section 11.09</u>, any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the release of any other Guarantor pursuant to <u>Section 11.09</u>.

The Guarantors hereby expressly waive (to the fullest extent permitted by Law) diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrowers under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrowers and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

Section 11.03. <u>Reinstatement</u>.

The obligations of the Guarantors under this <u>Article XI</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

------

Section 11.04. <u>Subrogation; Subordination</u>.

Each Guarantor hereby agrees that until the payment in full in cash and satisfaction in full of all Guaranteed Obligations (other than Secured Cash Management Obligations, Secured Hedge Obligations and contingent obligations, in each case not yet due and owing, and L/C Obligations that have been Cash Collateralized or back-stopped) and the expiration and termination of the Commitments of the Lenders under this Agreement it shall subordinate any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in <u>Section 11.01</u>, whether by subrogation, contribution or otherwise, against the Borrowers or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 11.05. <u>Remedies</u>.

The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in <u>Section 8.02</u> (and shall be deemed to have become automatically due and payable in the circumstances provided in <u>Section 8.02</u>) for purposes of <u>Section 11.01</u>, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrowers) shall forthwith become due and payable by the Guarantors for purposes of <u>Section 11.01</u>.

Section 11.06. <u>Instrument for the Payment of Money</u>.

Each Guarantor hereby acknowledges that the guarantee in this <u>Article XI</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

Section 11.07. <u>Continuing Guarantee</u>.

The guarantee in this <u>Article XI</u> is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

Section 11.08. <u>General Limitation on Guaranteed Obligations</u>.

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under <u>Section 11.01</u> would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under <u>Section 11.01</u>, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the liability under this Guaranty and the right of contribution established in <u>Section 11.10</u>, but before giving effect to any other guarantee) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 11.09. <u>Release of Guarantors</u>.

If, in compliance with the terms and provisions of the Loan Documents, (i) any Subsidiary Guarantor ceases to be a Restricted Subsidiary in a transaction permitted hereunder, (ii) unless Borrower has otherwise requested that such Excluded Subsidiary shall be or remain a Subsidiary Guarantor, any Subsidiary Guarantor becomes an Excluded Subsidiary (other than pursuant to clause (a) of the definition of Excluded Subsidiary if the primary purpose of such action is to evade the Collateral and Guarantee

------

Requirement with no other justifiable business purpose), (iii) Borrower has notified each Agent that an Elective Guarantor shall no longer be a Guarantor or (iv) subject to <u>Section 10.01</u>, if the release of such Guarantor is approved, authorized or ratified in writing by the Required Lenders (any such Subsidiary Guarantor referred to in <u>clause (i)</u>, <u>(ii)</u>, <u>(iii)</u> or <u>(iv)</u> a "**Released Guarantor**"), such Released Guarantor shall, upon the consummation of the related transaction, change in status, request, approval, authorization or ratification be automatically released from its obligations under this Agreement (including under <u>Section 10.05</u> hereof) and the other Loan Documents, including its obligations to pledge and grant any Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of any of the Equity Interests of the Released Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrowers shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and/or the Collateral Agent shall take such actions as are necessary to effect each release described in this <u>Section 11.09</u> in accordance with the relevant provisions of the Collateral Documents; *provided*, that no such release shall occur, and no such Subsidiary Guarantor shall constitute a Released Guarantor, if (x) such Subsidiary Guarantor continues to be a guarantor in respect of any Indebtedness constituting a Junior Financing and is required to provide a Guarantee of the Secured Obligations pursuant to <u>Section 7.03(c)(A)</u> or (y) such Subsidiary Guarantor continues to constitute a Subsidiary of the Borrower and becomes an Excluded Subsidiary under clause (a) of the definition thereof unless (i) no Event of Default shall have occurred and be continuing at the time such Subsidiary Guarantor becomes an Excluded Subsidiary under clause (a) of the definition thereof and (ii) after giving Pro Forma Effect to such release and the consummation of the transaction that causes such Person to become an Excluded Subsidiary under clause (a) of the definition thereof, the Borrowers and Restricted Subsidiaries shall be deemed to have made an Investment in, or a Restricted Payment in respect of, as applicable, such Person (as if such Person were then newly acquired or formed) and such Investment or Restricted Payment is permitted hereunder at such time.

When all Commitments hereunder have terminated, and all Loans or other Obligations hereunder which are accrued and payable have been paid or satisfied (other than contingent obligations as to which no claim has been asserted), and no Letters of Credit remain outstanding (except any Letter of Credit the Outstanding Amount of which the Obligations related to which has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place), this Agreement and the Guaranty made herein, each other Loan Document and any security interest granted under any Loan Document shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such repayment pursuant to the terms of this Agreement.

Section 11.10. <u>Right of Contribution</u>.

Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor's right of contribution shall be subject to the terms and conditions of <u>Section 11.04</u>. The provisions of this <u>Section 11.10</u> shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Agents, the L/C Issuers and the Lenders, and each Subsidiary Guarantor shall remain liable to the Agents, the L/C Issuers and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

------

Section 11.11. <u>Keepwell</u>.

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (*provided*, *however*, that each Qualified ECP Guarantor shall only be liable under this <u>Section 11.11</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section 11.11</u>, or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this <u>Section 11.11</u> shall remain in full force and effect until all Commitments hereunder have terminated, and all Loans or other Guaranteed Obligations hereunder which are accrued and payable have been paid or satisfied, and no Letter of Credit remains outstanding (except any Letter of Credit the Outstanding Amount of which the Guaranteed Obligations related thereto has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place). Each Qualified ECP Guarantor intends that this <u>Section 11.11</u> constitute, and this <u>Section 11.11</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[*Signature<u>Remainder of</u> Pages Follow<u>Intentionally Left Blank</u>*] 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

---

| |
|:---|
| ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC |
| as the Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor |
| By: |
| Name: |
| Title: |
| TCFI AEVEX, LLC<br> as the Borrower following the Debt Assumption  |
| By: |
| Name: |
| Title: |
| [_______] |
| By: |
| Name: |
| Title: |

---

[Signature Page to Credit Agreement]

------

---

| |
|:---|
| ANKURA TRUST COMPANY, LLC, |
| as Administrative Agent |
| By: |
| Name: |
| Title: |
| PNC BANK, NATIONAL ASSOCIATION,<br> as Collateral Agent and Revolving Agent |

---

[Signature Page to Credit Agreement]

------

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

## Exhibit 10.3

**Exhibit 10.3** 

**<u>AMENDMENT NO. 2 TO CREDIT AGREEMENT</u>**

This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this "**Amendment**") is entered into as of May 7, 2021, by and among TCFI AEVEX LLC, a Delaware limited liability company (the "**Borrower**"), Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company ("**Holdings**"), the other Guarantors party hereto, Ankura Trust Company, LLC, as Administrative Agent (in such capacity, the "**Administrative Agent**"), PNC Bank, National Association ("**PNC**"), as Revolving Agent (in such capacity, the "**Revolving Agent**") and as Collateral Agent (in such capacity, the "**Collateral Agent**" and together with the Administrative Agent and the Collateral Agent, collectively, the "**Agents**" and each an "**Agent**"), each Person party hereto as a 2021 Delayed Draw Term Loan Lender and each Person party hereto as a Lender. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement (as defined below).

**<u>RECITALS</u>**

WHEREAS the Borrower, Holdings, the other Guarantors party thereto, the lenders party thereto (collectively, the "**Lenders**" and each a "**Lender**") and the Agents are parties to that certain Credit Agreement, dated as of March 18, 2020, as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020 (the "**Existing Credit Agreement**"; the Existing Credit Agreement, as modified by this Amendment and as it may be further amended, supplemented, amended and restated or otherwise modified, the "**Credit Agreement**"), pursuant to which, among other things, the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain loans and provide other financial accommodations to the Borrower;

WHEREAS in connection with the foregoing, the Borrower has requested that the Existing Credit Agreement be amended to, among other things, permit the incurrence of additional delayed draw term loans in an aggregate principal amount of $50,000,000 (the "**2021 Delayed Draw Term Loans**");

WHEREAS in connection with the foregoing and subject to the conditions and on the terms set forth below, the Persons party hereto as 2021 Delayed Draw Term Loan Lenders (as hereinafter defined) are willing to provide commitments to fund the 2021 Delayed Draw Term Loans (the "**2021 Delayed Draw Term Loan Commitments**") subject to the satisfaction or waiver of the conditions herein;

WHEREAS the Borrower, the Lenders holding 2021 Delayed Draw Term Loan Commitments (the "**2021 Delayed Draw Term Loan Lenders**"), the other Lenders party hereto constituting the Required Lenders and the Agents desire to modify the Existing Credit Agreement, in accordance with and subject to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Section 1. <u>Amendments to Existing Credit Agreement; 2021 Delayed Draw Term Loans</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain sections of the Existing Credit Agreement are hereby amended as set forth on <u>Exhibit A</u> to this Amendment. Language being inserted into the applicable section of the Existing Credit Agreement is evidenced by bold and underline formatting. Language being deleted from the applicable section of the Existing Credit Agreement is evidenced by strike-through formatting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Schedules to the Existing Credit Agreement are hereby amended by deleting Schedule 1.01A and replacing it with Schedule 1.01A attached hereto as <u>Annex A</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) each 2021 Delayed Draw Term Loan Lender hereby provides a 2021 Delayed Draw Term Loan Commitment to the Borrower on the Amendment No. 2 Effective Date in the amount set forth across from such 2021 Delayed Draw Term Loan Lender's name on Schedule 1.01A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each 2021 Delayed Draw Term Loan Lender hereby agrees, severally and not jointly, to make 2021 Delayed Draw Term Loans to the Borrower on the terms and subject to the conditions set forth herein and in the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each 2021 Delayed Draw Term Loan Lender shall be deemed to be, and shall become, a "Term Lender" and a "Lender" for all purposes of, and subject to all the obligations of a "Term Lender" and a "Lender" under the Credit Agreement and the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the 2021 Delayed Draw Term Loan Commitments provided by the 2021 Delayed Draw Term Loan Lenders pursuant to this Amendment and the 2021 Delayed Draw Term Loans made thereunder shall constitute "Term Commitments", "Commitments", "Term Loans" and "Loans", respectively, for all purposes under the Credit Agreement and the other Loan Documents and shall (x) be Loans and Obligations under the Credit Agreement and the other applicable Loan Documents, and (y) rank pari passu in right of payment and be secured by the relevant Collateral Documents, and guaranteed, on a pari passu basis with all Obligations relating to the other Loans secured by each such Collateral Document and guaranteed under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms and provisions of the 2021 Delayed Draw Term Loan Commitments and the 2021 Delayed Draw Term Loans are set forth in the Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) by executing this Amendment, each 2021 Delayed Draw Term Loan Lender (x) appoints and authorizes the Agents to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto and (y) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender thereunder.

**Section 2. <u>Effectiveness of this Amendment</u>**. This Amendment shall become effective at the time (the "**Amendment No. 2 Effective Date**") when each of the conditions set forth in the following clauses has been satisfied or waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agents shall have received duly executed signature pages for this Amendment signed by the Borrower, Holdings, the other Guarantors, the Agents, those Lenders constituting the Required Lenders, PNC, in its capacity as Revolving Credit Lender, and the 2021 Delayed Draw Term Loan Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agents shall have received a customary certificate of a Responsible Officer of the Borrower (A) certifying that attached thereto is a copy of the charter or certificate of formation (or the equivalent thereof) of the Borrower and all other Organization Documents of the Borrower and all amendments thereto, as in effect on the Amendment No. 2 Effective Date (*provided* that, with respect to any of the items described in this clause (A), the respective certification may instead state that there have been no changes to the relevant documents since the Closing Date or that any changes to such documents are attached, and to the extent so certified, the documents delivered on or before the Closing Date need not be redelivered hereunder), (B) attaching an incumbency certificate; *provided*, that with respect to any item in this clause (B), the respective certification may instead state that there have been no changes to the relevant incumbencies since the Closing Date; (C) attaching resolutions or other action evidencing the authority and capacity of the Borrower to execute this Amendment and perform the transactions contemplated hereby and (D) containing a certification by a Responsible Officer of the Borrower that the statements set forth in Section 3 of this Amendment are true and correct;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agents shall have received customary opinions of (A) Kirkland & Ellis LLP, as New York counsel to the Loan Parties and (B) Holland & Knight LLP, as North Carolina and Florida counsel to the Loan Parties, in each case, dated the Amendment No. 2 Effective Date and addressed to the Agents, PNC, in its capacity as Revolving Credit Lender, and the 2021 Delayed Draw Term Loan Lenders, in a form reasonably satisfactory to the Agents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all costs and expenses (including legal fees and expenses) of the Agents, PNC, in its capacity as Revolving Credit Lender, and 2021 Delayed Draw Term Loan Lenders in connection with this Amendment shall have been paid prior to or substantially currently with the Amendment No. 2 Effective Date, in each case, to the extent due (and, in the case of expenses, to the extent invoiced in reasonable detail at least one (1) Business Day prior to the Amendment No. 2 Effective Date (or such later date as the Borrower may reasonably agree)).

**Section 3. <u>Representations and Warranties</u>**. The Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Event of Default exists as of the Amendment No. 2 Effective Date or would exist after giving effect to this Amendment, including the establishment of the 2021 Delayed Draw Term Loan Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties of the Borrower and each other Loan Party set forth in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the Amendment No. 2 Effective Date with the same effect as though made on and as of the Amendment No. 2 Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date.

**Section 4. <u>Reference to and Effect upon the Credit Agreement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Amendment No. 2 Effective Date, (i) the term "Agreement" in the Credit Agreement, and all references to the Credit Agreement in any other Loan Document shall mean the Credit Agreement as modified hereby, and (ii) this Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 2 Effective Date.

**Section 5. <u>Counterparts, Etc</u>**. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this

------

Amendment. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. The words "execution," "signed," "signature" and words of like import in this Amendment relating to the execution and delivery of this Amendment shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or enforceability as a manually executed signature to the extent and as provided in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**Section 6. <u>Confirmation of Obligations</u>**. Each Guarantor (a) confirms its Guaranteed Obligations under the Credit Agreement, (b) confirms that the Guaranteed Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in Article XI of the Credit Agreement and (c) confirms that the Obligations under the Credit Agreement as modified hereby constitute "Guaranteed Obligations". Each party, by its execution of this Amendment, hereby confirms that the Guaranteed Obligations shall remain in full force and effect. For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security interests granted by such Loan Party in favor of the Collateral Agent for the benefit of, among others, the Lenders pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.

**Section 7. <u>Governing Law; Waiver of Trial by Jury</u>**. The governing law and waiver of trial by jury provisions set forth in Sections 10.15 and 10.16 of the Existing Credit Agreement shall apply to this Amendment, *mutatis mutandis*.

[Signature Pages to follow]

------

IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first written above.

---

| | |
|:---|:---|
| TCFI AEVEX, LLC, | TCFI AEVEX, LLC, |
| as the Borrower | as the Borrower |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,<br> as a Guarantor | ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI MERLIN LLC,<br> as a Guarantor | TCFI MERLIN LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| MERLIN GLOBAL SERVICES, LLC,<br> as a Guarantor | MERLIN GLOBAL SERVICES, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TRIPLE M WORLDWIDE SOLUTIONS, LLC,<br> as a Guarantor | TRIPLE M WORLDWIDE SOLUTIONS, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI CSG LLC,<br> as a Guarantor | TCFI CSG LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 2 to Credit Agreement]

------

---

| | |
|:---|:---|
| COMPANION SECURITY GROUP LLC, | COMPANION SECURITY GROUP LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI SOS LLC,<br> as a Guarantor | TCFI SOS LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| SPECIAL OPERATIONS SOLUTIONS, LLC,<br> as a Guarantor | SPECIAL OPERATIONS SOLUTIONS, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AIRCRAFT LEASE LLC,<br> as a Guarantor | TCFI AIRCRAFT LEASE LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL1 LLC,<br> as a Guarantor | TCFI AL1 LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL2 LLC,<br> as a Guarantor | TCFI AL2 LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 2 to Credit Agreement]

------

---

| | |
|:---|:---|
| TCFI AL3 LLC, | TCFI AL3 LLC, |
| as a Guarantor | as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL4 LLC,<br> as a Guarantor | TCFI AL4 LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL5 LLC,<br> as a Guarantor | TCFI AL5 LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| IKHANA AIRCRAFT HOLDINGS, LLC,<br> as a Guarantor | IKHANA AIRCRAFT HOLDINGS, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| IKHANA GROUP, LLC,<br> as a Guarantor | IKHANA GROUP, LLC,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| GEODETICS, INC.,<br> as a Guarantor | GEODETICS, INC.,<br> as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 2 to Credit Agreement]

------

---

| | |
|:---|:---|
| ANKURA TRUST COMPANY, LLC, | ANKURA TRUST COMPANY, LLC, |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Krista Gulalo |
| Name: Krista Gulalo | Name: Krista Gulalo |
| Title: Managing Director | Title: Managing Director |

---

[Signature Page to Amendment No. 2 to Credit Agreement]

------

---

| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION, | PNC BANK, NATIONAL ASSOCIATION, |
| as Collateral Agent and Revolving Agent | as Collateral Agent and Revolving Agent |
| By: | /s/ Chad W. Greene |
| Name: Chad W. Greene | Name: Chad W. Greene |
| Title: Vice President | Title: Vice President |
| PNC BANK, NATIONAL ASSOCIATION,<br> as Revolving Credit Lender | PNC BANK, NATIONAL ASSOCIATION,<br> as Revolving Credit Lender |
| By: | /s/ Chad W. Greene |
| Name: Chad W. Greene | Name: Chad W. Greene |
| Title: Vice President | Title: Vice President |

---

[Signature Page to Amendment No. 2 to Credit Agreement]

------

---

| | |
|:---|:---|
| GSO BARRE DES ECRINS MASTER FUND SCSP, | GSO BARRE DES ECRINS MASTER FUND SCSP, |
| as Lender and 2021 Delayed Draw Term Loan Lender | as Lender and 2021 Delayed Draw Term Loan Lender |
| By: Blackstone Alternative Credit Advisors LP, its Investment Advisor | By: Blackstone Alternative Credit Advisors LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |
| BLACKSTONE SECURED LENDING FUND,<br> as Lender and 2021 Delayed Draw Term Loan Lender | BLACKSTONE SECURED LENDING FUND,<br> as Lender and 2021 Delayed Draw Term Loan Lender |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |
| GN LOAN FUND LP,<br> as Lender and 2021 Delayed Draw Term Loan Lender | GN LOAN FUND LP,<br> as Lender and 2021 Delayed Draw Term Loan Lender |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |
| BGSL BIG SKY FUNDING LLC, <br> as Lender | BGSL BIG SKY FUNDING LLC, <br> as Lender |
| By: Blackstone Secured Lending Fund, its Sole Member | By: Blackstone Secured Lending Fund, its Sole Member |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |
| BGSL JACKSON HOLE FUNDING LLC,<br> as Lender | BGSL JACKSON HOLE FUNDING LLC,<br> as Lender |
| By: Blackstone Secured Lending Fund, its Sole Member | By: Blackstone Secured Lending Fund, its Sole Member |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |

---

[Signature Page to Amendment No. 2 to Credit Agreement]

------

---

| | |
|:---|:---|
| TCG BDC, INC., | TCG BDC, INC., |
| as Lender and 2021 Delayed Draw Term Loan Lender | as Lender and 2021 Delayed Draw Term Loan Lender |
| By: | /s/ Jonathan Pearl |
| Name: Jonathan Pearl | Name: Jonathan Pearl |
| Title: Managing Director | Title: Managing Director |
| TCG BDC II SPV LLC, | TCG BDC II SPV LLC, |
| as Lender and 2021 Delayed Draw Term Loan Lender | as Lender and 2021 Delayed Draw Term Loan Lender |
| By: | /s/ Jonathan Pearl |
| Name: Jonathan Pearl | Name: Jonathan Pearl |
| Title: Managing Director | Title: Managing Director |
| CPC V, L.P.,<br> as Lender | CPC V, L.P.,<br> as Lender |
| By: | /s/ Jonathan Pearl |
| Name: Jonathan Pearl | Name: Jonathan Pearl |
| Title: Managing Director | Title: Managing Director |
| American General Life Insurance Company,<br> as Lender | American General Life Insurance Company,<br> as Lender |
| By: | /s/ Jonathan Pearl |
| Name: Jonathan Pearl | Name: Jonathan Pearl |
| Title: Managing Director | Title: Managing Director |

---

[Signature Page to Amendment No. 2 to Credit Agreement]

------

<u>Exhibit A</u> 

Amended Credit Agreement

(see attached)

------

**CONFORMED THROUGH AMENDMENT** 

**NO. 1<u>2</u> TO CREDIT AGREEMENT** 

$24<u>9</u>5,000,000

CREDIT AGREEMENT

Dated as of March 18, 2020

among

ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,

initially, as Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor

TCFI AEVEX LLC,

as Borrower,

THE OTHER BORROWERS AND GUARANTORS PARTY HERETO FROM TIME TO TIME,

ANKURA TRUST COMPANY, LLC,

as Administrative Agent,

PNC BANK, NATIONAL ASSOCIATION,

as Revolving Agent and Collateral Agent,

GSO CAPITAL PARTNERS LP

CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT

as Joint Lead Lenders

and

THE LENDERS AND L/C ISSUERS PARTY HERETO FROM TIME TO TIME

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS |
|  Section 1.01. | Defined Terms | 2 |
|  Section 1.02. | Other Interpretive Provisions | 70 |
|  Section 1.03. | Accounting Terms | 71 |
|  Section 1.04. | Rounding | 72 |
|  Section 1.05. | References to Agreements, Laws, Etc. | 72 |
|  Section 1.06. | Times of Day | 72 |
|  Section 1.07. | Timing of Payment or Performance | 72 |
|  Section 1.08. | Cumulative Credit Transactions | 72 |
|  Section 1.09. | Pro Forma Calculations | 72 |
|  Section 1.10. | Currency Generally | 75 |
|  Section 1.11. | Letters of Credit | 75 |
|  Section 1.12. | Certifications | 75 |
| ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS |
|  Section 2.01. | The Loans | 76 |
|  Section 2.02. | Borrowings, Conversions and Continuations of Loans | 77 |
|  Section 2.03. | Letters of Credit | 80 |
|  Section 2.04. | [Reserved] | 88 |
|  Section 2.05. | Prepayments | 88 |
|  Section 2.06. | Termination or Reduction of Commitments | 100 |
|  Section 2.07. | Repayment of Loans | 101 |
|  Section 2.08. | Interest | 102 |
|  Section 2.09. | Fees | 102 |
|  Section 2.10. | Computation of Interest and Fees | 104 |
|  Section 2.11. | Evidence of Indebtedness | 104 |
|  Section 2.12. | Payments Generally | 105 |
|  Section 2.13. | Sharing of Payments | 107 |
|  Section 2.14. | Incremental Credit Extensions; Increase in Revolving Credit Facility | 108 |
|  Section 2.15. | Refinancing Amendments | 115 |
|  Section 2.16. | Extension of Term Loans; Extension of Revolving Loans | 116 |
|  Section 2.17. | Defaulting Lenders | 119 |
|  Section 2.18. | Co-Borrowers; New Guarantors | 121 |
| ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY |
|  Section 3.01. | Taxes | 123 |
|  Section 3.02. | Illegality | 126 |
|  Section 3.03. | Inability to Determine Rates | 127 |
|  Section 3.04. | Increased Cost and Reduced Return; Capital Adequacy; Eurocurrency Rate Loan Reserves | 128 |
|  Section 3.05. | Funding Losses | 129 |
|  Section 3.06. | Matters Applicable to All Requests for Compensation | 130 |
|  Section 3.07. | Replacement of Lenders under Certain Circumstances | 131 |
|  Section 3.08. | Survival | 133 |

---

i

------

---

| | | |
|:---|:---|:---|
| ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS |
|  Section 4.01. | Conditions to Initial Credit Extension | 133 |
|  Section 4.02. | Conditions to All Credit Extensions after the Closing Date | 136 |
|  Section 4.03. | Additional Conditions to the Delayed Draw Term Loans | 137 |
|  Section 4.04 | Additional Conditions to the 2020 Delayed Draw Term Loans | 137 |
|  <u>Section 4.05</u> | <u>Additional Conditions to the 2021 Delayed Draw Term Loans</u> | <u>137</u> |
| ARTICLE V. REPRESENTATIONS AND WARRANTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES |
|  Section 5.01. | Existence, Qualification and Power; Compliance with Laws | 138 |
|  Section 5.02. | Authorization; No Contravention | 138 |
|  Section 5.03. | Governmental Authorization | 139 |
|  Section 5.04. | Binding Effect | 139 |
|  Section 5.05. | No Material Adverse Effect | 139 |
|  Section 5.06. | Litigation | 139 |
|  Section 5.07. | Ownership of Real Property; Liens | 140 |
|  Section 5.08. | Environmental Matters | 140 |
|  Section 5.09. | Taxes | 140 |
|  Section 5.10. | ERISA Compliance | 141 |
|  Section 5.11. | [Reserved] | 141 |
|  Section 5.12. | Margin Regulations; Investment Company Act | 141 |
|  Section 5.13. | Disclosure | 141 |
|  Section 5.14. | Labor Matters | 142 |
|  Section 5.15. | Intellectual Property; Licenses, Etc. | 142 |
|  Section 5.16. | Solvency | 142 |
|  Section 5.17. | [Reserved] | 142 |
|  Section 5.18. | USA Patriot Act; OFAC; FCPA | 142 |
|  Section 5.19. | Security Documents | 143 |
| ARTICLE VI. AFFIRMATIVE COVENANTS | ARTICLE VI. AFFIRMATIVE COVENANTS | ARTICLE VI. AFFIRMATIVE COVENANTS |
|  Section 6.01. | Financial Statements | 144 |
|  Section 6.02. | Certificates; Other Information | 146 |
|  Section 6.03. | Notices | 147 |
|  Section 6.04. | Payment of Taxes | 147 |
|  Section 6.05. | Preservation of Existence, Etc. | 147 |
|  Section 6.06. | Maintenance of Properties | 148 |
|  Section 6.07. | Maintenance of Insurance | 148 |
|  Section 6.08. | Compliance with Laws | 148 |
|  Section 6.09. | Books and Records | 149 |
|  Section 6.10. | Inspection Rights | 149 |
|  Section 6.11. | Additional Collateral; Additional Guarantors | 149 |
|  Section 6.12. | Compliance with Environmental Laws | 151 |
|  Section 6.13. | Further Assurances; Post-Closing Obligations | 151 |
|  Section 6.14. | Designation of Subsidiaries | 152 |
|  Section 6.15. | Cash Management | 152 |
|  Section 6.16. | Use of Proceeds | 152 |
|  Section 6.17. | Lender Conference Call | 153 |
|  Section 6.18. | Change in Nature of Business | 153 |
|  Section 6.19. | Fiscal Year | 153 |

---

ii

------

---

| | | |
|:---|:---|:---|
| ARTICLE VII. NEGATIVE COVENANTS | ARTICLE VII. NEGATIVE COVENANTS | ARTICLE VII. NEGATIVE COVENANTS |
|  Section 7.01. | Liens | 154 |
|  Section 7.02. | Investments | 158 |
|  Section 7.03. | Indebtedness | 163 |
|  Section 7.04. | Fundamental Changes | 167 |
|  Section 7.05. | Dispositions | 168 |
|  Section 7.06. | Restricted Payments | 171 |
|  Section 7.07. | [Reserved] | 175 |
|  Section 7.08. | Transactions with Affiliates | 175 |
|  Section 7.09. | Burdensome Agreements | 178 |
|  Section 7.10. | Amendments or Waivers of Organization Documents | 179 |
|  Section 7.11. | Consolidated First Lien Net Leverage Ratio | 180 |
|  Section 7.12. | [Reserved] | 180 |
|  Section 7.13. | Prepayments, Etc. of Subordinated Indebtedness | 180 |
|  Section 7.14. | Permitted Activities, Etc | 181 |
| ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES |
|  Section 8.01. | Events of Default | 182 |
|  Section 8.02. | Remedies Upon Event of Default | 184 |
|  Section 8.03. | Application of Funds | 185 |
|  Section 8.04. | Borrower's Right to Cure | 186 |
| ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS | ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS | ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS |
|  Section 9.01. | Appointment and Authority | 187 |
|  Section 9.02. | Rights as a Lender | 188 |
|  Section 9.03. | Exculpatory Provisions | 188 |
|  Section 9.04. | Reliance by Agent | 189 |
|  Section 9.05. | Delegation of Duties | 189 |
|  Section 9.06. | Removal or Resignation of an Agent | 189 |
|  Section 9.07. | Non-Reliance on Agents and Other Lenders | 190 |
|  Section 9.08. | No Other Duties, Etc. | 191 |
|  Section 9.09. | Agents May File Proofs of Claim | 191 |
|  Section 9.10. | Collateral and Guaranty Matters | 192 |
|  Section 9.11. | Secured Cash Management Agreements and Secured Hedge Agreements | 193 |
|  Section 9.12. | Withholding Tax Indemnity | 193 |
| ARTICLE X. MISCELLANEOUS | ARTICLE X. MISCELLANEOUS | ARTICLE X. MISCELLANEOUS |
|  Section 10.01. | Amendments, Etc. | 194 |
|  Section 10.02. | Notices and Other Communications; Facsimile Copies | 198 |
|  Section 10.03. | No Waiver; Cumulative Remedies | 199 |
|  Section 10.04. | Attorney Costs and Expenses | 200 |
|  Section 10.05. | Indemnification by the Borrower | 201 |
|  Section 10.06. | Payments Set Aside | 203 |
|  Section 10.07. | Successors and Assigns | 203 |
|  Section 10.08. | Confidentiality | 212 |
|  Section 10.09. | Setoff | 213 |
|  Section 10.10. | Interest Rate Limitation | 214 |

---

iii

------

---

| | | |
|:---|:---|:---|
|  Section 10.11. | Counterparts | 214 |
|  Section 10.12. | Integration | 214 |
|  Section 10.13. | Survival of Representations and Warranties | 214 |
|  Section 10.14. | Severability | 215 |
|  Section 10.15. | GOVERNING LAW | 215 |
|  Section 10.16. | WAIVER OF RIGHT TO TRIAL BY JURY | 216 |
|  Section 10.17. | Binding Effect | 216 |
|  Section 10.18. | USA Patriot Act | 216 |
|  Section 10.19. | Judgment Currency. | 216 |
|  Section 10.20. | No Advisory or Fiduciary Responsibility | 217 |
|  Section 10.21. | Electronic Execution of Assignments and Certain Other Documents. | 217 |
|  Section 10.22. | Intercreditor Agreements | 218 |
|  Section 10.23. | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 218 |
|  Section 10.24. | Closing Date Debt Assumptions. | 218 |
| ARTICLE XI. GUARANTY | ARTICLE XI. GUARANTY | ARTICLE XI. GUARANTY |
|  Section 11.01. | The Guaranty | 219 |
|  Section 11.02. | Obligations Unconditional | 219 |
|  Section 11.03. | Reinstatement | 221 |
|  Section 11.04. | Subrogation; Subordination | 221 |
|  Section 11.05. | Remedies | 221 |
|  Section 11.06. | Instrument for the Payment of Money | 221 |
|  Section 11.07. | Continuing Guarantee | 221 |
|  Section 11.08. | General Limitation on Guaranteed Obligations | 221 |
|  Section 11.09. | Release of Guarantors | 222 |
|  Section 11.10. | Right of Contribution | 223 |
|  Section 11.11. | Keepwell | 223 |

---

iv

------

---

| | |
|:---|:---|
| SCHEDULES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I | Guarantors |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01A | Commitments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01B | Closing Date Documents |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | Litigation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | Owned Real Property |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | Environmental Matters |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13(b) | Post-Closing Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Restricted Subsidiaries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01(b) | Existing Liens |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.02(f) | Existing Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.03(b) | Existing Indebtedness |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05(w) | Dispositions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | Affiliate Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | Burdensome Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | Agents' Offices, Certain Addresses for Notices |
| EXHIBITS |  |
|  | *Form of* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | Committed Loan Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | [Reserved] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-1 | Term Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-2 | Revolving Credit Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D-1 | Compliance Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D-2 | Solvency Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-1 | Assignment and Assumption |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-2 | Affiliated Lender Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-3 | Acceptance and Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-4 | Discount Range Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-5 | Discount Range Prepayment Offer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-6 | Solicited Discounted Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-7 | Solicited Discounted Prepayment Offer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-8 | Specified Discount Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-9 | Specified Discount Prepayment Response |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F | Security Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G | Intercompany Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H | United States Tax Compliance Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I | Calculation of Consolidated EBITDA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J | Affiliated Lender Assignment and Assumption |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K | Borrower Joinder Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L | Guarantor Joinder Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M | New Revolving Credit Lender Joinder and Assumption Agreement |

---

v

------

**<u>CREDIT AGREEMENT</u>**

This CREDIT AGREEMENT is entered into as of March 18, 2020, among Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company (the "**Initial Borrower**" and following the Debt Assumption (as defined below), "**Holdings**"), following consummation of the Acquisition (as defined below), TCFI AEVEX LLC, a Delaware limited liability company ("**TCFI**" and after giving effect to the Debt Assumption, the "**Borrower**" as hereinafter further defined), the other Guarantors party hereto from time to time, Carlyle Global Credit Investment Management and GSO Capital Partners LP, as Joint Lead Lenders, Ankura Trust Company, LLC, as Administrative Agent, PNC Bank, National Association, as Revolving Agent and as Collateral Agent, each lender from time to time party hereto (collectively, the "**Lenders**" and, individually, a "**Lender**") and the L/C Issuers from time to time party hereto.

**<u>PRELIMINARY STATEMENTS</u>**

Pursuant to the Membership Interest Purchase Agreement, dated as of February 18, 2020 (together with the exhibits and disclosure schedules thereto, and as amended, supplemented or modified from time to time, the "**Purchase Agreement**"), by and among the Initial Borrower and TCFI Aevex Holdings LLC, a Delaware limited liability company (together with the sellers party thereto, "**Seller**"), the Investors will directly or indirectly purchase all of the issued and outstanding membership interests of TCFI (the "**Acquisition**").

Following the initial Borrowing on the Closing Date, TCFI will assume all of the Obligations of the Initial Borrower hereunder (the "**Debt Assumption**"), and become the Borrower under this Agreement.

In accordance with the foregoing, the Initial Borrower has requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in <u>Section 1.01</u> below) and Revolving Loans on the Closing Date.

The proceeds of the Initial Term Loans and the Revolving Loans (limited, on the Closing Date, as set forth herein), together with the proceeds of the Equity Contributions contributed directly or indirectly to the Initial Borrower and cash on hand, will be used on the Closing Date (i) to consummate the Refinancing, (ii) to fund the Acquisition, (iii) to pay the Transaction Expenses and (iv) for working capital and general corporate purposes and, after the Closing Date, in accordance with <u>Section 6.16</u>.

Immediately after consummation of the Acquisition, the Borrower will be a direct, wholly owned subsidiary of Holdings.

The applicable Lenders have indicated their willingness to lend and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein.

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

------

**ARTICLE I.** 

**<u>DEFINITIONS AND ACCOUNTING TERMS</u>**

Section 1.01. <u>Defined Terms</u>.

As used in this Agreement, the following terms shall have the meanings set forth below:

"**2020 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2020 Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(d)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A(1)</u> under the caption "2020 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the 2020 Delayed Draw Term Loan Commitments as of the Amendment No. 1 Effective Date is $45,000,000.

"**2020 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(d<u>e</u>).

"**2020 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) December 31, 2021 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**2020 Delayed Draw Term Loan Funding Date**" has the meaning set forth in <u>Section 2.01(d)</u>.

"**2020 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in <u>Section 2.07(d)</u>.

"**2020 Delayed Draw Term Loan Lender**" means each Lender that has a 2020 Delayed Draw Term Loan Commitment or is the holder of a 2020 Delayed Draw Term Loan.

"**2020 Delayed Draw Term Loans**" has the meaning set forth in <u>Section 2.01(d).</u>

<u>"**2021 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2021 Delayed Draw Term Loan to the Borrower pursuant to Section 2.01(e) in an aggregate amount not to exceed the amount set forth opposite such Lender's name in Schedule 1.01A(1) under the caption "2021 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The aggregate amount of the 2021 Delayed Draw Term Loan Commitments as of the Amendment No. 2 Effective Date is $50,000,000.</u>

<u>"**2021 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(f).</u>

<u>"**2021 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) November 7, 2022 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of Section 2.06).</u>

<u>"**2021 Delayed Draw Term Loan Funding Date**" has the meaning set forth in Section 2.01(e).</u>

<u>"**2021 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in Section 2.07(e).</u>

------

<u>"**2021 Delayed Draw Term Loan Lender**" means each Lender that has a 2021 Delayed Draw Term Loan Commitment or is the holder of a 2021 Delayed Draw Term Loan.</u>

<u>"**2021 Delayed Draw Term Loans**" has the meaning set forth in Section 2.01(e).</u>

"**Acceptable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acceptable Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Acceptance and Prepayment Notice**" means a notice of the Borrower's acceptance of the Acceptable Discount in substantially the form of <u>Exhibit E-3</u>.

"**Acceptance Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acquisition**" has the meaning set forth in the preliminary statements to this Agreement.

"**Additional Refinancing Lender**" means, at any time, any bank, financial institution or other institutional lender or investor (other than any such bank, financial institution or other institutional lender or investor that is a Lender at such time) that agrees to provide any portion of Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.15</u>, *provided* that each Additional Refinancing Lender shall be subject to the approval of the Borrower.

"**Additional Term Lender**" has the meaning set forth in Section 2.14(c).

"**Administrative Agent**" means Ankura, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"**Administrative Questionnaire**" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto.

"**Affiliated Lender**" means, at any time, any Lender that is the Sponsor (including portfolio companies of the Sponsor notwithstanding the exclusion in the definition of "Sponsor") or a Non-Debt Fund Affiliate, in each case, other than Holdings, the Borrower or any of its Subsidiaries and other than any Debt Fund Affiliate.

"**Affiliated Lender Assignment and Assumption**" has the meaning set forth in <u>Section 10.07(k)(ii)</u>.

"**Affiliated Lender Cap**" has the meaning set forth in <u>Section 10.07(k)(v)</u>.

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates and controlling Persons, officers, directors and employees.

------

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent and the Revolving Agent, each an "**Agent**".

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreement**" means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"**Agreement Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**AHYDO Payment**" means any payment required to be made under the terms of Indebtedness in order to avoid the application of Section 163(e)(5) of the Code to such Indebtedness.

"**Aircraft Trust Arrangement**" means the contribution of the Equity Interests of a special purpose entity organized for the purpose of holding aircraft to a trust for the purposes of Federal Aviation Administration registration of such aircraft, the trustee of which is a third party engaged in the business of acting as trustee with respect to such assets in order to facilitate such registration.

"**All-In Yield**" means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, OID, upfront fees, any Base Rate (or equivalent term) "floor" then in effect or a "Eurocurrency Rate" (or equivalent term) floor then in effect or otherwise, in each case incurred or payable by the Borrowers generally to all lenders of such Indebtedness; *provided* that OID and upfront fees shall be equated to interest rate assuming a four-year life to maturity; *provided*, *further*, that "All-In Yield" shall not include prepayment premiums, arrangement fees, syndication fees, ticking fees, structuring fees, amendment fees, commitment or facility fees, underwriting fees or other similar fees, payable in connection therewith regardless of whether such fees are paid to or shared in whole or in part with any Lender, or any other fees not paid generally to all Lenders ratably. In calculating the All-In Yield, if on the date of incurrence of any applicable Indebtedness (including any Incremental Term Loans), such Indebtedness includes an interest rate floor greater than the interest rate floor applicable to the Initial Term Loans, such differential shall be added to the interest rate with respect to such Indebtedness for purposes of determining whether an increase to the interest rate margin under the Initial Term Loans shall be required (if applicable), but only to the extent that an increase in the interest rate floor would cause an increase to the interest rate margin then in effect with respect to such Initial Term Loans, solely for the purpose of determining the All-In Yield applicable to such Indebtedness and, in such case for purposes of Section 2.14(e)(iii), the interest rate floor (but not the interest rate margin) applicable to such Class of Initial Term Loans shall be increased to the extent of such differential between interest rate floors.

"**Amendment No. 1**" means that certain Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.

"**Amendment No**. **1 Effective Date**" means October 28, 2020.

"**Amendment No. 1 Fee Letter**" means the Amendment No. 1 Fee Letter, dated as of the Amendment No. 1 Effective Date, among the Borrower, the Administrative Agent, the Collateral Agent and the Lenders party thereto.

<u>"**Amendment No. 2**" means that certain Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.</u>

------

<u>"**Amendment No**. **2 Effective Date**" means May 7, 2021.</u>

<u>"**Amendment No. 2 Fee Letter**" means the Amendment No. 2 Fee Letter, dated as of the Amendment No. 2 Effective Date, among the Borrower, the Administrative Agent and the Lenders party thereto.</u>

"**Ankura**" means Ankura Trust Company, LLC.

"**Annual Financial Statements**" means the audited consolidated balance sheets and the related consolidated statements of operations, changes in stockholders' equity and cash flows of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement)(except for Triple M (as defined in the Purchase Agreement)) to the extent covered thereby for the fiscal year ended December 31, 2018.

"**Applicable Agent**" means, with respect to the Term Loans, the Administrative Agent, and with respect to the Revolving Loans, the Revolving Agent.

"**Applicable Agent's Office**" means the Administrative Agent's or the Revolving Agent's, as applicable, address as set forth on <u>Schedule 10.02</u> or such other address as the Administrative Agent or the Revolving Agent may from time to time notify the Borrower and the Lenders.

"**Applicable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Applicable ECF Percentage**" means, for any Excess Cash Flow Period, (a) 50% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is greater than 4.00 to 1.00, (b) 25% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 4.00 to 1.00 and greater than 3.50 to 1.00 and (c) 0% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 3.50 to 1.00. The Consolidated First Lien Net Leverage Ratio shall be calculated on a Pro Forma Basis and shall give Pro Forma Effect to any paydown of Loans or reduction of Commitments made after year-end and prior to the date such Excess Cash Flow payment is due.

"Applicable Rate" means a percentage per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Initial Term Loans, Delayed Draw Term Loans and<u>, the</u> 2020 Delayed Draw Term <u>Loans and the 2021 Delayed Draw Term</u> Loans, (A) for Eurocurrency Rate Loans, 6.00% per annum and (B) for Base Rate Loans, 5.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Revolving Loans, (i) until the delivery to the Revolving Agent of the financial statements pursuant to <u>Section 6.01(b)</u> for the fiscal quarter ending June 30, 2020: (A) for Eurocurrency Rate Loans, 4.00% per annum and (B) for Base Rate Loans, 3.00% per annum and (ii) following the delivery of such financial statements, the percentage set forth below based on the Consolidated First Lien Net Leverage Ratio for the four (4) fiscal quarters ending on the last day of each fiscal quarter as demonstrated in the financial statements delivered to the Revolving Agent pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u>:

------

---

| | | |
|:---|:---|:---|
| Consolidated First Lien Net Leverage Ratio | Eurodollar<br>Loans | ABR<br>Loans |
|  <u>></u>3.50x | 4.00% | 3.00% |
|  <3.50x | 3.75% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Unused Revolver Commitment Fees, 0.50% per annum.

Any increase or decrease in the Applicable Rate resulting from a change in Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Responsible Officer delivers notice to the Revolving Agent that a change to the Applicable Rate shall be effective based upon delivery of the financial statements pursuant to Section 6.01(a) or 6.01(b). Notwithstanding the foregoing, (v) the Applicable Rate in respect of any Extended Revolving Credit Commitments or any Class of Extended Term Loans or Revolving Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment, (w) the Applicable Rate in respect of any Class of Incremental Term Loans shall be the applicable percentages per annum set forth in the relevant Incremental Amendment, (x) the Applicable Rate in respect of any Class of Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement, (y) the Applicable Rate in respect of any Class of Refinancing Revolving Credit Commitments, any Class of Refinancing Revolving Loans or any Class of Refinancing Term Loans shall be the applicable percentages per annum set forth in the relevant Refinancing Amendment or other relevant agreement and (z) in the case of the Initial Term Loans, the Delayed Draw Term Loans and<u>,</u> the 2020 <u>Delayed Draw Term Loans and the 2021</u> Delayed Draw Term Loans, the Applicable Rate shall be increased as, and to the extent, necessary to comply with the provisions of <u>Section 2.14</u>.

"**Appropriate Lender**" means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class and (b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders.

"**Approved Bank**" has the meaning set forth in <u>clause (c)</u> of the definition of "Cash and Cash Equivalents."

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Assignee**" has the meaning set forth in <u>Section 10.07(b)</u>.

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of <u>Exhibit E-1</u> hereto.

"**Attorney Costs**" means and includes all reasonable and documented fees, out-of-pocket expenses and disbursements of any law firm or other external legal counsel, in each case, to the extent reimbursable by the Borrower pursuant to <u>Section 10.04</u> or <u>Section 10.05</u>.

------

"**Attributable Indebtedness**" means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

"**Auction Agent**" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to <u>Section 2.05(a)(v)</u>; *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent).

"**Auto-Extension Letter of Credit**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

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

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

"**Base Rate**" means for any day a fluctuating rate per annum equal to the highest of (a) the Overnight Rate in effect on such day *plus* 0.50%, (b) the Prime Rate for such day and (c) the Eurocurrency Rate for an interest period of one month *plus* 1.00% (or, if such day is not a Business Day, the immediately preceding Business Day). Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs.

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.

"**Borrower**" and "**Borrowers**" mean (a) prior to the Debt Assumption, the Initial Borrower and (b) upon and at any time after the consummation of the Debt Assumption, the Borrower and any Subsidiary Guarantor that, after the Closing Date becomes a Borrower by executing a Borrower Joinder Agreement; *provided* that any Subsidiary that is or has become a Borrower (a "Subsidiary Borrower") may have its status as a Borrower terminated by a notice to the Administrative Agent and the Collateral Agent from the Borrower and such Subsidiary Borrower electing to terminate such Subsidiary's status as a Borrower, *provided further* that no such termination shall affect any obligation of such Subsidiary as a Guarantor or as a Grantor under any Loan Document.

"**Borrower Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit K</u>.

"**Borrower Materials**" has the meaning set forth in <u>Section 6.01</u>.

------

"**Borrower Offer of Specified Discount Prepayment**" means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to <u>Section 2.05(a)(v)(B)</u>.

"**Borrower Solicitation of Discount Range Prepayment Offers**" means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to <u>Section 2.05(a)(v)(C)</u>.

"**Borrower Solicitation of Discounted Prepayment Offers**" means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to <u>Section 2.05(a)(v)(D)</u>.

"**Borrowing**" means a Revolving Credit Borrowing or a Term Borrowing, as the context may require.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars, or any other dealings in any currency other than Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.

"**Capital Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries.

"**Capitalized Leases**" means all leases that have been or are required to be, in accordance with GAAP (subject to <u>Section 1.03</u>), recorded as capitalized leases; *provided* that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.

"**Carlyle**" means Carlyle Global Credit Investment Management.

"**Cash and Cash Equivalents**" means any of the following types of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, Euros or any other readily tradable currency to the extent utilized in connection with the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of the United States or any member state of the European Economic Area having average maturities of not more than 24 months from the date of acquisition thereof; *provided* that the full faith and credit of the United States is pledged in support thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) time deposits or eurodollar time deposits with, certificates of deposit, bankers' acceptances or overnight bank deposits of, or letters of credit issued by, any commercial bank that (i) is a Lender or (ii) (A) is organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development and is a member of the Federal Reserve System, and (B) has combined capital and surplus of at least $250,000,000 or $100,000,000 in the case of any non-U.S. bank (any such bank in the foregoing <u>clauses (i)</u> or <u>(ii)</u> being an "Approved Bank"), in each case with maturities not exceeding 24 months from the date of acquisition thereof;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations for underlying securities of the types described in <u>clauses (b)</u>, <u>(c)</u> and <u>(e)</u> above entered into with any Approved Bank;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments (other than in structured investment vehicles and structured financing transactions) with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any Approved Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) instruments analogous to those referred to in <u>clauses (a)</u> through <u>(i)</u> above denominated in Euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and (ii) in the case of any Foreign Subsidiary, such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments, classified in accordance with GAAP as Consolidated Current Assets of the Borrower or any Restricted Subsidiary, in money market investment programs which are registered under the Investment Company Act of 1940 or which are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character, quality and maturity described in <u>clauses (a)</u> through <u>(i)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing at least 95% of their assets in securities of the types described in <u>clauses (a)</u> through <u>(k)</u> above.

Notwithstanding the foregoing, Cash and Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (a)</u> and <u>(j)</u> above; *provided* that such amounts are converted into any currency listed in <u>clause (a)</u> or <u>(j)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

"**Cash Collateral**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Collateralize**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Dominion Event**" means the occurrence and continuance of an Event of Default pursuant to <u>Section 8.1(a)</u> or <u>8.01(f)</u>.

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including controlled disbursement services, treasury, depository, overdraft and related liabilities, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management services or arrangements, supply chain finance services, foreign exchange facilities and any automated clearing house transfer of funds.

"**Cash Netting Amount**" means the lesser of (i) the aggregate amount of Cash and Cash Equivalents (other than Restricted Cash), in each case, included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of such date (which, for the avoidance of doubt, shall not be required to be held in a deposit account pledged to the Collateral Agent pursuant to a control agreement) and (ii) $1<u>2</u>0,000,000.

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

"**Change of Control**" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to a Qualified IPO, the Sponsor shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), but excluding (w) any underwriters in connection with such Qualified IPO, (x) any employee benefit plan of such person and its Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (y) the Sponsor and (z) any one or more direct or

------

indirect parent companies of Holdings in which the Sponsor, directly or indirectly, owns the largest percentage of such parent company's voting Equity Interests, shall have, directly or indirectly, acquired beneficial ownership of Equity Interests representing 35% or more of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company and the Sponsor shall own, directly or indirectly, less than such person or "group" of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "change of control" (or similar event) shall occur in any document pertaining to Other Term Loans, Other Notes, Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt (or any Permitted Refinancing of any of the foregoing), in each case with an aggregate outstanding principal amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Holdings shall cease to own, directly or indirectly, 100% of the Equity Interests of TCFI.

"**Class**" (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Extended Revolving Credit Commitments of a given Extension Series, Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Commitments, Delayed Draw Commitments, Incremental Term Loan Commitments, Refinancing Term Commitments of a given Refinancing Series or Commitments in respect of Replacement Term Loans and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, <u>2021 Delayed Draw Term Loans,</u> Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans. Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, <u>2021 Delayed Draw Term Loans,</u> Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the Borrower, be construed to be in different Classes; *provided* that any Incremental Term Loans effected as a Term Loan Increase to any existing Class of Term Loans and such existing Class of Term Loans shall in all events be part of the same Class.

"**Closing Date**" means March 18, 2020.

"**Code**" means the U.S. Internal Revenue Code of 1986 and the United States Treasury Department regulations promulgated thereunder, each as amended from time to time (unless as specifically provided otherwise).

"**Collateral**" means the "Collateral" as defined in the Security Agreement and all the "Collateral" or "Pledged Assets" as defined in any other Collateral Document and any other assets pledged pursuant to any Collateral Document, but in any event excluding Excluded Assets.

"**Collateral Agent**" means PNC, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent.

------

"**Collateral and Guarantee Requirement**" means, at any time, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Agent shall have received each Collateral Document required to be delivered (i) on the Closing Date, pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>) and (ii) at such time as may be designated therein, pursuant to the Collateral Documents or <u>Section 6.11</u> or <u>6.13</u>, subject, in each case, to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Obligations (i) of the Borrowers shall have been unconditionally guaranteed by Holdings and each Restricted Subsidiary of the Borrower (other than any other Borrower) that is then required to be a Guarantor, and (ii) of any Borrower shall have been unconditionally guaranteed by each other Borrower; *provided*, that the Borrower may, in its sole discretion, (1) designate any Excluded Subsidiary as a Guarantor and (2) cause any Guarantor that is an Excluded Subsidiary (including any Excluded Subsidiary that became a Guarantor pursuant to clause (1) hereof) to be released from its guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secured Obligations and the Guaranty shall have been secured by a first-priority security interest (subject to Liens permitted by <u>Section 7.01</u>) in (i) all of the Equity Interests of the Borrowers, (ii) all of the Equity Interests of each wholly owned Material Domestic Subsidiary (other than a Domestic Subsidiary described in the following clause (iii)) directly owned by a Borrower or any Subsidiary Guarantor, (iii) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is directly owned by a Borrower or by any Subsidiary Guarantor that is a Domestic Foreign Holdco, and (iv) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is a Foreign Subsidiary directly owned by a Borrower or by any Subsidiary Guarantor, in each case other than any Excluded Pledged Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except to the extent otherwise provided hereunder, including subject to Liens permitted by <u>Section 7.01</u>, or under any Collateral Document, the Secured Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security interest may be perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making any necessary security filings with the United States Patent and Trademark Office or United States Copyright Office, in each case to the extent required in the Security Agreement) in the Collateral of any Borrower and each Guarantor (including accounts (other than Securitization Assets and any Receivables Assets), intercompany obligations, inventory, equipment, investment property, contract rights, applications and registrations of Intellectual Property filed in the United States, other general intangibles, Material Real Property and proceeds of the foregoing), in each case, (i) with the priority required by the Collateral Documents and (ii) subject to exceptions and limitations otherwise set forth in this Agreement (for the avoidance of doubt, including the limitations and exceptions set forth in <u>Section 4.01</u>) and the Collateral Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to each Material Real Property, the Collateral Agent shall have received on or before the date required to be delivered pursuant to <u>Section 6.11</u> or <u>Section 6.13</u> (after giving effect to any extension by the Collateral Agent), (i) counterparts of a Mortgage over such Material Real Property required to be delivered pursuant to <u>Section 6.11</u> or <u>6.13</u> (the "Mortgaged Properties") duly executed and delivered by the applicable Loan Party, (ii) a title insurance policy for such property available in each applicable jurisdiction (the "Mortgage Policies") insuring the Lien of each such Mortgage as a valid first-priority Lien on the property described therein, free of any other Liens except as permitted by <u>Section 7.01</u>, together with such endorsements, coinsurance and reinsurance and in such amounts as the Collateral Agent may

------

reasonably request, (iii) a completed Life-of-Loan Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if any improvements on any Mortgaged Property are located within an area designated a "flood hazard area," evidence of such flood insurance as may be required under <u>Section 6.07</u>, (iv) ALTA surveys in form and substance reasonably acceptable to the applicable title company or such existing surveys together with no-change affidavits sufficient for the title company to remove all standard survey exceptions from the Mortgage Policies and issue the endorsements required in <u>clause (ii)</u> above, (v) copies of any existing title reports, abstracts, appraisals or environmental assessment reports in each case to the extent required under <u>Section 6.11(a)(iii)</u> and (vi) such legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged Property;

*provided*, *however*, that (i) the foregoing definition shall not require, and the Loan Documents shall not contain any requirements as to, the creation or perfection of pledges of, security interests in, Mortgages on, or the obtaining of title insurance, surveys, abstracts or appraisals or taking other actions with respect to any Excluded Assets and (ii) the Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth in this Agreement and the Collateral Documents.

The Collateral Agent may grant extensions of time for the perfection of security interests in, or the delivery of the Mortgages and the obtaining of title insurance and surveys with respect to, particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) or any other compliance with the timing requirements of this definition where it reasonably determines, in consultation with the Borrower, that perfection or compliance cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement, the Collateral Documents or the other Loan Documents.

No actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets of Holdings, the Borrower, or any Domestic Subsidiary located or titled outside of the United States or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the Laws of any non-U.S. jurisdiction or foreign Intellectual Property filing, search or schedule). Elective Guarantors that are Foreign Subsidiaries shall be required to grant such security interests and take such perfection steps as are customary in its jurisdiction of organization (as determined mutually in good faith by the Collateral Agent and Loan Parties).

The foregoing definition shall not (i) require control agreements or perfection by "control" with respect to any Collateral other than: (x) certificated Equity Interests of the Borrower and, to the extent constituting Collateral, its Restricted Subsidiaries, in each case to the extent possession of such certificates is a manner of perfecting a security interest therein, and (y) so long as the Revolving Credit Commitments are outstanding, control agreements over deposit accounts (other than Excluded Accounts), (ii) require the Collateral Agent to enter into any source code escrow arrangement or register any Intellectual Property or (iii) require the Borrowers or any of their respective Subsidiaries to provide any notice to obtain the consent of Governmental Authorities under the Federal Assignment of Claims Act (or any state equivalent thereof).

"**Collateral Documents**" means, collectively, the Security Agreement, the Intercreditor Agreements, the Intellectual Property Security Agreements, the Mortgages, the Security Agreement Supplements, all security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent pursuant to <u>Section 4.01(a)(iv)</u>, <u>6.11</u> or 6.13 and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

------

"**Committed Loan Notice**" means a written notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other or (c) a continuation of Eurocurrency Rate Loans pursuant to <u>Section 2.02(a)</u>, which shall be substantially in the form of <u>Exhibit A</u> hereto or such other form as may be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), and agreed by the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), as applicable, and agreed by the Borrower), appropriately completed and signed by a Responsible Officer of the Borrower.

"**Commitment**" means a Revolving Credit Commitment, Extended Revolving Credit Commitment of a given Extension Series, Refinancing Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Delayed Draw Commitment, 2020 Delayed Draw Term Loan Commitment, <u>2021 Delayed Draw Term Loan Commitment,</u> Incremental Term Loan Commitment, Refinancing Term Commitment of a given Refinancing Series or a Commitment in respect of Replacement Term Loans, as the context may require.

"**Commitment Letter**" means the Amended and Restated Commitment Letter, dated March 13, 2020, among the Initial Borrower and the Commitment Parties, as amended, restated, supplemented or otherwise modified.

"**Commitment Parties**" means, collectively, GSO, Carlyle and PNC, in their respective capacities as such under the Commitment Letter.

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

"**Company Parties**" means the collective reference to Holdings and its Restricted Subsidiaries, including any Borrower, and "Company Party" means any one of them.

"**Compensation Period**" has the meaning set forth in <u>Section 2.12(c)(ii)</u>.

"**Competitor**" has the meaning set forth in the definition of "Disqualified Institution."

"**Competitor Debt Fund**" means, with respect to any Competitor or any Affiliate thereof, any diversified debt fund, investment vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is (i) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and (ii) managed, sponsored or advised by any person that is controlling, controlled by or under common control with the relevant Competitor or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Competitor (A) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated bank entity or unregulated entity with respect to decisions involving any investment in debt of the Borrower or any of its Subsidiaries or (B) has access to any information (other than information that is publicly available) relating to Holdings, the Borrower or any of their respective Subsidiaries.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit D-1</u> hereto.

------

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

"**Consolidated Current Assets**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than Cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than (i) amounts related to current or deferred Taxes based on income, profits or capital gains (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (ii) assets held for sale, (iii) loans (permitted) to third parties, (iv) pension assets, (v) deferred bank fees, (vi) derivative financial instruments and (vii) in the event that a Securitization Financing is accounted for off-balance sheet, (x) gross accounts receivable comprising Securitization Assets sold pursuant to such Securitization Financing less (y) collection against the amount sold pursuant to <u>clause (x)</u>.

"**Consolidated Current Liabilities**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) the current portion of interest expense, (c) accruals for current or deferred Taxes based on income or profits (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (d) accruals of any costs or expenses related to restructuring reserves, (e) deferred revenue, (f) any Revolving Credit Exposure or Revolving Loans, (g) the current portion of pension liabilities, (h) liabilities in respect of funds of third parties on deposit with the Borrower or its Restricted Subsidiaries and (i) any assumed professional liability risks.

"**Consolidated EBITDA**" means, for any period, Consolidated Net Income for such period, *plus*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without duplication and, except with respect to <u>clauses (v)</u> (to the extent of the first parenthetical in such clause), <u>(vii)(B)</u>, <u>(viii)</u>, <u>(x)</u>, <u>(xi)</u> and <u>(xiv)</u> below, to the extent deducted (and not added back) or excluded in arriving at such Consolidated Net Income, the sum of the following amounts for such period with respect to the Borrower and its Restricted Subsidiaries and including, the portion of such item attributable to any Equity Interest of the Loan Parties or Subsidiaries of Loan Parties in such non wholly-owned Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) total interest expense determined in accordance with GAAP (including (whether or not classified as interest expense under GAAP), to the extent deducted and not added back in computing Consolidated Net Income, (A) amortization of OID resulting from the issuance of Indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or, any fee or expense paid to any agent in connection with its services hereunder, and any other bank, administrative agency or trustee, or financing fees, (C) non-cash interest payments, (D) the interest component of Capitalized Leases, (E) net payments, if any, pursuant to interest Swap Contracts with respect to Indebtedness, (F) amortization of deferred financing fees, debt issuance costs, commissions and fees, (G) the interest component of any pension or other post-employment benefit expense, and (H) commissions, discounts, yield and other fees (including related interest expenses) related to any Qualified Securitization Financing or any Receivables Facility) and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication, provision for Taxes based on income, profits or capital gains of the Borrower and the Restricted Subsidiaries, including, without limitation, federal, state, foreign, local, franchise and similar Taxes and other local, franchise, state, real estate and property Taxes and foreign withholding Taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax examinations, and any Tax distributions made pursuant to this Agreement (including <u>Section 7.06(h)(iii)</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) depreciation and amortization (including amortization or write-off of (A) intangible assets and non-cash organization costs, (B) deferred financing fees, debt issuance costs, commissions, fees and expenses, bridge, commitment and other financing fees, discounts, yield and other fees and charges (including interest expense related to any Securitization Financing or any Receivables Facility), (C) unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, (D) capitalized software expenditures or costs, capitalized customer acquisition costs and incentive payments and capitalized conversion costs and contract acquisition costs, and (E) favorable or unfavorable lease assets or liabilities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) non-cash charges, expenses, write-downs or losses, including, without limitation, any non-cash expense relating to the vesting of warrants, impairment charges, the revaluation of inventory or other inventory adjustments or the impact of purchase accounting or recapitalization accounting (including deferred revenue which would reasonably have been included in determining Consolidated Net Income for such period, but for the application of purchase accounting rules) (*provided* that if any such non-cash charges, expenses, write-downs or losses represent an accrual or reserve for potential cash items in any future period, (i) the Borrower may determine not to add back such non-cash item in the current period or (ii) to the extent the Borrower determines to add back such non-cash item in the current period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) retention, recruiting, relocation, stay and signing bonuses (including payments made to employees or others who are subject to non-compete agreements) and expenses, stock option and other equity-based compensation expenses, severance costs, transaction fees and expenses and management, monitoring, consulting and advisory fees and expenses and other consulting fees, indemnities and expenses, any one time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or a public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) integration costs, transition costs, consolidation, opening and closing costs for offices and facilities, curtailments or modifications to pension and post-retirement employee benefits (including pension buyout costs), decommissioning or reconfiguration of fixed assets for alternative uses, costs in connection with future lease commitments, costs incurred in connection with any strategic initiatives, costs incurred in connection with acquisitions and investments (whether or not consummated) and intellectual property development after the Closing Date, other business optimization expenses (including costs, technology upgrades and expenses relating to business optimization programs and new systems design and initiatives and implementation costs), project start-up costs and costs incurred with the implementation of a new contract (provided, such costs incurred with the

------

implementation of a new contract added back pursuant to this clause (vii) shall not exceed $2,500,000 for any Test Period) and other restructuring charges, carve-out related items, accruals or reserves (including restructuring costs related to acquisitions and investments whether or not incurred before or after the Closing Date, retention charges, systems establishment costs and excess pension charges) and (B) without duplication of amounts added back pursuant to clause (xiv) below the amount of "run rate" cost savings, operating expense reductions, other operating improvements and synergies projected by the Borrower in good faith to be realized in connection with the Transactions, any Specified Transaction or the implementation of an operational initiative or operational change before or after the Closing Date (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions, which are factually supportable and reasonably anticipated to result from actions taken or expected to be taken in the good faith judgment of the Borrower, within 18 months after the consummation of the Transactions, the Specified Transaction or the implementation of an initiative or operational change (including commencement of activities constituting a business or the termination or discontinuance of activities constituting such business), as applicable, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies (and a Responsible Officer of the Borrower shall certify, solely in his or her capacity as a Responsible Officer, that such cost savings, operating expense reductions, other operating improvements and synergies satisfy the foregoing requirements); *provided* no cost savings, operating expense reductions and synergies shall be added pursuant to this <u>clause (vii)(B)</u> to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, for such period; *provided*, *further* that such costs, charges, expenses or losses pursuant to <u>clause (vii)(A)</u>, together with the pro forma cost savings, operating expense reductions, other operating improvements and synergies pursuant to <u>clause (vii)(B)</u> and <u>Section 1.09(c)</u>, shall not exceed 25% of Consolidated EBITDA for any Test Period (determined after giving effect to all such amounts that would be added back pursuant to this <u>clause (vii)</u> and <u>Section 1.09</u>, and after giving effect to all other applicable adjustments as if there were no such 25% limitation); *provided*, that the amount of any such items that would be permitted to be included in financial statements prepared in accordance with Regulation S-X shall not be subject to such 25% limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) adjustments in connection with the Transactions, including those adjustments of the type set forth in the Sponsor model delivered to the Commitment Parties prior to the Closing Date and the quality of earnings report provided by third party financial advisors and/or consultants retained by the Borrower and delivered to the Commitment Parties prior to the Closing Date, and other adjustments (including pro forma adjustments) identified in writing and agreed to by Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other accruals, payments, fees and expenses (including rationalization, legal, tax, structuring and other costs and expenses), or any amortization thereof, related to the Transactions (including all Transaction Expenses), acquisitions, Investments, joint ventures, Restricted Payments, Dispositions, issuances or registrations (actual or proposed) of Indebtedness or Equity Interests or repayment of debt, Qualified IPO, Refinancing or recapitalization transactions or amendment or other modification of any debt instrument, in each case, including any such transaction consummated on or prior to the Closing Date and any such transaction attempted but not completed (including, for the avoidance of doubt, the effects of expensing all transaction related expenses in accordance with Accounting Standards Codification Topic No. 805, Business Combinations),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the extent received and not already included in Consolidated Net Income, proceeds of business interruption insurance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>paragraph (b)</u> below for any previous period and not added back,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash increase in expenses (A) resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods including changes in capitalization of variances) or other inventory adjustments, or (B) due to purchase accounting or recapitalization accounting adjustments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the amount of any expense or reduction of Consolidated Net Income consisting of Restricted Subsidiary income attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) adjustments (including pro forma adjustments) of a type set forth in any quality of earnings or due diligence report (prepared by an independent accounting firm or consulting firm of regionally or nationally recognized standing) delivered to the Administrative Agent in connection with any acquisition or investment after the Closing Date and (B) adjustments (including pro forma adjustments) consistent with Regulation S-X,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the amount of (A) management, consulting, monitoring and advisory fees (including termination and exit fees) and related expenses and indemnities paid or accrued to the Investors in accordance with the Investor Management Agreement and the Ultimate Parent LLC Agreement, (B) payments or accruals by the Borrower or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are permitted by <u>Section 7.08</u> and (C) indemnification payments and accruals, fees and expenses paid to directors of the Borrower or its direct or indirect parent entities, in each case to the extent otherwise permitted to be paid under <u>Section 7.08</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Equity Funded Employee Plan Costs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any net loss from disposed, abandoned or discontinued operations or product lines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount of loss or discount on sales of Securitization Assets to a Securitization Subsidiary in connection with a Securitization Financing or losses or discounts on sales of receivables and related assets in connection with any Receivables Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) costs to support implementation of operational and reporting systems and technology initiatives in an amount not to exceed $5,000,000 in the aggregate,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the non-cash portion of straight line rent expense,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) earn-out obligations with respect to any Permitted Acquisitions or other investment and paid or accrued during the applicable period to the extent such earn-out obligations are deducted from the calculation of such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the amount of business development, research and development, and customer development costs and expenses and strategic growth investments and reorganization costs and expenses;

*minus* (b) without duplication and to the extent included in arriving at such Consolidated Net Income, (i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period), and excluding the accrual of revenue in the ordinary course, including accrual for deferred revenue, (ii) any net gain from disposed, abandoned or discontinued operations or product lines and (iii) the amount of any minority interest income consisting of Restricted Subsidiary losses attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary. 

Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, Consolidated EBITDA for such fiscal quarter shall be $7,303,894.77, $8,339,237.36, $7,954,634.35 and $7,902,425.85, respectively, in each case as may be subject to addbacks and adjustments (without duplication) pursuant to <u>clauses (vii)(B)</u>, <u>(viii</u>), <u>(xiv</u>) and <u>Section 1.09(c)</u> for the applicable Test Period (but only with respect to actions taken or expected to be taken or events having occurred after the Closing Date). For the avoidance of doubt, Consolidated EBITDA shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated First Lien Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of any Indebtedness described in <u>clause (a)</u> of the definition of "Consolidated Total Net Debt" outstanding on such date that is secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary that is pari passu with or senior to the Liens securing the Secured Obligations, but excluding any such Indebtedness that is subordinated in right of payment to the Secured Obligations, *minus* (b) the Cash Netting Amount; *provided* that Consolidated First Lien Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated First Lien Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated First Lien Net Debt.

"**Consolidated First Lien Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Net Income**" means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; *provided*, *however*, that, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any after-tax effect of extraordinary, non-recurring or unusual items (including gains, losses or charges and all fees and expenses relating thereto) for such period shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application to the extent included in Consolidated Net Income shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) accruals and reserves that are established or adjusted within 18 months after the Closing Date that are so required to be established or adjusted as a result of the Transactions (or within 18 months after the closing of any acquisition or Investment that are so required to be established or adjusted as a result of such acquisition of Investment) in accordance with GAAP or changes as a result of adoption or modification of accounting policies in accordance with GAAP shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any net after-tax effect of gains or losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person, in each case other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the net income (loss) for such period of any Person that is (I) not a Subsidiary of the Borrower, (II) an Unrestricted Subsidiary, or (III) accounted for by the equity method of accounting shall be excluded; *provided* that (i) Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in Cash and Cash Equivalents (or to the extent subsequently converted into Cash and Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period and (ii) the net income (loss) of any Unrestricted Subsidiary that has been designated as a Restricted Subsidiary in such period shall be included to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any impairment charge or asset or asset value write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, goodwill, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP or SEC guidelines, and the amortization of intangibles arising pursuant to GAAP or SEC guidelines shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any (i) equity or phantom equity based non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs or any other equity-based compensation, (ii) cash charges associated with the rollover, acceleration or payout of Equity Interests by managers, officers, directors, consultants or employees of the Borrower, any Restricted Subsidiary or any of the Borrower's direct or indirect parents, (iii) income (loss) attributable to deferred compensation plans or trusts, shall be excluded, and (iv) any cash charge for such period relating to payments made to option holders or holders of profits interests of any direct or indirect parent entity in connection with, or as a result of, any distributions being made to its equityholders or its direct or indirect parent entities, which payments are being made to compensate such option holders or holders of profits interests as though they were equityholders as of the date of, and entitled to share in, such distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions, including, in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually paid-for or reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for such amount to be paid-for, indemnified or reimbursed and only to the extent that such amount is in fact paid-for, indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365-day period), shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent covered by insurance and actually paid for or reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be paid for or reimbursed by the insurer and only to the extent that such amount is in fact paid for or reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so paid for or reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, any Permitted Acquisition or other Investment, or the release of any valuation allowance related to such item, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any non-cash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation or Accounting Standards Codification Topic No. 505-50, Equity-Based Payments to Non-Employees, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) non-cash gains, losses, income and expenses resulting from the valuation of any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at fair value required by the applicable standard under GAAP and related interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries or such Person's assets are acquired by the Borrower or any of its Restricted Subsidiaries shall be excluded (except to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (x) currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain (i) resulting from Swap Contracts for currency exchange risk and (ii) resulting from intercompany indebtedness) and (y) all other foreign currency translation gains or losses to the extent such gains or losses are non-cash items, shall in each case be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any adjustments resulting from the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging and International Accounting Standard No. 39 and their respective related pronouncements and interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any income (loss) for such period attributable to the early extinguishment of (i) Indebtedness, (ii) obligations under any Swap Contracts or (iii) other derivative instruments shall in each case be excluded, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) solely for the purpose of determining Excess Cash Flow, the income of any Restricted Subsidiary of the Borrower that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such income is not

------

at the time permitted by operation of the terms of its charter or any Laws applicable to such Restricted Subsidiary (which has not been waived) shall be excluded, except (solely to the extent permitted to be paid) to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Restricted Subsidiaries that are Guarantors by such Person during such period.

There shall be excluded from Consolidated Net Income for any period the purchase accounting or recapitalization accounting effects of adjustments in component amounts required or permitted by GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, credit balances and debt line items thereof) and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition constituting an Investment permitted under this Agreement consummated after the Closing Date or any acquisition or other Investment consummated prior to the Closing Date, or the amortization or write-off of any amounts thereof. For the avoidance of doubt, Consolidated Net Income shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated Total Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting or recapitalization accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement) consisting of funded Indebtedness for borrowed money, purchase money Indebtedness and Attributable Indebtedness, *minus* (b) the Cash Netting Amount; *provided* that Consolidated Total Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated Total Net Debt.

"**Consolidated Total Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Working Capital**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Consolidated Current Assets at such date of determination *minus* Consolidated Current Liabilities at such date of determination; *provided* that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Consolidated Current Assets or Consolidated Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent, (b) the effects of purchase accounting or recapitalization accounting or (c) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under Swap Contracts.

"**Contract Consideration**" has the meaning set forth in the definition of "Excess Cash Flow."

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

------

"**Control**" has the meaning set forth in the definition of "Affiliate."

"**Copyrights**" means (a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO.

"**CoVant**" means CoVant Management II, Inc. and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Credit Agreement Refinancing Indebtedness**" means (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness of the Borrowers, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or Refinance, in whole or part, any Class of existing Term Loans or the existing Revolving Loans (or unused Revolving Credit Commitments), or any then-existing Credit Agreement Refinancing Indebtedness (the "**Refinanced Debt**"); *provided* that with respect to each of the foregoing <u>clauses (a)</u> through <u>(d)</u>, (i) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of such Refinanced Debt, such Indebtedness shall have a maturity no earlier, and a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt (if any) that remains outstanding; (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt *plus* an amount equal to the aggregate unused commitments cancelled in connection therewith, *plus* accrued interest, fees, premiums (if any) and penalties thereon and fees and expenses associated with the Refinancing; *provided* that nothing in this clause (ii) shall limit the ability of the Borrowers to incur additional Indebtedness concurrently as part of the issuance or incurrence of such Indebtedness so long as such additional Indebtedness is otherwise permitted pursuant to the terms of this Agreement, (iii) such Indebtedness (other than revolving loans or commitments with respect thereto) shall not have the benefit of a financial maintenance covenant unless (x) the Term Loans hereunder or the commitments being Refinanced, as applicable, have the benefit of such financial maintenance covenant on the same terms, (y) the Term Loans hereunder or the commitments being Refinanced, as applicable, shall have in the future been provided with the benefit of a financial maintenance covenant, in which case such Credit Agreement Refinancing Indebtedness issued after such future date may be provided with the benefit of the same financial maintenance covenant on the same terms or (z) such financial maintenance covenant is only applicable after the Latest Maturity Date applicable to the Term Loans hereunder, (iv) the All-In Yield with respect to such Credit Agreement Refinancing Indebtedness shall be determined by the Borrowers and the lenders or purchasers providing such Credit Agreement Refinancing Indebtedness, (v) except as provided for in preceding <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, optional prepayment or redemption terms shall be determined by the Borrower and the other terms and conditions of such Indebtedness shall reflect market terms and conditions (as reasonably determined by the Borrower) at the time of incurrence or issuance of such Credit Agreement Refinancing Indebtedness, (vi) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, and all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid substantially simultaneously with the issuance, incurrence or obtaining of such Credit Agreement Refinancing Indebtedness (or in any event not later than one Business Day following the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained), (vii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (viii) to the extent secured, such Indebtedness is not secured by property or assets of the Loan Parties other than the Collateral except to the extent permitted by any Intercreditor Agreement.

------

"**Credit Extension**" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"**Cumulative Credit**" means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Retained Excess Cash Flow Amount, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cumulative amount of Cash and Cash Equivalent proceeds from (i) the sale of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) which proceeds have been contributed as common equity to the capital of the Borrower and (ii) the Qualified Equity Interests of the Borrower (or Equity Interests of any direct or indirect parent of the Borrower) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) issued upon conversion of Indebtedness or Disqualified Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower owed to a Person other than a Loan Party or a Restricted Subsidiary of a Loan Party, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 100% of the aggregate amount of contributions to the common capital of the Borrower (other than from the Borrower or a Restricted Subsidiary) or the net proceeds of the issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent) (other than to the Borrower or a Restricted Subsidiary) contributed to the Borrower, received in Cash and Cash Equivalents after the Closing Date (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower in Cash and Cash Equivalents from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale, transfer or other disposition (other than to the Borrower or any such Restricted Subsidiary) of the Equity Interests or any assets of an Unrestricted Subsidiary or any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend or other distribution by an Unrestricted Subsidiary or received in respect of any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any interest, returns of principal, repayments and similar payments by such Unrestricted Subsidiary or received in respect of any joint venture minority Investments;

*plus* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", in the event any Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys any of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, the fair market value (as reasonably determined by the Borrower) of the Investments of the Borrower and the Restricted Subsidiaries made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by the Borrower or any Restricted Subsidiary in respect of any Investments made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by any Loan Party in respect of any Investments pursuant to <u>Section 7.02</u> (other than pursuant to <u>Sections 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(f)</u>, <u>(j)</u>, <u>(t)</u>, <u>(u)</u> and <u>(v))</u>; *provided*, that in no case shall such amount exceed the amount of any Investment made using internally generated cash flow or the Cumulative Credit pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [reserved], plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the proceeds and the fair market value (as reasonably determined by the Borrower) of marketable securities or other property contributed to the Borrower or a Restricted Subsidiary or contributed to the capital of Holdings and further contributed to the Borrower or a Restricted Subsidiary since the Closing Date from any Person other than the Borrower or a Restricted Subsidiary, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an amount equal to Declined Proceeds, minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any amount of the Cumulative Credit used to make Investments pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> after the Closing Date and prior to such time (net of any Return in respect of any Investment that the Borrower elects to be treated as a deduction pursuant to the definition of "Investment"), *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any amount of the Cumulative Credit used to pay dividends or make distributions or other Restricted Payments pursuant to <u>Section 7.06(f)(A)</u> or <u>7.06(g)(y)</u> after the Closing Date and prior to such time, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any amount of the Cumulative Credit used to make payments or distributions in respect of Junior Financings pursuant to <u>Section 7.13</u> after the Closing Date and prior to such time.

"**Cure Amount**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Cure Expiration Date**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Debt Assumption**" has the meaning set forth in the introductory paragraph to this Agreement

"**Debt Fund Affiliate**" means any Affiliate of Holdings or the Sponsor (other than a natural person) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of or in addition to their duties to Holdings or the Sponsor.

------

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

"**Declined Proceeds**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Default**" means any event or condition that constitutes an Event of Default under <u>Section 8.01</u> or that, with the giving of any notice, the passage of time, or both, in each case, as set forth in this Agreement, without cure or waiver hereunder, would be an Event of Default under <u>Section 8.01</u>.

"**Default Rate**" means an interest rate equal to (a) the Base Rate *plus* (b) the Applicable Rate, if any, applicable to Base Rate Loans *plus* (c) 2.0% per annum; *provided* that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan *plus* 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

"**Defaulting Lender**" means, subject to <u>Section 2.17(b)</u>, any Lender whose act or failure to act, whether directly or indirectly, causes it to meet any part of the definition of Lender Default.

"**Delayed Draw Commitment**" means, as to each Term Lender, its obligation to make a Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(c)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Delayed Draw Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Delayed Draw Commitments as of the Closing Date is $30,000,000.

"**Delayed Draw Funding Date**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Installment Payment Date**" has the meaning set forth in <u>Section 2.07(c)</u>.

"**Delayed Draw Lender**" means each Lender that has a Delayed Draw Commitment or is the holder of a Delayed Draw Term Loan.

"**Delayed Draw Term Loan**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(d).

"**Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) March 18, 2022 and (b) the date on which the Delayed Draw Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**Discount Prepayment Accepting Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(2)</u>.

"**Discount Range**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

------

"**Discount Range Prepayment Notice**" means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(C)</u> substantially in the form of <u>Exhibit E-4</u>.

"**Discount Range Prepayment Offer**" means the irrevocable written offer by a Lender, substantially in the form of <u>Exhibit E-5</u>, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

"**Discount Range Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Discounted Prepayment Determination Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Discounted Prepayment Effective Date**" means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with <u>Section 2.05(a)(v)(B)(1)</u>, <u>2.05(a)(v)(C)(1)</u> or <u>2.05(a)(v)(D)(1)</u>, respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"**Discounted Term Loan Prepayment**" has the meaning set forth in <u>Section 2.05(a)(v)(A)</u>.

"**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance of Equity Interests (other than directors' qualifying shares or other shares required by applicable Law) in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) solely at the discretion of the issuer), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), (b) is redeemable at the option of the holder thereof (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), in whole or in part, (c) provides for

------

the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date at the time of issuance of such Equity Interests; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because such Equity Interests may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death or disability. 

"**Disqualified Institution**" means (a) those financial institutions, lenders and other Persons previously specified in writing by the Borrower or the Sponsors to the Commitment Parties on or prior to February 18, 2020, (b) competitors of the Borrower and its Subsidiaries, as identified by the Borrower by written notice to the Administrative Agent and the Revolving Agent from time to time (each such Person, a "**Competitor**"), and (c) in the cases of <u>clause (a)</u> or <u>(b)</u>, Affiliates thereof (other than, in the case of <u>clause (b)</u>, any Competitor Debt Fund) that are either (i) identified as specified in such <u>clause (a)</u> (it being understood and agreed that affiliates of the financial institutions, lenders and other Persons identified in clause (a) shall be included if identified after February 18, 2020) or <u>(b)</u> or (ii) clearly identifiable on the basis of such Affiliates' names; it being understood and agreed that the identification of any Person as a Disqualified Institution after the Closing Date shall not apply to retroactively disqualify any Person that has previously acquired an assignment or participation interest in any Loan or Commitment so long as such Person was not a Disqualified Institution at the time of such assignment or participation. The list of Disqualified Institutions shall be posted to the Platform, it being understood that the Borrower may update such list from time to time with respect to Disqualified Institutions to the extent provided for above, and the Administrative Agent shall post such updated schedule to the Platform promptly following its receipt thereof, with such updates effective solely upon the posting thereof to the Platform.

"**Dollar**" and "$" mean lawful money of the United States.

"**Dollar Amount**" means (i) with respect to any L/C Obligation (or any risk participation therein), the amount thereof and (ii) with respect to any Revolving Loan, the amount thereof.

"**Domestic Foreign Holdco**" means any Domestic Subsidiary (i) substantially all of the assets of which consist of Equity Interests or Indebtedness (and Cash and Cash Equivalents or Indebtedness related thereto) of one or more Foreign Subsidiaries or (ii) that is treated as a disregarded entity or partnership for U.S. federal income tax purposes and substantially all of the assets of which are Equity Interests of one or more Foreign Subsidiaries.

"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

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

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

------

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

"**Elective Guarantor**" has the meaning set forth in the definition of "Guarantors."

"**Eligible Assignee**" has the meaning set forth in <u>Section 10.07(a)(i)</u>.

"**Enforcement Qualifications**" has the meaning set forth in <u>Section 5.04</u>.

"**Environment**" means air, surface water, groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any applicable Law relating to the prevention of pollution or the protection of the Environment or natural resources, or the protection of human health and safety as it relates to the exposure to Hazardous Materials, including any applicable provisions of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 *et seq.*, the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 *et seq.*, the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 *et seq.*, the Clean Water Act, 33 U.S.C. § 1251 *et seq.*, the Clean Air Act, 42 U.S.C. § 7401 *et seq.*, the Toxic Substances Control Act, 15 U.S.C. § 2601 *et seq.*, the Occupational Safety and Health Act, 29 U.S.C. § 651 *et seq.* (as it relates to exposure to Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 *et seq.*, and all analogous state or local statutes, and the regulations promulgated pursuant thereto.

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of the Loan Parties or any Restricted Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any legally binding contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

"**Equity Contribution**" means the contribution by the Sponsor and the Investors in cash directly or indirectly to the Initial Borrower in the form of common equity or other Equity Interests that does not constitute Disqualified Equity Interests, in an aggregate amount, when taken together with all "rollover" equity, will constitute an aggregate amount of not less than 60.0% of the sum of (i) the aggregate principal amount of the Term Loans hereunder funded on the Closing Date *plus* (ii) all "rollover" equity *plus* (iii) the Equity Contribution *minus* the aggregate amount of cash on hand of the Borrower and its Subsidiaries on the Closing Date immediately following the consummation of the Transactions; *provided* that the Sponsor shall directly or indirectly own at least 50.1% of the voting Equity Interests of the Borrower immediately following the consummation of the Transactions.

"**Equity Funded Employee Plan Costs**" means cash costs or expenses, incurred pursuant to any management equity plan or stock option plan or any other equity-based management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower (other than amounts designated as Excluded Contributions, any amount designated as a Cure Amount or any amount used in the Cumulative Credit).

------

"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities); *provided*, that any instrument evidencing Indebtedness convertible or exchangeable for Equity Interests shall not be deemed to be Equity Interests unless and until such instrument is so converted or exchanged.

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

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) that is under common control with a Loan Party or any Restricted Subsidiary within the meaning of Section 414(b) or (c) of the Code or Section 4001 of ERISA (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Section 4245 of ERISA) or in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (d) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for, and that could reasonably be expected to result in, the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived; (h) a failure by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate to make a required contribution to a Multiemployer Plan; (i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to a Loan Party or any Restricted Subsidiary; or (j) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate.

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

"**Eurocurrency Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Interest Period with respect to a Eurocurrency Rate Loan, (i) the rate per annum equal to the London Interbank Offered Rate ("LIBOR"), as published on the Reuters Screen LIBOR01 Page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent or the Revolving Agent from time to time) determined as of approximately 11:00 a.m. (London, England time), two Business Days prior to the

------

commencement of such Interest Period for deposits in the relevant currency, or (ii) in the event the rate referenced in the preceding clause (A) does not appear on such page or service or if such page or service shall cease to be available, the rate determined by the Administrative Agent or the Revolving Agent to be the offered rate on such other page or other service which displays the Eurocurrency Rate for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period; *provided* that the Eurocurrency Rate shall not be less than 1.00% per annum; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

*provided* that to the extent a comparable or successor rate is approved pursuant to the provisions of <u>Section 3.03</u>, "LIBOR" shall mean the "LIBOR Successor Rate"; *provided*, *further* if LIBOR shall be less than zero, LIBOR shall be deemed to be zero for purposes of this Agreement.

"**Eurocurrency Rate Loan**" means a Loan that bears interest at a rate based on the Eurocurrency Rate (which shall not include Base Rate Loans even if the interest rate then in effect is determined pursuant to clause (c) of the definition thereof). Revolving Loans that are Eurocurrency Rate Loans shall be denominated in Dollars.

"**Euros**" means lawful currency of the European Union.

"**Event of Default**" has the meaning set forth in <u>Section 8.01</u>.

"**Excess Cash Flow**" means, for any Excess Cash Flow Period, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such decreases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries completed during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period (other than sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses deducted from Consolidated Net Income for such Excess Cash Flow Period in respect of expenditures made during any prior Excess Cash Flow Period for which a deduction from Excess Cash Flow was made for a future period in such prior Excess Cash Flow Period pursuant to <u>clause (b)(xi)</u>, <u>(xii)</u>, <u>(xv)</u> or <u>(xvi)</u> below, and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash income or gain (actually received in cash) excluded from the calculation of Consolidated Net Income for such Excess Cash Flow Period pursuant to the definition thereof; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income, and cash charges included in <u>clauses (a)</u> through <u>(q)</u> of the definition of "Consolidated Net Income",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Capital Expenditures or acquisitions of or expenses incurred to develop intellectual property to the extent not expensed or accrued for such Excess Cash Flow Period, to the extent that such Capital Expenditures or acquisitions or development expenses were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent not financed through the incurrence of long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the aggregate amount of all principal payments of Indebtedness of the Borrower or its Restricted Subsidiaries (including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of any scheduled repayment of Term Loans, Other Term Loans, Other Notes, Permitted Ratio Debt and any other Indebtedness, (C) any mandatory prepayment of Term Loans pursuant to <u>Section 2.05(b)(ii)</u>, Other Term Loans, Other Notes, Permitted Ratio Debt or any other Indebtedness, in each case to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase and (D) payments of earn-outs or sellers notes or notes converted from an earn-out, but excluding (x) other prepayments, redemptions or repurchases (including debt buybacks) of Term Loans, Other Notes, Other Term Loans and other Indebtedness constituting Pari Passu Secured Obligations (other than prepayments referred to in <u>clause (C)</u> above) and (y) all prepayments in respect of any revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such increases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash payments by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness to the extent such payments are not expensed for such Excess Cash Flow Period or are not deducted in calculating Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Investments and acquisitions made in cash during such Excess Cash Flow Period pursuant to <u>Section 7.02</u> (other than <u>Section 7.02(a), (c)</u>, <u>(e)</u>, or <u>(h)</u>) to the extent that such Investments and acquisitions were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of Restricted Payments paid during such Excess Cash Flow Period pursuant to <u>Section 7.06</u> (other than pursuant to <u>Sections 7.06(a)(i)</u>, <u>7.06(b)</u>, <u>7.06(d)</u> (except to the extent relating to a transaction permitted under <u>Section 7.04</u>), <u>7.06(e)</u>, <u>7.06(m)</u> (to the extent relating to any other clause of <u>Section 7.06</u> referred to in the first parenthetical in this clause (viii)) and <u>7.06(n)</u>), in each case, to the extent such Restricted Payments were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries in cash for such Excess Cash Flow Period (including expenditures for the payment of financing fees and including retention, recruiting, relocation, severance, signing bonuses and similar expenses) to the extent that such expenditures are not expensed for such Excess Cash Flow Period (and were not expensed in a prior Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period that are required to be made in connection with any prepayment of Indebtedness to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow for prior Excess Cash Flow Periods, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries committed (pursuant to binding contracts or executed letters of intent entered into) or budgeted (the "Contract Consideration") prior to or during such Excess Cash Flow Period, or after the end of such Excess Cash Flow Period and prior to the date of such Excess Cash Flow payment for such Excess Cash Flow Period, relating to Permitted Acquisitions, Investments (other than Investments made pursuant to <u>Section 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(h)</u> or <u>(r)(ii)</u>), Capital Expenditures or acquisitions or development of intellectual property (to the extent not expensed) to be consummated or made, *plus* any restructuring cash expenses, pension payments or tax contingency payments that have been added to Excess Cash Flow pursuant to <u>clause (a)(ii)</u> above required to be made, in each case for the Excess Cash Flow Period of four consecutive fiscal quarters of the Borrower following the end of such Excess Cash Flow Period; *provided* that to the extent the aggregate amount actually utilized to finance such acquisitions, Investments, Capital Expenditures or acquisitions or development of intellectual property during such Excess Cash Flow Period of four consecutive fiscal quarters is less than the Contract Consideration or to the extent such aggregate amount is financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the amount of such shortfall or so financed shall be added to the calculation of Excess Cash Flow at the end of such Excess Cash Flow Period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of cash taxes (including penalties, interest or tax reserves and Tax Distributions) paid or payable for such Excess Cash Flow Period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such Excess Cash Flow Period,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Contracts for such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any payment of cash to be amortized or expensed over a future Excess Cash Flow Period and recorded as a long-term asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) reimbursable or insured expenses incurred for such Excess Cash Flow Period to the extent that such reimbursement has not yet been received and to the extent not deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cash expenditures for costs and expenses (including retention, recruiting, relocation, stay and signing bonuses and expenses) in connection with the Transactions (including all Transaction Expenses), acquisitions, Investments, Restricted Payments, dispositions and the issuance of equity interests or Indebtedness, repayment of debt, issuance of equity securities, Qualified IPO, Refinancing transactions or amendments or other modifications of any debt instrument (including, in each case, any such transaction consummated on the Closing Date and any such transaction undertaking but not completed), in each case, to the extent not deducted in arriving at such Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries;

*provided* that, at the option of the Borrower, all such payments (i) made after the applicable Excess Cash Flow Period and prior to the applicable due date of such Excess Cash Flow payment may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period or (ii) committed or budgeted to be made after the applicable Excess Cash Flow Period may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period. 

Notwithstanding anything in the definition of any term used in the definition of "Excess Cash Flow" to the contrary, all components of Excess Cash Flow shall be computed for the Borrower and its Restricted Subsidiaries on a consolidated basis.

"**Excess Cash Flow Period**" means each fiscal year of the Borrower, commencing with the fiscal year ending on or about December 31, 2021.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Excluded Account**" means (a) any bank account of a Loan Party that is solely a payroll, trust, employee benefit, fiduciary or tax withholding account, (b) any bank account of a Loan Party at a bank other than the Revolving Agent containing an average daily balance less than $2,500,000 over three consecutive Business Days (all such bank accounts not to contain an average daily balance greater than $5,000,000 over three consecutive Business Days), (c) zero balance deposit accounts which are linked to a deposit account of a Loan Party which is either subject to a control agreement or maintained with Revolving Agent, (d) any deposit account with cash deposited solely as required in connection with a Lien permitted pursuant to <u>Sections 7.01(b) - (ss)</u>, and (e) any other deposit account or securities account as the Collateral Agent may reasonably agree.

------

"**Excluded Assets**" means (i) any fee owned real property (other than Material Real Properties) and any leasehold rights and interests in real property (including any obligation to obtain landlord waivers, non-disturbance agreements, estoppels, bailee waivers, warehouseman waivers and collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, (iii) commercial tort claims where the amount of damages claimed by the applicable Loan Party is less than $2,500,000 individually and $5,000,000 in the aggregate, (iv) governmental licenses, state or local franchises, charters and authorizations and any other property and assets to the extent that the Collateral Agent may not validly possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any Governmental Authority or agency) or the pledge of, or creation of a security interest in any asset, which would require governmental, regulatory or third party consent, approval, license or authorization (including compliance with the Federal Assignment of Claims Act or similar statute which, for the avoidance of doubt, shall not be required hereunder or under any other Loan Document), except to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition, (v) any lease, license, permit or agreement or any property subject to such agreement or arrangement to the extent that a grant of a security interest therein, (A) is prohibited or restricted by applicable Law other than to the extent such prohibition or restriction is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition or restriction or (B) to the extent and for so long as it would violate or invalidate the terms of such lease, license, permit or agreement (in each case, after giving effect to the relevant provisions of the UCC or other applicable Laws) or would give rise to a termination right of a third party (other than Holdings, the Borrower, or any Restricted Subsidiary) thereunder, require consent of a third party (other than Holdings, the Borrower or any Restricted Subsidiary) thereunder or permit any third party to amend any rights, benefits or obligations of any Loan Party in respect of such asset or otherwise require any Loan Party or any Subsidiary of any Loan Party to take any action that is adverse to its interests (except to the extent such provision is overridden by the UCC or other applicable Laws), in each case, (a) excluding any such agreement that relates to Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt and (b) only to the extent that such limitation on such pledge or security interest is not otherwise prohibited pursuant to <u>Section 7.09</u>, (vi) (A) Margin Stock, (B) Equity Interests in, and property and assets of, any Person other than wholly owned Restricted Subsidiaries and (C) Equity Interests in, and property and assets of, Excluded Pledged Subsidiaries and Immaterial Subsidiaries (in the case of Immaterial Subsidiaries, except as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement), (vii) any property subject to a Lien permitted by <u>Section 7.01(b)</u>, <u>(u)</u>, <u>(w)</u> or <u>(aa)</u> (to the extent relating to a Lien originally incurred pursuant to <u>Section 7.01(b)</u>, <u>(u)</u> or <u>(w)</u>), (viii) the creation or perfection of pledges of, or security interests in, any property or assets that could reasonably be expected to result in adverse tax consequences or adverse regulatory consequences to Holdings, the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower and notified to Collateral Agent, (ix) letter of credit rights, except to the extent constituting support obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement), (x) any intent-to-use trademark or service mark application prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto and acceptance thereof by the United States Patent and Trademark Office, (xi) particular assets if and for so long as, if reasonably agreed by GSO (so long as it holds a majority of the Term Loans) and the Borrower, and otherwise, the Collateral Agent and the Borrower, the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance, surveys, abstracts or appraisals in respect of such assets exceed the practical benefits to be obtained by the Lenders therefrom, (xii) (a) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of each Domestic Foreign Holdco, (b) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of, any Foreign Subsidiary and (c) any assets of any such Subsidiary referred to in clauses (xii)(a) or (xii)(b) (including Equity Interests of any Subsidiary of such Subsidiary), (xiii) Securitization Assets (or interests therein) sold to any Securitization Subsidiary or otherwise pledged, factored, transferred or sold in connection with a Qualified

------

Securitization Financing including any supply chain financing arrangements or "reverse factoring" and similar programs which any Loan Party enters into at the request of a customer, (xiv) Receivables Assets sold or otherwise pledged or transferred in connection with a Receivables Facility, (xv) any intellectual property registered in any non-U.S. jurisdiction (and any foreign intellectual property filing, search or schedule), (xvi) any assets acquired in connection with a Permitted Acquisition or other permitted Investment subject to Liens permitted by <u>Section 7.01</u> and which are subject to contractual arrangements in connection with such Liens prohibiting a Lien securing the Secured Obligations to the extent permitted by <u>Section 7.09</u> (*provided* that, except with respect to Liens permitted by <u>Section 7.01(bb)</u>, such Liens and contractual arrangements were not created in anticipation or contemplation of such Permitted Acquisition or Investment and were in place on the date of such Permitted Acquisition or Investment), and (xvii) the Equity Interests or assets of GeoOpsis Software Services Private Limited; *provided*, *however*, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u> (unless such Proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u>).

"**Excluded Contribution**" means the amount of cash capital contributions to the Borrower or net cash proceeds from the sale or issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent of Holdings) actually received by the Borrower (other than the Equity Contributions or any amount designated as a Cure Amount, used for Equity Funded Employee Plan Costs or included for purposes of determining the Cumulative Credit) and designated by the Borrower to the Administrative Agent as an Excluded Contribution on the date such capital contributions are made or such Equity Interests are sold or issued. As of any date of determination, the amount of the Excluded Contribution shall be the aggregate amount of such contributions and proceeds less such amounts used pursuant to <u>Sections 7.02(v)</u>, <u>7.06(l)</u>, and <u>7.13(a)(vi)</u>.

"**Excluded Information**" has the meaning set forth in <u>Section 2.05(a)(v)(F)</u>.

"**Excluded Pledged Subsidiary**" means (a) any Subsidiary for which the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations existing on the Closing Date (or, in the case of any Subsidiary acquired or formed after the Closing Date, Contractual Obligations in existence at the time of acquisition or formation (including in any Indebtedness assumed in connection therewith) but not any Contractual Obligations in contemplation thereof for the purpose of avoiding the obligation to pledge such Equity Interests entered into the Collateral and Guarantee Requirements (including any Indebtedness financing such acquisition or formation)) or for which governmental (including regulatory) consent, approval, license or authorization would be required unless such consent, approval, license or authorization has been obtained, (b) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower, in consultation with the Required Lenders, the burden or cost or other consequences (including any adverse tax consequences) of the pledge of its Equity Interests shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (c) any not-for-profit Subsidiaries, (d) broker-dealer subsidiaries, (e) captive insurance companies, (f) Unrestricted Subsidiaries, and (g) any special purpose vehicle (or similar entity), including any Securitization Subsidiary only to the extent that the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations, including any Contractual Obligation incurred in connection with a Qualified Securitization Financing.

"**Excluded Subsidiary**" means (a) any Subsidiary that is not a wholly owned Domestic Subsidiary of a Borrower or a Guarantor, (b) any Subsidiary that is prohibited or restricted by applicable Law or by Contractual Obligations existing on the Closing Date, so long as any such Contractual Obligation was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations, from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or would result in adverse tax or regulatory consequences as reasonably determined by the Borrower and

------

notified to the Agents, (c) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower and the Required Lenders, the burden or cost of providing the Guaranty outweighs the benefits to be obtained by the Lenders therefrom, (d) any not-for-profit Subsidiaries, (e) any Unrestricted Subsidiaries, (f) any special purpose vehicle (or similar entity), including any Securitization Subsidiary, (g) any direct or indirect Domestic Subsidiary that is a Domestic Foreign Holdco, (h) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary or a Domestic Foreign Holdco, (i) captive insurance Subsidiaries, (j) Immaterial Subsidiaries, (k) without limiting <u>clause (b)</u> above, any Restricted Subsidiary acquired by the Borrower or any of its Restricted Subsidiaries after the Closing Date that, at the time of the relevant acquisition, is an obligor in respect of Indebtedness that is permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable Indebtedness prohibits such Restricted Subsidiary from providing a guaranty so long as such restriction existed at the time such subsidiary was formed or acquired and (l) any Subsidiary formed or acquired after the Closing Date pursuant to a Permitted Acquisition or other permitted Investment that is prohibited or restricted by applicable Law or by Contractual Obligations in existence at the time of acquisition (so long as such contractual prohibition existed at the time such Subsidiary was formed or acquired and was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations) from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or could reasonably be expected to result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents.

"**Excluded Swap Obligation**" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason not to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation but for such Guarantor's failure to constitute an "eligible contract participant" at such time.

"**Excluded Taxes**" means the following Taxes imposed on or with respect to a Recipient or required to be deducted or withheld from any payment to a Recipient: (i) any Taxes imposed on or measured by net income, however denominated, franchise Taxes, and branch profits Taxes, in each case that are imposed by a jurisdiction as a result of such Recipient being organized in or having its principal office or applicable lending office in such jurisdiction (or any political subdivision thereof), or that are Other Connection Income Taxes, (ii) any Taxes attributable to the failure of such Agent or Lender to comply with <u>Section 3.01(d)</u> or <u>Section 3.10(e)</u>, (iii) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under <u>Section 3.07(a)</u>), any U.S. withholding Tax that is in effect and would apply to amounts payable hereunder at such time the Lender becomes a party to this Agreement, or designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Borrower or any Guarantor with respect to such withholding Tax pursuant to <u>Section 3.01</u>, and (iv) any withholding Taxes imposed under FATCA.

"**Existing Term Loan Tranche**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extended Revolving Credit Commitments**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Extending Revolving Credit Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

------

"**Extended Revolving Loans**" means one or more Classes of Revolving Loans that result from an Extension Amendment.

"**Extended Term Loans**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extending Term Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension**" means the establishment of an Extension Series by amending a Loan pursuant to the terms of <u>Section 2.16</u> and the applicable Extension Amendment.

"E**xtension Amendment**" has the meaning set forth in <u>Section 2.16(d)</u>.

"**Extension Election**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension Offer**" has the meaning set forth in <u>Section 2.13</u>.

"**Extension Request**" means any Term Loan Extension Request or a Revolver Extension Request, as the case may be.

"**Extension Series**" means any Term Loan Extension Series or a Revolver Extension Series, as the case may be.

"**Facility**" means the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit Commitments, a given Refinancing Series of Refinancing Revolving Loans, any Term Facility, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans or a given Refinancing Series of Refinancing Term Loans, as the context may require.

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities implementing the foregoing.

"**FCPA**" has the meaning set forth in <u>Section 5.18(c)</u>.

"**Fee Letter**" means the Amended and Restated Fee Letter, dated as of March 13, 2020, among the Initial Borrower and the Commitment Parties.

"**Financial Covenant**" has the meaning given in Section 7.11.

"**FIRREA**" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

"**Flood Insurance Laws**" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

"**Foreign Casualty Event**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

------

"**Foreign Disposition**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Subsidiary**" means any direct or indirect Restricted Subsidiary of the Borrower which is not a Domestic Subsidiary.

"**Foreign Subsidiary Excess Cash Flow**" has the meaning set forth in <u>Section 2.05(b)(v)</u>.

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

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

"**GAAP**" means generally accepted accounting principles in the United States of America, as in effect from time to time; *provided*, *however*, that, subject to <u>Section 1.03</u>, if the Borrower notifies the Administrative Agent and the Revolving Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof (including through conforming changes made consistent with IFRS) on the operation of such provision (or if the Administrative Agent and the Revolving Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (including through conforming changes made consistent with IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

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

"**Granting Lender**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**GSO**" means GSO Capital Partners LP and, except for the purposes of <u>Section 10.07</u>, its Affiliates, including any funds managed or advised by it.

"**Guarantee**" means, as to any Person, without duplication, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness by another Person (the "primary obligor") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

------

"**Guaranteed Obligations**" has the meaning set forth in <u>Section 11.01</u>.

"**Guarantor Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit L</u>.

"**Guarantors**" means (i) in the case of the Secured Obligations of the Borrowers, Holdings and each Restricted Subsidiary of the Borrower that is a Material Domestic Subsidiary (other than a Borrower or an Excluded Subsidiary unless such Excluded Subsidiary is then an Elective Guarantor) including, on the Closing Date, those listed on <u>Schedule I</u> hereto and any Material Domestic Subsidiary that shall have become a Guarantor pursuant to <u>Section 6.11</u> and (ii) in the case of the Secured Obligations of any Borrower each other Borrower. For avoidance of doubt, the Borrower in its sole discretion may (x) designate any Restricted Subsidiary that is not required to be a Guarantor (such a Restricted Subsidiary, an "<u>Elective Guarantor</u>") to Guarantee the Secured Obligations by causing such Restricted Subsidiary to execute this Agreement on the Closing Date or a Guarantor Joinder Agreement or (y) cause any Guarantor that is not then required to be a Guarantor (including any Elective Guarantor that became a Guarantor pursuant to <u>clause (x)</u> above) to be released from its Guaranty.

"**Guaranty**" means, collectively, the guaranty of the Secured Obligations by the Guarantors pursuant to this Agreement.

"**Hazardous Materials**" means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, or toxic mold, that are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law based on their dangerous or deleterious properties.

"**Holdings**" has the meaning set forth in the introductory paragraph to this Agreement; *provided* that Parent or any direct or indirect parent company of Holdings that becomes a Guarantor in accordance with <u>Section 7.14(xi)</u> as a result of merging, amalgamating or consolidating with or into Holdings or as a result of executing a Guaranty shall be deemed to be "Holdings" for purposes hereunder and under the Loan Documents.

"**Honor Date**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Identified Participating Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Identified Qualifying Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**IFRS**" means international accounting standards as promulgated by the International Accounting Standards Board.

"**Immaterial Subsidiary**" means any Subsidiary which is not a Material Subsidiary.

"**Increasing Revolving Credit Lender**" has the meaning set forth in <u>Section 2.14(h)</u>.

"**Incremental Amendment**" has the meaning set forth in <u>Section 2.14(f)</u>.

"**Incremental Facility Closing Date**" has the meaning set forth in <u>Section 2.14(d)</u>.

------

**"Incremental Request**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Loan Commitments**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Lender**" has the meaning set forth in <u>Section 2.14(c)</u>.

"**Incremental Term Loan**" has the meaning set forth in <u>Section 2.14(b)</u>.

"**Indebtedness**" means, as to any Person at a particular time, without duplication, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all such obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not otherwise included above, all Guarantees of such Person in respect of Indebtedness described in <u>clauses (a)</u> through <u>(g)</u> in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner, except to the extent such Person's liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of Holdings and its Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions or terms) and made in the ordinary course of business and (C) exclude (i) trade liabilities and accounts and accrued expenses payable in the ordinary course of business, (ii) any purchase price adjustment or earn-out obligation until such obligation is not paid after becoming due and payable and not subject to a good faith dispute, (iii) accruals for payroll, obligations under employment arrangements and other liabilities accrued in the ordinary course of business, (iv) deferred compensation payable to officers, directors or employees of such Person or any of its Subsidiaries, (v) deferred rent, deferred revenue and deferred taxes, in each case, in the ordinary course of business and (vi) purchase price holdbacks in respect of a portion of the

------

purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of <u>clause (g)</u> shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

"**Indemnified Liabilities**" has the meaning set forth in <u>Section 10.05</u>.

"**Indemnified Taxes**" means, with respect to any Recipient, (a) all Taxes imposed on or required to be withheld or deducted from or with respect to payments under the Loan Documents other than Excluded Taxes, and (b) to the extent no otherwise described in (a), Other Taxes.

"**Indemnitees**" has the meaning set forth in <u>Section 10.05</u>.

"**Independent Financial Advisor**" means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates.

"**Information**" has the meaning set forth in <u>Section 10.08</u>.

"**Initial Borrower**" has the meaning set forth in the preliminary statements to this Agreement.

"**Initial Revolving Borrowing**" means one or more borrowings of Revolving Loans on the Closing Date in an amount not to exceed the aggregate amounts specified or referred to in the definition of "Permitted Initial Revolving Credit Borrowing Purposes"; *provided*, that, without limitation, Letters of Credit may be issued on the Closing Date to back-stop or replace letters of credit, guarantees and performance or similar bonds outstanding on the Closing Date (including deemed issuances of Letters of Credit under this Agreement resulting from existing issuers of letters of credit outstanding on the Closing Date agreeing to become L/C Issuers under this Agreement).

"**Initial Term Commitment**" means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to <u>Section 2.01(a)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Initial Term Commitments as of the Closing Date is $145,000,000.

"**Initial Term Loans**" means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to <u>Section 2.01(a)</u>.

"**Intellectual Property**" means all intellectual property of every kind and nature, including inventions, designs, Internet Domain Names, Patents, Copyrights, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all additions and improvements to the foregoing, and renewals and extensions thereof.

"**Intellectual Property Security Agreement**" has the meaning set forth in the Security Agreement.

"**Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit G</u>.

------

"**Intercreditor Agreements**" means, collectively, (i) any Junior Intercreditor Agreement and (ii) any Parity Intercreditor Agreement, or (iii) any other intercreditor agreement or subordination agreement or written arrangement permitted by this Agreement, in each case to the extent then in effect.

"**Interest Payment Date**" means, (a) as to any Eurocurrency Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided* that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made.

"**Interest Period**" means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, twelve months thereafter, or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, less than one month thereafter, in each case as selected by the Borrower in its Committed Loan Notice; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the applicable Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with the funding of a Delayed Draw Term Loan or<u>,</u> 2020 Delayed Draw Term <u>Loan or 2021 Delayed Draw Term</u> Loan, the Borrower may elect that the Interest Period applicable to such Delayed Draw Term Loan or<u>,</u> 2020 <u>Delayed Draw Term Loan or 2021</u> Delayed Draw Term Loan match the Interest Period then in effect for any other Term Loans.

"**Interim Financial Statements**" means the unaudited consolidated balance sheet of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement), as of December 31, 2019 and related statement of income for the twelve (12) month period then ended.

"**Internet Domain Names**" means the rights of Internet domain name registrants in Internet domain names.

"**Investment**" means, as to any Person, any acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions, including by way of merger) of all or substantially all of the property and assets or business of another Person or assets

------

constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment, less any Returns in respect of such Investment; *provided*, that in lieu of treating any Return as a deduction to the amount of any applicable Investment, the Borrower may instead elect that such Return be used to increase <u>clause (e)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of the definition of "Cumulative Credit".

"**Investor Management Agreement**" means a management services agreement or similar agreement among the Investors or certain of the management companies associated with the Investors or its advisors, if applicable, and one or more Loan Parties (and/or any of their direct or indirect parent companies).

"**Investors**" means the Sponsor, CoVant, certain other investors designated by the Sponsor and any managers, officers, directors, consultants or employees of Borrower and its Restricted Subsidiaries.

"**IP License**" means any written agreement, now or hereafter in effect, granting to any Person any right to Intellectual Property, and all rights of any Person under any such agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof.

"**IPO Reorganization Transaction**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries in connection with and reasonably related to consummating a Qualified IPO, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**ISP**" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

"**Joint Venture Investment Basket Amount**" has the meaning set forth in <u>Section 7.02(o)</u>.

"**Judgment Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**Junior Financing**" has the meaning set forth in <u>Section 7.13(a)</u>.

"**Junior Financing Documentation**" means any documentation governing any Junior Financing.

"**Junior Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Indebtedness permitted by this Agreement to be secured by the Collateral on a junior basis, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

------

"**Latest Maturity Date**" means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Extended Revolving Credit Commitments, Refinancing Revolving Credit Commitments, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loan, <u>2021 Delayed Draw Term Loan,</u> Extended Term Loans, Incremental Term Loans, Refinancing Term Loans, Replacement Term Loans and Refinancing Term Commitments, in each case as extended in accordance with this Agreement from time to time.

"**Laws**" means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"**LCT Election**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**LCT Test Date**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**L/C Advance**" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement. All L/C Advances shall be denominated in Dollars.

"**L/C Borrowing**" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars.

"**L/C Credit Extension**" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof (other than pursuant to the terms of an Auto-Extension Letter of Credit), or the increase of the amount thereof.

"**L/C Issuer**" means PNC (or its designee), and each other Revolving Credit Lender that becomes an L/C Issuer in accordance with <u>Section 2.03(k)</u> or <u>10.07(j)</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"**L/C Obligations**" means, as at any date of determination, without duplication, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.14</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"**Lender**" has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes an L/C Issuer, and its respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender."

"**Lender Default**" means (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or participations in Letters of Credit when required hereunder, which refusal or failure is not cured within one Business Day after the date of such refusal or failure; (ii) the failure of any Lender to pay over to any Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute;

------

(iii) the notification by a Lender to the Borrower or any Agent that such Lender does not intend or expect to comply with any of its funding obligations hereunder or a public statement by a Lender to that effect with respect to such Lender's funding obligations hereunder; (iv) the failure by a Lender to confirm in a manner reasonably satisfactory to the Administrative Agent and/or the Revolving Agent that such Lender will comply with such Lender's obligations hereunder; (v) the admission in writing by a Distressed Person that it is insolvent or such Distressed Person becoming subject to a Lender-Related Distress Event or (vi) such Lender has, or has a parent company that has, become the subject of a Bail-In Action.

"**Lender-Related Distress Event**" means, with respect to any Lender, that such Lender or any Person that directly or indirectly controls such Lender (each, a "**Distressed Person**"), as the case may be, is or becomes subject to a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt or such Distressed Person becomes the subject of a Bail-In Action; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Equity Interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership or acquisition does not result in or provide such person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

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

"**Letter of Credit**" means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; *provided*, *however*, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. Letters of Credit shall be issued in Dollars.

"**Letter of Credit Application**" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.

"**Letter of Credit Expiration Date**" means the day that is five Business days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

"**Letter of Credit Sublimit**" means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"**LIBOR Successor Rate**" has the meaning set forth in <u>Section 3.03</u>.

------

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

"**Lien**" means any mortgage, pledge, hypothecation, collateral assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). For the avoidance of doubt, "Lien" shall be deemed to not include any license or other contractual obligation relating to any IP License.

"**Limited Condition Transaction**" means any (i) Permitted Acquisition or other permitted Investment in any assets, business or Person, in each case the consummation of which is not conditioned on the availability of, or on obtaining, third party financing, (ii) repurchase, repayment or prepayment of Indebtedness or the repurchase or redemption (directly or indirectly) of any preferred Equity Interests that requires irrevocable notice in advance thereof or (iii) Restricted Payments, but solely to the extent such Restricted Payments are made in order to consummate a transaction separately subject to clause (i) or (ii) hereof.

"**Limited Originator Recourse**" means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Financing, in each case, solely to the extent required to satisfy Standard Securitization Undertakings.

"**Loan**" means an extension of credit under <u>Article II</u> by a Lender to a Borrower in the form of a Term Loan or a Revolving Loan (including any Initial Term Loans, any Delayed Draw Term Loans, any 2020 Delayed Draw Term Loans, any <u>2021 Delayed Draw Term Loans, any</u> Incremental Term Loans, any Extended Term Loans and any extensions of credit under any Extended Revolving Credit Commitment, any Refinancing Term Loans and any extensions of credit under any Refinancing Revolving Credit Commitment and any Replacement Term Loans).

"**Loan Documents**" means, collectively, the following (in each case together with all amendments, modifications, supplements, renewals, extensions, restatements, substitutions and replacements thereto and thereof): (i) this Agreement (including the Schedules hereto), (ii) the Notes, (iii) the Collateral Documents, (iv) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (v) each Letter of Credit Application, (vi) each Intercreditor Agreement, (vii) any Borrower Joinder Agreement or Guarantor Joinder Agreement, (viii) the Fee Letter, (ix) the Amendment No. 1 Fee Letter, (x) <u>the Amendment No. 2 Fee Letter, (xi)</u> each Compliance Certificate, and (xi<u>i</u>) each other agreement, document or instrument that the Borrower and any Agent (or the Required Lenders) designate in writing as a Loan Document.

"**Loan Parties**" means, collectively, the Borrowers and each Guarantor.

"**London Banking Day**" means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

------

"**Management Stockholders**" means the current or former members of management of Holdings, the Borrower or any of its Subsidiaries who are investors in Holdings or any direct or indirect parent thereof.

"**Margin Stock**" shall have the meaning assigned to such term in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto.

"**Master Agreement**" shall have the meaning set forth in the definition of "Swap Contract."

"**Material Adverse Effect**" means (a) on the Closing Date, a Material Adverse Effect (as defined in the Purchase Agreement) or (b) after the Closing Date, a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the ability of the Borrowers and the Guarantors (taken as a whole) to perform their material payment obligations under any Loan Document to which the Borrowers or any of the Loan Parties is a party; or (iii) the material rights and remedies (taken as a whole) of the Agents under the Loan Documents, taken as a whole, including the legality, validity, binding effect or enforceability of the Loan Documents.

"**Material Domestic Subsidiary**" means, at any date of determination, each of the Borrower's Domestic Subsidiaries that are Restricted Subsidiaries whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 5.00% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries that are Restricted Subsidiaries but are not Guarantors solely because their individual contribution to such Trailing Four Quarter Consolidated EBITDA does not meet the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 10.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Domestic Subsidiaries as "Material Domestic Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of <u>Section 6.11</u> applicable to such Subsidiary.

"**Material Foreign Subsidiary**" means, at any date of determination, each of the Borrower's Foreign Subsidiaries that are Restricted Subsidiaries and whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 7.50% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Foreign Subsidiaries that are Restricted Subsidiaries not meeting the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 15.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Foreign Subsidiaries as "Material Foreign Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of the definition of "Collateral and Guarantee Requirement" with respect to each such designated Foreign Subsidiary.

"**Material Real Property**" means any fee-owned real property located in the United States that is owned by any Loan Party and that has a fair market value in excess of $2,000,000 (on the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably estimated by the Borrower in good faith); *provided* that any Real Property subject to a mortgage,

------

deed of trust, deed to secure debt or other equivalent real estate security document that creates or evidences a Lien on such Real Property that is permitted under <u>Section 7.01</u> in respect of Indebtedness that is permitted under <u>Section 7.02</u> shall be deemed not to be a "Material Real Property" for so long as such Real Property remains encumbered by such lien.

"**Material Subsidiary**" means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

"**Maturity Date**" means (i) with respect to the Initial Term Loans and any Delayed Draws Term Loans, March 18, 2026; (ii) with respect to the Revolving Credit Facility, March 18, 2026; (iii) with respect to any tranche of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Amendment, (iv) with respect to any Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment, (v) with respect to any Refinancing Term Loans or Refinancing Revolving Credit Commitments, the final maturity date as specified in the applicable Refinancing Amendment, and (vi) with respect to any Replacement Term Loans, the final maturity date as specified in the applicable agreement; *provided* that, in each case, if such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day.

"**Maximum Revolving Credit Amount**" means $25,000,000, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

"**Maximum Rate**" has the meaning set forth in <u>Section 10.10</u>.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

"**Mortgage Policies**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgaged Properties**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgages**" means collectively, the deeds of trust, trust deeds, hypothecations and mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent, and any other mortgages executed and delivered pursuant to <u>Sections 6.11</u> and <u>6.13</u>, in each case, as the same may from time to time be amended, restated, supplemented or otherwise modified.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions.

"**Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the cash proceeds actually received by the Borrower or any of the Restricted Subsidiaries (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and when received) from any Disposition or Casualty Event, net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary

------

expenses and brokerage, consultant and other customary fees and expenses actually incurred in connection therewith, (ii) the principal amount of any Indebtedness that is secured by a Lien (other than a Lien subordinated to the Liens securing the Secured Obligations) on the asset subject to such Disposition or Casualty Event and that is required to be repaid or prepaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), together with any applicable premium, penalty, interest and breakage costs, (iii) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (iii)</u>) attributable to minority interests, (iv) Taxes or Tax Distributions paid or reasonably estimated to be payable or, without duplication, permitted to be paid as a result thereof, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to <u>clause (i)</u> above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and other liabilities or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction) and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (provided that to the extent that any amounts are released from such escrow to the Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, net of all Taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower shall be disregarded.

"**New Revolving Credit Lender**" has the meaning set forth in Section 2.14(h).

"**Non-Consenting Lender**" has the meaning set forth in <u>Section 3.07(d)</u>.

"**Non-Debt Fund Affiliate**" means any Affiliate of Holdings, including Holdings or any of its Subsidiaries, but excluding (a) any Debt Fund Affiliate and (b) any natural person.

"**Non-Defaulting Lender**" means, at any time, a Lender that is not a Defaulting Lender.

"**Non-extension Notice Date**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

"**Note**" means a Term Note or a Revolving Credit Note as the context may require.

"**Notice of Intent to Cure**" has the meaning set forth in <u>Section 8.04</u>.

"**Obligations**" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and

------

fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender may elect to pay or advance on behalf of such Loan Party in accordance with the terms of the Loan Documents; *provided*, that in no event shall "Obligations" include any Secured Cash Management Obligations or Secured Hedge Obligations; *provided*, *further*, that Obligations of any Guarantor shall not include any Excluded Swap Obligations solely of such Guarantor.

"**OFAC**" has the meaning set forth in <u>Section 5.18(b)</u>.

"**Offered Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Offered Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**OID**" means original issue discount.

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

"**Other Applicable Indebtedness**" means Permitted First Priority Refinancing Debt, Other Term Loans, Other Notes, Permitted Ratio Debt, other Indebtedness constituting Pari Passu Secured Obligations or, in each case, the Permitted Refinancing of any such Indebtedness.

"**Other Commitments**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

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

"**Other Notes**" has the meaning set forth in <u>Section 2.14(a)(iii)</u>.

"**Other Taxes**" has the meaning set forth in <u>Section 3.01(b)</u>.

"**Other Term Loans**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

------

"**Outstanding Amount**" means (a) with respect to the Term Loans and/or the Revolving Loans on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans and Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing), as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding Dollar Amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

"**Overnight Rate**" means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent or the Revolving Agent, as applicable, for the purpose of displaying such rate) (an "Alternate Source"); provided, that if such day is not a Business Day, the Overnight Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative Agent or the Revolving Agent, as applicable, at such time (which determination shall be conclusive absent manifest error). If the Overnight Rate as determined as set forth above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Rate without notice to the Borrower.

"**Pari Passu Secured Obligations**" means any Indebtedness of the Loan Parties secured on a *pari passu* basis (including any obligations subject to a Parity Intercreditor Agreement) with the Secured Obligations.

"**Parity Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Pari Passu Secured Obligations, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Participant**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participant Register**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participating Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Patents**" means (a) all letters patent of the United States, all registrations and recordings thereof, and all applications for letters patent of the United States, including registrations, recordings and pending applications in the USPTO; and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein.

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years if liability to a Loan Party or Restricted Subsidiary remains.

------

"**Perfection Certificate**" means a certificate substantially in the form of Exhibit II to the Security Agreement or any other form reasonably approved by the Administrative Agent or the Collateral Agent and agreed by the Borrower, as the same shall be supplemented from time to time.

"**Permitted Acquisition**" has the meaning set forth in <u>Section 7.02(i)</u>.

"**Permitted First Priority Refinancing Debt**" means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of senior secured loans or notes; *provided* that (i) such Indebtedness is designated as "additional first lien debt" (or comparable term) under any Intercreditor Agreement and is not secured by any property or assets of Holdings, the Borrower or any Subsidiary other than the Collateral except to the extent permitted by any Intercreditor Agreement, (ii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date of any Term Loan outstanding at the time such Indebtedness is incurred or issued, such Indebtedness does not mature prior to the date that is the Latest Maturity Date of, or have a Weighted Average Life to Maturity less than the Weighted Average Life to Maturity of, any Term Loan outstanding at the time such Indebtedness is incurred or issued. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Initial Revolving Credit Borrowing Purposes**" means one or more Borrowings of Revolving Loans (i) to fund a portion of the Transactions (including purchase price adjustments, working capital adjustments in accordance with the Purchase Agreement and Transaction Expenses), (ii) for general corporate purposes and for working capital needs, and (iii) to replace, backstop or cash collateralize existing letters of credit, guarantees and performance or similar bonds; <u>provided</u> that amounts available under <u>clause (i)</u> shall not in the aggregate exceed $7,500,000 and amounts available under clause (i) and (ii) shall not in the aggregate be less than $5,000,000 nor more than $7,500,000.

"**Permitted Junior Priority Refinancing Debt**" means secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of junior lien secured notes or junior lien secured loans; *provided* that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of any Loan Party other than the Collateral except to the extent permitted by any Junior Intercreditor Agreement, (ii) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of "Credit Agreement Refinancing Indebtedness" and (iii) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Other Debt Conditions**" means that such applicable Indebtedness (i) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except (x) customary asset sale or change of control or similar event provisions that provide for the prior repayment in full of the Loans and all other Secured Obligations, (y) AHYDO Payments and (z) to the extent constituting Permitted Junior Priority Refinancing Debt, mandatory repayments or prepayments (or offers to prepay or repurchase) that are customarily available in junior secured loan facilities or note issuances), in each case prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) to the extent secured, is not secured by property or assets of any Loan Party other than the Collateral except as permitted by any Intercreditor Agreement.

------

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary (including any such Indebtedness incurred to finance any Permitted Acquisition or other similar Investment permitted hereunder), *provided* that immediately after giving Pro Forma Effect thereto and to the use of the proceeds thereof, (i) either (A) no Event of Default shall be continuing or result therefrom or (B) in the case of Indebtedness incurred or issued in order to finance a Permitted Acquisition or permitted Investment made pursuant to a legally binding commitment, (x) no Event of Default shall exist on the date that the Borrower or the applicable Restricted Subsidiary enters into such binding agreement and (y) no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist at the time of such incurrence or issuance or would result from such incurrence or issuance; *provided*, that this clause (i) shall not apply if the Indebtedness being incurred is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities, (ii) the aggregate principal amount of such Indebtedness incurred following the Closing Date shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 2.14(d)(iii)(A)</u> *plus* (B) such additional amount that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Initial Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (in the case of any Permitted Ratio Debt consisting of revolving Indebtedness, such ratio determined only at the time the relevant commitment is established and assuming any such revolving facility established in connection therewith is fully drawn and without netting the cash proceeds of such Indebtedness); *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness, *plus* (C) an amount equal to (1) the sum, without duplication, of all (x) voluntary prepayments, debt buybacks, open market purchases and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> and (y) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long-term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u>) *minus* (2) the aggregate principal amount of Incremental Term Loans, Other Term Loans and Other Notes incurred in reliance on <u>Section 2.14(d)(iii)(C)</u>, (iii) (A) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured by the Collateral on a pari passu basis with the Initial Term Loans and the Revolving Loans, such Indebtedness does not mature prior to the Latest Maturity Date at the time such Indebtedness is incurred and (B) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured (other than as described in <u>clause (iii)(A)</u> hereof) or is unsecured, such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred and (iv) any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to <u>Section 7.03(g)</u>, does not exceed in

------

the aggregate at any time outstanding the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined at the time of incurrence (it being understood that (x) amounts under clause (ii)(B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A) or (ii)(C), and amounts under clause (ii)(C) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A), (y) Indebtedness may be incurred under clauses (ii)(A) and (ii)(B), (ii)(B) and (ii)(C) or (ii)(A), (ii)(B) and (ii)(C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (ii)(B) and then calculating the incurrence under clause (ii)(A) and/or (ii)(C) and, for the avoidance of doubt, any such incurrence under clause (ii)(A) and/or (ii)(C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (ii)(B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (ii)(A) or (ii)(C) as incurred pursuant to clause (ii)(B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (ii)(A) or (ii)(C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)). With respect to any Permitted Ratio Debt (other than Indebtedness consisting of a revolving credit facility) that is pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Permitted Ratio Debt shall not be greater than the All-In Yield then applicable to the Initial Term Loans plus 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans, Delayed Draw Term Loans and<u>,</u> 2020 <u>Delayed Draw Term Loans and 2021</u> Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans and<u>,</u> 2020 Delayed Draw Term Loan<u>s and 2021 Delayed Draw Term Loans</u> to equal the All-In Yield applicable to such Permitted Ratio Debt, minus 50 basis points per annum.

"**Permitted Refinancing**" means, with respect to any Person, any Refinancing of any Indebtedness of such Person; *provided* that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced except by an amount equal to unpaid accrued interest and premium thereon *plus* other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in connection with such Refinancing and by an amount equal to any existing commitments unutilized thereunder, (b) except with respect to (x) a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Sections 7.03(e)</u>, <u>(g)(i), (u)</u>, or <u>(dd)</u> (y) a Permitted Refinancing in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of the Indebtedness being refinanced, the Indebtedness resulting from such Refinancing shall not mature prior to the maturity date of, or have a shorter Weighted Average Life to Maturity than, the Indebtedness being Refinanced, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to (x) <u>Section 7.03(e)</u> or <u>7.03(g)(i)</u> or <u>7.03(dd)</u> or (y) <u>Section 7.03(s)</u>, <u>7.03(t), 7.03(u)</u> or <u>7.03(z)</u> (in each case of this clause <u>(y)</u>, solely to the extent such Refinanced Indebtedness is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities), at the time of such Refinancing, no Event of Default shall have occurred and be continuing and (d) if such Indebtedness being Refinanced is subordinated in right of payment to the Secured Obligations, the Indebtedness resulting from such Refinancing is subordinated in right of payment to the Secured Obligations on terms not materially more favorable, taken as a whole (as reasonably determined by the Borrower) to the lenders providing such Refinancing (except, in each case, for such other terms and conditions that are (A) applied to the Refinanced Debt at the time of incurrence of the Credit Agreement Refinancing Indebtedness (so that the Lenders also receive the benefit of such provisions), (B) applicable only to periods after the Latest Maturity Date of the Refinanced Debt existing at the time of such Refinancing, (C) market terms and conditions for such type of Indebtedness at the time of incurrence or issuance of such Refinancing or (D) otherwise reasonably acceptable to the Required Lenders), and the Indebtedness resulting from such Refinancing is incurred by one or more Persons who is an obligor of the Indebtedness being Refinanced and/or a Borrower or Guarantor of the Secured Obligations. For the avoidance of doubt, if such Permitted Refinancing is secured by the Collateral, it shall be subject to a Junior Intercreditor Agreement and/or a Parity Intercreditor Agreement, as applicable.

------

"**Permitted Reorganization"** means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries related to Tax planning and re-organization, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**Permitted Repricing Amendment**" has the meaning set forth in <u>Section 10.01</u>.

"**Permitted Unsecured Refinancing Debt**" means unsecured Indebtedness (including any unsecured Registered Equivalent Notes) incurred by a Borrower or any Loan Party in the form of one or more series of senior unsecured notes or loans; *provided* that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Fund, account, Governmental Authority or other entity.

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA), other than a Multiemployer Plan, established or maintained by any Loan Party or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"**Platform**" has the meaning set forth in <u>Section 6.01(d)</u>.

"**Pledged Debt**" has the meaning set forth in the Security Agreement.

"**Pledged Equity**" has the meaning set forth in the Security Agreement.

"**PNC**" means PNC Bank, National Association, a national banking association, and its successors and assigns.

"**Prime Rate**" means the rate set by the Administrative Agent or the Revolving Agent, as applicable, in effect at its principal office in New York City based upon various factors including the Administrative Agent's or the Revolving Agent's, as applicable, costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Administrative Agent or the Revolving Agent, as applicable, shall take effect at the opening of business on the day specified in the public announcement of such change.

"**Proceeding**" has the meaning set forth in <u>Section 10.05</u>.

"**Proceeds**" has the meaning set forth in the Security Agreement.

"**Protective Advances**" has the meaning set forth in <u>Section 2.01(b)(ii)</u>.

------

"**Pro Forma Basis**" and "**Pro Forma Effect**" means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with <u>Section 1.09</u>.

"**Pro Forma Compliance**" means, with respect to the covenant in <u>Section 7.11</u>, compliance on a Pro Forma Basis with such covenant in accordance with <u>Section 1.09</u>.

"**Pro Rata Share**" means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; *provided* that, in the case of the Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

"**Projections**" has the meaning set forth in <u>Section 6.01(c)</u>.

"**Purchase Agreement**" has the meaning set forth in the preliminary statements to this Agreement.

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests.

"**Qualified IPO**" means any transaction whereby, or upon the consummation of which, any direct or indirect parent of the Borrower's common Equity Interests are offered or sold (whether through an initial primary public offering or a merger with and into a special purpose acquisition company or other Person that has consummated (or will consummate) an initial primary public offering) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act (or to the equivalent registration documents filed with the equivalent authority in the applicable foreign jurisdiction).

"**Qualified Securitization Financing**" means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary; (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value; and (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms, in each case, as determined by the Borrower or the applicable Restricted Subsidiary in good faith. The grant of a security interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing.

"**Qualifying Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

------

"**Real Property**" means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures thereto.

"**Receivables Assets**" means (a) any accounts receivable owed to the Borrower or a Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed, assigned or otherwise transferred or pledged by the Borrower to a commercial bank in connection with a Receivables Facility.

"**Receivables Facility**" means an agreement between the Borrower or a Restricted Subsidiary and a commercial bank that is entered into at the request of a customer of the Borrower or a Restricted Subsidiary, pursuant to which (a) the Borrower or such Restricted Subsidiary, as applicable, agrees to sell to such commercial bank accounts receivable owing by such customer, together with Receivables Assets related thereto, at a maximum discount, for each such account receivable, not to exceed 5.0% of the face value thereof, and (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except for Securitization Repurchase Obligations) to the Borrower and such Restricted Subsidiary.

**"**Recipient" means (a) any Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

"**Refinance**" means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, refund, replace or repay, or to issue other Indebtedness, whether of the same principal amount or greater or lesser principal amount, in exchange or replacement for such Indebtedness. "**Refinanced**" and "**Refinancing**" shall have correlative meanings.

"**Refinanced Debt**" has the meaning set forth in the definition of "Credit Agreement Refinancing Indebtedness."

"**Refinanced Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Refinancing**" means the repayment, redemption, defeasance, discharge, refinancing, replacement or termination (or the furnishing of irrevocable notice for the repayment or redemption thereof) in a manner reasonably satisfactory to the Borrower of all Indebtedness, commitments to extend credit, all guarantees and security interests (if any) under that certain Credit Agreement, dated as of May 13, 2019, among TCFI AEVEX LLC, TCFI AEVEX Holdings LLC, the lenders from time to time party thereto and Bain Capital Credit, LP, as agent and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time).

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrowers, (b) the Administrative Agent, (c) the Revolving Agent, if applicable, (d) each Additional Refinancing Lender and (e) each Lender that agrees to provide any portion of Refinancing Term Loans, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans incurred pursuant thereto, in accordance with <u>Section 2.15</u>.

"**Refinancing Revolving Credit Commitments**" means one or more Classes of Revolving Credit Commitments hereunder that result from a Refinancing Amendment.

------

"**Refinancing Revolving Loans**" means one or more Classes of Revolving Loans that result from a Refinancing Amendment.

"**Refinancing Series**" means all Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans, or Refinancing Revolving Credit Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans or Refinancing Revolving Credit Commitments provided for therein are intended to be a part of any previously established Refinancing Series).

"**Refinancing Term Commitments**" means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans that result from a Refinancing Amendment.

"**Register**" has the meaning set forth in <u>Section 10.07(d)</u>.

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

"**Reinvestment Period**" has the meaning set forth in <u>Section 2.05(b)(ii)</u>.

"**Rejection Notice**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Related Parties**" means, with respect to any Person, such Person's controlled Affiliates and the partners, directors, officers, employees, agents, and other representatives of such Person and of such Person's Affiliates.

"**Release**" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating in, into, onto or through the Environment or from or through any facility, property or equipment to the Environment.

"Released Guarantor" has the meaning set forth in <u>Section 11.09</u>.

"**Relevant Public Company**" means Holdings or any direct or indirect parent thereof that is the registrant with respect to a Qualified IPO.

"**Removal Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

"**Replacement Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the otherwise applicable notice period has been waived by regulation or otherwise by the PBGC.

------

"**Request for Credit Extension**" means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Loans, a Committed Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

"**Required Lenders**" means, as of any date of determination, without duplication, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition), (b) aggregate unused Delayed Draw Commitments, 2020 Delayed <u>Draw Term Loan Commitments, 2021 Delayed</u> Draw Term Loan Commitments, Incremental Term Loan Commitments and Refinancing Term Commitments, and (c) aggregate unused Revolving Credit Commitments; *provided* that the unused Term Commitment, Incremental Term Loan Commitment and Refinancing Term Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; *provided*, *further*, that, to the same extent set forth in <u>Section 10.07(m)</u> with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders.

"**Required Revolving Credit Lenders**" means, as of any date of determination, Revolving Credit Lenders having more than 50% of the sum of the (a) Outstanding Amount of all Revolving Loans and all L/C Obligations (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; *provided* that the aggregate unused Revolving Credit Commitments of, and the portion of the Outstanding Amount of all Revolving Loans and all L/C Obligations held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders, and (y) if there are two (2) or more unaffiliated Revolving Credit Lenders, the Required Revolving Credit Lenders shall require at least two (2) unaffiliated Revolving Credit Lenders.

"**Resignation Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

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

"**Responsible Officer**" means the chief executive officer, president, vice president, chief financial officer, chief administrative officer, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Loan Party or any other Responsible Officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party, the Administrative Agent and the Revolving Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"**Restricted Cash**" means Cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to the Borrower (other than such Cash and Cash Equivalents restricted in favor of the Facilities, which may also include Cash and Cash Equivalents securing other Indebtedness that is secured by a lien on the Collateral along with the Liens securing the Facilities); *provided*, that Cash and Cash Equivalents maintained by (x) any Foreign Subsidiary that is subject to minority shareholder approval before being distributed to the Borrower or any Restricted Subsidiary (a "Shareholder Restriction") shall not be deemed to be "Restricted Cash" as a result of such Shareholder Restriction. or (y) any joint venture with respect to which the joint venture agreement contains a formula for distributions of cash to the Borrower or any Restricted Subsidiary shall not be deemed to be "Restricted Cash".

------

"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower's or a Restricted Subsidiary's stockholders, partners or members (or the equivalent Persons thereof).

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Retained Excess Cash Flow Amount**" means, at any date of determination, an amount, no less than zero in any fiscal year and determined on a cumulative basis, that is equal to the aggregate cumulative sum of Excess Cash Flow that is not required to be applied to make a payment under <u>Section 2.05(b)(i)</u> for each Excess Cash Flow Period.

"**Returns**" means, with respect to any Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a Disposition or otherwise) and other amounts received or realized in respect of such Investment.

"**Revolver Extension Request**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolver Extension Series**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolving Agent**" means PNC, in its capacity as revolving agent under any of the Loan Documents, or any successor revolving agent.

"**Revolving Credit Borrowing**" means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to <u>Section 2.01(b)(i)</u> or under any Extension Amendment or Refinancing Amendment.

"**Revolving Credit Commitment**" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrowers and (b) purchase participations in L/C Obligations in respect of Letters of Credit as such commitment may be (i) reduced from time to time pursuant to <u>Section 2.06</u> and (ii) reduced or increased from time to time pursuant to (A) assignments by or to such Revolving Credit Lender pursuant to an Assignment and Assumption, (B) an increase in the Revolving Credit Commitment pursuant to <u>Section 2.14(h)</u>, (C) a Refinancing Amendment or (D) an Extension Amendment. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $25,000,000 on the Amendment No. 1 Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement. The initial amount of each Revolving Credit Lender's Revolving Credit Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Revolving Credit Commitment" or, otherwise, in the Assignment and Assumption, New Revolving Credit Lender Joinder and Assumption Agreement, Extension Amendment or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as the case may be.

"**Revolving Credit Exposure**" means, as to each Revolving Credit Lender, the sum of the amount of the Outstanding Amount of such Revolving Credit Lender's Revolving Loans and its Pro Rata Share or other applicable share provided for under this Agreement of the Dollar Amount of the L/C Obligations at such time.

------

"**Revolving Credit Facility**" means the Revolving Credit Commitments, each Extension Series of Extended Revolving Credit Commitments, each Refinancing Series of Refinancing Revolving Credit Commitments and the Credit Extensions made thereunder.

"**Revolving Credit Lender**" means, at any time, any Lender that has a Revolving Credit Commitment at such time or, if the Revolving Credit Commitments have terminated, Revolving Credit Exposure.

"**Revolving Credit Note**" means a promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns, in substantially the form of <u>Exhibit C-2</u> hereto, evidencing the Revolving Loans made by such Revolving Credit Lender to the Borrowers.

"**Revolving Loans**" has the meaning set forth in <u>Section 2.01(b)(i)</u>.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto.

"**Same Day Funds**" means immediately available funds.

"**Scheduled Unavailability Date**" has the meaning set forth in <u>Section 3.03</u>.

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"**Secured Cash Management Agreement**" means any agreement between the Borrower or any Restricted Subsidiary and any Secured Cash Management Provider for the provision of Cash Management Services, to the extent designated by the Borrower as a "Secured Cash Management Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Cash Management Agreement shall not create in favor of any Secured Cash Management Provider any rights in connection with the management or release of Collateral or the obligations of any Guarantor under the Loan Documents.

"**Secured Cash Management Obligations**" means all obligations owing to any Secured Cash Management Provider by the Borrower or any Restricted Subsidiary under any Secured Cash Management Agreement.

"**Secured Cash Management Provider**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Cash Management Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent), in its capacity as a party thereto and that is designated a "Secured Cash Management Provider" with respect to such Secured Cash Management Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Cash Management Provider were a Lender.

------

"**Secured Hedge Agreement**" means any Swap Contract permitted under <u>Article VII</u> that is entered into by and between the Borrower or any Restricted Subsidiary and any Secured Hedge Bank, to the extent designated by the Borrower and such Secured Hedge Bank as a "Secured Hedge Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Hedge Agreement shall not create in favor of any Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Bank**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Hedge Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent) in its capacity as a party thereto and that is designated a "Secured Hedge Bank" with respect to such Secured Hedge Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Hedge Bank were a Lender. The designation of any Secured Hedge Bank shall not create in favor of such Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Obligations**" means all obligations owing to any Secured Hedge Bank by Holdings, the Borrower or any Restricted Subsidiary under any Secured Hedge Agreement.

"**Secured Obligations"** means, collectively, (a) the Obligations, (b) the Secured Cash Management Obligations and (c) all Secured Hedge Obligations.

"**Secured Parties**" means, collectively, the Administrative Agent, the Revolving Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Secured Cash Management Providers, the Secured Hedge Banks and each co-agent or sub-agent appointed by any Agent from time to time pursuant to <u>Section 9.05</u>.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securitization Assets**" means (a) the accounts receivable subject to a Qualified Securitization Financing and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guaranties or other obligations in respect of such accounts receivable, lockbox accounts and records with respect to such accounts receivable and any other assets customarily transferred (or in respect of which security interests are customarily granted), together with accounts receivable in a securitization financing and which in the case of <u>clause (a)</u> and <u>(b)</u> above are sold, conveyed, assigned or otherwise transferred or pledged by a borrower in connection with a Securitization Financing.

"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing or a Receivables Facility.

"**Securitization Financing**" means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries.

------

"**Securitization Repurchase Obligation**" means any obligation of a seller of Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables Facility, as applicable, to repurchase such assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

"**Securitization Subsidiary**" means a wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings or Limited Originator Recourse), (ii) is recourse to or obligates Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse or (iii) subjects any property or asset of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to Holdings, the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced by delivery to the Administrative Agent and the Revolving Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions.

"**Security Agreement**" means a security agreement substantially in the form of <u>Exhibit F</u>.

"**Security Agreement Supplement**" has the meaning set forth in the Security Agreement.

"**Seller**" has the meaning set forth in the preliminary statements to this Agreement.

"**Solicited Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Solicited Discounted Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solicited Discounted Prepayment Notice**" means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(D)</u> substantially in the form of <u>Exhibit E-6</u>.

------

"**Solicited Discounted Prepayment Offer**" means the irrevocable written offer by each Lender, substantially in the form of <u>Exhibit E-7</u>, submitted following the Administrative Agent's receipt of a Solicited Discounted Prepayment Notice.

"**Solicited Discounted Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solvent**" and "**Solvency**" mean, with respect to the Borrower on the Closing Date, after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection therewith, that on such date (i) the sum of the debt (including contingent liabilities) of the Borrower and its Subsidiaries, on a consolidated basis, does not exceed the fair value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis; (ii) the capital of the Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of the Borrower and its Subsidiaries, on a consolidated basis, contemplated as of the Closing Date; (iii) the present fair saleable value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis, is not less than the amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured in the ordinary course of business and (iv) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

"**SPC**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**Specified Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Notice**" means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant to <u>Section 2.05(a)(v)(B)</u> substantially in the form of <u>Exhibit E-8</u>.

"**Specified Discount Prepayment Response**" means the irrevocable written response by each Lender, substantially in the form of <u>Exhibit E-9</u>, to a Specified Discount Prepayment Notice.

"**Specified Discount Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(3)</u>.

"**Specified Representations**" means those representations and warranties made by Holdings and the Borrower (and, as applicable, each other Loan Party on the Closing Date) in <u>Sections 5.01(a)</u> and <u>(b)</u>, <u>5.02(a)</u> and <u>(b)(i)</u>, <u>5.04</u>, <u>5.12</u>, <u>5.16</u>, <u>5.18(a)(ii)</u>, <u>5.18(b)(ii)</u>, <u>5.18(c)</u> and <u>5.19</u> (subject to the proviso at the end of <u>Section 4.01(a)</u>).

"**Specified Transaction**" means any Investment that results in a Person becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition (including the commencement of activities constituting such business), or any

------

Disposition that results in a Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Borrower, any Investment constituting an acquisition of assets constituting a business unit, line of business or division of, or all or substantially all of the Equity Interest of, another Person or any Disposition, termination or discontinuance of a business unit, line of business or division of the Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit), Restricted Payment, an increase in the Revolving Credit Commitments pursuant to <u>Section 2.14(h)</u> or Incremental Term Loan that by the terms of this Agreement requires such test to be calculated on a "Pro Forma Basis" or after giving "Pro Forma Effect."

"**Sponsor**" means any of Madison Dearborn Partners, LLC and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Standard Securitization Undertakings**" means representations, warranties, covenants, agreements and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement.

"**Submitted Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Submitted Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Subsidiary**" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity (excluding, for the avoidance of doubt, any charitable organizations, and any other Person that meets the requirements of Section 501(c)(3) of the Code) of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries (whether direct or indirect) of the Borrower.

"**Subsidiary Guarantor**" means any Guarantor other than Holdings or the Borrower in its capacity as a Guarantor.

"**Successor Company**" has the meaning set forth in <u>Section 7.04(d)</u>.

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

------

"**Swap Obligation**" means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

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

"**Target Person**" has the meaning set forth in <u>Section 7.02</u>.

"**Tax Distribution**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Tax Group**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Taxes**" means all present or future taxes, duties, levies, imposts, assessments or withholdings imposed by any Governmental Authority including interest, penalties and additions to tax.

"**Term Borrowing**" means a borrowing consisting of Term Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period, made by each of the Term Lenders pursuant to <u>Section 2.01(a)</u> or <u>Section 2.01(c)</u> or under any Incremental Amendment, Extension Amendment, Refinancing Amendment or amendment providing for Replacement Term Loans.

"**Term Commitment**" means, as to each Term Lender, its obligation to make a Term Loan to the Borrowers hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.06</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment, (iv) an Extension Amendment or (v) the incurrence of Replacement Term Loans. The initial amount of each Term Lender's Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment", "Delayed Draw Commitment" or<u>,</u> "2020 <u>Delayed Draw Term Loan Commitment" or "2021</u> Delayed Draw Term Loan Commitment" or, otherwise, in the Assignment and Assumption, Incremental Amendment, Extension Amendment or Refinancing Amendment or any other amendment, in each case, pursuant to which such Lender shall have assumed its Commitment, as the case may be.

"**Term Facility**" means (a) prior to the Closing Date, the Initial Term Commitments, the Delayed Draw Commitments, (b) the 2020 Delayed Draw Term Loan Commitments and<u>,</u> (c) <u>the 2021 Delayed Draw Term Loan Commitments and (d)</u> thereafter, each Class of Term Loans and/or Term Commitments in respect thereof.

"**Term Lender**" means, at any time, any Lender that has (a) a Term Commitment (including an Initial Term Commitment, a Delayed Draw Commitment, a 2020 Delayed Draw Term Loan Commitment, <u>a 2021 Delayed Draw Term Loan Commitment,</u> an Incremental Term Loan Commitment, a Refinancing Term Commitment or a commitment to make Replacement Term Loans) or (b) a Term Loan at such time.

------

"**Term Loan**" means any Initial Term Loan, Delayed Draw Term Loan, 2020 Delayed Draw Term Loan, <u>2021 Delayed Draw Term Loan,</u> Extended Term Loan, Incremental Term Loan, Refinancing Term Loan or Replacement Term Loan, as the context may require.

"**Term Loan Extension Request**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Extension Series**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Increase**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Term Note**" means a promissory note of the Borrowers payable to any Term Lender or its registered assigns, in substantially the form of <u>Exhibit C-1</u> hereto, evidencing the aggregate Indebtedness of the Borrowers to such Term Lender resulting from the Term Loans made by such Term Lender.

"**Test Period**" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements are available.

"**Testing Threshold**" means, as of the last day of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending June 30, 2020) the aggregate Outstanding Amount of the Revolving Loans and Letters of Credit exceeds 40% of the Revolving Credit Commitments at such time (excluding (i) solely with respect to the first four full fiscal quarters following the Closing Date, the principal amount of any Revolving Loans funded, and the face amount of any Letters of Credit issued, on the Closing Date, (ii) Letters of Credit that have been Cash Collateralized and (iii) Letters of Credit that have not been Cash Collateralized in an aggregate undrawn face amount not to exceed $5,000,000).

"**Threshold Amount**" means $12,500,000.

"**Total Outstandings**" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

"**Trademarks**" means (a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any state of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks; and (b) all goodwill connected with the use of and symbolized thereby.

"**Trailing Four Quarter Consolidated EBITDA**" means Consolidated EBITDA for the most recently ended Test Period (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>).

"**Transaction Expenses**" means any fees, premiums, expenses and other transaction costs incurred or paid by the Sponsor, Holdings, the Borrower or any of their respective Subsidiaries in connection with the Transactions (including fees and expenses reflected in the funds flow and/or sources and uses provided to the Commitment Parties and expenses in connection with hedging transactions), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"**Transactions**" means, collectively, (a) the Acquisition and other related transactions contemplated by the Purchase Agreement, (b) the Equity Contribution, (c) the funding of the Initial Term Loan and the Initial Revolving Borrowing and the execution and delivery of Loan Documents to be entered into on the Closing Date, (d) the Refinancing, and (e) the payment of Transaction Expenses.

------

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan.

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

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

"**Ultimate Parent**" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company.

"**Ultimate Parent LLC Agreement**" means the amended and restated limited liability company agreement of the Ultimate Parent in effect on the Closing Date.

"**Uniform Commercial Code**" or "**UCC**" means (i) the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or (ii) the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. References in this Agreement and the other Loan Documents to specific sections of the Uniform Commercial Code are based on the Uniform Commercial Code as in effect in the State of New York on the Closing Date. In the event such Uniform Commercial Code is amended or another Uniform Commercial Code described in <u>clause (ii)</u> is applicable, such section reference shall be deemed to be references to the comparable section in such amended or other Uniform Commercial Code.

"**United States**" and "**U.S.**" mean the United States of America.

"**United States Tax Compliance Certificate**" has the meaning set forth in <u>Section 3.01(d)(ii)(C)</u> and is in substantially the form of <u>Exhibit H</u> hereto.

"**Unreimbursed Amount**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Unrestricted Subsidiary**" means any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 6.14</u> subsequent to the Closing Date and each Securitization Subsidiary.

"**Unused Revolver Commitment Fee**" has the meaning set forth in Section 2.09(a).

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness; *provided* that AHYDO payments and the effects of any reductions in scheduled amortization or other scheduled payments as a result of any prior prepayment of the applicable Indebtedness shall be disregarded.

------

"**wholly owned**" means, with respect to any Person at any date, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned, controlled or held by such Person and/or by one or more Affiliates of such Person.

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

Section 1.02. <u>Other Interpretive Provisions</u>.

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The word "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining compliance with any Section of <u>Article VII</u> at any time (including within any defined terms used in such section and including <u>Section 2.14</u>), in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, Contractual Obligation or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions permitted pursuant to any clause of such Sections, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses as determined by the Borrower in its sole discretion at such time (or at any later time from time to time, as determined by the Borrower in its sole discretion at such time and thereafter may be re-divided and/or re-classified by the Borrower in any manner not prohibited by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All references to "knowledge" of any Loan Party or a Restricted Subsidiary means the actual knowledge of a Responsible Officer of such Loan Party or Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The words "asset" and "property" shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All references to any Person shall be constructed to include such Person's successors and assigns (subject to any restriction on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All references to "in the ordinary course of business" of the Borrower or any Subsidiary thereof means (i) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of the Borrower or such Subsidiary, as applicable, (ii) customary and usual in the industry or industries of the Borrower and its Subsidiaries in the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable, or (iii) generally consistent with the past or current practice of the Borrower or such Subsidiary, as applicable, or any similarly situated businesses of the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.

Section 1.03. <u>Accounting Terms</u>.

All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. Notwithstanding any other provision contained herein, (a) any lease (or similar arrangement conveying the right to use) that is treated as an operating lease for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update ("<u>ASU</u>") shall not be treated as Indebtedness, Attributable Indebtedness or as a Capitalized Lease and shall continue to be treated as an operating lease (and any future lease or similar arrangement conveying the right to use), that would be treated as an operating lease for purposes of GAAP without giving effect to the implementation of ASC 842 shall be treated as an operating lease), in each case for purposes of Indebtedness under this Agreement, notwithstanding such change in GAAP after the issuance of such ASU and (b) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or effect).

------

Section 1.04. <u>Rounding</u>.

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

Section 1.05. <u>References to Agreements, Laws, Etc.</u>

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other Contractual Obligations shall be deemed to include all subsequent amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications thereto, but only to the extent that such amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications are not prohibited by the Loan Documents or by the Intercreditor Agreements; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. Any term or section reference herein or in the other Loan Documents which refers to a defined term or section reference in any Organization Document, agreement, Contractual Obligation or Law shall be deemed to be a cross-reference to the same or comparable defined term or section reference, as applicable, in any such amendment, Refinancing, restatement, renewal, restructuring, extension, supplement or other modification to such Organization Document, agreement, Contractual Obligation or any such consolidation, amendment, replacement, supplement or interpretation of such Law.

Section 1.06. <u>Times of Day</u>.

Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

Section 1.07. <u>Timing of Payment or Performance</u>.

Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day.

Section 1.08. <u>Cumulative Credit Transactions</u>.

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.09. <u>Pro Forma Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Consolidated Total Net Leverage Ratio and the Consolidated First Lien Net Leverage Ratio, shall be calculated in the manner prescribed by this <u>Section 1.09</u>; *provided* that notwithstanding anything to the

------

contrary in <u>Section 1.09(b)</u>, <u>(c)</u> or <u>(d)</u>, when calculating the Consolidated First Lien Net Leverage Ratio for purposes of determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with the covenant pursuant to <u>Section 7.11</u>, the events described in this <u>Section 1.09</u> that occurred subsequent to the end of the applicable Test Period shall not be given *pro forma* effect. In addition, whenever a financial ratio or test is to be calculated on a *pro forma* basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which internal financial statements of the Borrower are available (as determined in good faith by the Borrower); *provided* that, the provisions of this sentence shall not apply for purposes of calculating the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable ECF Percentage" and determining actual compliance with <u>Section 7.11</u> (other than for the purpose of determining *pro forma* compliance with <u>Section 7.11</u>), each of which shall be based on the financial statements delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u>, as applicable, for the relevant Test Period, subject to the adjustments contemplated by the parenthetical in clause (ii) of the proviso to the first sentence of this <u>Section 1.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating any financial ratio or test, or basket that is based on a percentage of Consolidated EBITDA, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to <u>Section 1.09(d)</u> (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit)) that have been made (i) during the applicable Test Period and (ii) if applicable as described in <u>Section 1.09(a)</u>, subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a *pro forma* basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this <u>Section 1.09</u>, then such financial ratio or test shall be calculated to give *pro forma* effect thereto in accordance with this <u>Section 1.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever *pro forma* effect is to be given to the Transactions, a Specified Transaction or the implementation of an operational initiative or operational change, the *pro forma* calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and include, for the avoidance of doubt, the amount of "run-rate" cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies projected by the Borrower in good faith to be realized as a result of specified actions taken, committed to be taken or expected to be taken (calculated on a *pro forma* basis as though such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies were realized during the entirety of such period) and "run-rate" means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements) net of the amount of actual benefits realized during such period from such actions, and any such adjustments shall be included in the initial *pro forma* calculations of such financial ratios or tests and during any subsequent Test Period in which the effects thereof are expected to be realized relating to the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change; *provided* that (A) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable in the good faith judgment of the Borrower, (B) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable and reasonably anticipated to result from the actions taken or expected to be taken in the good faith judgment of the Borrower within 18 months after the date of the

------

Transactions, such Specified Transaction or such implementation of an operational initiative or operational change, (C) no amounts shall be added pursuant to this <u>Section 1.09(c)</u> to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, with respect to such period; and (D) any increase in Consolidated EBITDA as a result of cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies pursuant to this <u>Section 1.09(c)</u> shall be subject to the limitation set forth in the last proviso to <u>clause (vii)</u> of the definition of Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, amortization, retirement or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility or line of credit unless accompanied by a permanent commitment reduction), (i) during the applicable Test Period or (ii) subject to <u>Section 1.09(a)</u> subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving *pro forma* effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time prior to the first applicable test date under <u>Section 7.11</u>, any provision requiring the *pro forma* compliance with <u>Section 7.11</u> shall be made assuming that compliance with the Consolidated First Lien Leverage Ratio set forth in <u>Section 7.11</u> for the first Test Period set forth in <u>Section 7.11</u> is required with respect to the most recent Test Period prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) In connection with the calculation of the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, for purposes of calculating any basket that is subject to a financial ratio or test under this Agreement, no effect (pro forma or otherwise) shall be given to amounts incurred or transactions entered into or consummated on the same date (or on a subsequent date which otherwise requires Pro Forma Effect to be given to such amounts incurred, or transactions entered into or consummated pursuant to any fixed dollar basket or basket based on Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, testing availability under any basket provided for in this Agreement or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom or requiring the accuracy of representations and warranties) in connection with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio and determination or measurement of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant or accuracy of representations and warranties shall, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the "**LCT Test Date**") and if, after such ratios and other provisions are measured or determined on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied

------

with on such date; *provided* that, if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, (x) if any of such ratios or baskets are exceeded as a result of fluctuations in such ratio or basket (including due to fluctuations in Consolidated EBITDA of the Borrower or the target of any Limited Condition Transaction or any incurrence, disposition or Restricted Payment at or prior to the consummation of the relevant Limited Condition Transaction) or any Default or Event of Default has occurred and is continuing or any such representation or warranty in any Loan Document is not correct on the date of such Limited Condition Transaction, such ratios, baskets and other provisions will not be deemed to have been exceeded or failed to have been complied with as a result of such circumstance solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder and (y) such ratios, baskets and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio (excluding, for the avoidance of doubt, any ratio contained in <u>Section 7.11</u> (other than Pro Forma Compliance)) or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction or is otherwise revoked or withdrawn by the Borrower, any such ratio or basket shall be calculated (and tested) on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

Section 1.10. <u>Currency Generally</u>.

For purposes of determining compliance with <u>Section 7.01</u>, <u>7.02</u>, <u>7.03</u>, <u>7.05</u>, <u>7.06</u> or <u>7.13</u> with respect to any transaction consummated in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such transaction is consummated (so long as such transaction, at the time consummated, was permitted hereunder).

Section 1.11. <u>Letters of Credit</u>.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of the undrawn face amount of such Letter of Credit in effect at such time; *provided*, *however*, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Amount of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

Section 1.12. <u>Certifications</u>.

All certifications to be made hereunder by an officer or representative of a Loan Party shall be made by such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party's behalf and not in such Person's individual capacity.

------

**ARTICLE II.** 

**<u>THE COMMITMENTS AND CREDIT EXTENSIONS</u>**

Section 2.01. <u>The Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Term Lender severally agrees to make to the Initial Borrower on the Closing Date one or more Term Borrowings of Initial Term Loans denominated in Dollars in an aggregate amount not to exceed at any time outstanding the amount of such Term Lender's Initial Term Commitment. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid may not be re-borrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Revolving Credit Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions expressly set forth herein, each Revolving Credit Lender severally agrees to make Revolving Loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan, together with any loans made pursuant to an Extended Revolving Credit Commitment and Refinancing Revolving Loans, a "**Revolving Loan**") from time to time, on any Business Day during the period from the Closing Date until the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment; *provided* that after giving effect to any Revolving Credit Borrowing, such Revolving Credit Lender's Revolving Credit Exposure shall not exceed such Revolving Credit Lender's Revolving Credit Commitment. Within the limits of each Lender's Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section 2.01(b)</u>, prepay under <u>Section 2.05</u>, and re-borrow under this <u>Section 2.01(b)</u> in each case without premium or penalty (subject to <u>Section 3.05</u>). Revolving Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Revolving Agent is hereby authorized by each Loan Party, at any time in the Revolving Agent's sole discretion, regardless of (A) the existence of a Default or an Event of Default, (B) whether any of the other applicable conditions precedent set forth in <u>Section 4.02</u> have not been satisfied or the commitment of Revolving Credit Lenders to make Revolving Loans hereunder has been terminated for any reason, or (C) any other contrary provision of this Agreement, to make Revolving Loans for the account of the Borrower in an aggregate amount at any time outstanding not to exceed the Maximum Revolving Credit Amount, to which the Revolving Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, the repayment of the Secured Obligations, or (3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement (the "Protective Advances"). The Revolving Credit Lenders shall be obligated to fund such Protective Advances and effect a settlement with the Revolving Agent therefor upon demand of the Revolving Agent in accordance with their respective Revolving Credit Commitments to the extent that after giving effect to any such Protective Advances, the Outstanding Amount of Revolving Loans plus the Outstanding Amount of the L/C Obligations do not exceed the Maximum Revolving Credit Amount. To the extent any Protective Advances are not actually funded by the other Revolving Credit Lenders as provided for in this <u>Section 2.01(b)(ii)</u>, any such Protective Advances funded by the Revolving Agent shall be deemed to be Revolving Loans made by and owing to the Revolving Agent, and the Revolving Agent shall be entitled to all rights (including accrual of interest) and remedies of a Revolving Credit Lender under this Agreement and the Loan Documents with respect to such Revolving Loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Delayed Draw Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Closing Date until the Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Delayed Draw Commitment. Amounts borrowed under this <u>Section 2.01(c)</u> and repaid or prepaid may not be re-borrowed. The Delayed Draw Term Loans shall be funded on or prior to the Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**Delayed Draw Funding Date**"). Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2020 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**2020 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 1 Effective Date until the 2020 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2020 Delayed Draw Term Loan Commitment. Amounts borrowed under this <u>Section 2.01(d)</u> and repaid or prepaid may not be re-borrowed. The 2020 Delayed Draw Term Loans shall be funded on or prior to the 2020 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2020 Delayed Draw Term Loan Funding Date**"). 2020 Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) *2021 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2021 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to Section 2.02 (each such loan a "**2021 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 2 Effective Date until the 2021 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2021 Delayed Draw Term Loan Commitment. Amounts borrowed under this Section 2.01(e) and repaid or prepaid may not be re-borrowed. The 2021 Delayed Draw Term Loans shall be funded on or prior to the 2021 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2021 Delayed Draw Term Loan Funding Date**"). 2021 Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.</u>

Section 2.02. <u>Borrowings, Conversions and Continuations of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower's notice to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans), which may be given by telephone in the case of Revolving Loans. Each such notice must be received by the Applicable Agent not later than 11:00 a.m., (i) three Business Days prior to the requested date of any Initial Term Borrowing or any Revolving Credit Borrowing, in each case, for a Borrowing of Eurocurrency Rate Loans or any continuation of Eurocurrency Rate Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans, (ii) prior to 2:00 p.m. on the requested date of any Initial Term Borrowing of Base Rate Loans or Revolving Credit Borrowing of Base Rate Loans and (iii) twelve (12) Business Days prior to the requested date of any Borrowing of Delayed Draw Term Loans or<u>,</u> 2020 <u>Delayed Draw Term Loans or 2021</u> Delayed Draw Term Loans; *provided* that the notice referred to in <u>clause (1)</u> above may be delivered no later than one Business Day prior to the Closing Date in the case of the initial Credit Extensions. Each telephonic notice by the Borrower permitted pursuant to this <u>Section 2.02(a)</u> must be confirmed promptly by delivery (including via email) to

------

the Revolving Agent (in the case of Revolving Loans) of a written Committed Loan Notice (and will not be effective until so confirmed), appropriately completed and signed by a Responsible Officer of the Borrower. Except as otherwise provided in <u>Section 2.14</u>, each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a minimum principal amount of $1,000,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans or<u>,</u> 2020 Delayed Draw Term Loans <u>or 2021 Delayed Draw Term Loan</u>, $2,500,000), or a whole multiple of $500,000, in excess thereof. Except as provided herein, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $100,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans or<u>,</u> 2020 <u>Delayed Draw Term Loans or 2021</u> Delayed Draw Term Loans, $2,500,000) or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Loans from one Type to the other or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) wire instructions of the account(s) to which funds are to be disbursed (it being understood, for the avoidance of doubt, that the amount to be disbursed to any particular account may be less than the minimum or multiple limitations set forth above so long as the aggregate amount to be disbursed to all such accounts pursuant to such Borrowing meets such minimums and multiples). If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify each Appropriate Lender of the amount (and currency) of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans, in each case as described in <u>Section 2.02(a)</u>. In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans)in Same Day Funds, through its relevant Lending Office, at the Applicable Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) by wire transfer of such funds in accordance with instructions provided by the Borrower to (and reasonably acceptable to) the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans); *provided* that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, <u>first</u>, to the payment in full of any such L/C Borrowing and <u>second</u>, to the Borrowers as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan unless the Borrowers pay the amount due, if any, under <u>Section 3.05</u> in connection therewith. During the occurrence and continuation of an Event of Default, the Required Lenders may require that no Loans may be converted to or continued as Eurocurrency Rate Loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify the Borrower and the Appropriate Lenders of any change in the Prime Rate used by such Agent in determining the Base Rate promptly following the announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Loans from one Type to the other, and all continuations of Term Loans or Revolving Loans as the same Type, there shall not be more than seven Interest Periods in effect; *provided* that after the establishment of any new Class of Loans pursuant to an Incremental Amendment, a Refinancing Amendment or Extension Amendment, the number of Interest Periods otherwise permitted by this <u>Section 2.02(e)</u> shall increase by three Interest Periods for each applicable Class so established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Administrative Agent or the Revolving Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent or the Revolving Agent such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such Borrowing, the Administrative Agent or the Revolving Agent may assume that such Lender has made such Pro Rata Share or other applicable share provided for under this Agreement available to the Administrative Agent or the Revolving Agent on the date of such Borrowing in accordance with <u>Section 2.02(b)</u> above, and the Administrative Agent or the Revolving Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent or the Revolving Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent or the Revolving Agent, each of such Lender and each Borrower severally agrees to repay to the Administrative Agent or the Revolving Agent promptly after written demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent or the Revolving Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate *plus* any administrative, processing, or similar fees customarily charged by the Administrative Agent or the Revolving Agent in accordance with the foregoing. A certificate of the Administrative Agent or the Revolving Agent submitted to any Lender with respect to any amounts owing under this <u>Section 2.02(g)</u> shall be conclusive in the absence of manifest error. If any Borrower and such Lender shall pay such interest to the Administrative Agent or the Revolving Agent for the same or an overlapping period, the Administrative Agent or the Revolving Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent or the Revolving Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim any Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent or the Revolving Agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower and the Administrative Agent or the Revolving Agent.

Section 2.03. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Letter of Credit Commitment*. (i) Subject to the terms and conditions expressly set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this <u>Section 2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrowers (*provided* that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with <u>Section 2.03(b)</u>, and (2) to honor drafts under the Letters of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this <u>Section 2.03</u>; *provided* that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender's Revolving Credit Commitment or (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit; *provided*, *further*, that notwithstanding anything herein to the contrary, no L/C Issuer shall have any obligation to issue trade or commercial Letters of Credit without its consent. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired, terminated or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any material restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any material unreimbursed loss, cost or expense which was not applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to <u>Section 2.03(b)(iii)</u>, the expiry date of such requested Letter of Credit would occur more than 12 months after the date of issuance or last renewal (or more than 180 days thereafter in the case of trade Letters of Credit), unless (1) each Revolving Credit Lender has approved of such expiration date or (2) the applicable L/C Issuer has approved of such expiration date and the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless such Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the issuance of such Letter of Credit would violate any policies of such L/C Issuer applicable to letters of credit generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such Revolving Credit Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.17(a)(iv)</u>) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to amend, extend or renew any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. Notwithstanding anything herein to the contrary, the expiry date of any Letter of Credit denominated in a currency other than Dollars must be approved by the relevant L/C Issuer in its sole discretion even if it is less than 12 months after the date of issuance and any Auto-Extension Letter of Credit denominated in a currency other than Dollars shall be issued only at the relevant L/C Issuer's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit*. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Revolving Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Revolving Agent not later than 2:00 p.m., at least two Business Days prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any drawing thereunder; (f) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (g) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will confirm with the Revolving Agent (by telephone or in writing) that the Revolving Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Revolving Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation from the Revolving Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or its applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement times the stated amount of such Letter of Credit.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower so requests in any applicable Letter of Credit Application with respect to any standby Letter of Credit, the relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); *provided* that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer to prevent any such extension at least once in each 12-month period (commencing with the date of issuance of such Letter of Credit and in no event extending beyond the Letter of Credit Expiration Date unless Cash Collateralized or back-stopped in a manner reasonably acceptable to the Revolving Agent and the applicable L/C Issuer) by giving prior notice to the beneficiary thereof not later than a day (the "**Non-extension Notice Date**") in each such 12-month period to be mutually agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; *provided* that the relevant L/C Issuer shall not permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of <u>Section 2.03(a)(ii)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-extension Notice Date from the Revolving Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in <u>Section 4.02</u> is not then satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the Borrower and the Revolving Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Drawings and Reimbursements; Funding of Participations*. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Revolving Agent thereof. With respect to any payment by an L/C Issuer under a Letter of Credit, the Borrowers shall reimburse such L/C Issuer through the Revolving Agent in accordance with the preceding sentence not later than (x) 2:00 p.m. on the first Business Day immediately following delivery of written notice to the Borrower of such payment if such written notice is delivered on or prior to 9:00 a.m. and (y) otherwise, not later than 2:00 p.m. on the second Business Day immediately following delivery of written notice to the Borrower of such payment (any such date of reimbursement, an "**Honor Date**"); *provided* that if such reimbursement is not made on the date of drawing, the Borrowers shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans (without duplication of interest payable on L/C Borrowings). The relevant L/C Issuer shall notify the Borrower in writing of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If the Borrowers fail to so reimburse such L/C Issuer by such time, the Revolving Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the "**Unreimbursed Amount**"), and the amount of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in <u>Section 4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Revolving Agent pursuant to this <u>Section 2.03(c)(i)</u> may be given by telephone if immediately confirmed in writing; *provided* that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender (including any Revolving Credit Lender acting as an L/C Issuer) shall upon any notice pursuant to <u>Section 2.03(c)(i)</u> make funds available to the Revolving Agent for the account of the relevant L/C Issuer in Dollars at the Applicable Agent's Office for Dollar-denominated payments in an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Revolving Agent, whereupon, subject to the provisions of <u>Section 2.03(c)(iii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Revolving Agent shall remit the funds so received to the relevant L/C Issuer in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in <u>Section 4.02</u> cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on written demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender's payment to the Revolving Agent for the account of the relevant L/C Issuer pursuant to <u>Section 2.03(c)(ii)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Revolving Credit Lender funds its Revolving Loan or L/C Advance pursuant to this <u>Section 2.03(c)</u> to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement of such amount shall be solely for the account of the relevant L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section 2.03(c)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Loans pursuant to this <u>Section 2.03(c)</u> is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Revolving Agent for the account of the relevant L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this <u>Section 2.03(c)</u> by the time specified in <u>Section 2.03(c)(ii)</u>, such L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Revolving Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Revolving Agent) with respect to any amounts owing under this <u>Section 2.03(c)(vi)</u> shall be conclusive absent manifest error.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*. (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender's L/C Advance in respect of such payment in accordance with <u>Section 2.03(c)</u>, the Revolving Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Revolving Agent), the Revolving Agent will distribute to such Revolving Credit Lender its Pro Rata Share or other applicable share provided for under this Agreement thereof in Dollars (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender's L/C Advance was outstanding) in the Dollar Amount received by the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Revolving Agent for the account of an L/C Issuer pursuant to <u>Section 2.03(c)(i)</u> is required to be returned under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Revolving Agent for the account of such L/C Issuer its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Revolving Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Revolving Credit Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Obligations Absolute*. The obligation of the Borrowers to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party (other than payment in cash or performance in full);

*provided* that the foregoing in <u>clauses (i)</u> through <u>(vii)</u> shall not excuse any L/C Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are waived by the Borrowers to the extent permitted by applicable Law) suffered by the Borrowers that are caused by such L/C Issuer's (or its Related Parties') gross negligence, bad faith, material breach or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Role of L/C Issuers*. Each Revolving Credit Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; *provided* that this assumption is not intended to, and shall not, preclude the Borrowers from pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in <u>clauses (i)</u> through <u>(vi)</u> of <u>Section 2.03(e)</u>; *provided* that anything in such clauses to the contrary notwithstanding, each Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or gross negligence or such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in each case as determined in a final and non-appealable judgment by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cash Collateral*. (i) If, as of the Letter of Credit Expiration Date, any Letter of Credit issued to the Borrowers may for any reason remain outstanding and partially or wholly undrawn, (ii) if any Event of Default occurs and is continuing and the Required Revolving Credit Lenders, as applicable, require the

------

Borrowers to Cash Collateralize the L/C Obligations pursuant to <u>Section 8.02</u> or (iii) if an Event of Default set forth under <u>Section 8.01(f)</u> occurs and is continuing, the Borrowers shall Cash Collateralize the then Outstanding Amount of all of its L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m. on (x) in the case of the immediately preceding <u>clauses (i)</u> through <u>(iii)</u>, the next Business Day following the Business Day that the Borrower receives written notice thereof, and (y) in the case of the immediately preceding <u>clause (iii)</u>, the Business Day on which an Event of Default set forth under <u>Section 8.01(f)</u> occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. The Borrowers hereby grant to the Collateral Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Revolving Agent or another financial institution acceptable to the Agents and may be invested in readily available Cash and Cash Equivalents (for the benefit of the Borrowers). If at any time the Revolving Agent determines that any funds held as Cash Collateral are expressly subject to any right or claim of any Person other than the Revolving Agent or Collateral Agent (on behalf of the Secured Parties) or nonconsensual liens permitted under <u>Section 7.01</u> or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, promptly following written demand by the Revolving Agent, pay to the Revolving Agent, as additional funds to be deposited and held in the deposit accounts at the Revolving Agent as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Revolving Agent reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrowers. To the extent any Event of Default giving rise to the requirement to Cash Collateralize any Letter of Credit pursuant to this <u>Section 2.03(g)</u> is cured or otherwise waived by the Required Revolving Credit Lenders, then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such Letter of Credit shall be promptly refunded to the Borrowers. If at any time the Revolving Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person other than the Revolving Agent or the Collateral Agent as herein provided or Liens described above, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrowers or the relevant Defaulting Lender will, promptly following written demand by the Revolving Agent, pay or provide to the Revolving Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Letter of Credit Fees*. The Borrowers shall pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to the Applicable Rate with respect to Eurocurrency Rate Loans, times the daily maximum amount then available to be drawn under such Letter of Credit (whether or not such maximum Dollar Amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit); *provided* that (x) if any portion of a Defaulting Lender's Pro Rata Share of any Letter of Credit is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders pursuant to <u>Section 2.17</u>, then the Borrowers shall not be required to pay a Letter of Credit fee to such Defaulting Lender with respect to such portion of such Defaulting Lender's Pro Rata Share so long as it is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders, but such Letter of Credit fee shall instead be retained by the Borrowers to the extent the applicable Letter of Credit is Cash Collateralized and/or payable to such other Revolving Credit Lenders to the extent reallocated to such other Revolving Credit Lenders in accordance with their Pro Rata Share of such reallocated amount, and (y) if any portion of a Defaulting Lender's Pro Rata Share is not Cash

------

Collateralized or reallocated pursuant to <u>Section 2.17</u>, then the Letter of Credit fee with respect to such Defaulting Lender's Pro Rata Share shall be payable to the applicable L/C Issuer until such Pro Rata Share is Cash Collateralized or reallocated or such Revolving Credit Lender ceases to be a Defaulting Lender. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter of Credit fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. If there is any change in the Applicable Rate with respect to Eurocurrency Rate Loans, during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate with respect to Eurocurrency Rate Loans, separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers*. The Borrowers shall pay directly to each L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it for the account of the Borrowers (whether for the benefit of the Borrower or its Subsidiaries) equal to 0.25% per annum (or such other lower amount as may be mutually agreed by the Borrower and the applicable L/C Issuer) of the maximum Dollar Amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit) or such lesser fee as may be agreed with such L/C Issuer. Such fronting fees shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued for the account of the Borrower (whether for the benefit of the Borrower or its Subsidiaries) the customary and reasonable issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within 30 days of demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Conflict with Letter of Credit Application*. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Addition of an L/C Issuer*. A Revolving Credit Lender reasonably acceptable to the Borrower and the Revolving Agent may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Revolving Agent and such Revolving Credit Lender. The Revolving Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Letter of Credit Reporting*. On a monthly basis, each L/C Issuer shall deliver to the Revolving Agent a complete list of outstanding Letters of Credit issued by such L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Letters of Credit Issued for Subsidiaries*. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the L/C Issuers hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers' business derives substantial benefits from the businesses of such Subsidiaries.

------

Section 2.04. <u>[Reserved]</u>.

Section 2.05. <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. (i) The Borrowers may, upon written notice to the Applicable Agent by the Borrower, at any time or from time to time voluntarily prepay any Class or Classes of Term Loans and Revolving Loans of any Class or Classes in whole or in part without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>); *provided* that (1) such notice must be received by the Applicable Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) on the requested date of prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency Rate Loans shall be in a minimum principal amount of $1,000,000, or a whole multiple of $500,000 in excess thereof and (3) any prepayment of Base Rate Loans shall be in a minimum principal amount of $100,000, or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Applicable Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. If such notice is given by the Borrower, unless rescinded, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Loan (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, any notice of prepayment under <u>Section 2.05(a)(i)</u> may be conditional, extendable or revocable if such prepayment is conditioned upon a Refinancing of all or any portion of the applicable Class or occurrence of another event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Voluntary prepayments of any Class of Term Loans permitted hereunder shall be applied to the remaining scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner determined at the discretion of the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in any Loan Document to the contrary, in addition to the terms set forth in <u>Sections 2.05(a)(i)</u> and <u>10.07</u>, so long as no Event of Default has occurred and is continuing, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdings or any of its Subsidiaries may purchase such outstanding Loans and contribute such Loans to the Borrower (which shall be automatically cancelled)) without premium or penalty on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the "**Discounted Term Loan Prepayment**"), in each case made in accordance with this <u>Section 2.05(a)(v)</u> and without premium or penalty.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) Any Company Party may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with five Business Days' notice in the form of a Specified Discount Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the "**Specified Discount Prepayment Amount**") with respect to each applicable tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the "**Specified Discount**") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(B)</u>), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Specified Discount Prepayment Response Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount and, if so (such accepting Lender, a "**Discount Prepayment Accepting Lender**"), the amount and the tranches of such Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(B)</u> to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Term Loans specified in such Lender's Specified Discount Prepayment Response given pursuant to <u>clause (2)</u> above; *provided* that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "**Specified Discount Proration**"). The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender

------

of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) Any Company Party may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Discount Range Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "**Discount Range Prepayment Amount**"), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "**Discount Range**") of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(C)</u>), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded pursuant to <u>clause (iii)</u> above, each such solicitation by a Company Party shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Discount Range Prepayment Response Date**"). Each Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "**Submitted Discount**") at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender's Term Loans (the "**Submitted Amount**") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this <u>Section 2.05(a)(v)(C)</u>. The relevant Company Party agrees to accept on the Discount Range

------

Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "**Applicable Discount**") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following <u>clause (3)</u>) at the Applicable Discount (each such Term Lender, a "**Participating Lender**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender's Discount Range Prepayment Offer at the Applicable Discount; *provided* that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "**Identified Participating Lenders**") shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Discount Range Proration**"). The Auction Agent shall promptly, and in any case within five Business Days following the Discount Range Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (1) Any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Solicited Discounted Prepayment Notice (or such later notice specified therein); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate amount of the Term Loans (the "**Solicited Discounted** 

------

 **Prepayment Amount**") and the tranche or tranches of Term Loans the applicable Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(D)</u>), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Term Lenders (the "**Solicited Discounted Prepayment Response Date**"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date and (z) specify both a discount to par (the "**Offered Discount**") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans (the "**Offered Amount**") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Company Party (the "**Acceptable Discount**"), if any. If the Company Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the fifth Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this <u>clause (2)</u> (the "**Acceptance Date**"), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within five Business Days after receipt of an Acceptance and Prepayment Notice (the "**Discounted Prepayment Determination Date**"), the Auction Agent will determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the "**Acceptable Prepayment Amount**") to be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this <u>Section 2.05(a)(v)(D)</u>. If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order

------

from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a "**Qualifying Lender**"). The Company Party will prepay outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(D)</u> to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; *provided* that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "**Identified Qualifying Lenders**") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Solicited Discount Proration**"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the tranches to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) In connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If any Term Loan is prepaid in accordance with <u>Sections 2.05(a)(v)(B)</u> through <u>2.05(a)(v)(D)</u> above, a Company Party shall prepay such Term Loans on the Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Applicable Agent's Office in immediately available funds not later than 11:00 a.m. on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans being prepaid as directed by the Borrower (and absent such direction, in direct order of maturity). The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)</u> shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or

------

Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this <u>Section 2.05(a)(v)</u>, each Lender participating in any prepayment described in this <u>Section 2.05(a)(v)</u> acknowledges and agrees that in connection therewith, (1) the Borrower or any Company Party then may have, and later may come into possession of, information regarding the Borrowers, the Sponsor, their respective affiliates not known to such Lender and that may be material to a decision by such Lender to participate in such prepayment (including Material Non-Public Information) ("**Excluded Information**"), (2) such Lender has independently, and without reliance on the Borrowers, any of their Subsidiaries, the Administrative Agent or any of their respective Affiliates, made its own analysis and determination to participate in such prepayment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrowers, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information and all parties to the relevant transactions shall render customary "big boy" disclaimer letters, (4) none of the Borrowers, their Subsidiaries, the Administrative Agent or any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrowers, their Subsidiaries, the Administrative Agent and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information, and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this <u>Section 2.05(a)(v)</u>, established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each of the Company Parties and the Term Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties under this <u>Section 2.05(a)(v)</u> by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this <u>Section 2.05(a)(v)</u> as well as activities of the Auction Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable, pursuant to this <u>Section 2.05(a)(v)</u> shall not constitute a Default or Event of Default under <u>Section 8.01</u> or otherwise).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Mandatory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five Business Days after financial statements have been delivered pursuant to <u>Section 6.01(a)</u> and the related Compliance Certificate has been delivered pursuant to <u>Section 6.02(a)</u> (commencing with the fiscal year ending December 31, 2021), subject to <u>Section 2.05(b)(v)</u>, the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the Excess Cash Flow Period covered by such financial statements *minus*, without duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such Excess Cash Flow Period, (B) the sum of (1) all voluntary prepayments of Term Loans made during such Excess Cash Flow Period pursuant to <u>Section 2.05(a)(v)</u>, in an amount equal to the discounted amount actually paid in cash in respect of the principal amount of such Term Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (2) all other optional redemptions or voluntary prepayments of Term Loans and any other Pari Passu Secured Obligations, during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (3) all voluntary prepayments of Revolving Loans, Extended Revolving Loans and Refinancing Revolving Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, to the extent the Revolving Credit Commitments, Extended Revolving Credit Commitments, and/or Refinancing Revolving Credit Commitments, as the case may be, are permanently reduced by the amount of such payments and (4) the amount equal to all payments in cash paid by the Borrowers or any Subsidiary in connection with the buyback of Loans pursuant to <u>Section 10.07(l)</u>, in the case of each of the immediately preceding <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u>, to the extent such prepayments are not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness) of the Borrower and its Restricted Subsidiaries; *provided* that, to the extent any deduction is made pursuant to the foregoing <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u> after year-end and prior to when such Excess Cash Flow prepayment is due, such prepayment shall not be deducted with respect to the Excess Cash Flow prepayment for the succeeding Excess Cash Flow Period; *provided*, *however*, the Borrowers shall not be obligated to make any prepayment otherwise required by this <u>Section 2.05(b)(i)</u> unless and until the aggregate amount of such prepayment for such Excess Cash Flow Period exceeds $1,000,000 for such Excess Cash Flow Period (and only amounts in excess of $1,000,000 for such Excess Cash Flow Period shall be required to be prepaid); *provided further* that if at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Excess Cash Flow, then the Borrowers may apply such Excess Cash Flow on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Excess Cash Flow allocated to the Other Applicable Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(i)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If (1) the Borrower or any Restricted Subsidiary of the Borrower Disposes of any property or assets pursuant to <u>Sections 7.05(j)</u>, <u>(k)</u> or <u>(m)</u> (solely to the extent set forth in the proviso thereof)), or (2) any Casualty Event occurs, which results in the receipt by the Borrower or any Restricted Subsidiary of Net Proceeds, subject to <u>Section 2.05(b)(vi)</u>, the Borrowers shall cause to be prepaid on or prior to the date which is 10 Business Days after the date of the receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds (or if the Borrower or any Restricted

------

Subsidiary intends to reinvest such Net Proceeds within the Reinvestment Period or has entered into a binding commitment or binding letter of intent prior to the last day of the Reinvestment Period to reinvest, the last day of such Reinvestment Period), an aggregate principal amount of Term Loans in an amount equal to 100% of all such Net Proceeds; *provided* that, if the Borrower or its Restricted Subsidiaries use any portion of such proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets used or useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition permitted hereunder (or any subsequent investment made in a Person, division or line of business previously acquired) capital expenditure or capitalized software expenditures, in each case within 12 months of such receipt (or credited against any such usage consummated no more than 18 months prior to the applicable disposition), such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 12 months of such receipt, so used or contractually committed to be so used (or so credited with respect to any prior usage) (it being understood that if any portion of such proceeds are not so used within such 12-month period but within such 12-month period are contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used (or so credited with respect to any prior usage) within 18 months of such receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso (such period, the "**Reinvestment Period**")); *provided*, *further*, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless (y) such Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $2,500,000 and (z) the aggregate Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $5,000,000 in any fiscal year (and thereafter only Net Proceeds in excess of such individual and annual amounts shall constitute Net Proceeds under this <u>clause (a)</u>). If at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Net Proceeds of such Disposition or Casualty Event, then the Borrowers may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(ii)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (A) not permitted to be incurred or issued pursuant to <u>Section 7.03</u> or (B) that is intended to constitute Replacement Term Loans or Credit Agreement Refinancing Indebtedness in respect of any Class of Terms Loans, Revolving Loans or Revolving Credit Commitments, the Borrowers shall cause to be prepaid an aggregate principal amount of such Term Loans (or, in the case of Credit Agreement Refinancing Indebtedness in respect of Revolving Loans or Revolving Credit Commitments, prepay such Revolving Loans and terminate such Revolving Credit Commitments) in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Proceeds plus any additional premium (if any) owing pursuant to <u>Section 2.05(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If for any reason the aggregate Outstanding Amount of Revolving Loans and L/C Obligations at any time exceeds the aggregate Revolving Credit Commitments then in effect, the Borrowers shall within two Business Days after receipt of written notice from the Revolving Agent or becoming aware of such excess prepay the Revolving Loans and/or Cash Collateralize the L/C

------

Obligations in an aggregate amount equal to such excess; *provided* that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.05(b)(iv)</u> unless, after the prepayment in full of the Revolving Loans, such aggregate Outstanding Amount exceeds the aggregate Revolving Credit Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any Excess Cash Flow attributable to Foreign Subsidiaries ("**Foreign Subsidiary Excess Cash Flow**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the portion of such Foreign Subsidiary Excess Cash Flow that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any Foreign Subsidiary Excess Cash Flow could reasonably be expected to result in a tax liability (including any withholding tax) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower), the Borrower or any Subsidiary (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), an amount equal to such Foreign Subsidiary Excess Cash Flow that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>; *provided* that (A) for purposes of this <u>Section 2.05</u>, Excess Cash Flow shall be deemed allocable to each Foreign Subsidiary, with respect to any Excess Cash Flow Period, in an amount equal to (i) the Consolidated EBITDA of such Foreign Subsidiary for such Excess Cash Flow Period, *divided* by (ii) the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period (it being understood and agreed for the avoidance of doubt that such allocation shall exclude any reduction from interest and principal payments in respect of the Obligations) and (B) the Borrower and its Restricted Subsidiaries shall be entitled to reduce Excess Cash Flow owed to the Lenders pursuant to <u>Section 2.05(b)(i)</u> in respect of any Excess Cash Flow Period by the aggregate amount of Excess Cash Flow attributable to Foreign Subsidiaries subject to the limitations and restrictions described above in this <u>Section 2.05(b)(v)</u> for such Excess Cash Flow Period. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary ("**Foreign Disposition**") or the Net Proceeds of any Casualty Event incurred by a Foreign Subsidiary ("**Foreign Casualty Event**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the Net Proceeds that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the

------

applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Disposition or Foreign Casualty Event could reasonably be expected to result in a tax liability (including any withholding tax)(other than a de minimis tax liability) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower) (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), the Borrower or any Restricted Subsidiary with respect to such Net Proceeds, an amount equal to such Net Proceeds that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as otherwise provided in any Refinancing Amendment, Extension Amendment or any Incremental Amendment or as otherwise provided herein, (A) each prepayment of Term Loans pursuant to this <u>Section 2.05(b)</u> shall be applied ratably to each Class of Term Loans then outstanding; *provided* that (x) any prepayment of Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt and (y) any prepayment of Term Loans with the Net Cash Proceeds of Replacement Term Loans shall be applied solely to each applicable Class of Refinanced Term Loans; (B) with respect to each Class of Term Loans, each prepayment pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> shall be applied to the scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner directed by the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity) and (C) each such prepayment shall be paid to the Lenders of each Class in accordance with their respective Pro Rata Shares of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made by the Borrowers pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> not later than 11:00 a.m. at least three Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the aggregate amount of such prepayment required to be made by the Borrowers. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower's prepayment notice and of such Appropriate Lender's Pro Rata Share of the prepayment. Each Term Lender may reject all (but not less than all) of its Pro Rata Share of any mandatory prepayment (such declined amounts, the "**Declined Proceeds**") of Term Loans required to be made pursuant to <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section 2.05(b)</u> by providing written notice (each, a "**Rejection Notice**") to the Administrative Agent no later than 5:00 p.m. one Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment; *provided*, *however*, in no event may the proceeds of any Credit Agreement Refinancing Indebtedness be rejected. If a Term Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be retained by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest, Funding Losses, Etc*. All prepayments under this <u>Section 2.05</u> shall be without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>) and accompanied by all accrued interest thereon (other than prepayments of Base Rate Revolving Loans that are not made in connection 

------

with the termination or permanent reduction of the Revolving Credit Commitments), together with, in the case of any such prepayment of a Eurocurrency Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Eurocurrency Rate Loan pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Call Protection*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any prepayment of all or any portion of the Initial Term Loans or the Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of the Initial Term Loans or the Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs prior to the first anniversary of the Closing Date, (y) 1.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date and (z) 0.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the second anniversary of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any prepayment of all or any portion of the 2020 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of 2020 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 1 Effective Date, (y) 1.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 1 Effective Date and prior to the second anniversary of the Amendment No. 1 Effective Date and (z) 0.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 1 Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) Any prepayment of all or any portion of the 2021 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to Section 2.05(a)(i) (excluding, for the avoidance of doubt, any reduction of 2021 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to Section 2.05(a)(v), Section 10.07(k) or Section 10.07(l)), (ii) any mandatory prepayment pursuant to Section 2.05(b)(iii) and (iii) any Lender being replaced pursuant to Section 3.07(a)(iii) for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 2 Effective Date, (y) 1.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 2 Effective Date and prior to the second anniversary of the Amendment No. 2 Effective Date and (z) 0.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 2 Effective Date.</u>

------

Notwithstanding any of the other provisions of this <u>Section 2.05</u>, so long as no Event of Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is required to be made under this <u>Section 2.05</u>, prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this <u>Section 2.05</u> in respect of any such Eurocurrency Rate Loan prior to the last day of the Interest Period therefor, the Borrowers may, in their sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such Interest Period into a deposit account of the Borrower maintained with the Revolving Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with this <u>Section 2.05</u>. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this <u>Section 2.05</u>. Such deposit shall be deemed to be a prepayment of such Loans by the Borrowers for all purposes under this Agreement.

Section 2.06. <u>Termination or Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. The Borrowers may, upon written notice to the Administrative Agent or the Revolving Agent, as applicable, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent or the Revolving Agent, as applicable, three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,500,000, or any whole multiple of $500,000 in excess thereof or, if less, the entire amount thereof, (iii) if, after giving effect to any reduction of the Revolving Credit Commitments or the Letter of Credit Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess and (iv) any termination or permanent reduction of any Revolving Credit Commitments pursuant to this <u>Section 2.06(a)</u> shall be applied as directed by the Borrowers, including as to any Class of Extended Revolving Credit Commitments or existing Revolving Credit Commitments (including any Refinancing Revolving Credit Commitments). Except as provided above, the amount of any such Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Borrowers. Notwithstanding the foregoing, any notice of termination of any Commitments may be conditional, extendable or revocable if such termination would result from a Refinancing of all or any portion of the applicable Class or occurrence of any other event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. The Initial Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by such Term Lender on the Closing Date. The Delayed Draw Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (w<u>u</u>) the Delayed Draw Term Loan Commitment Termination Date and (x<u>v</u>) the funding of the Delayed Draw Term Loans in an amount equal to the aggregate Delayed Draw Commitment. The 2020 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (y<u>w</u>) the 2020 Delayed Draw Term Loan Commitment Termination Date and (z<u>x</u>) the funding of the 2020 Delayed Draw Term Loans in an amount equal to the aggregate 2020 Delayed Draw Term Loan Commitment. The <u>2021 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (y) the 2021 Delayed Draw Term Loan Commitment Termination Date and (z) the funding of the 2021 Delayed Draw Term Loans in an amount equal to the aggregate 2021 Delayed Draw Term Loan Commitment. The</u> Revolving Credit Commitments of each Revolving Credit Lender shall automatically and permanently terminate on the Maturity Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Application of Commitment Reductions; Payment of Fees*. The Revolving Agent will promptly notify the Revolving Credit Lenders of any termination or reduction of the Revolving Credit Commitments under this <u>Section 2.06</u>. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Revolving Credit Lender's Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced (other than the termination of the Revolving Credit Commitment of any Revolving Credit Lender as provided in <u>Section 3.07</u>). All Unused Revolver Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitments shall be paid to the Revolving Agent, for the benefit of the Revolving Credit Lenders, on the effective date of such termination.

Section 2.07. <u>Repayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2020, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Loans*. The Borrowers shall repay to the Revolving Agent for the ratable account of the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Loans under the Revolving Credit Facility outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable Delayed Draw Funding Date of such Delayed Draw Term Loans (each such day, a "**Delayed Draw Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2020 Delayed Draw Term Loan Funding Date of such 2020 Delayed Draw Term Loans (each such day, a "**2020 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2020 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2020 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2020 Delayed Draw Term Loans, the aggregate principal amount of all 2020 Delayed Draw Term Loans outstanding on such date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) *2021 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2021 Delayed Draw Term Loan Funding Date of such 2021 Delayed Draw Term Loans (each such day, a "**2021 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2021 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2021 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05 or Section 10.07 to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2021 Delayed Draw Term Loans, the aggregate principal amount of all 2021 Delayed Draw Term Loans outstanding on such date.</u>

Section 2.08. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 2.08(b)</u>, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period *plus* the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate *plus* the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default under <u>Section 8.01(a)</u> (with respect to principal, interest or fees) or non-payment after acceleration pursuant to <u>Section 8.01(f)</u>, the Borrowers shall pay interest on past due amounts (after giving effect to any applicable grace period) owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; *provided* that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon written demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

Section 2.09. <u>Fees</u>.

In addition to certain fees described in <u>Sections 2.03(h)</u> and <u>(i)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Unused Revolver Commitment Fee*. The Borrowers agree to pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, an unused commitment fee (the "Unused Revolver Commitment Fee") in an amount equal to the Applicable Rate (as set forth in clause (c) of such definition) *times* the actual daily amount by which the aggregate amount of the Revolving Credit Commitments exceeds the sum of the Outstanding Amount of Revolving Loans and the Outstanding Amount of L/C Obligations for each calendar quarter or portion thereof; *provided* that any Unused Revolver Commitment Fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Revolver Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Unused Revolver Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Unused Revolver Commitment 

------

Fee shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date for the Revolving Credit Facility. The Unused Revolver Commitment Fee shall be calculated quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Fees*. The Borrowers shall pay to the Agents and the Commitment Parties such fees as shall have been separately agreed upon in writing (including pursuant to the Commitment Letter and the Fee Letter) in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrowers and the applicable Agent or Commitment Party). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each Delayed Draw Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the Delayed Draw Commitments exceeds the sum of the Outstanding Amount of Delayed Draw Term Loans; *provided* that any Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Delayed Draw Term Loan Commitment Fee on the Delayed Draw Commitments shall accrue commencing on the ninetieth (90th) day following the Closing Date and at all times thereafter until the Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Closing Date, and on the Delayed Draw Term Loan Commitment Termination Date. The Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2020 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2020 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2020 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2020 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2020 Delayed Draw Term Loans; *provided* that any 2020 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2020 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2020 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2020 Delayed Draw Term Loan Commitment Fee on the 2020 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 1 Effective Date and at all times thereafter until the 2020 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each 

------

March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 1 Effective Date, and on the 2020 Delayed Draw Term Loan Commitment Termination Date. The 2020 Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f) *2021 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2021 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2021 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2021 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2021 Delayed Draw Term Loans; *provided* that any 2021 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2021 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2021 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2021 Delayed Draw Term Loan Commitment Fee on the 2021 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 2 Effective Date and at all times thereafter until the 2021 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 2 Effective Date, and on the 2021 Delayed Draw Term Loan Commitment Termination Date. The 2021 Delayed Draw Term Loan Commitment Fee under this Section 2.09(e) shall be calculated quarterly in arrears.</u>

Section 2.10. <u>Computation of Interest and Fees</u>.

All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate) shall be made on the basis of a year of 365 days, or 366 days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; *provided* that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.12(a)</u>, bear interest for one day. Each determination by the Administrative Agent or the Revolving Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 2.11. <u>Evidence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent or the Revolving Agent, as applicable, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrowers, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent or the Revolving Agent, as applicable, and each Lender shall be *prima facie* evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent or the

------

Revolving Agent, as applicable, in respect of such matters, the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent or the Revolving Agent, as applicable, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent or the Revolving Agent, as applicable) a Note payable to such Lender, which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section 2.11(a)</u>, each Appropriate Lender, the Revolving Agent and the Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Revolving Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Revolving Agent or the Administrative Agent, as applicable, and the accounts and records of any Lender in respect of such matters, the accounts and records of the Revolving Agent or the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entries made in good faith by the Administrative Agent and the Revolving Agent in the Register pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, and by each Lender in its account or accounts pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, shall be *prima facie* evidence of the amount of principal and interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent, the Revolving Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement and the other Loan Documents.

Section 2.12. <u>Payments Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided by <u>Section 3.01</u>, all payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense (other than payment in full), recoupment or setoff. All payments by the Borrowers hereunder shall be made to the Administrative Agent or the Revolving Agent, as applicable, for the account of the respective Lenders to which such payment is owed, at the Applicable Agent's Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Without limiting the generality of the foregoing, the Administrative Agent or the Revolving Agent, as applicable, may require that any payments due under this Agreement be made in the United States. The Administrative Agent or the Revolving Agent, as applicable, will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share provided for under this Agreement) of such payment in like funds as received by wire transfer to such Lender's applicable Lending Office. All payments received by the Administrative Agent or the Revolving Agent, as applicable, after 2:00 p.m. on any Business Day shall in each case be deemed received on the next succeeding Business Day (or, in the Administrative Agent's or the Revolving Agent's, as applicable, sole discretion, on the same Business Day) and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, if any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; *provided* that, if such extension would cause payment of interest on or principal of Eurocurrency Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower or any Lender has notified the Administrative Agent or the Revolving Agent, as applicable, prior to the date any payment is required to be made by it to the Administrative Agent or the Revolving Agent, as applicable, hereunder, that a Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent or the Revolving Agent, as applicable, may assume that such Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrowers failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent or the Revolving Agent, as applicable, the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to such Lender to the date such amount is repaid to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds at the applicable Overnight Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent or the Revolving Agent, as applicable, the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to the Borrowers to the date such amount is recovered by the Administrative Agent or the Revolving Agent, as applicable, (the "**Compensation Period**") at a rate per annum equal to the applicable Overnight Rate from time to time in effect. When such Lender makes payment to the Administrative Agent or the Revolving Agent, as applicable, (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender's Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent's or the Revolving Agent's, as applicable, demand therefor, the Administrative Agent or the Revolving Agent, as applicable, may make a demand therefor upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent or the Revolving Agent, as applicable, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent, the Revolving Agent or the Borrowers may have against any Lender as a result of any default by such Lender hereunder.

A written notice (including documentation reasonably supporting such request) of the Administrative Agent or the Revolving Agent, as applicable, to any Lender or the Borrowers with respect to any amount owing under this <u>Section 2.12(c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent or the Revolving Agent, as applicable, funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrowers by the Administrative Agent or the Revolving Agent, as applicable, because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent or the Revolving Agent, as applicable, shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever any payment received by the Administrative Agent or the Revolving Agent, as applicable, under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent or the Revolving Agent, as applicable, and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent or the Revolving Agent, as applicable, and applied by the Administrative Agent or the Revolving Agent, as applicable, and the Lenders in the order of priority set forth in <u>Section 8.03</u>. If the Administrative Agent or the Revolving Agent, as applicable, receives funds for application to the Secured Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent or the Revolving Agent, as applicable, may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender's Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Secured Obligations then owing to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amounts to be applied to the prepayment of Loans in connection with any mandatory prepayments by the Borrowers of the Term Loans pursuant to <u>Section 2.05(b)</u> shall be applied, as applicable, on a pro rata basis to the then outstanding Class of Term Loans being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or, after giving effect to the last paragraph of <u>Section 2.05</u>, Eurocurrency Rate Loans; *provided* that if no Lenders exercise the right to waive a given mandatory prepayment of the Term Loans pursuant to <u>Section 2.05(b)(viii)</u>, then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to reduce outstanding Base Rate Loans. Any amounts remaining after each such application shall be applied to prepay Eurocurrency Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to <u>Section 3.05</u>.

Section 2.13. <u>Sharing of Payments</u>.

If, other than as provided elsewhere herein, any Lender shall obtain payment in respect of any principal or interest on account of the Loans made by it, or the participations in L/C Obligations held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent or the Revolving Agent, as applicable, of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such sub-participations in the participations in L/C Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of any principal or interest on such Loans or such participations, as the case may be, pro rata with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to

------

(ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For the avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers or application of funds pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder, (C) transactions in connection with an open market purchase or Dutch Auction contemplated hereunder, (D) in connection with a transaction pursuant to an Extension Amendment, Refinancing Amendment or Incremental Amendment or amendment in connection with Replacement Term Loans contemplated hereunder, (E) the application of Cash Collateral as provided herein (including the application of funds arising from the existence of a Defaulting Lender) or (F) non-pro rata payments and repayments permitted pursuant to <u>Section 2.16(b)</u>. The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this <u>Section 2.13</u> may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participations. The Administrative Agent and the Revolving Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section 2.13</u> and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section 2.13</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

Notwithstanding anything to the contrary contained in this <u>Section 2.13</u> or elsewhere in this Agreement, the Borrowers may extend the final maturity of Term Loans and/or Revolving Credit Commitments in connection with an Extension that is permitted under <u>Section 2.16</u> (each, an "**Extension Offer**") without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (i) shall constitute a payment or prepayment of any Term Loans or Revolving Loans, as applicable, for purposes of this <u>Section 2.13</u> or (ii) shall reduce the amount of any scheduled amortization payment due under <u>Section 2.07(a)</u>, except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement. Furthermore, the Borrowers may take all actions contemplated by <u>Section 2.16</u> in connection with any Extension (including modifying pricing, amortization and repayments or prepayments), and in each case such actions shall be permitted, and the differing payments contemplated therein shall be permitted without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement.

Section 2.14. <u>Incremental Credit Extensions; Increase in Revolving Credit Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Incremental Term Loan Commitments*. The Borrowers may at any time or from time to time after the Closing Date, by notice to the Administrative Agent and the Revolving Agent, as applicable (an "**Incremental Request**"), request (i) one or more new commitments which may be in the same Facility as any outstanding Term Loans (a "**Term Loan Increase**") or a new Class of term loans (including any delayed draw term loans) (collectively with any Term Loan Increase, the "**Incremental Term Loan Commitments**") in each case, under this Agreement, (ii) one or more new term loans (including any delayed draw term loans) in a separate facility from the Facilities and either unsecured or secured on a pari passu basis or a junior lien basis to the Facilities (the "**Other Commitments**" and the loans in respect thereof, the "**Other Term Loans**"), which shall be documented under another credit agreement, and/or (iii) one or more series of pari passu secured, junior lien secured or unsecured notes (the "**Other Notes**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incremental Term Loans*. Any Incremental Term Loans to the extent effected through the establishment of one or more new delayed draw commitments or new Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Loan Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction (or waiver) of the terms and conditions in this <u>Section 2.14</u>, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrowers (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Loan Commitment and (ii) each Incremental Term Lender shall become a Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loans made pursuant thereto. For the avoidance of doubt, Incremental Term Loans having identical terms to any of the other Term Loans (other than OID and/or upfront fees) may be treated as the same Class as any of such Term Loans for all purposes herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Request*. Each Incremental Request from the Borrowers pursuant to this <u>Section 2.14</u> shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans, Other Term Loans or Other Notes. Incremental Term Loans, Other Term Loans and extensions of credit in respect of Other Notes will first be offered to the then-existing Term Lenders with respect to the Incremental Term Loans on a pro rata basis (but each existing Lender will not have an obligation to make any Incremental Term Loan Commitment or Other Commitment, or to extend credit in respect of any Other Term Loans or Other Notes) and, to the extent such existing Term Lenders have not agreed or declined to provide such Incremental Term Loan within five (5) Business Days following such offer on the terms specified by the Borrower or arranger of such Incremental Term Loan, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Term Lenders) (any such other bank or other financial institution that is not an Existing Lender being called an "**Additional Term Lender**") (each such existing Lender or Additional Term Lender providing such Incremental Term Loans, Other Term Loans or Other Notes an "**Incremental Term Lender**," and, collectively, the "**Incremental Term Lenders**"); *provided* that any Affiliated Lender providing an Incremental Term Loan Commitment shall be subject to the same restrictions set forth in <u>Section 10.07(k)</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Initial Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effectiveness of Incremental Amendment*. The obtaining of Other Commitments, the making of Other Term Loans, the incurrence of Indebtedness in respect of Other Notes, the effectiveness of any Incremental Amendment, and the Incremental Term Loan Commitments thereunder, shall be subject to the satisfaction on the date of such Incremental Amendment (or, in the case of Other Commitments, Other Term Loans and Other Notes, on the date of the extension of such commitments or the incurrence or issuance of such Other Term Loans or Other Notes, as applicable) (the "**Incremental Facility Closing Date**") of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Incremental Term Loan Commitments, no Event of Default shall exist after giving effect to such Incremental Term Loan Commitments (or, in the case of Incremental Term Loan Commitments incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Incremental Term Loan Commitments become effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Incremental Term Loan Commitment shall be in an aggregate principal amount that is not less than $2,500,000 and shall be in an increment of $500,000 (*provided* that such amount may be less than $2,500,000 or $500,000, as applicable, if such amount represents all remaining availability under the limit set forth in <u>clause (iii)</u> below); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of the Incremental Term Loans, the Other Term Loans and the Other Notes shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to clause (ii)(A) of the definition of "Permitted Ratio Debt" *plus* (B) such additional amount of Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (assuming for purposes of each of these calculations that any increase to the Revolving Credit Facility in accordance with Section 2.14(h) established on the same date as such Incremental Term Loan Commitment is drawn), after giving effect to any such incurrence or issuance and any transaction consummated in connection therewith on a Pro Forma Basis, and, in each case, with respect to any Incremental Term Loan Commitment established at such time, assuming a borrowing of the maximum amount of Incremental Term Loans, Other Term Loans and Other Notes available thereunder (*provided* that, at the option of the Borrower, any unfunded Incremental Term Loan Commitments may be tested on the date such Incremental Loans are incurred in lieu of testing on the date of establishment), and excluding the cash proceeds of any such Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes for the purposes of netting; *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness; *plus* (C) an amount equal to (x) the sum, without duplication, of all (i) voluntary prepayments and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt" and (ii) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt", (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt") *minus* (y) the aggregate principal amount of the aggregate principal amount of all Indebtedness incurred in reliance on clause (ii)(C) of the definition of "Permitted Ratio Debt" (it being understood that (x) amounts under clause (B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (A) or (C), and amounts under clause (C) shall be deemed to have been used prior to utilization of amounts under clause (A), (y) Indebtedness may be incurred under clauses (A) and (B), (B) and (C) or (A), (B) and (C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (B) above and then calculating the incurrence under clause (A) and/or (C) and, for the avoidance of doubt, any such incurrence under clause (A) and/or (C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (A) or (C) as incurred pursuant to clause (B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (A) or (C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Required Terms*. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Loan Commitments of any Class, and of the Other Term Loans and the Other Notes, except as otherwise set forth herein, shall be as agreed between the Borrowers and the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments, Other Term Loans or Other Notes, as applicable; *provided* that , except with respect to AHYDO Payments, in no event will any Incremental Term Loans or Other Term Loans be permitted to be mandatorily prepaid prior to the repayment in full of the Initial Term Loans, Delayed Draw Term Loans and<u>,</u> 2020 Delayed Draw Term Loan<u>s and 2021 Delayed Draw Term Loans</u>, unless accompanied by at least a ratable payment of the Initial Term Loans, Delayed Draw Term Loans and<u>,</u> 2020 Delayed Draw Term <u>Loans and 2021 Delayed Draw Term</u> Loans (and, for the avoidance of doubt, any Incremental Amendment may provide that the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments or such Other Notes, as applicable, shall receive a less than ratable payment). In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans, Other Term Loans and Other Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) with respect to Incremental Term Loans, Other Term Loans and Other Notes that are intended to be secured on a pari passu basis, such Incremental Term Loans, Other Term Loans and Other Notes shall (w) either constitute (I) Pari Passu Secured Obligations and be subject to either the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement or (II) "additional first lien debt" (or a comparable term) (as defined in any Junior Intercreditor Agreement) and be subject to a Junior Intercreditor Agreement, (x) shall not at any time be guaranteed by any Subsidiaries other than the Restricted Subsidiaries that are Guarantors, (y) to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment or other definitive documentation therefor, and (z) shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among the Lenders or the applicable Intercreditor Agreement; and (2) with respect to Other Term Loans and Other Notes that are unsecured or secured on a junior lien basis, shall not at any time be guaranteed by any Subsidiaries other than the Subsidiaries that are Guarantors and, to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and shall not be entitled to participate in any mandatory prepayments of Term Loans hereunder other than to the same extent such participation is customarily available in junior secured loan facilities or note issuances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date, shall not mature earlier than the Latest Maturity Date of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except (x) in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date or (y) as may be required to achieve fungibility with any then-existing Term Loans to the extent intended to be fungible by the Borrowers and the Administrative Agent, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of then-existing Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other than with respect to Other Term Loans and Other Notes, shall have an Applicable Rate, and subject to <u>clauses (e)(i)(B)</u> and <u>(e)(i)(C)</u> above and <u>clause (e)(iii)</u> below, amortization determined by the Borrowers and the applicable Incremental Term Lenders or other Additional Term Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the amortization of Other Term Loans and Other Notes (subject to <u>clauses (B)</u> and <u>(C)</u> above) shall be determined by the Borrowers and the lenders or purchasers providing such Other Term Loans and Other Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Incremental Term Loans may be in the form of delayed draw term loans and, to the extent incurred pursuant to clause (d)(iii)(B) above, shall, unless the Borrower otherwise elects, be subject to the applicable incurrence test at funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to <u>Section 2.14(e)(i)(C)</u>, the amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans of each Class, and to each series of Other Term Loans and Other Notes, shall be determined by the Borrowers and the applicable Incremental Term Lenders and shall be set forth in each applicable Incremental Amendment and in the definitive documentation governing such Indebtedness; *provided*, *however*, that, with respect to any Incremental Term Loans, Other Term Loans or Other Notes made under Incremental Term Loan Commitments that are pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes as applicable, shall not be greater than the All-In Yield then applicable to the Initial Term Loans *plus* 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans, Delayed Draw Term Loans and<u>,</u> 2020 <u>Delayed Draw Term Loans and 2021</u> Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans and<u>,</u> 2020 Delayed Draw Term <u>Loans and 2021 Delayed Draw Term</u> Loans to equal the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes, as applicable, *minus* 50 basis points per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Incremental Amendment*. Commitments in respect of Incremental Term Loans shall become Commitments under this Agreement pursuant to an amendment (an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Incremental Term Lender providing such Commitments, the Administrative Agent and the Collateral Agent (and the Administrative Agent shall execute such Incremental Amendment so long as the conditions to such Incremental Term Commitment in this Section 2.14 are satisfied), and as a condition precedent to each Incremental Amendment, each Incremental Term Lender shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date (or another equivalent agreement that establishes the senior priority in right of payment of the Revolving Loans to such Incremental Term Loans). The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this <u>Section 2.14</u>. The Borrowers will use the proceeds of the Incremental Term Loans as determined by the Borrowers and the Lenders providing such Incremental Term Loans. No Lender shall be obligated to provide any Incremental Term Loans unless it so agrees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Reserved.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Increase in Revolving Credit Facility*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, at any time, request that the Maximum Revolving Credit Amount and the Revolving Credit Commitments be increased by (1) one or more of the current Revolving Credit Lenders increasing their Revolving Credit Commitment (any current Revolving Credit Lender which elects to increase its Revolving Credit Commitment shall be referred to as an "<u>Increasing Revolving Credit Lender</u>") or (2) one or more new financial institutions (each a "<u>New Revolving Credit Lender</u>") joining this Agreement and providing a Revolving Credit Commitment hereunder, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no current Revolving Credit Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Revolving Credit Lender shall be in the sole discretion of such current Revolving Credit Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such increase will first be offered to the then-existing Revolving Credit Lenders on a pro rata basis (but no existing Revolving Credit Lender will have an obligation to make any such increase) and, any increase in the Maximum Revolving Credit Amount to the extent such existing Revolving Credit Lenders have not agreed or declined to provide such increase within five (5) Business Days following the receipt of notice of the date of the proposed increase, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Revolving Credit Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) after giving effect to such increase, the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments shall not exceed $30,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Borrowers may not request an increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments under this <u>Section 2.14(h)</u> more than four (4) times prior to the Maturity Date, and no single such increase shall be for an amount less than $2,500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Borrowers shall deliver to Revolving Agent on or before the effective date of such increase the following documents, in each case in form and substance satisfactory to Revolving Agent: (A) a certificate dated as of the effective date of such increase certifying that (i) the increase in the Revolving Credit Commitment has been approved by the board of directors of each Borrower, (ii) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective), and (iii) all of the representations and warranties made by each Borrower herein are true and complete in all respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date), and (B) such other agreements, instruments and information (including supplements or modifications to this Agreement and/or the Loan Documents executed by Borrowers) as Revolving Agent reasonably deems necessary in order to document the increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments and to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents in light of such increase;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Borrowers shall execute and deliver (A) to each Increasing Revolving Credit Lender a replacement Revolving Credit Note reflecting the new amount of such Increasing Revolving Credit Lender's Revolving Credit Commitment Amount after giving effect to the increase (and the prior Revolving Credit Note issued to such Increasing Revolving Credit Lender shall be returned to the Borrower and canceled) and (B) to each New Revolving Credit Lender a Revolving Credit Note reflecting the amount of such New Revolving Credit Lender's Revolving Credit Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to the extent required by <u>Section 10.07</u>, any New Revolving Credit Lender shall be subject to the approval of Revolving Agent and each L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) each Increasing Revolving Credit Lender shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement, signed by it and each Borrower and delivered to Revolving Agent on or before the effective date of such increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) each New Revolving Credit Lender shall execute a lender joinder and assumption agreement in substantially the form of Exhibit M hereto pursuant to which such New Revolving Credit Lender shall join and become a party to this Agreement and the Loan Documents with a Revolving Credit Commitment as set forth in such joinder and assumption agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the effective date of such increase: (i) the Revolving Credit Commitment of each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall be recalculated such that each such Revolving Credit Lender's Revolving Credit Commitment is equal to (x) the Revolving Credit Commitment of such Revolving Credit Lender <u>divided by</u> (y) the aggregate of the Revolving Credit Commitments of all Revolving Credit Lenders; (ii) each Revolving Credit Lender shall participate in any new Revolving Loans made on or after such date in accordance with its Revolving Credit Commitment after giving effect to the increase in the aggregate Revolving Credit Commitments and recalculation of the Revolving Credit Commitment contemplated by this <u>Section 2.14(h)</u>; and (iii) each reference to the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments herein and in any of the Loan Documents shall be deemed amended to mean the amount of the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments as so increased pursuant to this <u>Section 2.14(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the effective date of such increase, each Increasing Revolving Credit Lender shall be deemed to have purchased an additional/increased participation in, and each New Revolving Credit Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder in an amount equal to such Revolving Credit Lender's Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above) of the L/C Obligations of each such Letter of Credit (as in effect from time to time). As necessary to effectuate the foregoing, each existing Revolving Credit Lender that is not an Increasing Revolving Credit Lender shall be deemed to have sold to each applicable Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as necessary, a portion of such existing Revolving Credit Lender's participations in such outstanding Letters of Credit and drawings such that, after giving effect to all such purchases and sales, each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) in accordance with their respective Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the effective date of such increase, Borrowers shall pay all costs and expenses incurred by each Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as applicable, and Revolving Agent (including, without limitation, the reasonable fees and expenses of counsel to Revolving Agent) in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Revolving Agent, Borrowers, such Increasing Revolving Credit Lender and/or such New Revolving Credit Lender in connection with, such increase (including all fees for any supplemental or additional public filings of any Loan Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Revolving Agent and Revolving Credit Lenders hereunder and under the Loan Documents in light of such increase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section 2.14</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.15. <u>Refinancing Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On one or more occasions after the Closing Date, the Borrowers may obtain, from any Lender or any Additional Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans or all (but not less than all) of the Revolving Loans and unused Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this <u>Section 2.15(a)</u> will be deemed to include any then outstanding Refinancing Term Loans or Incremental Term Loans), in the form of Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans pursuant to a Refinancing Amendment; *provided* that notwithstanding anything to the contrary in this <u>Section 2.15</u> or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect to Refinancing Revolving Credit Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be repaid (with respect to existing Revolving Loans) or replaced (with respect to existing Revolving Credit Commitments) in full, (2) subject to the provisions of <u>Section 2.03(m)</u> to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Credit Commitments with a longer maturity date, all Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Credit Commitments (and except as provided in <u>Section 2.03(m)</u>, without giving effect to changes thereto on an earlier maturity date with respect to Letters of Credit theretofore incurred or issued), (3) assignments and participations of Refinancing Revolving Credit Commitments and Refinancing Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Loans and (4) each Additional Refinancing Lender that is or becomes a Lender under this Agreement shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date and all Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, receipt by the Administrative Agent or the Revolving Agent, as applicable of (i) customary legal opinions consistent with those delivered on the Closing Date (other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each issuance of Credit Agreement Refinancing Indebtedness under <u>Section 2.15(a)</u> shall be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and the fourth paragraph of <u>Section 10.01</u> and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.15</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Refinancing Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This <u>Section 2.15</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.16. <u>Extension of Term Loans; Extension of Revolving Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Extension of Term Loans*. The Borrowers may at any time and from time to time request that all or a portion of the Term Loans of a given Class (each, an "**Existing Term Loan Tranche**") be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended, "**Extended Term Loans**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a "**Term Loan Extension Request**") setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) (except as to interest rates, fees, amortization, final maturity date, AHYDO Payments, optional prepayments and redemptions, premium, required prepayment dates and participation in prepayments, which shall be determined by the Borrowers and the Extending Term Lenders and set forth in the relevant Term Loan Extension Request), be substantially identical to, or (taken as a whole) not materially more favorable (as reasonably determined by the Borrowers) to the Extending Term Lenders than those applicable to the Existing Term Loan Tranche subject to such Term Loan Extension Request (except if the existing Lenders receive the benefit of such favorable terms or for covenants or other provisions applicable only to periods after the Latest Maturity Date), including: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; *provided*, *however*, that at no time shall there be Classes of Term Loans hereunder (including Refinancing Term Loans and Extended Term Loans) which have more than five different Maturity Dates; (ii) the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments with respect to the Extended Term Loans (whether in the form of interest rate margin, upfront fees, OID or otherwise) may be different than the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments for the Term Loans of such Existing Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the

------

Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Term Loans); and (iv) Extended Term Loans may have call protection as may be agreed by the Borrowers and the Lenders thereof; *provided*, *however*, that (A) in no event shall the final maturity date of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Term Loans hereunder, (B) the Weighted Average Life to Maturity of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of the applicable Existing Term Loan Tranche, (C) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect), (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing and (E) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans amended pursuant to any Term Loan Extension Request shall be designated a series (each, a "**Term Loan Extension Series**") of Extended Term Loans for all purposes of this Agreement; *provided* that any Extended Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each Term Loan Extension Series of Extended Term Loans incurred under this <u>Section 2.16</u> shall be in an aggregate principal amount that is not less than $10,000,000 (or, if less, the entire principal amount of the Indebtedness being extended pursuant to this <u>Section 2.16(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Extension of Revolving Credit Commitments*. The Borrowers may at any time and from time to time request that the Revolving Credit Commitments be amended to extend the Maturity Date with respect thereto (as so extended, "**Extended Revolving Credit Commitments**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Revolving Agent (who shall provide a copy of such notice to each of the Revolving Credit Lenders) (each, a "**Revolver Extension Request**") setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Revolving Credit Lender (including as to the proposed interest rates and fees payable) and offered pro rata to each Revolving Credit Lender and (y) the Extended Revolving Credit Commitment extended pursuant to a Revolver Extension Request, and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be) with such other terms as determined by the Borrower and the Extending Revolving Credit Lender agreeing to extend their Revolving Credit Commitment and the Extension Amendment may provide for other covenants (as determined by the Borrowers and Revolving Credit Lenders); and (ii) all borrowings under the Revolving Credit Facility and all repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstandings), (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments and (III) repayments made in connection with a permanent repayment and termination of non-extended Revolving Credit Commitments); *provided*, *further*, that (A) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, (B) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect) and (C) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a "**Revolver Extension Series**") of Extended Revolving Credit Commitments for all purposes of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Extension Request*. The Borrowers shall provide the applicable Extension Request at least five Business Days prior to the date on which the applicable existing Lenders are requested to respond (or such shorter period as agreed by the Administrative Agent or the Revolving Agent, as applicable), and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, in each case acting reasonably to accomplish the purposes of this <u>Section 2.16</u>. Subject to <u>Section 3.07</u>, no Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Extended Term Loans or any of its Revolving Credit Commitments amended into Extended Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an "**Extending Term Lender**") wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extended Term Loans and any Revolving Credit Lender (each, an "**Extending Revolving Credit Lender**") wishing to have its Revolving Credit Commitments subject to such Extension Request amended into Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent or the Revolving Agent, as applicable (each, an "**Extension Election**") on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, which it has elected to request be amended into Extended Term Loans or Extended Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent or the Revolving Agent, as applicable). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, in respect of which applicable Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extended Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent or the Revolving Agent, as applicable, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Extension Amendment*. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an amendment (each, an "**Extension Amendment**") to this Agreement among the Borrowers, the Administrative Agent or the Revolving Agent, as applicable, and each Extending Term Lender or Extending Revolving Credit Lender, as applicable, providing an Extended Term Loan or Extended Revolving Credit Commitment, as applicable, thereunder, which shall be consistent with the provisions set forth in <u>Section 2.16(a)</u> or <u>2.16(b)</u> above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Extension Amendment shall be, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, subject to receipt by the Administrative Agent or the Revolving Agent, as applicable, of (i) customary legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable, and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. The Administrative Agent or the Revolving Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled repayments set forth in <u>Section 2.07</u> with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a

------

reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to <u>Section 2.07</u>), (iii) modify the prepayments set forth in <u>Section 2.05</u> to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.16</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Extension Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No conversion or extension of Loans or Commitments pursuant to any Extension in accordance with this <u>Section 2.16</u> shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. This <u>Section 2.16</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.17. <u>Defaulting Lenders</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Revolving Agent, as applicable, for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent or the Revolving Agent, as applicable, as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent or the Revolving Agent, as applicable, hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuers hereunder; <u>third</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, or requested by the applicable L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; <u>fourth</u>, as the Borrowers may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent or the Revolving Agent, as applicable; <u>fifth</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to be held in a non-interest bearing deposit account and released in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this Agreement and (y) be held as Cash Collateral for funding obligations of such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 2.03</u>; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the applicable L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the

------

Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.17(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees; Default Interest</u>. That Defaulting Lender (x) shall not be entitled to receive any Unused Revolver Commitment Fee, Delayed Draw Term Loan Commitment Fee or<u>,</u> 2020 <u>Delayed Draw Term Loan Commitment Fee or 2021</u> Delayed Draw Term Loan Commitment Fee pursuant to <u>Section 2.09(a), (d)</u> or<u>,</u> <u>(e</u><u>) or (f</u><u>)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender), (y) shall not be entitled to receive any interest at the Default Rate pursuant to <u>Section 2.08(b)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such interest that otherwise would have been required to have been paid to that Defaulting Lender) and (z) shall be limited in its right to receive Letter of Credit Fees as provided in <u>Section 2.03(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Pro Rata Share to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.03</u>, the "Pro Rata Share" of each Non- Defaulting Lender's Revolving Loans and L/C Obligations shall automatically be computed without giving effect to the Commitment of that Defaulting Lender; *provided* that (i) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that Non-Defaulting Lender *minus* (2) the aggregate Outstanding Amount of the Loans of that Lender and (ii) each reallocation shall be given effect only to the extent it does not cause the Revolving Credit Exposure of the applicable Lender to exceed its Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Defaulting Lender Cure*. If the Borrowers, the Revolving Agent and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Revolving Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Revolving Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to <u>Section 2.17(a)(iv)</u>), whereupon that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees, or interest at the Default Rate pursuant to <u>Section 2.08(b)</u>, accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; *provided*, *further*, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time that there shall exist a Defaulting Lender, promptly upon the written request of the Revolving Agent (with respect to any or all Fronting Exposure) or the L/C Issuer (solely with respect to such Person's Fronting Exposure at such time), the Borrowers shall deliver to the Revolving Agent Cash Collateral in an amount sufficient to cover all such Fronting Exposure that has not been reallocated pursuant to <u>Section 2.17(a)(iv)</u> (after giving effect to any Cash Collateral provided by the Defaulting Lender). For purposes hereof, "**Cash Collateralize**" means to pledge and deposit with or deliver to the Revolving Agent, for the benefit of the relevant L/C Issuer and the Appropriate Lenders, as collateral for the L/C Obligations, Cash and Cash Equivalents (if reasonably acceptable to the Revolving Agent and the relevant L/C Issuer) or deposit account balances ("**Cash Collateral**") pursuant to documentation in form and substance reasonably satisfactory to the Revolving Agent and the relevant L/C Issuer (which documents are hereby consented to by the Appropriate Lenders) in an amount equal to 100% of such L/C Obligations or such lesser amount as the Revolving Agent may agree in its sole discretion. Derivatives of such term have corresponding meanings.

Section 2.18. <u>Co-Borrowers; New Guarantors</u>.

To the extent additional Restricted Subsidiaries are designated as "Borrowers" or "Guarantors" after the Closing Date pursuant to the terms of <u>Section 2.18(g)</u> below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower and each Guarantor accepts joint and several liability hereunder in consideration of the financial accommodations to be provided by the Administrative Agent or the Revolving Agent, as applicable, the Lenders and the L/C Issuers under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and Guarantor and in consideration of the undertakings of each Borrower and Guarantor to accept joint and several liability for the obligations of each Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower and each Guarantor shall be jointly and severally liable for the Secured Obligations with each Borrower and with each Guarantor, regardless of which Borrower actually receives the Loans hereunder or the amount of the Secured Obligations received or the manner in which the Administrative Agent or the Revolving Agent, as applicable, or any Lender accounts for the Secured Obligations on its books and records. Each Borrower's obligations with respect to Loans made to it, and each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder, with respect to Loans or L/C Obligations made to and other Secured Obligations owing by the Borrowers and Guarantors hereunder, shall be separate and distinct obligations, but all such obligations shall be primary obligations of each Borrower and Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower and Guarantor hereunder with respect to Loans made to, Letters of Credit issued on behalf of, and other Secured Obligations owing by the Borrowers and Guarantors hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (A) the validity or enforceability, avoidance or subordination of the obligations of any other Borrower or any Guarantor or of any promissory note or other document evidencing all or any part of the Secured Obligations of any other Borrower or any Guarantor, (B) the absence of any attempt to collect the Secured Obligations from any other Borrower, or Guarantor, any other guarantor, or any other security therefor, or the absence of any other action to enforce the same, (C) the waiver, consent, extension, forbearance or granting of any indulgence by any Agent or any Lender with respect to any provision of any instrument evidencing the obligations of any other Borrower or Guarantor, or any part thereof, or any other agreement now or hereafter executed by any other Borrower or any Guarantor and delivered to any Agent or any Lender, (D) the failure by any Agent or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the obligations of any other Borrower or any Guarantor, (E) any Agent's or any Lender's election, in any proceeding instituted under the Bankruptcy Code, of the application of Section

------

1111(b)(2) of the Bankruptcy Code of the United States, (F) any borrowing or grant of a security interest by any other Borrower or any Guarantor, as Debtor In Possession under Section 364 of the Bankruptcy Code of the United States, (G) the disallowance of all or any portion of any Agent's or any Lender's claim(s) for the repayment of the obligations of any other Borrower or any Guarantor under Section 502 of the Bankruptcy Code of the United States, or (H) any other circumstances which might constitute a legal or equitable discharge or defense of any other Borrower or any Guarantor. With respect to each Borrower's and each Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder with respect to Loans made to the Borrowers hereunder, such Borrower and Guarantor waives, until the Secured Obligations shall have been paid in full and this Agreement and the other Loan Documents shall have been terminated, any right to enforce any right of subrogation or any remedy which any Agent or any Lender now has or may hereafter have against such Borrower, any other Borrower or any Guarantor, and any benefit of, and any right to participate in, any security or collateral given to any Agent or any Lender to secure payment of the Secured Obligations or any other liability of any Borrower or any Guarantor to any Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuation of any Event of Default, the Agents and the Lenders may proceed directly and at once, without notice, against any Borrower or Guarantor to collect and recover the full amount, or any portion of the Secured Obligations, without first proceeding against any other Borrower, any Guarantor or any other Person, or against any security or collateral for the Secured Obligations. Each Borrower and Guarantor consents and agrees that the Agents and the Lenders shall be under no obligation to marshal any assets in favor of such Borrower, any other Borrower or any Guarantor or against or in payment of any or all of the Secured Obligations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Borrower or Guarantor hereunder would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability hereunder, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Borrower, any Loan Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After the Closing Date, TCFI may, at any time and from time to time, designate any Restricted Subsidiary that is a Domestic Subsidiary as a Borrower or a Guarantor by delivery to the Administrative Agent and the Revolving Agent of a Borrower Joinder Agreement or Guarantor Joinder Agreement executed by such Subsidiary and TCFI, together with other documentation and other information with respect to such additional Borrower or Guarantor required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act requested by any Agent or any Lender (and to the extent not theretofore delivered on the Closing Date or otherwise), and upon such delivery and satisfaction, such Subsidiary shall for all purposes of this Agreement and the other Loan Documents be a Borrower or Guarantor and a party to this Agreement. As soon as practicable upon receipt of a Borrower Joinder Agreement or Guarantor Joinder Agreement, as applicable, the Administrative Agent or the Revolving Agent, as applicable, shall furnish a copy thereof to each Appropriate Lender.

**ARTICLE III.** 

**<u>TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</u>**

Section 3.01. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section 3.01</u>, any and all payments made by or on account of a Borrower (the term Borrower under <u>Article III</u> being deemed to include any Subsidiary for whose account a Letter of Credit is issued) or Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes. If a Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to any Recipient, (i) if the Tax in question is an Indemnified Tax or Other Tax, the sum payable by a Borrower or any Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this <u>Section 3.01</u>), each such Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall be entitled to make such deductions or withholdings, (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment (or, if receipts or evidence are not available within 30 days, as soon as practicable thereafter), if a Borrower or any Guarantor is the applicable withholding agent, it shall furnish to such Recipient (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay, or timely reimburse any Agent or any Lender at its option with respect to, any and all present or future stamp, court or documentary Taxes and any other excise, property, intangible or mortgage recording Taxes, imposed by any Governmental Authority, which arise from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document excluding, in each case, any such Tax imposed as a result of a Recipient's Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (other than as a result of an assignment or participation that is requested or required in writing by the Borrower pursuant to <u>Section 3.07</u>) (all Taxes described in this <u>Section 3.01(b)</u> being hereinafter referred to as "**Other Taxes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication of any obligation under <u>Section 3.01(a)</u> or <u>(b)</u>, each Borrower and each Guarantor agree to indemnify each Recipient for (i) the full amount of Indemnified Taxes and Other Taxes payable by such Recipient and (ii) any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the Governmental Authority;

------

 *provided* that any Recipient seeking indemnification pursuant to this <u>Section 3.01(c)</u> provides the Borrower the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to the Borrower. A certificate as to the amount of such payment or liability prepared in good faith and delivered by such Recipient (or by an Agent on behalf of such Recipient), accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Recipient shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by Law or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Recipient to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Recipient under the Loan Documents. Each such Recipient shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly and on or before the date such documentation expires, becomes obsolete or inaccurate to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other provision of this <u>Section 3.01(d)</u>, a Recipient shall not be required to deliver any form or other documentation pursuant to this <u>Section 3.01(d)</u> that would in such Recipient's reasonable judgment subject such Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Recipient. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the reasonably request of the Borrower or the Administrative Agent) two properly completed and duly signed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from federal backup withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A) a certificate substantially in the form of <u>Exhibit H-1</u> hereto that such Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of the Borrower within the meaning

------

of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (any such certificate in Exhibit H, a "**United States Tax Compliance Certificate**") and (B) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or has sold a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, Form W-8BEN, Form W-8BEN-E, a United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-3</u> or <u>H-4</u>, Form W-9 or any other required information from each beneficial owner, as applicable (*provided* that, if the Lender is a partnership and one or more beneficial owners of such Lender are claiming the portfolio interest exemption, the United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-2</u> may be provided by such Lender on behalf of such beneficial owner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Agent that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-9, certifying that such Agent is exempt from federal backup withholding. Each Agent that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI or Form W-8BEN-E with respect to payments received by it as a beneficial owner and, two executed copies of Internal Revenue Form W-8IMY (together with accompanying documentation) with respect to payments received by it on behalf of others, certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a United States person with respect to such payments (and the Borrower and such Agent agree to so treat such Agent as a United States person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a payment made to a Recipient under any Loan Document would be subject to withholding tax imposed under FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Laws and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Recipient has or has not complied with such Person's obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section 3.01(e)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Recipient claiming any additional amounts payable pursuant to this <u>Section 3.01</u> shall use its reasonable efforts to mitigate or reduce the additional amounts payable, which reasonable efforts may include a change in the jurisdiction of its Lending Office or assignment of its rights and obligations hereunder to another of its offices, branches, or affiliates (or any other measures reasonably requested by the Borrower) if such a change or other measures would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole determination of such Recipient, result in any unreimbursed cost or expense or be otherwise disadvantageous to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund in respect of any Taxes as to which indemnification or additional amounts have been paid to it by a Loan Party pursuant to this <u>Section 3.01</u>, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by the Loan Party under this <u>Section 3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Recipient, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund net of any Taxes payable by any Agent or Lender on such interest); *provided* that the Loan Parties, upon the request of the Recipient, agree promptly to return such refund (*plus* any penalties, interest or other charges imposed by the relevant taxing authority) to such Recipient in the event such Recipient is required to repay such refund to the relevant taxing authority; *provided, further,* that in no event will any Recipient be required to pay any amount to a Loan Party pursuant to this paragraph (g) the payment of which would place such Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>Section 3.01(g)</u> shall not be construed to require any Recipient to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other person.

Section 3.02. <u>Illegality</u>.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans, or to determine or charge interest rates based upon the Eurocurrency Rate, in each case after the Closing Date, then, on written notice thereof by such Lender to the Borrower, the Administrative Agent and the Revolving Agent, if applicable, any obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower , and the Revolving Agent, if applicable, that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall promptly, following written demand from such Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable, prepay or, if applicable, and such Loans are denominated in Dollars, convert all applicable Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under <u>Section 3.05</u>. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

------

Section 3.03. <u>Inability to Determine Rates</u>.

If, after the Closing Date, either (a) the Required Lenders determine or the Administrative Agent or the Revolving Agent reasonably determines in good faith that for any reason adequate and reasonable means do not exist for determining the applicable Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or that deposits in the applicable currency in which such proposed Eurocurrency Rate Loan is to be denominated are not being offered to banks in the applicable offshore interbank market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan in the applicable currency or (b) the Required Lenders determine that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that Dollar deposits are not being offered to banks in the London interbank eurodollar, or other applicable, market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan, the Administrative Agent or the Revolving Agent will promptly so notify the Borrower and each Lender in writing. Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies shall be suspended until the Administrative Agent or the Revolving Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of such Eurocurrency Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request, if applicable, into a request for a Borrowing of Base Rate Loans in the amount specified therein.

Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent or the Revolving Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrowers) and the Revolving Agent, if applicable, that the Borrowers or Required Lenders (as applicable) have determined, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of the LIBOR screen rate or a Governmental Authority having jurisdiction over the
Administrative Agent or the Revolving Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR screen rate shall no longer be made available, or used for determining the interest rate of loans (such specific date,
the "**Scheduled Unavailability Date** "), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) syndicated loans currently being executed, or that include language similar to that contained in this <u>Section 3.03</u>, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

then, reasonably promptly after such determination by the Administrative Agent or the Revolving Agent or receipt by the Administrative Agent or the Revolving Agent of such notice, as applicable, the Administrative Agent or the Revolving Agent, as applicable, the Required Lenders and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a "**LIBOR Successor Rate**"), together with any proposed LIBOR Successor Rate Conforming Changes (as defined in <u>Section 1.01</u>).

------

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

Notwithstanding anything else herein, any definition of Eurocurrency Rate shall provide that in no event shall such Eurocurrency Rate be less than 1.00% for purposes of this Agreement.

Section 3.04. <u>Increased Cost and Reduced Return; Capital Adequacy; Eurocurrency Rate Loan Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender reasonably determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each case after the Closing Date, or such Lender's compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Eurocurrency Rate Loans or (as the case may be) issuing or participating in Letters of Credit, a reduction in the amount received or receivable by such Lender in connection with any of the foregoing, or subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (excluding for purposes of this <u>Section 3.04(a)</u> any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes, (ii) any Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, (iii) Connection Income Taxes or (iv) reserve requirements contemplated by <u>Section 3.04(c)</u>) and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining the Eurocurrency Rate Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of any sum received or receivable by such Lender, then from time to time within 15 Business Days after written demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender reasonably determines that the introduction of any Law regarding capital adequacy or liquidity requirements or any change therein or in the interpretation thereof, in each case after the Closing Date, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender's obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender's desired return on capital), then from time to time promptly following written demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction within 15 Business Days after receipt of such demand.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent not otherwise included in the determination of the Eurocurrency Rate, each Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount of each applicable Eurocurrency Rate Loan of such Borrower equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of any Eurocurrency Rate Loans of such Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest is payable on such Loan; *provided* that such Borrower shall have received at least 15 Business Days' prior written notice (with a copy to the Administrative Agent and the Revolving Agent, if applicable) of such additional interest or cost from such Lender. If a Lender fails to give notice 15 Business Days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable 15 Business Days from receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section 3.04</u> shall not constitute a waiver of such Lender's right to demand such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender requests compensation under this <u>Section 3.04</u>, then such Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan or Letter of Credit affected by such event or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates; *provided* that such efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; *provided*, *further*, that nothing in this <u>Section 3.04(e)</u> shall affect or postpone any of the Secured Obligations of the Borrowers or the rights of such Lender pursuant to <u>Section 3.04(a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u>.

Section 3.05. <u>Funding Losses</u>.

Promptly following written demand of any Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (excluding loss of profits) actually incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan of such Borrower on a day other than the last day of the Interest Period for such Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Eurocurrency Rate Loan of such Borrower on the date or in the amount notified by such Borrower;

including, in the case of clauses <u>(a)</u> and <u>(b)</u>, any loss or expense (excluding loss of profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

------

Section 3.06. <u>Matters Applicable to All Requests for Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Recipient claiming compensation under this <u>Article III</u> shall deliver a certificate to the Borrower (with a copy to the Administrative Agent and the Revolving Agent, if applicable) setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Recipient may use any reasonable and customary averaging and attribution methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Recipient's claim for compensation under <u>Section 3.01</u>, <u>3.02</u>, <u>3.03</u>, <u>3.04</u> or <u>3.05</u>, the Borrowers shall not be required to compensate such Recipient for any amount incurred if such Lender notifies the Borrower of the event that gives rise to such claim more than 180 days after such event; *provided*, that if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Recipient requests compensation by the Borrowers under <u>Section 3.04</u>, the Borrowers may, by notice to such Recipient (with a copy to the Administrative Agent and the Revolving Agent, if applicable), suspend the obligation of such Recipient to make or continue from one Interest Period to another applicable Eurocurrency Rate Loan, or, if applicable, to convert Base Rate Loans into Eurocurrency Rate Loan, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of <u>Section 3.06(c)</u> shall be applicable); *provided* that such suspension shall not affect the right of such Recipient to receive the compensation so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the obligation of any Lender to make or continue any Eurocurrency Rate Loan, or to convert Base Rate Loans into Eurocurrency Rate Loans shall be suspended pursuant to <u>Section 3.06(b)</u> hereof, such Lender's applicable Eurocurrency Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day(s) of the then current Interest Period(s) for such Eurocurrency Rate Loans (or, in the case of an immediate conversion required by <u>Section 3.02</u>, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to such conversion no longer exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such Lender's Eurocurrency Rate Loans have been so converted, all payments and prepayments of principal that would otherwise be applied to such Lender's applicable Eurocurrency Rate Loans shall be applied instead to its Base Rate Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted into Eurocurrency Rate Loans shall remain as Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender gives notice to the Borrowers (with a copy to the Administrative Agent and the Revolving Agent, if applicable) that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to the conversion of any of such Lender's Eurocurrency Rate Loans pursuant to this <u>Section 3.06</u> no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such Lender's Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency Rate Loans under such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments for the applicable Facility.

------

Section 3.07. <u>Replacement of Lenders under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time (i) any Borrower becomes obligated to pay additional amounts or indemnity payments described in <u>Section 3.01</u> or <u>3.04</u> as a result of any condition described in such Sections or any Lender ceases to make any Eurocurrency Rate Loans as a result of any condition described in <u>Section 3.02</u> or <u>3.04</u> or requires any Borrower to pay additional amounts as a result thereof, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender (including by virtue of such Lender refusing to make an Extension Election pursuant to <u>Section 2.16</u>, a Refinancing Amendment pursuant to <u>Section 2.15</u> or a Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan pursuant to <u>Section 10.01</u>), then the Borrower may, on written notice to the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to <u>Section 10.07(b)</u> (so long as the assignment fee is paid in such instance) all of its rights and obligations under this Agreement (which, in the case of <u>clause (iii)</u>, shall only apply in respect of any applicable Facility to which the consent, waiver or amendment in question relates and not to any other Facility hereunder) to one or more Eligible Assignees; *provided* that neither the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; *provided*, *further*, that (A) in the case of any such assignment resulting from a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents, (y) terminate the Commitment of such Lender or L/C Issuer, as the case may be, and/or (z) in the case of such Lender (other than an L/C Issuer), repay all Obligations of the Borrowers due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of an L/C Issuer, repay all Obligations of the Borrowers owing to such L/C Issuer relating to the Loans and participations held by such L/C Issuer as of such termination date and cancel or back-stop on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; *provided* that (I) in the case of any such termination of the Revolving Credit Commitment of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders after giving effect hereto) to cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and (II) such termination shall be in respect of any applicable facility (and not all Facilities hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender being replaced pursuant to <u>Section 3.07(a)</u> above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's applicable Commitment and outstanding Loans and participations in L/C Obligations in respect thereof, and (ii) deliver any Notes evidencing such Loans to the Borrowers or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans). Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitment and outstanding Loans and participations in L/C Obligations, (B) all obligations of the Borrowers owing to the assigning Lender relating to the Loans, Commitments and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Lender does not execute and deliver to the Administrative Agent and the Revolving Agent, if applicable, a duly executed Assignment and Assumption reflecting such replacement within five Business

------

Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to such Lender, then such Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Lender. Notwithstanding the foregoing, in addition if a Non-Consenting Lender is being replaced in connection with any Extension Amendment, Refinancing Amendment, Permitted Repricing Amendment or amendment effecting a Replacement Term Loan, the Borrower shall have the option, with the consent of the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and subject to advance notice (which notice may be rescinded if the Refinancing or replacement transaction contemplated in such notice is not consummated) to such Non-Consenting Lenders, in lieu of execution of an Assignment and Assumption as otherwise provided for in this clause (b), effect such assignment by purchasing any such Non-Consenting Lender's Loans (which shall be automatically cancelled upon consummation of such acquisition) and unfunded Commitments at par plus any amount required to be paid pursuant to <u>Section 2.05(d)</u> (solely for failure to consent to a Repricing Transaction) (allocated among the applicable Lenders in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon (and, if applicable, any amounts payable pursuant to clause (e) of this Section). By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained above, any Revolving Credit Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder, unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a back-stop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or Cash Collateral) have been made in respect of such outstanding Letters of Credit and the Lender that acts as the Revolving Agent may not be replaced hereunder except in accordance with the terms of <u>Section 9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that (i) the Borrower or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan, (ii) the consent, waiver or amendment in question requires the agreement of each affected Lender or each Lender of a Class in accordance with the terms of <u>Section 10.01</u> or each directly and adversely affected Lender and (iii) the Required Lenders (or, in lieu of the Required Lenders, in the case of a consent, waiver or amendment involving all of a directly and adversely affected Class of Lenders (including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan), at least 50.1% (in dollar amount) of such Class (in lieu of any requirement to obtain the consent of the Required Lenders)) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> above the Borrower shall pay to such replaced Lender the prepayment premium required to be paid pursuant to <u>Section 2.05(d)</u> only if applicable at the time replaced in respect of the aggregate principal amount of the Initial Term Loans, Delayed Draw Term Loans and<u>,</u> 2020 <u>Delayed Draw Term Loans and 2021</u> Delayed Draw Term Loans held by such replaced Lender immediately prior to such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This <u>Section 3.07</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

------

Section 3.08. <u>Survival</u>.

Each party's obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments and repayment of all other Secured Obligations hereunder.

**ARTICLE IV.** 

**<u>CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</u>**

Section 4.01. <u>Conditions to Initial Credit Extension</u>.

The obligation of each Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction (or waiver) of the following conditions precedent, except as otherwise agreed between the Borrower and the Commitment Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent's receipt of the following, each of which shall be original, pdf or facsimile copies or delivered by other electronic method (followed promptly by originals) unless otherwise specified, properly executed by a Responsible Officer of the signing Loan Party, and in customary form and substance and consistent with the provisions of the Commitment Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Committed Loan Notice in accordance with the requirements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) counterparts of this Agreement executed by Holdings, the Borrower and each of the Subsidiary Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Revolving Credit Note executed by the Borrowers in favor of each Revolving Credit Lender and a Term Note executed by the Borrowers in favor of each Term Lender that has requested a Term Note at least three Business Days in advance of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Collateral Document and each other document set forth in <u>Schedule 1.01B</u> required to be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party party thereto, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if required pursuant to the terms of the relevant Collateral Documents, certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments, if any, evidencing the Pledged Debt indorsed in blank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of good standing (to the extent such concept exists in the relevant jurisdiction) from the applicable secretary of state of the state of organization of each Loan Party, certificates of resolutions or other corporate or limited liability company action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) opinions from (A) Kirkland & Ellis LLP, New York counsel to the Loan Parties, (B) Holland & Knight LLP, North Carolina and Florida counsel to the Loan Parties and (C) Ballard Spahr LLP, Maryland counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (immediately after giving effect to the Transactions) substantially in the form attached hereto as <u>Exhibit D-2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate stating that the conditions set forth in Section 4.01 (b), and (g) (in the case of clause (g), as to the Specified Representations) have been satisfied.

*provided* that each of the requirements set forth in <u>clause (iv)</u> above, including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement (except to the extent that the provision of a guarantee from TCFI or any of its Subsidiaries and/or the creation or perfection of a Lien on the Collateral cannot be provided (other than a Lien on such Collateral that may be perfected solely (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates or other certificates, if any, of the Equity Interests of the Borrower to the extent (i) possession of such stock certificates or other certificates perfects a security interest therein and (ii) other than in the case of stock certificates or other equity certificates representing Equity Interests of the Borrower (after giving effect to the Acquisition), such stock certificates or other certificates have been received from the Seller after the Borrower's use of commercially reasonable efforts to receive such documents and instruments)) shall not constitute conditions precedent to any Credit Extension on the Closing Date after the Borrower's use of commercially reasonable efforts to provide such items on or prior to the Closing Date or without undue burden or expense if the Borrower agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within five (5) Business Days with regards to a guarantee from TCFI or its Subsidiaries, and, in all other cases 90 days after the Closing Date (subject to extensions approved by the Required Lenders in their reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to or substantially concurrently with the initial Borrowing on the Closing Date, the Initial Borrower shall have received the Equity Contribution (to the extent not otherwise applied to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Substantially concurrently with the initial Borrowing on the Closing Date, the Refinancing shall have been consummated and all security interests and guarantees in connection therewith shall have been terminated and released. Substantially concurrently with the initial Borrowing on the Closing Date, the Acquisition shall be consummated in all material respects in accordance with the terms of the Purchase Agreement, without giving effect to any other amendments or modifications to the provisions thereof or express waivers or consents thereto by the Borrower that, in each case, are materially adverse to the interests of the Lenders without the consent of the Lenders, such consent not to be unreasonably withheld, conditioned or delayed (it being understood and agreed that (i) any of the following decreases in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders (x) decreases pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement, as in effect on the date hereof (y) decreases of less than twenty percent (20%) in the aggregate and (z) decreases to the extent they are applied first, to reduce the Equity Contribution to a percentage not less than the minimum percentage set forth in the definition of "Equity Contribution" and second, to reduce the amount of the Initial Term Commitments and the Equity Contribution on a pro rata basis, (ii) any increase in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders so long as funded with proceeds of common equity or preferred equity that does not constitute Disqualified Equity Interests, the Initial Revolving Borrowing or cash on hand at TCFI and its Subsidiaries and (iii) any adverse modification to the definition of "Material Adverse Effect" (as defined

------

therein) without the prior written consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned) shall be deemed to be materially adverse to the interests of the Commitment Parties); provided that in each case the Commitment Parties shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within 3 business days of receipt of written notice of such modification, amendment, consent or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of the Purchase Agreement, there shall not have been any "Material Adverse Effect" (as defined in the Purchase Agreement as of February 18, 2020).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) So long as requested at least ten (10) business days prior to the Closing Date, (x) each Agent and each Lender shall have received, at least three (3) business days prior to the Closing Date, all documentation and other information with respect to Borrowers and the Guarantors that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and (y) each Loan Party shall deliver, at least three (3) business days prior to the Closing Date, to each Agent and each Commitment Party a Beneficial Ownership Certification, in form and substance reasonably requested by such Commitment Party, duly authorized, executed and delivered by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All fees and expenses required to be paid hereunder and invoiced at least three Business Days before the Closing Date shall have been paid (or shall be paid substantially contemporaneously with the initial fundings under the Facilities) from the proceeds of the initial fundings under the Facilities, including fees pursuant to the Commitment Letter and the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Specified Representations shall be true and correct in all material respects (or, in the case of any such representation or warranty that is already qualified by or subject to a "Material Adverse Effect" or similar term or qualification, in all respects) on and as of the Closing Date; *provided* that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; *provided, further*, that any references to Material Adverse Effect in the Specified Representations shall be deemed to be references to "Material Adverse Effect" (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The representations and warranties made by or with respect to TCFI in the Purchase Agreement that are material to the interests of the Lenders shall be true and correct in all material respects, but only to the extent that the Borrower or its applicable affiliates have the right (determined without regard to any notice provisions but taking into account any applicable cure provisions) to terminate their obligations under the Purchase Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties (such representations and warranties, the "<u>Specified Purchase Agreement Representations</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent and the Revolving Agent shall have received the Annual Financial Statements and the Interim Financial Statements.

Without limiting the generality of the provisions of <u>Section 9.03(b)</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement or accepts an assignment of Loans or Commitments on or after the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent or the Revolving Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

------

Section 4.02. <u>Conditions to All Credit Extensions after the Closing Date</u>.

The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to satisfaction or waiver of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of each Loan Party set forth in <u>Article V</u> and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; <u>provided</u>, that in the case of a Delayed Draw Term Loan or<u>,</u> 2020 <u>Delayed Draw Term Loan or 2021</u> Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, the condition in this 4.02(a) shall be limited to the Specified Representations being true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such Specified Representations expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom (or, in the case of any Delayed Draw Term Loan or<u>,</u> 2020 Delayed Draw Term <u>Loan or 2021 Delayed Draw Term</u> Loan incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Delayed Draw Term Loans or<u>,</u> such 2020 <u>Delayed Draw Term Loans or such 2021</u> Delayed Draw Term Loans are actually funded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent or the Revolving Agent, as applicable, and, if applicable, the relevant L/C Issuers shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) submitted by any Borrower after the Closing Date shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension (or on the LCT Test Date, if applicable).

Notwithstanding anything in this <u>Section 4.02</u> to the contrary, (i) the effectiveness of any Incremental Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.14(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Incremental Amendment, (ii) the effectiveness of any Refinancing Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.15(b)</u> and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment, (iii) the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.16(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Extension Amendment and (iv) the effectiveness of any amendment with respect to Replacement Term Loans shall be subject only to the conditions precedent set forth in <u>Section 4.02(a)</u>, the absence of any Event of Default and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment.

------

Section 4.03. <u>Additional Conditions to the Delayed Draw Term Loans</u>.

The obligation of each Delayed Draw Lender to honor any Request for Credit Extension that is a Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such Delayed Draw Term Loans being requested to be borrowed on any Delayed Draw Funding Date, together with the original principal amount of any Delayed Draw Term Loans previously funded, shall not exceed the Delayed Draw Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.00 to 1.00 for any Delayed Draw Term Loan incurred during the first full four Fiscal Quarters after the Closing Date and 4.50 to 1.00 on any date of incurrence thereafter.

Section 4.04. <u>Additional Conditions to the 2020 Delayed Draw Term Loans</u>.

The obligation of each 2020 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2020 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such 2020 Delayed Draw Term Loans being requested to be borrowed on any 2020 Delayed Draw Term Loan Funding Date, together with the original principal amount of any <u>2020</u> Delayed Draw Term Loans previously funded, shall not exceed the 2020 Delayed Draw Term Loan Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such 2020 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such 2020 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.50 to 1.00 for any 2020 Delayed Draw Term Loan incurred on or prior to June 30, 2021, and 5.00 to 1.00 on any date of incurrence thereafter; provided that with respect to any Borrowing of the 2020 Delayed Draw Term Loans on the Amendment No. 1 Effective Date, the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) shall not exceed 5.25 to 1.00.

<u>Section 4.05. Additional Conditions to the 2021 Delayed Draw Term Loans.</u>

<u>The obligation of each 2021 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2021 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the satisfaction or waiver of the further conditions that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) The maximum principal amount of such 2021 Delayed Draw Term Loans being requested to be borrowed on any 2021 Delayed Draw Term Loan Funding Date, together with the original principal</u> <u>amount of any 2021 Delayed Draw Term Loans previously funded, shall not exceed the 2021 Delayed Draw Term Loan Commitments.</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) After giving *pro forma* effect to the incurrence of such 2021 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with Section 1.09), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with Section 1.09, excluding the cash proceeds (if any) of any such 2021 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 6.00 to 1.00 for any 2021 Delayed Draw Term Loan incurred on or prior to May 7, 2022, and 5.50 to 1.00 on any date of incurrence thereafter.</u>

**ARTICLE V.** 

**<u>REPRESENTATIONS AND WARRANTIES</u>**

Holdings, the Borrower and each of the Subsidiary Guarantors party hereto represent and warrant to the Agents and the Lenders at the time of each Credit Extension (to the extent required to be made for such Credit Extension pursuant to <u>Article IV</u>; *provided* that, for purposes of the initial Credit Extensions on the Closing Date, such representations and warranties shall be limited to the Specified Representations) that:

Section 5.01. <u>Existence, Qualification and Power; Compliance with Laws</u>.

Each Loan Party and each Restricted Subsidiary that is a Material Subsidiary (a) is a Person duly incorporated, organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, organization or formation to the extent such concept exists in such jurisdiction, (b) in the case of the Loan Parties, has all requisite organizational power and authority to execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case, referred to in <u>clauses (a)</u> (other than with respect to the Borrower), <u>(c)</u>, <u>(d)</u> or <u>(e)</u>, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

Section 5.02. <u>Authorization; No Contravention</u>.

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such Person's Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by <u>Section 7.01</u>), or require any payment to be made under) (x) any Contractual Obligation to which such Person is a party or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; except with respect to any violation, conflict, breach or contravention or payment (but not creation of Liens) referred to in <u>clauses (ii)</u> and <u>(iii)</u>, to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

------

Section 5.03. <u>Governmental Authorization</u>.

No material approval, consent, exemption, authorization, or other action by, notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, the perfection (if and to the extent required by the Collateral and Guarantee Requirement) or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) approval, consent, exemption, authorization, or other action by, or notice to, or filing necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (or release existing Liens) under applicable U.S. law, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in be in full force and effect pursuant to the Collateral and Guarantee Requirement), (iii) filings pursuant to the Assignment of Claims Act of 1940, as amended from time to time (31 U.S.C. § 3727 et seq.), in respect of Accounts and contracts of the Borrower and its Subsidiaries, the obligor in respect of which is the United States of America or any department, agency or instrumentality thereof or (iv) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

Section 5.04. <u>Binding Effect</u>.

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties or (iii) the effect of foreign Laws, rules and regulations as they relate to the granting of security interests in assets of, and pledges of Equity Interests in or Indebtedness owed by, Foreign Subsidiaries (<u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, the "**Enforcement Qualifications**").

Section 5.05. <u>No Material Adverse Effect</u>.

Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

Section 5.06. <u>Litigation</u>.

Except as set forth in <u>Schedule 5.06</u>, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues (other than actions, suits, proceedings and claims in connection with the Transactions) that have a reasonable likelihood of adverse determination and such determination either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

------

Section 5.07. <u>Ownership of Real Property; Liens</u>.

<u>Schedule 5.07</u> hereto sets forth all Real Property owned by the Borrower and each of its Restricted Subsidiaries as of the Closing Date (including whether or not any such Real Property constitutes a Material Real Property). The Borrower and each of its Restricted Subsidiaries has good and marketable fee simple title to, or valid leasehold interests in, or valid easements or other rights to use in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except (a) defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes, (b) Liens permitted by <u>Section 7.01</u> or (c) where the failure to have such title could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.08. <u>Environmental Matters</u>.

Except as specifically disclosed in <u>Schedule 5.08</u> or except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party is in material compliance with all Environmental Laws, which includes obtaining and maintaining all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loan Parties have not received any written notice that alleges any of them is in violation of or potentially liable under any Environmental Laws and none of the Loan Parties nor any of the Real Property is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened in writing, under any Environmental Law or to revoke or modify any Environmental Permit held by any of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities owned, operated or leased by any of the Loan Parties, or, to the knowledge of the Borrower, Real Property formerly owned, operated or leased by any Loan Party or arising out of the conduct of the Loan Parties that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup or could reasonably be expected to result in the any Loan Party incurring liability under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there are no facts, circumstances or conditions arising out of or relating to the operations of the Loan Parties or Real Property or facilities owned, operated or leased by any of the Loan Parties or, to the knowledge of the Borrower, any Real Property or facilities formerly owned, operated or leased by the Loan Parties that could reasonably be expected to result in any Loan Party incurring liability under Environmental Laws.

Section 5.09. <u>Taxes</u>.

Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Restricted Subsidiaries have timely filed all tax returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, income, profits or assets, that are due and payable (including in their capacity as a withholding agent), except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. To the knowledge of the Loan Parties, there is no proposed Tax deficiency or assessment against the Loan Parties that, if made would, individually or in the aggregate, have a Material Adverse Effect.

------

Section 5.10. <u>ERISA Compliance</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due under Section 4007 of ERISA), including on account of an ERISA Affiliate; (iii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability, including on account of an ERISA Affiliate (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party, Restricted Subsidiary nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA; except, with respect to each of the foregoing clauses of this <u>Section 5.10(b)</u>, as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

Section 5.11. <u>[Reserved]</u>.

Section 5.12. <u>Margin Regulations; Investment Company Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation T, U or X of the Board of Governors of the United States Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Borrower, Holdings or any of their Restricted Subsidiaries is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

Section 5.13. <u>Disclosure</u>.

As of the Closing Date, no written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party on or prior to the Closing Date concerning Holdings and (to the knowledge of the Initial Borrower with respect to information of TCFI and its Subsidiaries prior to the Closing Date) the Initial Borrower and its Subsidiaries or the Transactions (other than projected financial information, *pro forma* financial information, budgets, estimates, other forward-looking statements and information of a general economic or industry nature) to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement on or prior to the Closing Date (as modified or supplemented by other information so furnished) when taken as a whole and as supplemented contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to written projected financial information and *pro forma* financial information furnished by or on behalf of the Initial Borrower on or prior to the Closing Date concerning Holdings, the Borrower and its Subsidiaries or the Transactions, the Initial Borrower represents that, as of the Closing Date, such written information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was furnished, it being understood that such projected financial information and *pro forma* financial information are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries, and that actual results may vary from such forecasts and that such variations may be material and that no assurance can be given that the projected results will be realized.

------

Section 5.14. <u>Labor Matters</u>.

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) within the past three (3) years, hours worked by and payment made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws dealing with such matters; and (c) within the past three (3) years, all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party.

Section 5.15. <u>Intellectual Property; Licenses, Etc.</u>

The Borrower and its Restricted Subsidiaries own, or license or possess the right to use, all Intellectual Property that is reasonably necessary for the operation of their respective businesses as currently conducted, except to the extent the failure to own, or license or possess the right to use, such Intellectual Property, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower and its Restricted Subsidiaries as currently conducted (including the use of Intellectual Property) does not infringe upon any Intellectual Property held by any Person, except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual Property owned by Borrower or its Restricted Subsidiaries, is pending or, to the knowledge of the Borrower, threatened against any Loan Party or any of the Restricted Subsidiaries (other than office actions issued in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual Property, which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect).

All registrations listed in Section II.B of the Perfection Certificate are valid and in full force and effect, except, in each case, to the extent failure to be valid or in full force and effect could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.16. <u>Solvency</u>.

On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

Section 5.17. <u>[Reserved]</u>.

Section 5.18. <u>USA Patriot Act; OFAC; FCPA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) None of Holdings, the Borrower, any Restricted Subsidiary nor, to the knowledge of the Borrower, any director or officer of Holdings, the Borrower or any Restricted Subsidiary is the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") and (ii) the Borrower will not, directly or knowingly indirectly (x) use the proceeds of the Loans or (y) otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person, that is the subject of any U.S. sanctions administered by OFAC, or in any country that is the subject of comprehensive U.S. sanctions administered by OFAC, except to the extent licensed or otherwise approved or exempted by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No part of the proceeds of the Loans will be used by Holdings or its Subsidiaries, directly or knowingly indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>").

Section 5.19. <u>Security Documents.</u>

Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents (including the delivery to the Collateral Agent of any Pledged Debt and any Pledged Equity required to be delivered pursuant hereto or pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, a legal, valid, enforceable and perfected Lien on all right, title and interest of the respective Loan Parties in the Collateral described therein (to the extent that a Lien may be perfected by such filings and other actions) subject to the Enforcement Qualifications and Liens permitted by <u>Section 7.01</u>.

Notwithstanding anything herein (including this <u>Section 5.19</u>) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest (other than with respect to those pledges and security interests (if any) made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary) in any Equity Interests or assets of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law, (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or (C) on the Closing Date and until required pursuant to <u>Section 6.13</u> or <u>4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>), the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge or security interest to the extent not required on the Closing Date pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>).

**ARTICLE VI.** 

**<u>AFFIRMATIVE COVENANTS</u>** 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent obligations not yet due and owing) hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then after the Closing Date, Holdings (solely in the case of <u>Sections 6.05</u>, <u>6.11</u> and <u>6.13</u>) and the Borrower shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u> and <u>6.03</u>) cause each of its respective Restricted Subsidiaries to:

------

Section 6.01. <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 150 days after the end of the fiscal year ending on December 31, 2020 and 135 days after the end of each subsequent fiscal year, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders' equity and cash flows for such fiscal year, setting forth in each case beginning with the financial statements for the fiscal year ending on December 31, 2021 in comparative form the figures for the previous fiscal year, all in reasonable detail (together with, in all cases, customary management discussion and analysis) and prepared in accordance with GAAP (except as noted therein), audited and accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Agents (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 45 days (or 60 days in the case of the fiscal quarters ending on June 30, 2020, September 30, 2020 and March 31, 2021) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower beginning with the Fiscal Quarter ending on June 30, 2020, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the fiscal year then ended, setting forth, in each case beginning with the fiscal quarter ending on March 31, 2021, in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail (together with, in all cases, beginning with the fiscal quarter ending on March 31, 2021, customary management discussion and analysis) and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP (except as noted therein), subject only to normal year-end audit adjustments and the absence of footnotes; *provided* that, any change in GAAP (or relevant pronouncements) or in the application thereof (including through conforming changes made consistent with IFRS) shall not be required to be reflected in the financial statements delivered pursuant to this <u>Section 6.01(b)</u> until after such changes are reflected in the audited financial statements most recently delivered pursuant to <u>Section 6.01(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to a Qualified IPO, deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, no later than 150 days after the end of the fiscal year ending on December 31, 2020 and within 135 days after the end of each subsequent fiscal year, a detailed consolidated budget for the following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the "**Projections**"), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by the Borrower to be reasonable at the time such Projections were furnished, it being understood that such Projections are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies many of which are beyond the control of the Borrower and its Restricted Subsidiaries, and that actual results may vary from such Projections and that such variations may be material and that no assurance can be given that the projected results will be realized; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deliver to the Administrative Agent and the Revolving Agent with each set of consolidated financial statements referred to in <u>Sections 6.01(a)</u> and <u>6.01(b)</u>, the related consolidating financial information reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which are not required to be audited and may be in footnote form only) from such consolidated financial information.

Notwithstanding the foregoing, the obligations in <u>Sections 6.01(a)</u> and <u>(b)</u> may be satisfied with respect to financial information of the Borrower and its Restricted Subsidiaries by furnishing (I) the applicable financial statements of Holdings (or any direct or indirect parent of the Borrower) or (II) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable filed with the SEC; *provided* that, with respect to <u>clauses (I)</u> and <u>(II)</u>, (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under <u>Section 6.01(a)</u>, such materials are accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Administrative Agent and the Revolving Agent (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>)).

Any financial statement required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> shall not be required to include purchase accounting or recapitalization accounting adjustments relating to the Transactions or any Permitted Acquisition or other permitted Investment to the extent it is not practicable to include them.

Documents required to be delivered pursuant to <u>Sections 6.01</u> and <u>6.02(a)</u> through <u>(d)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the website address listed on <u>Schedule 10.02</u>; or (ii) on which such documents are posted on the Borrower's behalf on IntraLinks or another relevant website, if any, to which each Lender and each Agent have access; *provided* that (i) upon written request by the Administrative Agent or the Revolving Agent, the Borrower shall deliver paper copies of such documents to such Agent for further distribution to each Appropriate Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent and the Revolving Agent of the posting of any such documents and provide to such Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Notwithstanding anything contained herein, in every instance, the Borrower shall be required to provide paper copies of the Compliance Certificates required by <u>Section 6.02(a)</u> to the Administrative Agent and the Revolving Agent (which may be electronic copies delivered via electronic mail). Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Agents and maintaining its copies of such documents.

------

The Borrower hereby acknowledges that the Agents will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on IntraLinks or another similar electronic system (the "**Platform**").

Section 6.02. <u>Certificates; Other Information</u>.

Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings, the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent and the Revolving Agent pursuant to any other clause of this <u>Section 6.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) together with the delivery of each Compliance Certificate pursuant to <u>Section 6.02(a)</u>, (i) a description of each event, condition or circumstance during the last fiscal year covered by such Compliance Certificate requiring a mandatory prepayment under <u>Section 2.05(b)</u> (to the extent notice of such event, condition or circumstance has not been previously furnished to the Administrative Agent), (ii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate (to the extent that there have been any changes in the identity or status as a Restricted Subsidiary or Unrestricted Subsidiary of any such Subsidiaries since the Closing Date or the most recent list provided) and (iii) a list of any additional registrations of Intellectual Property constituting Collateral of all Grantors (as defined in the Security Agreement) for such fiscal year not previously disclosed to the Administrative Agent and the Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly following any request therefor, (i) such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as any Agent or any Lender through the Administrative Agent or the Revolving Agent may from time to time reasonably request and (ii) solely in connection with the designation of a new Borrower pursuant to Section 2.18(f) information and documentation reasonably requested by any Agent or any Lender through the Administrative Agent or the Revolving Agent for purposes of compliance with applicable "know your customer" requirements under the PATRIOT Act or other applicable anti-money laundering laws.

In no event shall the requirements set forth in <u>Section 6.02(d)</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

------

Section 6.03. <u>Notices</u>.

Promptly after a Responsible Officer of the Borrower or any Subsidiary Guarantor has obtained knowledge thereof, notify each Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Event of Default (except to the extent the Administrative Agent or the Collateral Agent shall have previously furnished to the Borrower written notice of such Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the occurrence of an ERISA Event which could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to be adversely determined and, if so determined, could reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the occurrence of any environmental contamination or violation that could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this <u>Section 6.03</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to <u>Section 6.03(a)-(d)</u> (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. In no event shall the requirements set forth in <u>Section 6.03</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.04. <u>Payment of Taxes</u>.

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of material Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent (a) any such Tax is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (b) the failure to pay or discharge the same would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.05. <u>Preservation of Existence, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of <u>Section 6.05(a)</u> (other than with respect to the Borrower) or this <u>Section 6.05(b)</u>, to the extent (i) that failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by <u>Article VII</u>.

------

Section 6.06. <u>Maintenance of Properties</u>.

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect (a) all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted and (b) all of the Intellectual Property owned by it that are necessary, as reasonably determined in the Borrower's business judgment, for the operation of its business as currently conducted.

Section 6.07. <u>Maintenance of Insurance</u>.

Maintain with insurance companies that the Borrower believes (in the good faith judgment of its management) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons. The Borrower shall provide to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent: (i) not later than 10 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Collateral Agent shall reasonably agree), in the case of insurance obtained after the Closing Date), (x) evidence that adequate insurance required to be maintained under this Agreement (including without limitation, casualty and liability insurance, but excluding business interruption insurance, director and officer insurance and worker's compensation insurance and other policies as agreed by the Required Lenders in their reasonable discretion) is in full force and effect and (y) insurance certificates issued by the Loan Parties' insurance broker containing such information regarding such insurance policies as the Collateral Agent or the Required Lenders shall reasonably request and naming the Collateral Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (ii) not later than 45 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Required Lenders shall reasonably agree), in the case of casualty and liability insurance obtained after the Closing Date), loss payable endorsements that name the Collateral Agent, on behalf of the Secured Parties, as loss payee thereunder. If the improvements on any Mortgaged Property are at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then, to the extent required by applicable Flood Insurance Laws, the Borrower shall, or shall cause each Loan Party to, as promptly as reasonably practicable, (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount reasonably satisfactory to the Required Lenders and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Collateral Agent evidence of such compliance.

Section 6.08. <u>Compliance with Laws</u>.

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property (including, without limitation USA Patriot Act, OFAC and FCPA), except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

------

Section 6.09. <u>Books and Records</u>.

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries may maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).

Section 6.10. <u>Inspection Rights</u>.

Permit representatives and independent contractors of each of the Administrative Agent and the Revolving Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants' customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower, it being agreed that, while the provisions of this <u>Section 6.10</u> are for the benefit of the Agents and the Lenders, only the Administrative Agent and the Revolving Agent on behalf of the Lenders may exercise rights under this <u>Section 6.10</u>; *provided* that each such Agent shall not exercise such rights more often than one time during any calendar year and such time shall be at the Borrower's expense; *provided*, *further*, that during the continuation of an Event of Default, any such Agent (or any of its respective representatives or independent contractors), on behalf of the Lenders, may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Applicable Agent shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. Notwithstanding anything to the contrary in this <u>Section 6.10</u>, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or any Contractual Obligation (not created in contemplation thereof) or (c) is subject to attorney-client or similar privilege or constitutes attorney work product.

Section 6.11. <u>Additional Collateral; Additional Guarantors</u>.

At the Borrower's expense, subject to the terms, conditions and provisions of the Collateral and Guarantee Requirement and any applicable limitation in any Collateral Document, take all action necessary or reasonably requested by the Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the formation or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary) by any Loan Party or the designation in accordance with <u>Section 6.14</u> of any existing direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary (in each case, other than an Excluded Subsidiary) or any Subsidiary becoming a wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 60 days after such formation, acquisition or designation, or such longer period as the Collateral Agent may agree in writing in its discretion:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Collateral Agent, other than with respect to any Excluded Assets, a Guarantor Joinder Agreement, Security Agreement Supplements, Intellectual Property Security Agreements and other security agreements and documents as reasonably requested by and in form and substance reasonably satisfactory to the Collateral Agent (consistent with the Mortgages (if any), Security Agreement, Intellectual Property Security Agreements and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated and a security interest therein may be perfected by the delivery of such certificates) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement and each direct or indirect parent of such Material Domestic Subsidiary to take whatever action (including the recording of Mortgages, the filing of UCC financing statements and delivery of stock and membership interest certificates to the extent certificated) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent a signed copy of an opinion, addressed to the Collateral Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Collateral Agent as to such matters set forth in this <u>Section 6.11(a)</u> as the Collateral Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after the written request therefor by the Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property (as determined by the Borrower (acting reasonably and in good faith)) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, any existing title reports, abstracts, appraisals or environmental assessment reports, to the extent available and in the possession or control of the Borrower; *provided*, *however*, that there shall be no obligation to deliver to the Collateral Agent any environmental assessment report whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property that would constitute Collateral of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement, but not specifically covered by the preceding <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> or <u>Section 6.11(b)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than one hundred twenty (120) days after the acquisition by any Loan Party of Material Real Property as determined by the Borrower (acting reasonably and in good faith) (or such longer period as the Collateral Agent may agree in writing in its reasonable discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

Section 6.12. <u>Compliance with Environmental Laws</u>.

Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and properties; and (c) in each case to the extent the Loan Parties are required by Governmental Authorities or otherwise pursuant to Environmental Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

Section 6.13. <u>Further Assurances; Post-Closing Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly upon reasonable request by the Collateral Agent (i) correct any mutually identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement and subject in all respects to the limitations therein. If the Collateral Agent reasonably determines that it is required by applicable Law to have appraisals prepared in respect of the Real Property of any Loan Party subject to a mortgage constituting Collateral, the Borrower shall cooperate with the Collateral Agent such that the Collateral Agent is able to order appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.13(b)</u>, in each case within the time limits specified therein (or such longer period of time reasonably acceptable to the Collateral Agent and the Required Lenders).

------

Section 6.14. <u>Designation of Subsidiaries</u>.

The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that, immediately after such designation, no Event of Default shall have occurred and be continuing and no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Junior Financing. As of the Closing Date, the Restricted Subsidiaries are set forth on <u>Schedule 6.14</u>. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined in good faith by the Borrower of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a Return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined in good faith by the Borrower at the date of such designation. Notwithstanding anything to the contrary contained herein, in no event shall (1) any Restricted Subsidiary that holds any Equity Interests in any Restricted Subsidiary (unless such Restricted Subsidiary is included in the designation pursuant to this Section 6.14), (2) the Borrower, in each case, be designated as an Unrestricted Subsidiary or (3) immediately after giving effect to any such designation or redesignation of a Restricted Subsidiary to an Unrestricted Subsidiary, such Unrestricted Subsidiary account for more than 7.5% of Trailing Four Quarter Consolidated EBITDA or 7.5% of the fair market value of the total assets of the Borrower and its Subsidiaries, in each case as of the applicable date of designation or redesignation.

Section 6.15. <u>Cash Management</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within one hundred twenty (120) days of the Closing Date (or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall have established their primary domestic deposit accounts with the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one hundred twenty (120) days of the Closing Date or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall deliver to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, a deposit account control agreement with respect to each deposit account of the Loan Parties (other than an Excluded Account), duly authorized, executed and delivered by the applicable Loan Party, the applicable bank and the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Cash Dominion Event, the Revolving Agent shall have the sole and exclusive right to direct, and is hereby authorized to give instructions pursuant to any deposit account control agreement directing, the disposition of funds in all domestic deposit accounts of the Loan Parties (other than Excluded Accounts) either maintained with Revolving Agent and/or subject to a deposit account control agreement to the Revolving Agent at such intervals as the Revolving Agent shall elect, to a deposit account maintained by the Revolving Agent at Revolving Agent, which such funds may be applied by Revolving Agent to repay the Revolving Loans (without a corresponding reduction in the Revolving Credit Commitments) and, if permitted hereby, to Cash Collateralize outstanding Letters of Credit.

Section 6.16. <u>Use of Proceeds</u>.

Use the proceeds of (a) the Initial Term Loans to finance a portion of the Transactions (including working capital and/or purchase price adjustments and the payment of the Transaction Expenses, upfront fees and OID with respect to the Facilities) and for working capital and general corporate purposes, (b) the Term Loans (other than Initial Term Loans and the Delayed Draw Term Loans), Revolving Loans and the Letters of Credit issued hereunder, for general corporate purposes and working capital of the Borrower and

------

its Subsidiaries and any other purpose not prohibited by this Agreement including Permitted Acquisitions, other Investments, Capital Expenditures and Restricted Payments; *provided* that the proceeds of the Revolving Loans made on the Closing Date shall be used as set forth in the definition of "Permitted Initial Revolving Credit Borrowing Purposes" and (c) the Delayed Draw Term Loans and<u>,</u> the 2020 <u>Delayed Draw Term Loans and the 2021</u> Delayed Draw Term Loans to (i) finance Permitted Acquisitions and other Investments not prohibited by this Agreement, including, for the avoidance of doubt, deferred consideration (including earn-outs, seller notes, holdbacks and deferred purchase price obligations) payable in connection therewith (whether funded on or after the closing of such transaction), (ii) to finance Capital Expenditures and/or purchase aircraft and related equipment, (iii) refinance Revolving Loans used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures, aircraft and related equipment, (iv) to replace cash on the balance sheet of the Loan Parties used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures and/or purchase aircraft and related equipment and (v) to pay related fees, costs and expenses in connection with any of the foregoing.

Section 6.17. <u>Lender Conference Call</u>.

To the extent requested by the Administrative Agent, participate in a conference call (including a customary question and answer session) with the Administrative Agent and Lenders once during each Fiscal Year, in each case to be held at such time as may be agreed to by the Borrower and the Required Lenders, but in any event within 15 Business Days after the date that financial statements are required to be delivered for the relevant period pursuant to <u>Sections 6.01(a)</u> (which call may, at the option of the Borrower, be conducted with lenders under any other Indebtedness in addition to the Lenders).

Section 6.18. <u>Change in Nature of Business</u>.

From and after the Closing Date, engage only in material lines of business substantially similar as those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably related, complementary, corollary, synergistic, incidental or ancillary thereto (including related, complementary, synergistic, incidental or ancillary technologies) or reasonable extensions thereof.

Section 6.19. <u>Fiscal Year</u>.

From and after the Closing Date, maintain its fiscal year as in effect on the Closing Date; *provided*, *however*, that the Borrower may (x) align the dates of such fiscal year of any Restricted Subsidiary whose fiscal year ends on a date other than that of the Borrower and (y) upon written notice to the Administrative Agent and the Revolving Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent and the Revolving Agent, and, in the case of this <u>clause (y)</u>, the Borrower, the Administrative Agent and the Revolving Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

**ARTICLE VII.** 

**<u>NEGATIVE COVENANTS</u>**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligations hereunder (other than contingent obligations as to which no claim has been asserted or any Letter of Credit remaining outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), then from and after the Closing Date, the Borrower (and, with respect to <u>Section 7.14</u> only, Holdings) shall not and shall not permit any of its Restricted Subsidiaries to:

------

Section 7.01. <u>Liens</u>.

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens (i) created pursuant to any Loan Document and (ii) on the Collateral securing other Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date; *provided* that any Lien securing Indebtedness in excess of (x) $1,000,000 individually or (y) $2,500,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed in <u>Schedule 7.01(b)</u>) shall only be permitted to the extent such Lien is listed on in <u>Schedule 7.01(b)</u>, and any modifications, replacements, renewals, refinancings or extensions thereof, which may provide that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; *provided*, *further*, that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 7.03</u> and customary security deposits in connection therewith and (B) proceeds and products thereof and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes, assessments or governmental charges that are not overdue for a period of more than any applicable grace period related thereto or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, sub-landlords, carriers, warehousemen, mechanics, materialmen, repairmen, bailees, construction contractors or other like Liens, so long as, in each case, such Liens secure amounts not overdue for a period of more than 45 days or if more than 45 days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) pledges or deposits in the ordinary course of business in connection with, and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees incurred in the ordinary course of business with respect to, workers' compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges or deposits to secure the performance of bids, trade contracts, warranties, utilities, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees with respect thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, building codes, covenants, restrictions (including zoning restrictions), encroachments, licenses, protrusions and other similar encumbrances and minor title defects, in each case affecting Real Property and that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and any exceptions on the Mortgage Policies issued in connection with the Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens (i) securing judgments for the payment of money not constituting an Event of Default under <u>Section 8.01(h)</u>, (ii) arising out of judgments or awards against the Borrower or any of its Restricted Subsidiaries with respect to which an appeal or other proceeding for review is then being pursued and (iii) notices of *lis pendens* and associated rights related to litigation being contested in good faith by appropriate proceedings for which adequate reserves have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) leases, licenses, subleases or sublicenses (including the provision of software or the licensing of other Intellectual Property rights) and terminations thereof, in each case granted to others in the ordinary course of business which (i) do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) do not secure any Indebtedness and (iii) are permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds or assets maintained with a financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institutions general terms and conditions, and (iv) contractual rights of setoff or rights of pledge related to Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section 7.02</u>, to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under <u>Section 7.05</u>, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i) in favor of the Borrower or any Guarantor and (ii) in favor of a Restricted Subsidiary that is not a Loan Party on assets of a Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted to be incurred by such Restricted Subsidiary under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens deemed to exist in connection with Investments in repurchase agreements under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers or suppliers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) ground leases in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens to secure Indebtedness permitted under <u>Section 7.03(e)</u>; *provided* that (i) such Liens are created within 270 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time encumber property (except for replacements, additions, accessions and proceeds to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits, *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender, and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets) other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness (and related obligations) of any Restricted Subsidiary that is not a Loan Party permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to <u>Section 6.14</u>) or otherwise assumed pursuant to <u>Section 7.03(g)</u>, in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Loan Party); *provided* that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds, products and accessions thereof and

------

other than after-acquired property and customary security deposits in connection therewith subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the modification, replacement, renewal or extension of any Lien permitted by <u>Sections 7.01(b)</u>, <u>(u)</u> and <u>(w)</u>; *provided* that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and customary security deposits; *provided, however*, that individual financings of equipment provided by one lender may be cross-collateralized to other financing of equipment provided by such lender and (ii) the renewal, extension, restructuring or Refinancing of the obligations secured or benefited by such Liens is permitted by <u>Section 7.03</u> (to the extent constituting Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount outstanding at any time not to exceed the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens (i) securing Indebtedness incurred under <u>Section 7.03(s)</u> and (ii) solely on the assets acquired, securing Indebtedness incurred under <u>Section 7.03(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens on the Collateral (and other property and assets permitted by any Junior Intercreditor Agreement) securing obligations in respect of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing Debt and any Permitted Refinancing of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens or imperfections on property existing on the Closing Date which are immaterial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the performance of the Borrower's or such Subsidiary's obligations under the terms of the lease for such premises;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on (i) the Securitization Assets arising in connection with a Qualified Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens securing obligations permitted under <u>Section 7.03(q)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens on property of any Foreign Subsidiary arising mandatorily under the Laws of the jurisdiction of organization of such Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens securing Indebtedness permitted pursuant to Section 7.03(dd);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Liens securing Other Term Loans and Other Notes and Permitted Refinancings thereof incurred pursuant to <u>Section 7.03(z)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) in the case of any non-wholly owned Restricted Subsidiary or any joint venture, any put and call arrangements or restrictions on disposition related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens securing Swap Contracts so long as the value of the property securing such Swap Contracts does not exceed $4,000,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens on property subject to any sale-leaseback transaction permitted hereunder and general intangibles related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Liens consisting of contractual restrictions of the type described in the definition of "Restricted Cash" (excluding the proviso thereto) so long as such contractual restrictions are not prohibited pursuant to <u>Section 7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Liens arising by operation of law in the United States under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Liens encumbering the Equity Interests of an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Liens permitted under the Purchase Agreement to remain outstanding after the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Aircraft Trust Arrangements.

Section 7.02. <u>Investments</u>.

Make or hold any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash and Cash Equivalents when such Investment was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to, or notes received from, managers, officers, directors, consultants, advisors, service providers or employees of any Loan Party (or any direct or indirect parent thereof) or any of its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests of Holdings or any direct or indirect parent thereof or to permit the payment of Taxes with respect thereto; *provided* that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity

------

Interests shall be contributed to the Borrower in cash as common equity; *provided*, *further*, that the aggregate principal amount outstanding of any loans or advances made in cash at any time under this <u>clause (ii)</u> shall not exceed $7,500,000 and (iii) for any other purposes not described in the foregoing <u>clauses (i)</u> and <u>(ii)</u>; *provided* that the aggregate principal amount outstanding at any time under this <u>clause (iii)</u> shall not exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (other than Holdings); *provided* all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note, (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan Party in any Restricted Subsidiary that is not a Loan Party; *provided* that, to the extent such Investments made pursuant to this <u>clause (iii)</u> are not in the ordinary course of business (as determined in good faith by the Borrower), (x) no such Investments made pursuant to this <u>clause (iii)</u> in the form of intercompany loans shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) the aggregate amount of Investments made pursuant to this <u>clause (iii)</u> shall not exceed at any time outstanding the sum of (x) together with Investments pursuant to <u>Section 7.02(i)(iv)</u>, the greater of $6,000,000 and 20.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, (y) the Cumulative Credit at the time such Investment is made, and (z) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(i)</u> and <u>Section 7.02(o)</u>; *provided* that the application of any portion of the Joint Venture Investment Basket Amount pursuant to this <u>clause (z)</u> will result in a corresponding dollar-for-dollar reduction in the Joint Venture Investment Basket Amount available pursuant to <u>Section 7.02(o)</u>; *provided, further*, that if any Investment made pursuant to this <u>clause (iii)</u> is in connection with the closing of foreign facilities, including severance associated therewith, then the limitations set forth in this <u>clause (iii)</u> shall not apply; *provided, further*, if any Investment made pursuant to this <u>clause (iii)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>clause (i)</u> above and shall not be included as having been made pursuant to this <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by <u>Section 7.02(m)</u> below) consisting of transactions permitted under <u>Sections 7.01</u>, <u>7.03</u> (other than <u>7.03(c)</u> and <u>(d)</u>), <u>7.04</u> (other than <u>7.04(c)(ii)</u> or <u>(e)</u>), <u>7.05</u> (other than <u>7.05(e)</u>), <u>7.06</u> (other than <u>7.06(d)</u> or <u>(h)(iv)</u>) and <u>7.13</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing or contemplated on the Closing Date or made pursuant to legally binding written contracts in existence on the Closing Date, in each case set forth in <u>Schedule 7.02(f)</u> and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments in Swap Contracts and Cash Management Services permitted under <u>Section 7.03</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promissory notes, securities and other non-cash consideration received in connection with Dispositions permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of all or substantially all the assets of a Person or division or line of business of a Person or any Equity Interests in a Person that becomes a Restricted Subsidiary (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions (including by way of merger), if immediately after giving effect thereto: (i) no Event of Default exists on the date that the Borrower or the applicable Restricted Subsidiary enters into a binding agreement with respect to such acquisition; (ii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Restricted Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, to the extent required by <u>Section 6.11</u>; (iii) the Borrowers are in compliance with <u>Section 6.18</u> (after giving effect to such acquisition); and (iv) the aggregate amount of Investments by Loan Parties pursuant to Section 7.02(i) in assets (other than Equity Interests) that are not (or do not become at the time of such acquisition) directly owned by a Loan Party together with Investments pursuant to <u>Section 7.02(c)(iii)</u> (but excluding Investments permitted pursuant to <u>Section 7.02(c)(iii)(B)(z)</u>), shall not exceed the sum of (A) the greater of $6,000,000 and 20% of Trailing Four Quarter Consolidated EBITDA *plus* (B) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(c)(iii)(z)</u> and <u>Section 7.02(o)</u> (any such acquisition, a "**Permitted Acquisition**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments made in connection with the Transactions or consisting of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances to any direct or indirect parent of the Borrower not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made to such parent in accordance with <u>Section 7.06(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u> or <u>(n)</u>, such Investment being treated for purposes of the applicable clause of <u>Section 7.06</u>, including any limitations, as if a Restricted Payment had been made pursuant to such clause in an amount equal to such Investment at the time such loan or advance is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments (including Permitted Acquisitions) in an aggregate amount outstanding pursuant to this <u>Section 7.02(n)</u> (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed (i) the sum of (A) the greater of $12,500,000 and 40.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time the Investment was made (in each case, net of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) *plus* (B) at the election of the Borrower, the amount of Restricted

------

Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make Investments shall result in a reduction in availability under <u>Section 7.06(g)(x)</u>) *plus* (C) at the election of the Borrower, the amount of repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings then permitted to be made in reliance on <u>Section 7.13(a)(v)(I)</u> (it being understood that any amount utilized under this <u>clause (C)</u> to make Investments shall result in a reduction in availability under <u>Section 7.13(a)(v)(I)</u>) *plus* (ii) the Cumulative Credit at the time such Investment is made; *provided*, that with respect to any Investment made pursuant to this <u>clause (ii)</u>, solely to the extent such Investment is made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom on the date the Borrower or any Restricted Subsidiary enters into a binding agreement with respect to such Investment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u>, at the time such Investment was made) is less than or equal to 4.25 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Investments made in respect of joint ventures, minority investments, other similar agreements, partnerships or Unrestricted Subsidiaries not to exceed in the aggregate the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, less all amounts applied pursuant to <u>Section 7.02(c)(iii)</u>(B)(z) and <u>Section 7.02(i)(iv)(B)</u>and the provisos thereto (the "**Joint Venture Investment Basket Amount**"); *provided* that if any Investment made pursuant to this <u>Section 7.02(o)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>Section 7.02(c)(i)</u> and shall not be included as having been made pursuant to this <u>Section 7.02(o)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in any Person to which the Borrower or any Restricted Subsidiary outsources operational activities or otherwise related to the outsourcing of operational activities in the ordinary course of business in an aggregate amount not to exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) advances of payroll payments to employees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors and suppliers in the ordinary course of business and (ii) Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (or any direct or indirect parent of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments of a Restricted Subsidiary acquired after the Closing Date or of a corporation merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with <u>Section 7.04</u> after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments made by a Restricted Subsidiary that is not a Loan Party (other than in Unrestricted Subsidiaries) to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary by a Loan Party permitted under this <u>Section 7.02</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; *provided*, *however*, that any such Investment in a Securitization Subsidiary is in the form of (x) a contribution of additional Securitization Assets, (y) Limited Originator Recourse or (z) loans in respect of the noncash portion of the purchase price of Securitization Assets and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing or a Receivables Facility, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments funded with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments in deposit accounts, securities accounts and commodities accounts maintained by the Borrower or such Restricted Subsidiary, so long as such accounts are used only to maintain Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments made by a Restricted Subsidiary that is not a Guarantor using cash from operations of such Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments consisting of cash earnest money deposits in connection with a Permitted Acquisition or other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Loans repurchased by the Borrower or a Restricted Subsidiary, or purchased by Holdings and contributed to the Borrower or a Restricted Subsidiary, pursuant to and in accordance with <u>Section 2.05(a)(v)</u> or <u>Section 10.07</u>, so long as such Loans are immediately cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) guarantees by the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or contracts or other obligations that do not constitute Indebtedness, in each case, which leases, contracts or other obligations and guarantees are entered into in the ordinary course of business by the Borrower or a Restricted Subsidiary or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Investments so long as (i) the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> at the time the Investment was made) is no greater than 4.00 to 1.00 and (ii) no Event of Default then exists or would result therefrom; *provided* the aggregate amount of Investments by Loan Parties pursuant to this Section 7.02(cc) in assets (other than Equity Interests) that are not (or do not become at the time of their acquisition) directly owned by a Loan Party or in Equity Interests of Persons that do not become Loan Parties shall not exceed the greater of $7,500,000 and 25% of Trailing Four Quarter Consolidated EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments made in reliance on the last paragraph of <u>Section 7.06</u> or the last paragraph of <u>Section 7.13</u>.

To the extent an Investment is permitted to be made by a Loan Party directly in any Restricted Subsidiary or any other Person who is not a Loan Party (each such person, a "**Target Person**") under any provision of this <u>Section 7.02</u>, such Investment may be made by advance, contribution or distribution by a Loan Party to a Restricted Subsidiary or Holdings, and further contemporaneously advanced or contributed to a Restricted Subsidiary for purposes of making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 7.02</u> (it being understood that such Investment must satisfy the requirements of, and shall count towards any thresholds in, a provision of this <u>Section 7.02</u> as if made by the applicable Loan Party directly to the Target Person).

------

Section 7.03. <u>Indebtedness</u>.

Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness (including any unused commitment in respect thereof) outstanding on the Closing Date and listed in <u>Schedule 7.03(b)</u> and any Permitted Refinancing thereof; *provided* that all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to an Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; *provided* that (A) no Guarantee by any Restricted Subsidiary of any Indebtedness constituting a Junior Financing of any Loan Party shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Secured Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Secured Obligations, such Guarantee shall be subordinated to the Guarantee of the Secured Obligations on terms at least as favorable (as reasonably determined by the Borrower) to the Lenders as those contained in the subordination of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party), *provided* that, in the case of Indebtedness of a non-Loan Party owing to a Loan Party, such Indebtedness is an Investment permitted by <u>Section 7.02</u> or consists of any part of a Permitted Reorganization or IPO Reorganization Transaction; *provided further* that (x) no such Indebtedness owed to a Loan Party shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the applicable asset thereof in an aggregate amount not to exceed the greater of $3,750,000 and 12.5% of Trailing Four-Quarter Consolidated EBITDA, in each case determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding and (ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by <u>Section 7.05(m)</u> and any Permitted Refinancing of such Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Secured Hedge Obligations and other Indebtedness in respect of Swap Contracts designed to hedge against the Borrower's or any Restricted Subsidiary's exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of the Borrower or any Restricted Subsidiary (i) assumed in connection with any Permitted Acquisition or other similar Investment permitted hereunder and any Permitted Refinancing thereof; *provided* that (x) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other similar Investment permitted hereunder or any Permitted Refinancing thereof and (y) the obligors with respect to such Indebtedness are limited to the Persons acquired in such Permitted Acquisition or Investment or (ii) incurred to finance any Permitted Acquisition or Investment permitted hereunder (including earn-out obligations, Indebtedness incurred to finance the payment thereof and seller notes); *provided*, that after giving *pro forma* effect to such Permitted Acquisition or Investment permitted hereunder and the incurrence of such Indebtedness, the aggregate amount of such Indebtedness incurred pursuant to this <u>clause (ii)</u> does not exceed at any time outstanding (x) the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the applicable date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness representing deferred compensation to employees of the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former managers, officers, directors, advisors, service providers, consultants or employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions, a Permitted Acquisition, any other Investment permitted hereunder, merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price adjustments or other similar adjustments (including earn-outs and obligations in respect of transaction tax benefits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions, and Permitted Acquisitions or any other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) Secured Cash Management Obligations, (ii) other Indebtedness in respect of Cash Management Services and similar arrangements in the ordinary course of business and any Guarantees thereof, (iii) Indebtedness resulting from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and solely with respect to each incurrence pursuant to this <u>clause (iii)</u>, so long as such Indebtedness is extinguished within 10 Business Days of its incurrence, and (iv) endorsement of instruments or other payment items for deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to extent constituting Indebtedness, obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) letters of credit in an aggregate face amount at any time outstanding not to exceed the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence consisting of (i) letters of credit issued in currencies not available hereunder or (ii) documentary or commercial letters of credit not issued hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Ratio Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Credit Agreement Refinancing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this <u>Section 7.03(u)</u> and then outstanding for all such Persons taken together, does not exceed the greater of $5,250,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings and Limited Originator Recourse) to the Borrower or any of the Restricted Subsidiaries; *provided,* that the aggregate principal amount of Indebtedness at any time outstanding in connection therewith shall not exceed $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unsecured Indebtedness in an amount equal to the lesser of 100% of the net cash proceeds received by Holdings (or any direct or indirect parent thereof) since immediately after the Closing Date from the issuance or sale of Equity Interests of Holdings (or any direct or indirect parent thereof) or cash contributed to the capital of Holdings (or any direct or indirect parent thereof) (in each case, other than proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings (or any direct or indirect parent thereof) or any of its Subsidiaries) to the extent such net cash proceeds or cash have been contributed to the Borrower and have not been applied pursuant to <u>Section 7.02</u>, <u>7.06</u> or <u>7.13</u> and do not constitute Cure Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) Indebtedness in respect of Other Term Loans and Other Notes incurred or issued in accordance with <u>Section 2.14</u> and (ii) Permitted Refinancings thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness incurred by the Borrower as a result of the exchange of Term Loans assigned to the Borrower pursuant to <u>Section 10.07(k)</u>, as long as such Indebtedness would be a Permitted Refinancing of such Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) obligations in respect of Disqualified Equity Interests (x) issued to and held by the Borrower, Holdings or any Restricted Subsidiary (to the extent permitted by <u>Section 7.02</u>) or (y) in an amount not to exceed the greater of $1,200,000 and 4.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) intercompany Indebtedness incurred in connection with a Permitted Reorganization or IPO Reorganization Transaction, so long as such intercompany Indebtedness constitutes an Investment permitted pursuant to Section 7.02(j); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness in respect of aircraft or related equipment financing in an amount not to exceed $20,000,000 at any time outstanding (together with any amounts incurred under any Aircraft Trust Arrangement);

*provided, that*, (I) any such Indebtedness that constitutes Pari Passu Secured Obligations shall be subject to the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement, as applicable, (II) any such Indebtedness that is incurred pursuant to <u>Section 7.03(a)</u>, <u>Section 7.03(s)</u>, <u>Section 7.03(t), Section 7.03(u)</u>, <u>Section 7.03(z)</u> or <u>Section 7.03(aa)</u> and is secured by the Collateral on a junior basis shall be subject to a Junior Intercreditor Agreement, and (III) any such Indebtedness that constitutes Pari Passu Secured Obligations or which is secured by the Collateral on a junior basis shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among Lenders or such Intercreditor Agreement.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; *provided* that if such Indebtedness is incurred to extend, replace, refund, Refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, Refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, Refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, Refinanced, renewed or defeased, *plus* the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such Refinancing. 

Interest (including post-petition interest), the accrual of interest, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and premiums (if any), fees, expenses, charges and additional or contingent interest on obligations shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 7.03</u>. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

For purposes of determining compliance with this <u>Section 7.03</u>, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in <u>Sections 7.03(a)</u> through <u>7.03(dd)</u>, the Borrower shall, in its sole discretion, divide or classify or later divide or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; *provided* that all Indebtedness outstanding under the Loan Documents on the Closing Date will be deemed to be incurred in reliance on the exception in <u>Section 7.03(a)</u>.

------

Section 7.04. <u>Fundamental Changes</u>.

Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person (other than as part of the Transactions), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction, so long as such new jurisdiction is the United States, any state thereof, the District of Columbia or any territory thereof); *provided* that the Borrower shall be the continuing or surviving Person, or (ii) one or more other Restricted Subsidiaries; *provided* that when any Person that is a Loan Party is merging with a Restricted Subsidiary, (i) a Loan Party shall be the continuing or surviving Person or (ii) such surviving Person shall become a Loan Party and comply with <u>Sections 6.11</u> and <u>6.13</u> substantially concurrently with such transaction (except as expressly provided in such Sections);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party, (ii) any Restricted Subsidiary may liquidate or dissolve and (iii) any Restricted Subsidiary may change its legal form if, with respect to <u>clauses (ii)</u> and <u>(iii)</u>, the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; *provided* that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in accordance with <u>Sections 7.02</u> (other than <u>7.02(e)</u>) and <u>7.03</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Company**"), (A) the Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Collateral Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee shall apply to the Successor Company's obligations under the Loan Documents, (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, (E) if reasonably requested by the Collateral Agent, each mortgagor of a Mortgaged

------

Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, and (F) the Borrower shall have delivered to the Collateral Agent an officer's certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement and customary legal opinions reasonably satisfactory to the Collateral Agent; *provided*, *further*, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to <u>Section 7.02</u>; *provided* that (i) the continuing or surviving Person shall be a Restricted Subsidiary of the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of <u>Section 6.11</u> to the extent required pursuant to the Collateral and Guarantee Requirement or (ii) such Restricted Subsidiary would otherwise be permitted to be designated as an Unrestricted Subsidiary immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and the Restricted Subsidiaries may consummate the Acquisition, related transactions contemplated by the Purchase Agreement (and documents related thereto) and the Transactions and any Permitted Reorganization or IPO Reorganization Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to <u>Section 7.05</u> or a Restricted Payment permitted pursuant to <u>Section 7.06</u>.

Section 7.05. <u>Dispositions</u>.

Make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete, damaged, worn out, aged, used or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries, in each case determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of (i) inventory and goods held for sale in the ordinary course of business and (ii) immaterial assets and termination of leases and licenses in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Borrower or any Restricted Subsidiary; *provided* that if the transferor of such property is a Loan Party and such Disposition is not for fair market value (as reasonably determined by the Borrower), (i) the transferee thereof must be a Loan Party, (ii) such Disposition is for cash at fair market value or any promissory note or other non-cash consideration received in respect thereof is an Investment permitted under <u>Section 7.02</u>, or (iii) if such transaction constitutes an Investment, such transaction is permitted under <u>Section 7.02</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent constituting Dispositions, transactions permitted by (i) <u>Section 7.01</u>, (ii) <u>Section 7.02</u> (other than <u>7.02(e)</u>), (iii) <u>Section 7.04</u> (other than <u>7.04(g)</u>) and (iv) <u>Section 7.06</u> (other than <u>7.06(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions to consummate the Transactions or any Dispositions constituting any part of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) leases, subleases, licenses or sublicenses (including the provision of software under an open source license or the licensing of other Intellectual Property) and terminations thereof, in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole) and (ii) Dispositions (including allowing any registrations or any applications for registration to lapse or go abandoned) of Intellectual Property (including inbound licenses) that, in Borrower's reasonable business judgment, is no longer necessary for the conduct of the business of Borrower and its Restricted Subsidiaries (taken as a whole) or that otherwise do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property; *provided* that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default has occurred and is continuing or would result therefrom), no Event of Default shall have occurred and been continuing or would result from such Disposition, (ii) with respect to any Disposition pursuant to this <u>Section 7.05(j)</u> for a purchase price in excess of the greater of $7,000,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of Cash and Cash Equivalents (in each case, free and clear of all Liens at the time received, other than Liens permitted by <u>Section 7.01</u>); *provided*, *however*, that for the purposes of this <u>clause (ii)</u>, the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower's most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Secured Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into Cash and Cash Equivalents (to the extent of the Cash and Cash Equivalents received) within 180 days following the closing of the applicable Disposition, and (C) aggregate non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $2,250,000 and 7.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition and (iii) to the extent the aggregate amount of Net Proceeds received by the Borrower or a Restricted Subsidiary from Dispositions made pursuant to this <u>Section 7.05(j)</u> in the aggregate exceeds $10,000,000 in any fiscal year, with unused amounts in any fiscal year being carried over to the next succeeding fiscal year only (*provided* that if any such amount is carried over, it will be deemed used in the applicable subsequent fiscal year only after the amount available in such subsequent fiscal year has been fully used), *plus* any amount available pursuant to this <u>clause (iii)</u> in the next succeeding fiscal year only (which amount will be permanently reduced if used in the current fiscal year) subject to a maximum of $10,000,000 in any fiscal year, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions (i) of non-core assets acquired in connection with Permitted Acquisitions or other Investments or (ii) made to obtain the approval of an anti-trust authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of property pursuant to sale-leaseback transactions; *provided* that to the extent the aggregate Net Proceeds from all such Dispositions since the Closing Date exceeds $5,625,000, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the unwinding or settlement of any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Disposition of Securitization Assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any Disposition of Receivables Assets in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions of assets not constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower and any Restricted Subsidiary may (i) terminate or otherwise collapse its cost-sharing agreements with the Borrower or any Subsidiary and settle any crossing payments in connection therewith or (ii) surrender or waive contractual rights and settle or waive contractual or litigation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions set forth in <u>Schedule 7.05(w)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions in an amount not to exceed the greater of $1,500,000 and 5.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, in the aggregate in any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies;

------

Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of the sale, in accordance with the terms of the Loan Documents, of a Subsidiary Guarantor that owns such Collateral but excluding Dispositions among Loan Parties) in accordance with the terms of the Loan Documents, the security interest created in such item of Collateral under the Collateral Documents shall be automatically released and the Collateral Agent will, at the Borrower's expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents and, if applicable, the release of such Subsidiary Guarantor from its obligations under the Collateral Documents.

Section 7.06. <u>Restricted Payments</u>.

Declare or make, directly or indirectly, any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by <u>Section 7.03</u>) of such Person to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made (i) on the Closing Date to consummate the Transactions, (ii) in respect of working capital adjustments or purchase price adjustments pursuant to the Purchase Agreement, any Permitted Acquisition or other permitted Investments, (iii) in order to satisfy indemnity and other similar obligations under the Purchase Agreement, any Permitted Acquisition or other permitted Investments and (iv) to holders of Equity Interests of the Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, in each case, with respect to the Transactions, any Permitted Acquisition or other permitted Investments, and Restricted Payments consisting of a Permitted Reorganization or an IPO Reorganization Transaction;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent constituting Restricted Payments, the Borrower (or any direct or indirect parent thereof) and its Restricted Subsidiaries may enter into and consummate transactions permitted by any provision of <u>Section 7.02</u> (other than <u>7.02(e)</u> and <u>7.02(m)</u>), <u>7.04</u>, <u>7.05</u> (other than <u>7.05(e)(iv)</u> and <u>7.05(g)</u>) or <u>7.08</u> (other than <u>7.08(f)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchases of Equity Interests in the Borrower or any Restricted Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and each Restricted Subsidiary may (i) pay (or make Restricted Payments to allow Holdings or any other direct or indirect parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary (or of the Borrower or any other such direct or indirect parent thereof) held by any future, present or former manager, officer, director, consultant, advisor, service provider or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or (ii) make Restricted Payments in the form of distributions to allow Holdings or any direct or indirect parent of Holdings to pay principal or interest on promissory notes that were issued to any future, present or former manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) in lieu of cash payments for the repurchase, retirement or other acquisition or retirement for value of such Equity Interests held by such Persons, in each case, upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee, manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any manager, officer, director, consultant, advisor, service provider or employee of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or any of its Restricted Subsidiaries; *provided* that the aggregate amount of Restricted Payments made pursuant to this <u>Section 7.06(f)</u> together with the aggregate amount of loans and advances to Holdings made pursuant to <u>Section 7.02(m)</u> in lieu of Restricted Payments permitted by this <u>Section 7.06(f)</u> (net of proceeds received by Holdings or any direct or indirect parent of Holdings subsequent to the Closing Date in connection with resales of any Equity Interests so purchased pursuant to this <u>clause (f)</u>) shall not exceed the greater of $15,000,000 and 50.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such payment, in any calendar year (which shall decrease to the greater of $10,000,000 and 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such Restricted Payment, subsequent to the consummation of a Qualified IPO) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $25,000,000 in any calendar year (which shall decrease to $20,000,000 subsequent to the consummation of a Qualified IPO)); *provided*, *further*, that such amount in any calendar year may further be increased by an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amounts used to increase the Cumulative Credit pursuant to <u>clauses (c)</u> and <u>(d)</u> of the definition of "Cumulative Credit"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Net Proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries less the amount of Restricted Payments previously made with the cash proceeds of such key man life insurance policies;

------

*provided, further,* that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower may make Restricted Payments in an aggregate amount not to exceed, (x) an amount equal to the greater of (1) $10,000,000 and (2) 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of such Restricted Payment, so long as no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment *plus* (y) the Cumulative Credit at the time such Restricted Payment is made; *provided*, that with respect to any Restricted Payment made pursuant to this <u>clause (y)</u>, solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.50 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower may make Restricted Payments to any direct or indirect parent of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, Transaction Expenses and any indemnification claims made by directors or officers of such parent attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) franchise Taxes and other fees, taxes and expenses required to maintain its (or any of its direct or indirect parents') corporate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) with respect to any taxable period (or portion thereof) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a "**Tax Group**"), to pay federal, foreign, state and local income or similar Taxes of such Tax Group (or any direct or indirect beneficial owners thereof) that are attributable to the taxable income of the Borrower and/or its Subsidiaries; *provided* that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower and its Subsidiaries would have been required to pay as a stand-alone consolidated, combined or similar income tax group, (B) with respect to any taxable period (or portion thereof) in which Holdings, the Borrower, and/or any of their Subsidiaries is treated as a pass-through entity for U.S. federal income purposes with respect to Ultimate Parent (or any direct or indirect parent thereof), dividends and distributions by such Subsidiaries to the Borrower, by the Borrower to Holdings (or any direct or indirect parent thereof) to permit Ultimate Parent to make distributions in the amount described in Section 4.6 of the Ultimate Parent LLC Agreement, or (C) to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries

------

and any direct or indirect parent of the Borrower that are payable as a result of the operation of Section 2.05(b)(v) and 2.05(b)(vi); *provided, further*, that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar income Taxes (any amount to be paid under this Clause (iii), a "**Tax Distribution**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment that would be permitted to be made pursuant to <u>Sections 7.02</u> and <u>7.08</u> if such parent were subject to such Sections; *provided* that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or the Restricted Subsidiaries (which may be required to be Loan Parties) or (2) the merger (to the extent permitted in <u>Section 7.04</u>) of the Person formed or acquired into the Borrower or its Restricted Subsidiaries in order to consummate such Permitted Acquisition or Investment, in each case, in accordance with the requirements of <u>Section 6.11</u> and (C) such contribution shall constitute an Investment by the Borrower or the applicable Restricted Subsidiaries, as the case may be, at the date of such contribution or merger, as applicable, in an amount equal to the amount of such Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which (A) shall be used to pay customary salary, bonus, severance and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries or (B) shall be used to make payments permitted under <u>Sections 7.08(c)</u>, <u>(e)</u>, <u>(i)</u>, <u>(k)</u>, and <u>(p)</u> (assuming the Borrower or a Restricted Subsidiary were to make the payment but only to the extent such payments have not been and are not expected to be made by the Borrower or a Restricted Subsidiary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses (other than to Affiliates) related to any equity or debt offering by Holdings (or any direct or indirect parent thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payments made or expected to be made by Holdings, the Borrower or any of the Restricted Subsidiaries in respect of withholding or similar Taxes payable by or with respect to any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) and any repurchases of Equity Interests in consideration of such payments and deemed repurchases in connection with the exercise of stock options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after a Qualified IPO, (i) any Restricted Payment by the Borrower or any other direct or indirect parent of the Borrower to pay listing fees, insurance premiums and other costs and expenses attributable to being a publicly traded company which are reasonable and customary and (ii) additional Restricted Payments in an aggregate amount per annum not to exceed the greater of (A) up to 6.0% the net proceeds received by (or contributed to) the Borrower and its Restricted Subsidiaries from such Qualified IPO and (B) 6.0% of the market capitalization of the Borrower (or the applicable parent entity) and its Restricted Subsidiaries;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Holdings, the Borrower or any of the Restricted Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Restricted Payments in the amount of any Excluded Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Holdings, the Borrower and any Restricted Subsidiary may pay dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration, such payment would have complied with another provision of Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Restricted Payments so long as (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.00 to 1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Payments to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries' Affiliates and direct and indirect holders of Equity Interests in the Borrower that are payable as a result of any actual repatriation described in clause (i) of <u>Section 2.05(b)(v)</u> or clause (i) of <u>Section 2.05(b)(vi).</u>

For the avoidance of doubt, any dividend or distribution otherwise permitted pursuant to this <u>Section 7.06</u> may be in the form of a loan; *provided* that Indebtedness of a Loan Party or Restricted Subsidiary must be otherwise permitted by <u>Section 7.03(d)</u>.

Any basket available for Restricted Payments pursuant to this <u>Section 7.06</u> may instead be used to either (i) make a prepayment, redemption, purchase, defeasement or other payment in respect of any Junior Financing pursuant to <u>Section 7.13</u>, and such prepayment, redemption, purchase, defeasement or other payment shall not be prohibited by <u>Section 7.13</u> and any such prepayment, redemption, purchase, defeasement or other payment shall reduce the amount available under such basket set forth in this <u>Section 7.</u>06 or (ii) make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in this <u>Section 7.06</u>.

For the avoidance of doubt, this Section 7.06 shall not restrict the making of any "AHYDO catch-up payment" with respect to, and required by the terms of, any Indebtedness of any Borrower or any Restricted Subsidiary permitted to be incurred under Section 7.03 hereof.

Section 7.07. <u>[Reserved]</u>.

Section 7.08. <u>Transactions with Affiliates</u>.

Enter into any transaction of any kind with a value in excess of $2,000,000, determined at the time of such transaction with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or in connection with the Transactions and transactions constituting any Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of Equity Interests of (x) Holdings (or any direct or indirect parent thereof) or (y) any Restricted Subsidiary constituting directors' qualifying shares or other shares required by applicable Law, in each case, to any manager, officer, director, consultant or employee of Holdings or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) so long as no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> has occurred and is continuing, the payment of management and monitoring fees pursuant to an Investor Management Agreement or other arrangement with the Investors or management companies associated with the Investors or their advisors in a maximum amount for all such agreements and arrangements not to exceed 2.50% of Consolidated EBITDA of the Borrower in any fiscal year, and transaction fees to the foregoing Persons not to exceed in the aggregate 1.00% of the applicable gross transaction value; provided that, upon the occurrence and during the continuance of an Event of Default, such fees may accrue, but may not be payable in cash during such period, but all accrued fees (plus interest, if any, with respect thereto) may be payable in cash upon the cure or waiver of such Event of Default(s), (ii) indemnities and other expenses pursuant to an Investor Management Agreement or other arrangement with the foregoing Persons (including any transaction fee payable in connection with the Acquisition), and (iii) any unpaid management, monitoring, transaction fees, indemnities and expenses accrued in any prior year to the extent such fee or expense is otherwise permitted to be paid pursuant to this clause (e) in such prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted Payments permitted under <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) loans and other transactions among Holdings (or any direct or indirect parent company) and its Subsidiaries and joint ventures (to the extent any such Subsidiary that is not a Restricted Subsidiary or any such joint venture is only an Affiliate as a result of Investments by Holdings and its Restricted Subsidiaries in such Subsidiary or joint venture) to the extent otherwise permitted under this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) transactions by the Borrower and its Restricted Subsidiaries permitted under an express provision (including any exceptions thereto) of this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans, stock incentive plans and employee benefit plans and arrangements in the ordinary course of business or otherwise approved by the independent members of the board of directors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Borrower and its Restricted Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transactions pursuant to agreements, instruments or arrangements in existence on the Closing Date and set forth in <u>Schedule 7.08</u> or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) payments by the Borrower or any of its Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of the Borrower to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, but only to the extent permitted by <u>Section 7.06(h)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Investor or to any former, current or future manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, distributes or Affiliate of any of the foregoing) of the Borrower, any of its Subsidiaries or any direct or indirect parent thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower and the Restricted Subsidiaries, in the reasonable determination of the board of directors or the senior management of the Borrower, or are on terms at least as favorable (as reasonably determined by the Borrower) as might reasonably have been obtained at such time from an unaffiliated party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any payments required to be made pursuant to (i) the Purchase Agreement and (ii) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the payment of reasonable out-of-pocket costs and expenses and indemnities pursuant to the Ultimate Parent LLC Agreement as in effect on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, deliver to the Administrative Agent and the Revolving Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of <u>Section 7.08(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by Holdings and the Restricted Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted under <u>Section 7.02;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Affiliate repurchases of the Loans or Commitments to the extent permitted by <u>Section 10.07</u> and Affiliate repurchases of Obligations, Pari Passu Secured Obligations and obligations in respect of any Junior Financing, in each case, the holding of such loans or commitments and the payments and other transactions contemplated herein in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Disposition of Securitization Assets or related assets, Investment permitted pursuant to <u>Section 7.02(v)</u> or Standard Securitization Undertakings, in each case in connection with any Qualified Securitization Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) IP Licenses in the ordinary course of business.

------

Section 7.09. <u>Burdensome Agreements</u>.

Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person that is intended to constitute Collateral for the benefit of the Lenders with respect to the Facilities and the Secured Obligations; *provided* that the foregoing <u>Sections 7.09(a)</u> and <u>(b)</u> shall not apply to Contractual Obligations which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) exist on the Closing Date and (to the extent not otherwise permitted by this <u>Section 7.09</u>) are listed in <u>Schedule 7.09</u> and (y) to the extent Contractual Obligations permitted by <u>clause (x)</u> are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or Refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or Refinancing (taken as a whole) does not materially expand the scope of such Contractual Obligation (as reasonably determined by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by <u>Section 7.03</u> and which does not apply to any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are customary restrictions (as reasonably determined by the Borrower) that arise in connection with (x) any Lien permitted by <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(i)</u>, <u>(j)(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(p)</u>, <u>(q)</u>, <u>(r)(i)</u>, <u>(r)(ii)</u>, <u>(s)</u>, <u>(u)</u>, <u>(v)</u>, <u>(w)</u>, <u>(z)</u>, <u>(aa)</u>, <u>(cc)</u>, <u>(dd)</u>, <u>(ee)</u> (to the extent such restrictions exist as of the Closing Date), <u>(gg)</u>, <u>(hh)</u>, <u>(ii)</u>, <u>(kk)</u>, <u>(ll)</u> and <u>(nn)</u> and relate to the property subject to such Lien or (y) arise in connection with any Disposition permitted by <u>Section 7.04</u> or <u>7.05</u> and relate solely to the assets or Person subject to such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under <u>Section 7.02</u> and entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under <u>Section 7.03</u> but solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds, accessions and products thereof or (ii) the property secured by such Indebtedness and the proceeds, accessions and products thereof so long as the agreements governing such Indebtedness permit the Liens securing the Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the property interest, rights or the assets subject thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to <u>Sections 7.03(b)</u>, <u>(e)</u>, <u>(g)</u>, <u>(n)(i)</u>, <u>(s)</u>, <u>(t)</u>, <u>(u)</u>, <u>(v)</u> and <u>(z)</u> and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or, in the case of <u>Section 7.03(g), (s)</u>, <u>(t)</u> or <u>(u)</u>, to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting, transfer or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) arise in connection with cash or other deposits permitted under <u>Sections 7.01</u> and <u>7.02</u> and limited to such cash or deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) comprise restrictions imposed by any agreement governing Indebtedness entered into on or after the Closing Date and permitted under <u>Section 7.03</u> that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type, so long as the Borrower shall have determined in good faith that such restrictions will not affect its obligation or ability to make any payments required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) are restrictions regarding IP Licenses granted by Holdings and its Restricted Subsidiaries of Intellectual Property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) are restrictions on cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) are restrictions and conditions under the terms of the documentation governing any Qualified Securitization Financing or a Receivables Facility that in the good faith determination of Holdings or the Borrower are necessary or advisable to effect such Qualified Securitization Financing or such Receivables Facility.

Section 7.10. <u>Amendments or Waivers of Organization Documents</u>.

Agree, or permit any Loan Party to agree, to any material amendment, restatement, supplement or other modification to, or waiver of, any of its Organization Documents after the Closing Date in a manner that is materially adverse to the Lenders, except as required by Law; *provided* that for the avoidance of doubt, any amendment, restatement, supplement or other modification to any Organization Documents for the purpose of effectuating a change of legal entity name or fictitious business name as anticipated under the Purchase Agreement in connection with the Transactions shall not be deemed materially adverse to the Lenders. 

------

Section 7.11. <u>Consolidated First Lien Net Leverage Ratio</u>.

Solely for the benefit of the Revolving Credit Lenders, with respect to the Revolving Credit Facility and solely when the Outstanding Amount of the Revolving Loans and L/C Obligations exceeds the Testing Threshold, except with the written consent of the Required Revolving Credit Lenders, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period beginning with the Test Period ending June 30, 2020, to be greater than 7.50 to 1.00 (the "**Financial Covenant**"); <u>provided</u>, that, notwithstanding the foregoing, to the extent the aggregate Revolving Credit Exposure has been reduced to an amount less than the Testing Threshold for any prior period for which a Compliance Certificate has not yet been delivered, the Financial Covenant shall not be required to be tested for any such Fiscal Quarter.

Section 7.12. <u>[Reserved]</u>.

Section 7.13. <u>Prepayments, Etc. of Subordinated Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal, interest and fees and mandatory prepayments, expense reimbursement and indemnification obligations, redemptions and related offers to prepay or repurchase and any AHYDO Payments with respect to any Junior Financing and, in connection with the amendment of any Junior Financing, the payment of fees (other than in connection with any amendment that reduces or forgives the commitments or outstanding principal amount) shall be permitted) any (A) Indebtedness subordinated in right of payment incurred under <u>Section 7.03</u>, or (B) any other Indebtedness for borrowed money of a Loan Party that is (x) subordinated in right of payment to the Secured Obligations expressly by its terms, (y) is secured by substantially the same Collateral on a junior lien basis to the Liens securing the Secured Obligations (but other than Indebtedness among the Borrower and its Restricted Subsidiaries) or (z) is unsecured and is incurred pursuant to <u>Section 7.03(s)</u>, <u>(t)</u>, <u>(y)</u> or <u>(z)</u> with a principal amount outstanding in excess of the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA (collectively, "**Junior Financing**") in excess of the Threshold Amount in each case, determined as of the date of payment, except (i) the Refinancing thereof with any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing), to the extent not required to prepay any Loans pursuant to <u>Section 2.05(b)</u>, (ii) the conversion or exchange of any Junior Financing into, or the redemption, repayment or prepayment of any Junior Financing with the proceeds of, Equity Interests of Holdings or any of its direct or indirect parents (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), (iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary, (iv) prepayments of principal of and any required premium on loans or notes pursuant to such Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof) in connection with the removal of a lender or holder pursuant to any Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof or the payment of any fees in connection with amendments thereto), (v) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed, the sum of (I) the greater of (x) $7,500,000 and (y) 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such prepayment *plus* (II) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this clause (II) to make repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings shall result in a reduction in availability under <u>Section 7.06(g)(x))</u>; *provided* that no Event of Default has occurred and is continuing or would result therefrom, (vi) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity funded with the proceeds of Excluded Contributions, *plus*, the Cumulative Credit at the time such repayment, redemption, purchase, defeasance or other payment is made; *provided* that solely to the extent such payments are made in reliance on

------

 <u>clause (b)</u> of the definition of "Cumulative Credit", no Event of Default has occurred and is continuing and the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with Section 1.09) is less than or equal to 3.75 to 1.00, (vii) repayments, redemptions, purchases, defeasances and other payments so long as (x) no Event of Default has occurred and is continuing at the time such repayment, redemption, purchases or defeasance is made and (y) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> as of the date of payment) is less than or equal to 3.25 to 1.00 and (viii) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings made in reliance on the last paragraph of <u>Section 7.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amend, modify or change in any manner materially adverse to the interests of the Lenders any term or condition of any Junior Financing Documentation in respect of any Junior Financing having an aggregate outstanding principal amount in excess of the Threshold Amount, in each case, determined as of the date of payment, without the consent of the Administrative Agent and the Revolving Agent (which consent shall not be unreasonably withheld, delayed or conditioned) other than (i) in connection with a Permitted Refinancing of such Junior Financing or (ii) in a manner not prohibited by any applicable intercreditor or subordination agreement to which the Collateral Agent is a party with respect to such Junior Financing.

Any basket available for prepayments, redemptions, purchases, defeasements or other payments in respect of any Junior Financing pursuant to <u>Section 7.13(a)</u> may instead be used make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in <u>Section 7.13(a)</u>.

Section 7.14. <u>Permitted Activities, Etc</u>.

With respect to Holdings, engage in any material operating or business activities; *provided* that Holdings may engage in the following and any activities incidental thereto shall be permitted in any event: (i) its ownership of the Equity Interests of the Borrower and activities incidental thereto, including payment of dividends and other amounts in respect of its Equity Interests, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations with respect to the Transactions, Loan Documents and any other documents governing Indebtedness permitted hereby, (iv) any public offering of its common stock or any other issuance or sale of its Equity Interests, (v) payment of any distribution to its parent company and making contributions to the capital of the Borrower, (vi) the incurrence of (a) unsecured Indebtedness that is contractually subordinated (on customary terms for such types of unsecured subordinated Indebtedness, as reasonably determined by the Administrative Agent and the Revolving Agent) to the Guarantee of the Secured Obligations by Holdings, (b) Guaranteed Obligations in respect of Indebtedness of the Borrower and its Restricted Subsidiaries permitted under <u>Section 7.03</u>, including any Permitted Refinancing thereof, and (c) Guarantees of other obligations not constituting Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries, (vii) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Borrower, (viii) holding any cash or property (but not operate any property), (ix) making of any Restricted Payments or Investments permitted hereunder, (x) providing indemnification to officers and directors, (xi) merge, amalgamate or consolidate with or into any direct or indirect parent of Holdings in connection with or in preparation for a Qualified IPO (*provided* that Holdings shall be the continuing or surviving company or such surviving company assumes Holdings' obligations under the Loan Documents), (xii) repurchases of Indebtedness including through open market purchases pursuant to <u>Section 2.05(b)</u>, (xiii) transactions in connection with a Permitted Reorganization or IPO Reorganization Transaction and (xiv) any activities incidental or reasonably related to the foregoing.

------

**ARTICLE VIII.** 

**<u>EVENTS OF DEFAULT AND REMEDIES</u>**

Section 8.01. <u>Events of Default</u>.

Any of the following from and after the Closing Date shall constitute an event of default (an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Non-Payment*. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, (ii) within five Business Days after the same becomes due, any interest on any Loan, or (iii) within 10 Business Days after the same becomes due, any fees or other amounts payable hereunder or with respect to any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Specific Covenants*. The Borrower, any Restricted Subsidiary or, in the case of <u>Section 7.14</u>, Holdings, fails to perform or observe any term, covenant or agreement contained in any of <u>Section 6.03(a)</u> or <u>6.05(a)</u> (solely with respect to Holdings and the Borrower), <u>6.16</u> or <u>Article VII</u>; *provided* that any Event of Default arising from the failure to timely deliver a notice of Event of Default pursuant to <u>Section 6.03(a)</u> shall be deemed cured upon the delivery of the applicable notice of Event of Default or to the extent the Event of Default that is subject of such notice is otherwise cured or waived; *provided further* that the covenant in <u>Section 7.11</u> is subject to cure pursuant to <u>Section 8.04</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Defaults*. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence of such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Representations and Warranties*. (i) Any Specified Representation made by any Loan Party on the Closing Date is incorrect in any material respect when made or deemed made or (ii) any other representation, warranty or certification made or deemed made by any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made and such incorrect representation, warranty or certification shall remain incorrect for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence thereof (*provided* that such cure period shall not apply in the event such representation, warranty or certification is incapable of being cured); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Cross-Default*. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any Indebtedness having an aggregate outstanding principal amount of not less than the Threshold Amount, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any default thereunder by any Loan Party), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause (after delivery of any notice if required and after giving effect to any waiver, amendment, cure or grace period), with the

------

giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; *provided* that this <u>clause (B)</u> shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder, (ii) any Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or non-performance of obligations related thereto or (y) sole option is to elect, in each case, to convert such Indebtedness into Qualified Equity Interests and cash in lieu of fractional shares and (iii) in the case of Indebtedness which the holder thereof may elect to convert into Qualified Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected; *provided*, *further*, that any such failure described under <u>clause (A)</u> or <u>(B)</u> is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to <u>Section 8.02</u> (and any event or condition set forth under this <u>Section 8.02(e)</u> shall not, until the expiration of any applicable period or the delivery of notice by the applicable holders of such Indebtedness, constitute a Default or Event of Default for purposes of this Agreement); <u>provided</u>, <u>further</u>, a default under any financial covenant in such Indebtedness shall not constitute an Event of Default unless and until the lenders or holders with respect to such Indebtedness have actually declared all such obligations to be immediately due and payable and terminate the commitments in accordance with the agreement governing such Indebtedness and such declaration has not been rescinded by the required lenders or holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency Proceedings, Etc.* Other than with respect to any dissolutions otherwise permitted hereunder, any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or substantially all of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [*Reserved*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Judgments*. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by either (i) independent third-party insurance as to which the insurer does not deny coverage or (ii) another creditworthy (as reasonably determined by the Administrative Agent or Revolving Agent) indemnitor); and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Invalidity of Loan Documents*. Any material provision of the Loan Documents, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>) or as a result of acts or omissions by any Agent or any Lender or the satisfaction in full of all the Obligations (other than contingent obligations not yet due and owing and Cash Collateralized or back-stopped Letters of Credit), ceases to be in full force and effect; or any Loan Party contests in

------

writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations (other than in accordance with its terms) and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document (other than in accordance with its terms); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change of Control*. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collateral Documents*. Any Collateral Document after delivery thereof pursuant to <u>Section 4.01</u>, <u>6.11</u> or <u>6.13</u> shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under <u>Section 7.01</u>, (i) except to the extent that any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or results from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements or take other required actions and (ii) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *ERISA*. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material Adverse Effect could reasonably be expected to result.

Section 8.02. <u>Remedies Upon Event of Default</u>.

If any Event of Default occurs and is continuing, the Administrative Agent or the Collateral Agent, in each case, at the request of the Required Lenders (*provided* that if there are two (2) or more unaffiliated Lenders, the Required Lenders for purposes of this <u>Section 8.02</u> shall require at least two (2) unaffiliated Lenders) (or, with respect to an Event of Default under <u>Section 8.01(b)</u> due solely to the Borrower's failure to observe the covenant contained in <u>Section 7.11</u>, the Revolving Agent, solely at the request of the Required Revolving Credit Lenders (solely after the Cure Expiration Date)), shall take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower (to the extent permitted by applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

*provided* that upon the entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States or any Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of any Agent or any Lender. 

Section 8.03. <u>Application of Funds</u>.

After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Secured Obligations or in respect of the Collateral shall be applied by the Agents in the following order (to the fullest extent permitted by mandatory provisions of applicable Law):

<u>First</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under <u>Article III</u>) payable to the Agents in their capacities as such hereunder and under the other Loan Documents;

<u>Second</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders hereunder (including Attorney Costs payable under <u>Section 10.04</u> and amounts payable under <u>Article III</u>), ratably among them in proportion to the amounts described in this clause <u>Second</u> payable to them;

<u>Third</u>, to payment of that portion of the Secured Obligations consisting of accrued and unpaid interest in respect of Protective Advances funded by the Revolving Agent hereunder;

<u>Fourth</u>, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fourth payable to them;

<u>Fifth</u>, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any breakage, termination or other payments under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fifth held by them;

<u>Sixth</u>, to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Agents and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Agents and the other Secured Parties on such date; and

<u>Last</u>, the balance, if any, after all of the Secured Obligations then earned, due and payable have been paid in full, to the Borrowers or as otherwise required by Law.

------

Subject to <u>Section 2.03(c)</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fifth</u> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, to the Borrowers as applicable, or as otherwise required by the Intercreditor Agreements.

Section 8.04. <u>Borrower's Right to Cure</u>.

Notwithstanding anything to the contrary contained in <u>Section 8.01</u> or <u>Section 8.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of determining whether an Event of Default under <u>Section 7.11</u> has occurred, the Borrower may on one or more occasions designate any portion of the net cash proceeds from a sale or issuance of Qualified Equity Interests of the Borrower (or any direct or indirect parent company), which proceeds are then contributed to the Borrower) or any cash contribution to the common capital of the Borrower (the "**Cure Amount**") as an increase to Consolidated EBITDA for the applicable fiscal quarter; *provided* that (A) such amounts to be designated (i) are actually received by the Borrower on or before the fifteenth Business Day after the date on which the Compliance Certificate pursuant to <u>Section 6.02(a)</u> is required to be delivered with respect to such applicable fiscal quarter (the "**Cure Expiration Date**") and (ii) do not exceed the aggregate amount necessary to cure any Event of Default under <u>Section 7.11</u> as of such date and (B) the Borrower shall have provided notice (the "**Notice of Intent to Cure**") to the Revolving Agent that such amounts are designated as a "Cure Amount" (it being understood that to the extent such notice is provided in advance of delivery of a Compliance Certificate for the applicable period, the amount of such net cash proceeds that is designated as the Cure Amount may be lower than specified in such notice to the extent that the amount necessary to cure any Event of Default under <u>Section 7.11</u> is less than the full amount of such originally designated amount). The Cure Amount used to calculate Consolidated EBITDA for one fiscal quarter shall be used and included when calculating Consolidated EBITDA for each Test Period that includes such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereby acknowledge that this <u>Section 8.04</u> may not be relied on for purposes of calculating any financial ratios other than for determining actual compliance with <u>Section 7.11</u> (and not Pro Forma Compliance with <u>Section 7.11</u> that is required by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including any *pro forma* reduction of the amount of Indebtedness and shall not be included for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under <u>Article VII</u>) with respect to the quarter with respect to which such Cure Amount was made other than the increase to Consolidated EBITDA referred to in <u>Section 8.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furtherance of <u>Section 8.04(a)</u> above, (i) upon actual receipt by the Revolving Agent of the Notice of Intent to Cure, the covenant under <u>Section 7.11</u> shall be deemed retroactively cured with the same effect as though there had been no failure to comply with the covenant under such <u>Section 7.11</u> and any Default or Event of Default under <u>Section 7.11</u> (or any notice required by <u>Section 6.03(a)</u> as a result thereof) shall be deemed not to have occurred for purposes of the Loan Documents (provided that if the Cure Expiration Date has occurred without the Cure Amount having been received and designated, such Default or Event of Default shall be deemed reinstated), and (ii) no Agent, Lender or other Secured Party may exercise any rights or remedies under <u>Section 8.02</u> (or under any other Loan Document) on the basis of any actual or purported Default or Event of Default under <u>Section 7.11</u> until and unless the Cure Expiration Date has occurred without the Cure Amount having been received and designated or the Borrower has confirmed in writing that it does not intend to provide such Cure Amount. Notwithstanding the foregoing, the Borrower shall not be able to request the making of any new Revolving Credit Borrowing or the issuance of any new Letters of Credit until receipt by the Borrower of the Cure Amount.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) In each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no cure right set forth in this <u>Section 8.04</u> is exercised and (ii) there shall be no *pro forma* reduction in Indebtedness with the Cure Amount for determining compliance with <u>Section 7.11</u> for the fiscal quarter with respect to which such Cure Amount was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There can be no more than five fiscal quarters in which the cure rights set forth in this <u>Section 8.04</u> are exercised during the term of the Facilities.

**ARTICLE IX.** 

**<u>ADMINISTRATIVE AGENT AND OTHER AGENTS</u>**

Section 9.01. <u>Appointment and Authority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Ankura to act on its behalf as the Administrative Agent and PNC to act on its behalf as the Collateral Agent and the Revolving Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the terms hereof or thereof, together with such actions and powers as are reasonably incidental or related thereto. The provisions of this <u>Article IX</u> (other than <u>Sections 9.01</u>, <u>9.06</u>, and <u>9.10</u> through and including <u>9.12</u>) are solely for the benefit of the Administrative Agent, the Collateral Agent, the Revolving Agent the Lenders and the L/C Issuers, and no Loan Party has rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent, the Collateral Agent or Revolving Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Lenders (including in its capacities as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article X</u> (including the second paragraph of <u>Section 10.05</u>), as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Collateral Agent to (i) execute any and all documents (including releases) with respect to the Collateral (including each Intercreditor Agreement and any amendment, supplement, modification or joinder with respect thereto) and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by the Collateral Agent shall bind the Lenders and (ii) negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

------

Section 9.02. <u>Rights as a Lender</u>.

The Person serving as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, Collateral Agent or the Revolving Agent, as applicable, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent, Collateral Agent or Revolving Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder and without any duty to account therefor to the Lenders.

Section 9.03. <u>Exculpatory Provisions</u>.

The Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided* that the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable, shall not be required to take any action that, in its opinion or the opinion of its counsel, may (i) expose the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to liability or that is contrary to any Loan Document or applicable Law or (ii) be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Neither the Administrative Agent, the Collateral Agent nor the Revolving Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the Borrower, a Lender, an L/C Issuer or any other Agent; and

------

Section 9.04. <u>Reliance by Agents</u>.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, each Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received written notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension or increase of such Letter of Credit. Each Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.05. <u>Delegation of Duties</u>.

Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities as Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 9.06. <u>Removal or Resignation of an Agent</u>.

Any Agent may at any time give notice of its resignation to the other Agents, the Lenders, the L/C Issuers and the Borrower. (x) If any Agent becomes a Defaulting Lender, the Borrower may remove such Agent from such role upon 15 days' written notice to such Agent, the other Agents, the L/C Issuers and the Lenders, (y) at any time after the Closing Date, for any reason whatsoever, the Required Lenders may remove the Administrative Agent or the Collateral Agent from such role upon 15 days' written notice to such Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower, and (z) at any time after the

------

Closing Date, for any reason whatsoever, the Required Revolving Credit Lenders may remove the Revolving Agent from such role upon 15 days' written notice to Revolving Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower (the date of any such removal, the "**Removal Effective Date**"). Upon receipt of any such notice of resignation (or removal pursuant to the preceding sentence), the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the right, with the consent of the Borrower (in its sole discretion) at all times other than upon the occurrence and during the continuation of an Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> (with respect to the Borrower) and other than in the case of removal of the Administrative Agent, appoint a successor. If no such successor shall have been so appointed by the Required Lenders or Required Revolving Credit Lenders and shall have accepted such appointment within 30 days after the resigning Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the resigning Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including consent of the Borrower, if applicable); *provided* that if the resigning Agent shall notify the Borrower, the other Agents, the L/C Issuers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice. The resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the resigning or removed Agent shall continue to hold such Collateral until such time as a successor Agent is appointed). Except for any indemnity payments or other amounts then owed to the resigning or removed Agent, all payments, communications and determinations provided to be made by, to or through the resigning or removed Agent shall instead be made by or to each Lender and the L/C Issuers directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as an Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning (or removed) Agent (other than any rights to indemnity payments or other amounts owed to the resigning or removed Agent as of the Resignation Effective Date or Removal Effective Date, as applicable), and the resigning (or removed) Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the resigning or removed Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article IX</u> and <u>Sections 10.04</u> and <u>10.05</u> shall continue in effect for the benefit of such resigning or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the resigning or removed Agent was acting as Administrative Agent, Collateral Agent or Revolving Agent, as applicable.

Section 9.07. <u>Non-Reliance on Agents and Other Lenders</u>.

Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Neither the Administrative Agent nor the Revolving Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or issuance of any Letter of Credit or at any time or times thereafter, and neither the Administrative Agent nor the Revolving Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

------

Section 9.08. <u>No Other Duties, Etc.</u>

Anything herein to the contrary notwithstanding, no Agent or Lender shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Revolving Agent, the Collateral Agent, a Lender or an L/C Issuer hereunder.

Section 9.09. <u>Agents May File Proofs of Claim</u>.

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agents shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Agents under <u>Sections 2.03(h)</u>, <u>2.03(i)</u>, <u>2.09</u>, <u>10.04</u> and <u>10.05</u>) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Agents and, if the Agents shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and its agents and counsel, and any other amounts due the Agents under <u>Sections 2.09</u>, <u>10.04</u> and <u>10.05</u>.

Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any L/C Issuer to authorize the Agents to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding.

The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or

------

at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with the Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).

Section 9.10. <u>Collateral and Guaranty Matters</u>.

Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from any Lender, from time to time prior to the occurrence and continuance of an Event of Default, to take any action with respect to any Collateral or Collateral Documents which may be necessary to create, perfect and maintain perfected security interests in and liens upon the Collateral granted pursuant to the Collateral Documents. Without limiting the provisions of Section 9.09, the Lenders (each including in its capacity as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuer irrevocably authorize the Collateral Agent, at its option and in its discretion (other than releases described in <u>clauses (b)</u> and <u>(d)</u> below which shall not be optional or discretionary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enter into and sign for and on behalf of the Lenders as Secured Parties the Collateral Documents (including any Intercreditor Agreements with respect to Indebtedness to the extent the Collateral Agent is otherwise contemplated herein as being a party to such Intercreditor Agreement) for the benefit of the Lenders and the other Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to automatically release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the Collateral Agent and the relevant L/C Issuers shall have been made), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, (iii) subject to <u>Section 10.01</u>, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to <u>Section 9.10(d)</u> or <u>Section 11.09</u> or (v) if the property subject to such Lien constitutes Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to release any Subsidiary Guarantor from its obligations under the Guaranty if such Guarantor becomes a Released Guarantor in accordance with <u>Section 11.09</u>;

Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section 9.10</u>. In each case as specified in this <u>Section 9.10</u>, the Collateral Agent will (and each Lender irrevocably authorizes the Collateral Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.10</u>.

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

Section 9.11. <u>Secured Cash Management Agreements and Secured Hedge Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Secured Cash Management Provider and no Secured Hedge Bank that obtains the benefits of <u>Section 8.03</u>, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> to the contrary, no Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Hedge Obligations unless such Agent has received written notice of such Secured Cash Management Obligations or Secured Hedge Obligations, together with such supporting documentation as such Agent may request, from the applicable Secured Cash Management Provider or Secured Hedge Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secured Cash Management Providers and the Secured Hedge Banks hereby authorize the Collateral Agent to enter into any Intercreditor Agreement permitted under this Agreement, and any amendment, modification, supplement or joinder with respect thereto, and any such Intercreditor Agreement is binding upon the Secured Cash Management Providers and the Secured Hedge Banks.

Section 9.12. <u>Withholding Tax Indemnity</u>.

To the extent required by any applicable Laws, the Administrative Agent or the Revolving Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent or the Revolving Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent or the Revolving Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective or if any payment has been made by the Administrative Agent or the Revolving Agent to any Lender without applicable withholding tax being deducted from such payment), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless

------

the Administrative Agent or the Revolving Agent (to the extent that the Administrative Agent or the Revolving Agent has not already been reimbursed by the Borrowers pursuant to <u>Section 3.01</u> and <u>3.04</u> and without limiting or expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Administrative Agent or the Revolving Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent or the Revolving Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Revolving Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent or the Revolving Agent under this <u>Section 9.12</u>. The agreements in this <u>Section 9.12</u> shall survive the resignation and/or replacement of the Administrative Agent or the Revolving Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank).

**ARTICLE X.** 

**<u>MISCELLANEOUS</u>**

Section 10.01. <u>Amendments, Etc.</u>

Subject to any separate agreement among the Lenders, except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders (unless specified therein)) (or by the Administrative Agent with the consent of the Required Lenders) and the applicable Loan Party, as the case may be (and with an executed copy thereof promptly delivered to the Administrative Agent if not otherwise a party thereto), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that, no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood that a waiver of any condition precedent, the waiver of any obligation of the Borrowers to pay interest at the Default Rate or the waiver of any Default, Event of Default, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such an extension or increase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise expressly provided for hereunder, including without limitation pursuant to a Refinancing Amendment or an Extension Amendment, postpone any date scheduled for any payment of principal (including final maturity), interest or fees under <u>Section 2.07</u>, <u>2.08</u> or <u>2.09</u>, respectively, without the written consent of each Lender directly and adversely affected thereby (it being understood that the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any Default or Event of Default, any condition precedent, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such a postponement of any date scheduled for the payment of principal or interest and it further being understood that any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a postponement of such scheduled payment); *provided* that only the consent of the Administrative Agent and/or the Revolving Agent, as applicable, shall be required for an extension or postponement for administrative convenience;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (iii)</u> of the second proviso to this <u>Section 10.01</u>) or any fees payable hereunder or under any other Loan Document (or extend the timing of payments of such fees) without the written consent of each Lender directly and adversely affected thereby (it being understood that (i) the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any mandatory prepayment of the Loans or mandatory reduction of any Commitments or any Default or Event of Default shall not constitute such a reduction and it further being understood that (ii) any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a reduction or forgiveness in any principal or rate of interest of any Loan, L/C Borrowing, fee or other amount payable hereunder or under any other Loan Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" in any manner that would alter the pro rata sharing of payments or other amounts required thereby, without the written consent of each Lender directly and adversely affected thereby; *provided* that modifications to <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" to the extent necessary in connection with (w) any buy back of Term Loans by Holdings or the Borrower pursuant to <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, (x) any Refinancing Amendment or amendment in respect of Replacement Loans, (y) any Incremental Amendment or (z) any Extension Amendment, in each case, shall only require approval (to the extent any such approval is otherwise required) of the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of (i) this <u>Section 10.01</u> or (ii) the definition of "Required Lenders", "Required Revolving Credit Lenders" or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents to reduce the percentage set forth therein, without the written consent of each Lender directly and adversely affected thereby (it being understood that, with the consent of the Required Lenders or Required Revolving Credit Lenders (if such consent is otherwise required), or the Administrative Agent or the Revolving Agent, as applicable (if the consent of the Required Lenders or Required Revolving Credit Lenders is not otherwise required), additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or Required Revolving Credit Lenders, as applicable, on substantially the same basis as the Term Commitments or Revolving Credit Commitments, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the aggregate value of the Guaranty without the written consent of each Lender;

*provided, further*, that, to the extent that any such amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> above is not executed by all Agents and/or all of the Lenders, the Borrower shall provide a copy of such amendment or waiver to any Agent and/or Lender which is not a party thereto; 

------

*provided*, *further*, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, directly and adversely affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) [reserved]; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or, with respect to the Revolving Loans, the Revolving Agent, in addition to the Lenders required above, directly and adversely affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or Revolving Agent, as applicable, under this Agreement or any other Loan Document; (iv) only the consent of the parties to the Fee Letter shall be required to amend, modify or supplement the terms thereof; (v) <u>Section 10.07(h)</u> may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; (vi) (x) no Lender consent is required to effect an Incremental Amendment, Refinancing Amendment or Extension Amendment (except as expressly provided in <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u> or in the following <u>clause (y)</u> or <u>(z)</u>, as applicable) or to effect any amendment expressly contemplated by <u>Section 6.19</u>, (y) in connection with an amendment that addresses solely a re-pricing transaction in which any Class of Term Loans is Refinanced with a replacement Class of term loans bearing (or is modified in such a manner such that the resulting term loans bear) a lower All-In Yield (which may include other customary technical amendments related thereto, including providing that such replacement term loans may have a prepayment premium in connection therewith) (a "**Permitted Repricing Amendment**"), only the consent of the Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans shall be required for such Permitted Repricing Amendment, and (z) in connection with an Extension Amendment, only the consent of the Lenders that will continue as a Lender in respect of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, subject to such Extension Amendment shall be required for such Extension Amendment; and (vii) the Letter of Credit Sublimit may be increased with only the consent of each L/C Issuer and the Revolving Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms materially and adversely affects any Defaulting Lender to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding the foregoing, no Lender consent is required for the Collateral Agent to enter into, or to effect any amendment, modification or supplement to any Intercreditor Agreement pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan Commitment, any Other Commitment, any Other Term Loan, any Other Notes, or any Permitted First Priority Refinancing Debt or any Permitted Junior Priority Refinancing Debt, for the purpose of adding the holders of such Indebtedness (or their representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, in each case as contemplated by the terms of such Intercreditor Agreement (it being understood that any such amendment or supplement may make such other changes to the applicable Intercreditor Agreement as, in the good faith determination of the Collateral Agent, are required to effectuate the foregoing and *provided* that such other changes are not adverse, in any material respect (taken as a whole), to the interests of the Lenders); *provided*, *further*, that no such Intercreditor Agreement shall amend, modify or otherwise adversely affect the rights or duties of any Agent hereunder or under any other Loan Document without the prior written consent of such Agent. 

------

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

Notwithstanding any of the foregoing, only the consent of the Required Revolving Credit Lenders (and, in the case of the issuance of a Letter of Credit, the relevant Issuing Lender) shall be required for (i) any amendment or waiver of any condition precedent to an extension of credit (or deemed extension of credit) under the Revolving Credit Facility, (ii) any modification or amendment to the calculation or formulation of the Financial Covenant , Section 7.11 or Section 8.04, or any change to any definition related to the Financial Covenant, Section 7.11 or Section 8.04 (as such definitions are used for purposes of the Financial Covenant, Section 7.11 or Section 8.04, as applicable) or (iii) the waiver of any Default or Event of Default under the Financial Covenant.

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrowers and the Lenders providing the Replacement Term Loans (as defined below) to permit the Refinancing of all or a portion of the outstanding Term Loans of any Class ("**Refinanced Term Loans**") with one or more tranches of replacement term loans having different terms ("**Replacement Term Loans**") hereunder; *provided* that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans *plus* accrued interest, fees, expenses and premium (but nothing in this clause (a) shall limit the ability of the Borrowers to incur Incremental Term Loans of the same Class or of a different Class at the same time if such incurrence is otherwise permitted hereunder), (b) the Weighted Average Life to Maturity of Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, at the time of such Refinancing (except by virtue of amortization or prepayment of the Refinanced Term Loans prior to the time of such incurrence) and (c) such Replacement Term Loans shall otherwise constitute Credit Agreement Refinancing Indebtedness.

Notwithstanding anything to the contrary contained in this <u>Section 10.01</u>, guarantees, collateral security documents and related documents executed by the Loan Parties or the Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and the Collateral Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent and the Collateral Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel or (ii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, if at any time after the Closing Date, any Agent and the Borrower shall have jointly identified a mistake, ambiguity, obvious or technical error or any error or omission of a technical or administrative nature, in each case, in any provision of the Loan Documents, then the Administrative Agent, the Revolving Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, the Revolving Agent may waive any obligations or requirements under <u>Section 6.16</u>.

------

Section 10.02. <u>Notices and Other Communications; Facsimile Copies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices; Effectiveness; Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section 10.02(a)(ii)</u>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to the Borrower (or to any other Loan Party), the Administrative Agent, the Collateral Agent, the Revolving Agent or an L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for the Borrower, the Administrative Agent, the Collateral Agent, the Revolving Agent or such L/C Issuer on <u>Schedule 10.02</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>Section 10.02(a)(ii)</u> shall be effective as provided in such <u>Section 10.02(a)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Electronic Communications</u>. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, *provided* that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to <u>Article II</u> if such Lender or such L/C Issuer, as applicable, has notified each Agent that it is incapable of receiving notices under such Article by electronic communication. Any Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, *provided* that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent or the Revolving Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the "**Agent Parties**") have any liability to the Loan Parties, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or any Agent's transmission of the Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith, material breach or willful misconduct of such Agent Party (or its Representatives); *provided*, *however*, that in no event shall any Person have any liability to any other Person hereunder for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages); *provided* that nothing in this sentence shall limit any Loan Party's indemnification obligations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Address, Etc.</u> Each of the Borrowers, the Agents and the L/C Issuers may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the Borrower, the Agents, the L/C Issuers. In addition, each Lender agrees to notify the Agents from time to time to ensure that the Agents has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reliance by Agents, L/C Issuers and Lenders</u>. The Agents, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Agents, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers in accordance with <u>Section 10.05</u> hereof. All telephonic notices to and other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording.

Section 10.03. <u>No Waiver; Cumulative Remedies</u>.

No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

------

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent and the Revolving Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuers; *provided*, *however*, that the foregoing shall not prohibit (a) any Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or the Revolving Agent, as applicable) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 10.09</u> (subject to the terms of <u>Section 2.13</u>) or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; *provided*, *further*, that if at any time there is no Person acting as Administrative Agent, Collateral Agent or Revolving Agent hereunder and under the other Loan Documents, then (i) the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the rights otherwise ascribed to the Administrative Agent, the Collateral Agent or the Revolving Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of the preceding proviso and subject to <u>Section 2.13</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

Section 10.04. <u>Attorney Costs and Expenses</u>.

The Borrower agrees (a) to pay or reimburse the Agents, the Commitment Parties and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby, including (i) all Attorney Costs, which shall be limited to one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Commitment Parties (taken as a whole), plus, if reasonably necessary, one local counsel in each applicable jurisdiction material to the interests of the Lenders (taken as a whole), in each case except allocated costs of in-house counsel and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower, and (b) from and after the Closing Date, to pay or reimburse the Administrative Agent, the Revolving Agent, and the Collateral Agent, the L/C Issuers and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or protection of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including (i) all respective Attorney Costs, which shall be limited to Attorney Costs of one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Lenders (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction material to the interests of the Lenders (taken as a whole) and, solely in the case of an actual conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected parties) and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower. The agreements in this <u>Section 10.04</u> shall survive the termination of the Aggregate Commitments and repayment of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). All amounts due under this <u>Section 10.04</u> shall be paid within 30 days following receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail; *provided* that, with respect to the Closing Date, all amounts due under this <u>Section 10.04</u> shall be paid on

------

the Closing Date solely to the extent invoiced to the Borrower at least three Business Days prior to the Closing Date (or such shorter period as the Borrower shall reasonably agree). If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by any Agent in its discretion following five Business Days' prior written notice to the Borrower and the other Agents. For the avoidance of doubt, this <u>Section 10.04</u> shall not apply to Taxes, except any Taxes that represent costs and expenses arising from any non-Tax claim.

Section 10.05. <u>Indemnification by the Borrower</u>.

The Borrower shall indemnify and hold harmless each Agent, each Agent-Related Person, each Lender and their respective controlled Affiliates and controlling Persons, and their respective officers, directors, agents, members and employees and their respective successors (collectively the "**Indemnitees**") from and against any and all liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and its affiliated or associated Indemnities (taken as a whole), one counsel to the Revolving Agent and the Collateral Agent and their affiliated or associated Indemnities (taken as a whole) and one counsel to all other Indemnitees (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected Indemnitees, in each case except allocated costs of in-house counsel), joint or several, of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (c) any Environmental Liability arising from any actual or alleged presence or Release of Hazardous Materials at, on, under or from any property or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, or any other Environmental Liability of the Loan Parties or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (a "**Proceeding**") and regardless of whether any Indemnitee is a party thereto or whether or not such Proceeding is brought by the Borrower or any other person and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee (all of the foregoing, collectively, the "**Indemnified Liabilities**"); *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (w) the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (x) a material breach of any obligations under any Loan Document by such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) any disputes solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under any Facility (unless such claim would otherwise be excluded pursuant to clause <u>(w)</u> above) which do not arise out of any act or omission of Holdings, the Borrower, the Sponsor or any of their Affiliates or (z) settlements effected

------

without the Borrower's prior written consent (such consent not to be unreasonably withheld, delayed or conditioned), but if settled with the Borrower's written consent, or if there is a final judgment in any such Proceeding, the Borrower shall indemnify and hold harmless such Indemnitee to the extent and the manner set forth above. In case any Proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrower of the commencement of any such Proceeding; *provided*, *however*, that the failure so to notify the Borrower will not relieve the Borrower from any liability to such Indemnitee pursuant to this <u>Section 10.05</u>. Each applicable Indemnitee (by accepting the benefits hereof) agrees to refund and return any and all amounts paid by or on behalf of the Borrower (or any other Loan Party) to such Indemnitee, in each case, pursuant to the terms of this paragraph to the extent such Indemnitee is not entitled to the payment thereof pursuant to the terms of this paragraph. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Indemnitee (or its officers, directors, employees or Affiliates), nor shall any Indemnitee, Loan Party or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); it being agreed that this sentence shall not limit the indemnification obligations of Holdings, the Borrower or any Subsidiary (including, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket expenses). In the case of an investigation, litigation or other proceeding to which the indemnity in this <u>Section 10.05</u> applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due under this <u>Section 10.05</u> shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); *provided*, *however*, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this <u>Section 10.05</u>. The agreements in this <u>Section 10.05</u> shall survive the resignation or removal of any Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). For the avoidance of doubt, this <u>Section 10.05</u> shall not apply to Taxes, except any Taxes that represent liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

To the extent that the Borrower for any reason fails to pay any amount required under this <u>Section 10.05</u> or <u>Section 10.04</u> to be paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender's Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, *provided* that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this paragraph are subject to the provisions of <u>Section 2.12(e)</u>.

------

Section 10.06. <u>Payments Set Aside</u>.

To the extent that any payment by or on behalf of any Borrower is made to any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, *plus* interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Base Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Secured Obligations and the termination of this Agreement.

Section 10.07. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Revolving Agent and each Lender (except as permitted by <u>Section 7.04</u> or <u>Section 7.05</u>) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of <u>Section 10.07(b)</u> and the proviso to this <u>Section 10.07(a)</u> (such an assignee, an "**Eligible Assignee**") and (A) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is an Affiliated Lender, <u>Section 10.07(k)</u>, (B) in the case of any Assignee that is Holdings or any of its Subsidiaries, <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, or (C) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is a Debt Fund Affiliate, <u>Section 10.07(o)</u>, (ii) by way of participation in accordance with the provisions of <u>Section 10.07(e)</u>, (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 10.07(g)</u> or (iv) to an SPC in accordance with the provisions of <u>Section 10.07(h)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void); *provided*, *however*, that notwithstanding the foregoing or anything else in this Agreement to the contrary, no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender, (ii) a natural Person or (iii) to Holdings, the Borrower or any of their respective Subsidiaries (except pursuant to or as contemplated by <u>Section 2.05(a)(v)</u>, the last paragraph of <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u>, as applicable). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 10.07(e)</u> and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>Section 10.07(b)(ii)</u> below, any Lender may at any time assign to one or more assignees (other than a Disqualified Institution unless the Borrower consents to such assignment to such entity, in which case such entity will not be considered a Disqualified Institution for the purpose of such assignment) (each, an "**Assignee**") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <u>Section 10.07(b)</u>, participations in L/C Obligations) at the time owing to it) with the prior written consent of:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower in its sole discretion; *provided* that no consent of the Borrower shall be required for an assignment (i) of all or a portion of the Term Loans to a Term Lender, (ii) all of a portion of any Revolving Credit Commitment or Revolving Loan to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) after the occurrence and during the continuance of an Event of Default under <u>Section 8.01(a)</u> or <u>Section 8.01(f)</u> (with respect to the Borrower), to any Assignee or (iv) of all or a portion of the Term Loans to an Affiliate or Approved Fund of such Lender, in each case, that is managed or advised by GSO or Carlyle, as the case may be, that are part of GSO's or Carlyle's "Direct Lending" or "Credit Opportunities" lines of business and are not part of GSO's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations" line of business; *provided*, *further*, that with respect to an assignment of all or a portion of the Term Loans, the Borrower shall be deemed to have consented to any such assignment (other than with respect to any assignment to a Disqualified Institution or to an Affiliate or Approved Fund that are part of GSO's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations") unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent (with respect to the Term Loans) and the Revolving Agent (with respect to the Revolving Credit Commitments); *provided* that no consent of any Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Term Lender, an Affiliate of a Term Lender or any Approved Fund thereof, (ii) of all or any portion of any Revolving Credit Commitments or Revolving Credit Exposure to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) of all or a portion of the Loans pursuant to <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u> or (iv) from an Agent to its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each L/C Issuer at the time of such assignment; provided that no consent of the L/C Issuers shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class or in the case of an assignment to an Affiliate of a Lender or any Approved Fund thereof, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 (in the case of each Revolving Loan), $1,000,000 (in the case of a Term Loan), and shall be in increments of an amount of $2,500,000 (in the case of each Revolving Loan) or $1,000,000 (in the case of Term Loans), in excess thereof unless each of the Borrower and the Administrative Agent or the Revolving Agent, as applicable, otherwise consents; provided that such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall (1) execute and deliver to the applicable Agent an Assignment and Assumption via an electronic settlement system acceptable to such Agent or (2) if previously agreed with such Agent, manually execute and deliver to such Agent an Assignment and Assumption, together, in each case, with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the applicable Agent and shall in no event apply to assignments between (i) GSO and its Affiliates and (ii) Carlyle and its Affiliates);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) other than in the case of assignments pursuant to <u>Section 10.07(l)</u>, the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent or the Revolving Agent, as applicable, an Administrative Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall execute and deliver to the Administrative Agent or the Revolving Agent, as applicable, and the Borrower the forms described in <u>Sections 3.01(d)</u> and <u>3.01(e)</u> applicable to it.

This <u>Section 10.07(b)</u> shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to acceptance and recording thereof by the Administrative Agent or the Revolving Agent, as applicable, pursuant to <u>Section 10.07(d)</u>, from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to <u>Section 10.07(l)</u> the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, <u>10.04</u> and <u>10.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 10.07(c)</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.07(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent and the Revolving Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Applicable Agent's Office a copy of each Assignment and Assumption, each Affiliated Lender Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower pursuant to <u>Section 10.07(l)</u> and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and the amounts due under <u>Section 2.03</u>, owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). Upon its receipt of, and consent to, a duly completed Assignment and

------

Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>Section 10.07(b)(ii)(B)</u> above, if applicable, and the written consent of the Administrative Agent or the Revolving Agent and, if required, the Borrower and each L/C Issuer to such assignment and any applicable tax forms, the Administrative Agent or the Revolving Agent shall (i) accept such Assignment and Assumption and (ii) promptly record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this <u>Section 10.07(d)</u>. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, any Agent and any Lender (solely with respect to such Lender), at any reasonable time and from time to time upon reasonable prior notice. This <u>Section 10.07(d)</u> and <u>Section 2.11</u> shall be construed so that all Loans are at all times maintained in "registered form" within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations). Notwithstanding the foregoing, in no event shall the Administrative Agent or the Revolving Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent or the Revolving Agent be obligated to monitor the aggregate amount of Term Loans held by Affiliated Lenders. Notwithstanding anything to the contrary in this Agreement, the Borrowers, Holdings, the other Loan Parties and the Lenders acknowledge and agree that in no event shall the Administrative Agent or the Revolving Agent (in each case in its capacity as such) be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, neither the Administrative Agent nor the Revolving Agent shall (x) be obligated to ascertain, monitor or inquire as to whether any Lender is a Disqualified Institution or (y) have any liability with respect to any assignment or participation of Loans or Commitments, or any disclosure of confidential information, to any Disqualified Institution. Upon request by the Administrative Agent or the Revolving Agent, the Borrower shall (i) promptly (and in any case, not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>) provide to the Administrative Agent, a complete list of all Affiliated Lenders holding Term Loans or Incremental Term Loans at such time and (ii) not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Term Loans or Incremental Term Loans at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may at any time, sell participations to any Person (other than a natural person, a Defaulting Lender, the Sponsor, Holdings, any Non-Debt Fund Affiliate and, to the extent the list thereof has been made available to all Lenders, any Disqualified Institution) (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations) owing to it); *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in <u>clauses (a)</u> through <u>(h)</u> of the first proviso to <u>Section 10.01</u> that requires the affirmative vote of such Lender. Subject to <u>Section 10.07(f)</u> and a Participant's compliance with <u>Section 3.01(d)</u> and <u>(e)</u>, each Borrower agrees that each Participant shall

------

be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and limitations of such Sections, including the requirements of Section 3.01(d) and (e) (it being understood that the documentation required under Section 3.01(d) and (e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.07(c)</u>. To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of <u>Section 10.09</u> as though it were a Lender; *provided* that such Participant (A) agrees to be subject to <u>Section 2.13</u> as though it were a Lender, and (B) shall not be entitled to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u>, <u>3.04</u> or <u>3.05</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Lender may, without the consent of any Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender; *provided* that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (other than a Disqualified Institution) identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement except, in the case of <u>Section 3.01</u>, to the extent that the grant to the SPC was made with the prior written consent of the Borrower in its sole discretion, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan

------

were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee (other than a Disqualified Institution) for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; *provided* that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this <u>Section 10.07</u>, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained herein, any L/C Issuer may, upon 30 days' notice to the Borrower, the Agents and the Revolving Credit Lenders, resign as an L/C Issuer; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer shall have identified a successor L/C Issuer reasonably acceptable to the Borrower and the Revolving Agent willing to accept its appointment as successor L/C Issuer; *provided*, *further*, that any such resignation shall be effective only if (x) the relevant L/C Issuer is no longer a Revolving Credit Lender upon the effectiveness of such resignation or (y) the relevant L/C Issuer has obtained the consent of the Revolving Agent and the Borrower. In the event of any such resignation of an L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving Credit Lenders willing to accept such appointment a successor L/C Issuer hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer, except as expressly provided above. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Credit Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through open market purchases on a non-pro rata basis, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to an Affiliated Lender may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of <u>Exhibit J</u> hereto (an "**Affiliated Lender Assignment and Assumption**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Affiliated Lenders (A) will not receive information provided solely to Lenders by the Administrative Agent or any Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</u>, (B) will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent and (C) will not receive advice of counsel to the Administrative Agent and the Lenders;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection with each assignment pursuant to this <u>Section 10.07(k)</u>, the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to such Affiliated Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate principal amount of Term Loans (as of the date of consummation of any transaction under this <u>Section 10.07(k)</u>) held at such time by all Affiliated Lenders shall not exceed 25% of the principal amount of all Term Loans outstanding as of the date of such transaction (such percentage, the "**Affiliated Lender Cap**").

Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required and be delivered to the same addressee as set forth in <u>Exhibit E-2</u>.

Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or any of their Subsidiaries, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or their respective Subsidiaries, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Affiliated Lenders and any of their Subsidiaries, Holdings, the Borrower and their respective Subsidiaries, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) that the Excluded Information may not be available to the Administrative Agent or the other Lenders.

Notwithstanding anything to the contrary in the Loan Documents, any Term Loans assigned to an Affiliated Lender in accordance with this <u>Section 10.07(k)</u> or <u>Section 10.07(o)</u> may be contributed to Holdings or any of its Restricted Subsidiaries and be exchanged for debt or equity securities of the Borrower (or any of its direct or indirect parent) to the extent otherwise permitted herein, in which case Holdings, the Borrower and its Restricted Subsidiaries shall comply with <u>Sections 10.07(l)(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u> (with any references to the Borrower in such sections to be deemed to include any applicable Restricted Subsidiary) and for the avoidance of doubt any other assignment to Holdings or its Restricted Subsidiaries shall be consummated only pursuant to <u>Section 10.07(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to Holdings, the Borrower or any Restricted Subsidiary through, notwithstanding <u>Sections 2.12</u> and <u>2.13</u> or any other provision in this Agreement, open market purchase on a non-pro rata basis, in each case subject to the following:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to Holdings, the Borrower or a Restricted Subsidiary may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall execute and deliver to the Administrative Agent an Affiliated Lender Assignment and Assumption substantially in the form of <u>Exhibit J</u> hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Holdings or a Restricted Subsidiary is the assignee, upon such assignment, transfer or contribution, Holdings or such Restricted Subsidiary, as applicable, shall automatically be deemed to have contributed or distributed, as applicable, the principal amount of such Term Loans, *plus* all accrued and unpaid interest thereon, to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Borrower is the assignee (including through contribution or transfers set forth in <u>clause (iii)</u> above), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, distributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation and extinguishment of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, distribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with each assignment pursuant to this <u>Section 10.07(l)</u>, the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to Holdings, the Borrower or such Restricted Subsidiary, as applicable.

Each Lender participating in any assignment pursuant to this <u>clause (l)</u> acknowledges and agrees that in connection with such assignment, (1) Holdings and its Subsidiaries then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on Holdings or any of its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of Holdings or its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrower and its Subsidiaries and Affiliates, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to <u>Section 10.07(n)</u>, any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require any Agent or any Lender to take (or refrain from taking) any such action and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question adversely affects such Affiliated Lender in any material respect as compared to other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Additionally, the Loan Parties and Affiliated Lenders hereby agree that if a case under Title 11 of the United States Code is commenced by or against any Loan Party, such Loan Party shall seek (and the Affiliated Lenders shall consent) to provide that the vote of the Affiliated Lenders with respect to any plan of reorganization of such Loan Party shall be counted in the same proportion as all other Lenders, except that Affiliated Lenders' vote may be counted to the extent any such plan of reorganization (i) proposes to treat the Obligations held by Affiliated Lenders in a manner that is less favorable in any material respect to the Affiliated Lenders than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower, (ii) would deprive the Affiliated Lenders of their Pro Rata Share of any payments to which all Lenders are entitled or (iii) requires the consent of each Lender or each affected Lender. The Affiliated Lenders hereby irrevocably appoint each of the Administrative Agent or the Revolving Agent (such appointment being coupled with an interest) as the Affiliated Lenders' attorneys-in-fact, with full authority in the place and stead of the Affiliated Lenders and in the name of the Affiliated Lenders, from time to time in each such Agent's discretion to take any action and to execute any instrument that such Agent may deem reasonably necessary to carry out the provisions of this <u>Section 10.07(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Although Debt Fund Affiliates shall be Eligible Assignees and shall not be subject to the provisions of <u>Section 10.07(m)</u> or <u>10.07(n)</u>, any Lender may, at any time, assign all or a portion of its rights and obligations with respect to any Class of Loans or Commitments under this Agreement to a Person who is or will become, after such assignment, a Debt Fund Affiliate only through (x) Dutch auctions open to all Lenders holding such Class of Loans or Commitments on a pro rata basis in accordance with procedures of the type described in <u>Section 2.05(a)(v)</u> or (y) open market purchases on a non-pro rata basis. Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Loans held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans, Revolving Credit Commitments and Revolving Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant to <u>Section 10.01</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding the foregoing, if an entire Class of Loans or Commitments is Refinanced or replaced in full with other Loans or Commitments hereunder, the Borrower shall have the option, with the consent of each of the Administrative Agent and the Revolving Agent and subject to at least three Business Days' advance notice (which notice may be rescinded if the transactions contemplated by such Refinancing Amendment are not consummated) to each Lender holding any Class of Loans or Commitments being Refinanced or replaced to consummate such Refinancing or replacement of such Class by way of assignment by purchasing each such Lender's Loans or unfunded Commitments at par, accompanied by payment of any accrued interest and fees thereon (including, if applicable, amounts payable pursuant to <u>Section 3.07(e)</u>) instead of prepaying the Loans or reducing or terminating the Commitments to be Refinanced or replaced. The assigned Loans and Commitments shall be amended immediately thereafter in accordance with <u>Section 10.01</u> to reflect the terms of any such Refinancing or replacement. The assignee under any such assignment may be (but shall not be required to be) any Agent, any Lender, any arranger of the new Loans or Commitments or any other Person designated by any Agent. By receiving the purchase price, the Lenders having the replaced or Refinanced Class of Loans or Commitments shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing security interests in the Collateral.

Section 10.08. <u>Confidentiality</u>.

Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel, and other advisors (it being understood that (i) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and (ii) the applicable Agent or Lender disclosing such information shall be responsible for the compliance of its Affiliates and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel and other advisors, with this <u>Section 10.08</u>); (b) to the extent required or requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority regulating any Lender or its Affiliates), *provided* that the applicable Agent or such Lender, as applicable, agrees that it will make commercially reasonable efforts to notify the Borrower in advance in the event of any such disclosure by such Person (and will promptly notify the Borrower in any event) (other than at the request of a regulatory authority or pursuant to filings, submissions and any other similar documentation applicable to business development companies of the type disclosed in the Administrative Agent's Form 10-K prior to the Closing Date and required or customary to comply with SEC filing requirements) unless such notification is prohibited by law, rule or regulation; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process or required or requested by any regulatory authority having or asserting jurisdiction over such Person or its Related Parties, *provided* that the applicable Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions at least as restrictive as those of this <u>Section 10.08</u> (or as may otherwise be reasonably acceptable to the Borrower), to (i) any pledgee referred to in <u>Section 10.07(g)</u>, (ii) any direct or indirect contractual counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (other than any Disqualified Institution or Person); or (iii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder (other than any Disqualified Institution or Person whom the Borrower has affirmatively denied to provide consent to assignment in accordance with <u>Section 10.07(b)(i)(A)</u>); (f) with the prior written consent of the Borrower; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach

------

of this <u>Section 10.08</u> or other obligation of confidentiality owed to the Borrower, the Sponsor or their respective Affiliates, (ii) is or becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or any Sponsor or their respective related parties (so long as such source is not known (after due inquiry) to such Agent, such Lender, such L/C Issuer or any of their respective Affiliates to be bound by confidentiality obligations to any Loan Party, the Sponsor or their respective Affiliates); (h) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (i) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of its rights hereunder or thereunder; (j) for purposes of establishing a "due diligence" defense or (k) in connection with filings, submissions and any other similar documentation required or customary to comply with SEC filing requirements. In addition, the Agents and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement, and management of this Agreement, the other Loan Documents, the Commitments and the Credit Extensions. For the purposes of this <u>Section 10.08</u>, "**Information**" means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates' directors, officers, employees, trustees, investment advisors or agents, other than any such information that is publicly available to any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this <u>Section 10.08</u> or any other confidentiality obligation owed to any Loan Party or their Affiliates. Notwithstanding anything to the contrary, this <u>Section 10.08</u> shall not terminate until the earlier of (x) payment in full of all Obligations (other than contingent obligations as to which no claim has been asserted), and (y) the Maturity Date.

Section 10.09. <u>Setoff</u>.

In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender (and any Agent, in respect of any unpaid fees, costs and expenses payable hereunder or under any of the other Loan Documents) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than escrow, payroll, petty cash, trust and tax accounts) at any time held by, and other Indebtedness at any time owing by, such Lender or such Agent to or for the credit or the account of the respective Loan Parties against any and all Secured Obligations then due and owing to such Lender or such Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Lender or such Agent shall have made demand under this Agreement or any other Loan Document; *provided* that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent or the Revolving Agent, as applicable, for further application in accordance with the provisions of <u>Section 2.17</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agents, the L/C Issuers, and the Lenders, and (y) the Defaulting Lender shall provide promptly to each Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Agents after any such set off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent and each Lender under this <u>Section 10.09</u> are in addition to other rights and remedies (including other rights of setoff) that each Agent and such Lender may have at Law.

------

Section 10.10. <u>Interest Rate Limitation</u>.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "**Maximum Rate**"). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 10.11. <u>Counterparts</u>.

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. 

Section 10.12. <u>Integration</u>.

This Agreement, together with the other Loan Documents and the Fee Letter, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. Subject to <u>Section 10.22</u>, in the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; *provided* that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

Section 10.13. <u>Survival of Representations and Warranties</u>.

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

------

Section 10.14. <u>Severability</u>.

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions; *provided*, that the Lenders shall charge no fee in connection with any such amendment. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 10.14</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Agents or the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 10.15. <u>GOVERNING LAW</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT NOTWITHSTANDING THE FOREGOING IT IS UNDERSTOOD AND AGREED THAT (A) THE INTERPRETATION OF CLAUSE (A) OF THE DEFINITION OF "MATERIAL ADVERSE EFFECT" (AND WHETHER OR NOT A "MATERIAL ADVERSE EFFECT" UNDER CLAUSE (A) OF SUCH DEFINITION HAS OCCURRED), (B) THE ACCURACY OF ANY SPECIFIED PURCHASE AGREEMENT REPRESENTATIONS AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF THE INITIAL BORROWER HAS THE RIGHT (WITHOUT REGARD TO ANY NOTICE REQUIREMENT BUT TAKING INTO ACCOUNT ANY APPLICABLE CURE PROVISIONS) TO TERMINATE THE INITIAL BORROWER'S OBLIGATIONS (OR TO REFUSE TO CONSUMMATE THE ACQUISITION) UNDER THE PURCHASE AGREEMENT AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE PURCHASE AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY (BOROUGH OF MANHATTAN) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE) IN <u>SECTION 10.02</u>. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

------

Section 10.16. <u>WAIVER OF RIGHT TO TRIAL BY JURY</u>.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.16</u>.

Section 10.17. <u>Binding Effect</u>.

This Agreement shall become effective when it shall have been executed and delivered by the Loan Parties, each Agent and each Lender and shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with <u>Section 10.07</u> (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Agents and the Lenders except as permitted by <u>Section 7.04</u>.

Section 10.18. <u>USA Patriot Act</u>.

Each Lender that is subject to the USA Patriot Act and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow such Lender or such Agent, as applicable, to identify such Loan Party in accordance with the USA Patriot Act. This notice is given in accordance with the requirements of the USA Patriot Act and is effective as to the Lenders and the Agents.

Section 10.19. <u>Judgment Currency.</u>

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent or the Revolving Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent, the Revolving Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "**Judgment Currency**") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "**Agreement Currency**"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent, the Revolving Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Revolving Agent or such Lender, as

------

the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent, the Revolving Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender in such currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrowers (or to any other Person who may be entitled thereto under applicable Law).

Section 10.20. <u>No Advisory or Fiduciary Responsibility</u>.

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agents are arm's-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for each Loan Party or any of their respective Affiliates, or any other Person and (B) no Agent or Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party hereby agrees that it will not claim that any Agent or Lender has rendered advisory services of any nature or respect, or owe any fiduciary duty or similar duty to such Loan Party or its Affiliates in connection with any aspect of any transaction contemplated hereby or the process leading thereto.

Section 10.21. <u>Electronic Execution of Assignments and Certain Other Documents</u>.

The words "execute," "execution," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agents, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, no Agent is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Agent pursuant to procedures approved by it.

------

Section 10.22. <u>Intercreditor Agreements</u>.

Each Lender hereunder (a) acknowledges that it has received a copy of the Intercreditor Agreements, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements and (c) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Intercreditor Agreements on behalf of such Lender. The foregoing provisions are intended as an inducement to the lenders under any documentation governing other parity lien or junior lien Indebtedness permitted to be incurred hereunder to extend credit to the Loan Parties and such lenders are intended third party beneficiaries of such provisions. In the event of any conflict or inconsistency between the provisions of any Intercreditor Agreement and this Agreement, the provisions of such Intercreditor Agreement shall control.

Section 10.23. <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 10.24. <u>Closing Date Debt Assumptions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately after the consummation of the Acquisition, TCFI hereby assumes all of the Secured Obligations of the Initial Borrower (the "Debt Assumption").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Debt Assumption, TCFI hereby joins this Agreement as a Borrower and agrees and acknowledges that, for the benefit of the Agents and the Lenders, as evidenced by its signature below on its behalf, upon the consummation of the Debt Assumption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TCFI shall be and is a Borrower under this Agreement and the other Loan Documents with the same force and effect as if originally named therein as a "Borrower", from and after Acquisition, the effect of which shall be, without limitation, that (A) each reference to a "Borrower", "Borrowers", "Borrower Representative", "Loan Party" or "Loan Parties" in this Agreement and the other Loan Documents shall be deemed to be to, or include, it and (B) it shall be bound by all of the terms and provisions of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TCFI, as a borrower, debtor, grantor, mortgagor, pledgor, guarantor or assignor, or in any other similar capacities in which TCFI grants Liens or security interests in its assets and other property or otherwise acts as an accommodation party or guarantor, as the case may be, in any case under the Loan Documents, from and after the consummation of the Acquisition hereby (i) ratifies and confirms all of the payment, performance and observance obligations and liabilities of TCFI, whether contingent or otherwise, under the Loan Documents, and (ii) ratifies and confirms the grant of security by TCFI under the Collateral Documents and confirms and agrees that such Liens and security interests secure all of the Secured Obligations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Release of Initial Borrower. Following the funding of the Loans on the Closing Date, and automatically upon consummation of the Acquisition and the Debt Assumption, the Initial Borrower is hereby automatically released from all its rights and Secured Obligations as a "Borrower" hereunder and under the other Loan Documents. Notwithstanding such release, Athena Technology Solutions Purchaser, LLC, as Holdings, will remain a Loan Party and Guarantor for all other purposes under the Loan Documents following the effectiveness of the Closing Date Acquisition and will not be released or discharged from any Secured Obligations that are applicable to Loan Parties or grants of security interests in the Collateral pursuant to the Collateral Documents), except as otherwise provided for hereunder.

**ARTICLE XI.** 

**<u>GUARANTY</u>**

Section 11.01. <u>The Guaranty</u>.

Each Guarantor, including each Guarantor joined hereto pursuant to a Guaranty Joinder Agreement as required by the Collateral and Guarantee Requirement, hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrowers (or, in the case of each Guarantor that is also a Borrower, each other Borrower), and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the "**Guaranteed Obligations**"); *provided*, *however*, that Guaranteed Obligations consisting of obligations of any Loan Party arising under any Secured Hedge Agreement shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrowers or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event that any Guarantor is not an "eligible contract participant" as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended at the time (i) any transaction is entered into under a Secured Hedge Agreement or (ii) such Guarantor becomes a Guarantor hereunder, the Guaranteed Obligations of such Guarantor shall not include (x) in the case of <u>clause (i)</u> above, such transaction and (y) in the case of <u>clause (ii)</u> above, any transactions under Secured Hedge Agreements as of such date.

Section 11.02. <u>Obligations Unconditional</u>.

The obligations of the Guarantors under <u>Section 11.01</u> shall constitute a guaranty of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrowers under this Agreement, the Notes, if any, or any other agreement or instrument

------

referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to <u>Section 11.09</u>, any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the release of any other Guarantor pursuant to <u>Section 11.09</u>.

The Guarantors hereby expressly waive (to the fullest extent permitted by Law) diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrowers under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrowers and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

------

Section 11.03. <u>Reinstatement</u>.

The obligations of the Guarantors under this <u>Article XI</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

Section 11.04. <u>Subrogation; Subordination</u>.

Each Guarantor hereby agrees that until the payment in full in cash and satisfaction in full of all Guaranteed Obligations (other than Secured Cash Management Obligations, Secured Hedge Obligations and contingent obligations, in each case not yet due and owing, and L/C Obligations that have been Cash Collateralized or back-stopped) and the expiration and termination of the Commitments of the Lenders under this Agreement it shall subordinate any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in <u>Section 11.01</u>, whether by subrogation, contribution or otherwise, against the Borrowers or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 11.05. <u>Remedies</u>.

The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in <u>Section 8.02</u> (and shall be deemed to have become automatically due and payable in the circumstances provided in <u>Section 8.02</u>) for purposes of <u>Section 11.01</u>, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrowers) shall forthwith become due and payable by the Guarantors for purposes of <u>Section 11.01</u>.

Section 11.06. <u>Instrument for the Payment of Money</u>.

Each Guarantor hereby acknowledges that the guarantee in this <u>Article XI</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

Section 11.07. <u>Continuing Guarantee</u>.

The guarantee in this <u>Article XI</u> is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

Section 11.08. <u>General Limitation on Guaranteed Obligations</u>.

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under <u>Section 11.01</u> would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under <u>Section 11.01</u>, then, notwithstanding any other provision to the contrary, the amount of such liability shall,

------

without any further action by such Subsidiary Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the liability under this Guaranty and the right of contribution established in <u>Section 11.10</u>, but before giving effect to any other guarantee) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 11.09. <u>Release of Guarantors</u>.

If, in compliance with the terms and provisions of the Loan Documents, (i) any Subsidiary Guarantor ceases to be a Restricted Subsidiary in a transaction permitted hereunder, (ii) unless Borrower has otherwise requested that such Excluded Subsidiary shall be or remain a Subsidiary Guarantor, any Subsidiary Guarantor becomes an Excluded Subsidiary (other than pursuant to clause (a) of the definition of Excluded Subsidiary if the primary purpose of such action is to evade the Collateral and Guarantee Requirement with no other justifiable business purpose), (iii) Borrower has notified each Agent that an Elective Guarantor shall no longer be a Guarantor or (iv) subject to <u>Section 10.01</u>, if the release of such Guarantor is approved, authorized or ratified in writing by the Required Lenders (any such Subsidiary Guarantor referred to in <u>clause (i)</u>, <u>(ii)</u>, <u>(iii)</u> or <u>(iv)</u> a "**Released Guarantor**"), such Released Guarantor shall, upon the consummation of the related transaction, change in status, request, approval, authorization or ratification be automatically released from its obligations under this Agreement (including under <u>Section 10.05</u> hereof) and the other Loan Documents, including its obligations to pledge and grant any Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of any of the Equity Interests of the Released Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrowers shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and/or the Collateral Agent shall take such actions as are necessary to effect each release described in this <u>Section 11.09</u> in accordance with the relevant provisions of the Collateral Documents; *provided*, that no such release shall occur, and no such Subsidiary Guarantor shall constitute a Released Guarantor, if (x) such Subsidiary Guarantor continues to be a guarantor in respect of any Indebtedness constituting a Junior Financing and is required to provide a Guarantee of the Secured Obligations pursuant to <u>Section 7.03(c)(A)</u> or (y) such Subsidiary Guarantor continues to constitute a Subsidiary of the Borrower and becomes an Excluded Subsidiary under clause (a) of the definition thereof unless (i) no Event of Default shall have occurred and be continuing at the time such Subsidiary Guarantor becomes an Excluded Subsidiary under clause (a) of the definition thereof and (ii) after giving Pro Forma Effect to such release and the consummation of the transaction that causes such Person to become an Excluded Subsidiary under clause (a) of the definition thereof, the Borrowers and Restricted Subsidiaries shall be deemed to have made an Investment in, or a Restricted Payment in respect of, as applicable, such Person (as if such Person were then newly acquired or formed) and such Investment or Restricted Payment is permitted hereunder at such time.

When all Commitments hereunder have terminated, and all Loans or other Obligations hereunder which are accrued and payable have been paid or satisfied (other than contingent obligations as to which no claim has been asserted), and no Letters of Credit remain outstanding (except any Letter of Credit the Outstanding Amount of which the Obligations related to which has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place), this Agreement and the Guaranty made herein, each other Loan Document and any security interest granted under any Loan Document shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such repayment pursuant to the terms of this Agreement.

------

Section 11.10. <u>Right of Contribution</u>.

Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor's right of contribution shall be subject to the terms and conditions of <u>Section 11.04</u>. The provisions of this <u>Section 11.10</u> shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Agents, the L/C Issuers and the Lenders, and each Subsidiary Guarantor shall remain liable to the Agents, the L/C Issuers and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

Section 11.11. <u>Keepwell</u>.

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (*provided*, *however*, that each Qualified ECP Guarantor shall only be liable under this <u>Section 11.11</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section 11.11</u>, or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this <u>Section 11.11</u> shall remain in full force and effect until all Commitments hereunder have terminated, and all Loans or other Guaranteed Obligations hereunder which are accrued and payable have been paid or satisfied, and no Letter of Credit remains outstanding (except any Letter of Credit the Outstanding Amount of which the Guaranteed Obligations related thereto has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place). Each Qualified ECP Guarantor intends that this <u>Section 11.11</u> constitute, and this <u>Section 11.11</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[*Remainder of Page Intentionally Left Blank*]

## Exhibit 10.4

**Exhibit 10.4**

**<u>AMENDMENT NO. 3 TO CREDIT AGREEMENT</u>**

This AMENDMENT NO. 3 TO CREDIT AGREEMENT (this "**Amendment**"), is entered into as of May 15, 2023, by and among AEVEX HOLDINGS, LLC, a Delaware limited liability company (the "**Borrower**"), Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company ("**Holdings**"), the other Guarantors party hereto, Ankura Trust Company, LLC, as Administrative Agent (in such capacity, the "**Administrative Agent**"), PNC Bank, National Association ("**PNC**"), as Revolving Agent (in such capacity, the "**Revolving Agent**"), and as Collateral Agent (in such capacity, the "**Collateral Agent**" and together with the Administrative Agent and the Collateral Agent, collectively, the "**Agents**" and each an "**Agent**"), and each Person party hereto as a Lender. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement (as defined below).

**<u>RECITALS</u>**

WHEREAS the Borrower, Holdings, the other Guarantors party thereto, the lenders party thereto (collectively, the "**Lenders**" and each a "**Lender**"), and the Agents are parties to that certain Credit Agreement, dated as of March 18, 2020, as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, and Amendment No. 2 to Credit Agreement, dated as of May 7, 2021 (as so amended and as it otherwise has been amended, modified or supplemented prior to the date hereof, the "**Existing Credit Agreement**"; the Existing Credit Agreement, as modified by this Amendment and as it may be further amended, supplemented, amended and restated or otherwise modified, the "**Credit Agreement**"), pursuant to which, among other things, the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain loans and provide other financial accommodations to the Borrower; and

WHEREAS in connection with the foregoing, the Borrower has requested, and the Agents and the Lenders have agreed, that the Existing Credit Agreement be amended in accordance with and subject to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Section 1. <u>A</u><u>mendments to Existing Credit Agreement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain sections of the Existing Credit Agreement are hereby amended as set forth on <u>Exhibit A</u> to this Amendment. Language being inserted into the applicable section of the Existing Credit Agreement is evidenced by bold and underline formatting. Language being deleted from the applicable section of the Existing Credit Agreement is evidenced by strike-through formatting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto hereby agree that, effective as of the Amendment No. 3 Effective Date, Exhibit A of the Credit Agreement is hereby replaced in its entirety as attached as <u>Exhibit B</u> hereto.

**Section 2. <u>Existing Eurocurrency Rate Loans</u>**. Notwithstanding anything to the contrary contained herein or in any other Loan Document, (i) all Revolving Loans, Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans outstanding as of the Amendment No. 3 Effective Date (as defined below) that are Eurocurrency Rate Loans (as defined in the Credit Agreement) (the "**Existing Eurocurrency Rate Loans**") shall continue to accrue interest based on the Eurocurrency Rate and their applicable existing Interest Periods (as each such term is defined in the Credit Agreement immediately prior to the Amendment No. 3 Effective Date for purposes of this Section 2) until the last day of the Interest Period applicable to each such Existing Eurocurrency Rate Loan (provided, that in no event shall an Existing Eurocurrency Rate Loan be permitted to be continued as a Eurocurrency Rate Loan after the termination or expiration of its applicable Interest Period), and thereafter, all Existing

------

Eurocurrency Rate Loans shall either be Term SOFR Rate Loans or Base Rate Loans as determined in accordance with the Amended Credit Agreement and the final proviso of this Section 2 and (ii) subject to any express limitations set forth in the immediately preceding clause (i), the terms of the Credit Agreement in respect of the administration of Eurocurrency Rate Loans (solely with respect to the Existing Eurocurrency Rate Loans) shall remain in effect from and after the date hereof until the earlier of (a) the last day of the Interest Period applicable to each such Existing Eurocurrency Rate Loan or (b) the repayment of such Existing Eurocurrency Rate Loan, in each case, solely for purposes of administering the Existing Eurocurrency Rate Loans (including, without limitation, with respect to the payment of interest accrued thereon, determination of breakage fees and other subject matter set forth in Article II of the Credit Agreement); provided, that prior to the end of the Interest Period currently in effect and applicable to any Existing Eurocurrency Rate Loans, the Borrower shall deliver to the Administrative Agent and the Revolving Agent an interest election request pursuant to the Credit Agreement requesting a conversion of such Existing Eurocurrency Rate Loans to Term SOFR Loans or Base Rate Loans, and failing delivery of such timely notice of such conversion shall be deemed to have selected a conversion of such Existing Eurocurrency Rate Loans into Loans bearing interest at Term SOFR with an Interest Period of one month, and such Existing Eurocurrency Rate Loans shall be so converted.

**Section 3. <u>Effectiveness of this Amendment</u>**. This Amendment shall become effective at the time (the "**Amendment No. 3 Effective Date**") when each of the conditions set forth in the following clauses has been satisfied or waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agents shall have received duly executed signature pages for this Amendment signed by the Borrower, Holdings, the other Guarantors, the Agents and the Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all costs and expenses (including legal fees and expenses) of the Agents and the Commitment Parties in connection with this Amendment shall have been paid prior to or substantially currently with the Amendment No. 3 Effective Date, in each case, to the extent due (and, in the case of expenses, to the extent invoiced in reasonable detail at least one (1) Business Day prior to the Amendment No. 3 Effective Date (or such later date as the Borrower may reasonably agree)).

**Section 4. <u>Representations and Warranties</u>**. The Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Event of Default exists as of the Amendment No. 3 Effective Date or would exist after giving effect to this Amendment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties of the Borrower and each other Loan Party set forth in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the Amendment No. 3 Effective Date with the same effect as though made on and as of the Amendment No. 3 Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date.

**Section 5. <u>Reference to and Effect upon the Credit Agreement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Amendment No. 3 Effective Date, (i) the term "Agreement" in the Credit Agreement, and all references to the Credit Agreement in any other Loan Document shall mean the Credit Agreement as modified hereby, and (ii) this Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 3 Effective Date.

**Section 6. <u>Counterparts, Etc</u>**. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. The words "execution," "signed," "signature" and words of like import in this Amendment relating to the execution and delivery of this Amendment shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or enforceability as a manually executed signature to the extent and as provided in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**Section 7. <u>Confirmation of Obligations</u>**. Each Guarantor (a) confirms its Guaranteed Obligations under the Credit Agreement, (b) confirms that the Guaranteed Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in Article XI of the Credit Agreement and (c) confirms that the Obligations under the Credit Agreement as modified hereby constitute "Guaranteed Obligations". Each party, by its execution of this Amendment, hereby confirms that the Guaranteed Obligations shall remain in full force and effect. For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security interests granted by such Loan Party in favor of the Collateral Agent for the benefit of, among others, the Lenders pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.

**Section 8. <u>Governing Law; Waiver of Trial by Jury</u>**. The governing law and waiver of trial by jury provisions set forth in Sections 10.15 and 10.16 of the Existing Credit Agreement shall apply to this Amendment, *mutatis mutandis*.

**Section 9. <u>Direction to the Administrative Agent</u>**. The Lenders party hereto, constituting all of the Lenders party to the Credit Agreement, hereby (a) authorize and direct the Administrative Agent to execute and deliver this Amendment and (b) acknowledge and agree that (x) the direction in this Section 8 constitutes a direction from all Lenders under the provisions of Article IX of the Credit Agreement and (y) Article IX (including, without limitation, Section 9.03 thereof) and Sections 10. 04 and 10.05 of the Credit Agreement shall apply to any and all actions taken by the Administrative Agent in accordance with such direction.

[Signature Pages to follow]

------

IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first written above.

---

| | |
|:---|:---|
| AEVEX HOLDINGS, LLC, as the Borrower | AEVEX HOLDINGS, LLC, as the Borrower |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC, as a Guarantor | ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| AEVEX INTERMEDIATE, LLC, as a Guarantor | AEVEX INTERMEDIATE, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| AEVEX AEROSPACE, LLC, as a Guarantor | AEVEX AEROSPACE, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| ATHENA SOLUTIONS CORPORATE HOLDINGS, INC., as a Guarantor | ATHENA SOLUTIONS CORPORATE HOLDINGS, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TRIPLE M WORLDWIDE SOLUTIONS, LLC, as a Guarantor | TRIPLE M WORLDWIDE SOLUTIONS, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI CSG LLC, as a Guarantor | TCFI CSG LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

---

| | |
|:---|:---|
| TCFI SOS LLC, as a Guarantor | TCFI SOS LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AIRCRAFT LEASE LLC, as a Guarantor | TCFI AIRCRAFT LEASE LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL1 LLC, as a Guarantor | TCFI AL1 LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL2 LLC, as a Guarantor | TCFI AL2 LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL3 LLC, as a Guarantor | TCFI AL3 LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL4 LLC, as a Guarantor | TCFI AL4 LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| TCFI AL5 LLC, as a Guarantor | TCFI AL5 LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| IKHANA GROUP, LLC, as a Guarantor | IKHANA GROUP, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

---

| | |
|:---|:---|
| IKHANA AIRCRAFT HOLDINGS, LLC, as a Guarantor | IKHANA AIRCRAFT HOLDINGS, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| GEODETICS, INC., as a Guarantor | GEODETICS, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| MI GROVE LLC, as a Guarantor | MI GROVE LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| MATRIX INTERNATIONAL, INC., as a Guarantor | MATRIX INTERNATIONAL, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| MATRIX INTERNATIONAL SECURITY TRAINING INTELLIGENCE CENTER, INC., as a Guarantor | MATRIX INTERNATIONAL SECURITY TRAINING INTELLIGENCE CENTER, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| THE MATRIX OPERATING GROUP, INC., as a Guarantor | THE MATRIX OPERATING GROUP, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| SPARK AEROSPACE, LLC, as a Guarantor | SPARK AEROSPACE, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
| Name: Joseph Guarino | Name: Joseph Guarino |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

---

| | |
|:---|:---|
| ANKURA TRUST COMPANY, LLC,<br> as Administrative Agent | ANKURA TRUST COMPANY, LLC,<br> as Administrative Agent |
| By: | /s/ Krista Gulalo |
| Name: Krista Gulalo | Name: Krista Gulalo |
| Title: Managing Director | Title: Managing Director |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

---

| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION,<br> as Collateral Agent, Revolving Agent and Revolving Credit Lender | PNC BANK, NATIONAL ASSOCIATION,<br> as Collateral Agent, Revolving Agent and Revolving Credit Lender |
| By: | /s/ Lauren Tayag |
| Name: Lauren Tayag | Name: Lauren Tayag |
| Title: Vice President | Title: Vice President |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

---

| | |
|:---|:---|
| GSO BARRE DES ECRINS MASTER FUND SCSP, <br> as a Term Lender | GSO BARRE DES ECRINS MASTER FUND SCSP, <br> as a Term Lender |
| By: Blackstone Alternative Credit Advisors LP, its Investment Advisor | By: Blackstone Alternative Credit Advisors LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |
| BLACKSTONE SECURED LENDING FUND, <br> as a Term Lender | BLACKSTONE SECURED LENDING FUND, <br> as a Term Lender |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |
| GN LOAN FUND LP, <br> as a Term Lender | GN LOAN FUND LP, <br> as a Term Lender |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |
| BGSL BIG SKY FUNDING LLC, <br> as a Term Lender | BGSL BIG SKY FUNDING LLC, <br> as a Term Lender |
| By: Blackstone Secured Lending Fund, its sole member | By: Blackstone Secured Lending Fund, its sole member |
| By: Blackstone Credit BDC Advisors LLC, its investment advisor | By: Blackstone Credit BDC Advisors LLC, its investment advisor |
| By: | /s/ Marisa J. Beeney |
| Name: Marisa J. Beeney | Name: Marisa J. Beeney |
| Title: Authorized Signatory | Title: Authorized Signatory |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

---

| | |
|:---|:---|
| CARLYLE SECURED LENDING, INC., <br> as a Term Lender | CARLYLE SECURED LENDING, INC., <br> as a Term Lender |
| By: | /s/ Nino Cordoves |
| Name: Nino Cordoves | Name: Nino Cordoves |
| Title: Managing Director | Title: Managing Director |
| CARLYLE CREDIT SOLUTIONS SPV 2 LLC,<br> as a Term Lender | CARLYLE CREDIT SOLUTIONS SPV 2 LLC,<br> as a Term Lender |
| By: | /s/ Nino Cordoves |
| Name: Nino Cordoves | Name: Nino Cordoves |
| Title: Managing Director | Title: Managing Director |
| MIDDLE MARKET CREDIT FUND II SPV, LLC, <br> as a Term Lender | MIDDLE MARKET CREDIT FUND II SPV, LLC, <br> as a Term Lender |
| By: | /s/ Nino Cordoves |
| Name: Nino Cordoves | Name: Nino Cordoves |
| Title: Managing Director | Title: Managing Director |
| CARLYLE CREDIT SOLUTIONS SPV LLC, <br> as a Term Lender | CARLYLE CREDIT SOLUTIONS SPV LLC, <br> as a Term Lender |
| By: | /s/ Nino Cordoves |
| Name: Nino Cordoves | Name: Nino Cordoves |
| Title: Managing Director | Title: Managing Director |
| CARLYLE DIRECT LENDING CLO 2015-1R LLC, <br> as a Term Lender | CARLYLE DIRECT LENDING CLO 2015-1R LLC, <br> as a Term Lender |
| By: | /s/ Nino Cordoves |
| Name: Nino Cordoves | Name: Nino Cordoves |
| Title: Managing Director | Title: Managing Director |
| CPC V, L.P., <br> as a Term Lender | CPC V, L.P., <br> as a Term Lender |
| By: CPC V GP, LLC, its general partner | By: CPC V GP, LLC, its general partner |
| By: | /s/ David Lobe |
| Name: David Lobe | Name: David Lobe |
| Title: Vice President | Title: Vice President |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

---

| | |
|:---|:---|
| CPC V SPV LLC, <br> as a Term Lender | CPC V SPV LLC, <br> as a Term Lender |
| By: CPC V, L.P., its sole member | By: CPC V, L.P., its sole member |
| By: CPC V GP, LLC, its general partner | By: CPC V GP, LLC, its general partner |
| By: | /s/ David Lobe |
| Name: David Lobe | Name: David Lobe |
| Title: Vice President | Title: Vice President |

---

[Signature Page to Amendment No. 3 to Credit Agreement]

------

<u>Exhibit A</u> 

Amended Credit Agreement

(see attached)

------

**CONFORMED THROUGH AMENDMENT** 

**NO. 2<u>3</u> TO CREDIT AGREEMENT** 

**<u>EXECUTION VERSION</u>** 

$295,000,000

CREDIT AGREEMENT

Dated as of March 18, 2020<u>,</u> 

<u>and as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020,</u> 

<u>Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, and</u> 

<u>Amendment No. 3 to Credit Agreement, dated as of May 15, 2023</u> 

among

ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,

initially, as Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor

TCFI AEVEX <u>HOLDINGS,</u> LLC,

as Borrower,

THE OTHER BORROWERS AND GUARANTORS PARTY HERETO FROM TIME TO TIME,

ANKURA TRUST COMPANY, LLC,

as Administrative Agent,

PNC BANK, NATIONAL ASSOCIATION,

as Revolving Agent and Collateral Agent,

GSO CAPITAL PARTNERS<u>BLACKSTONE ALTERNATIVE CREDIT ADVISORS</u> LP

CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT

as Joint Lead Lenders

and

THE LENDERS AND L/C ISSUERS PARTY HERETO FROM TIME TO TIME

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS |  |
|  Section 1.01. | Defined Terms | 2<u>2</u> |
|  Section 1.02. | Other Interpretive Provisions | 69<u>75</u> |
|  Section 1.03. | Accounting Terms | 71<u>6</u> |
|  Section 1.04. | Rounding | 71<u>6</u> |
|  Section 1.05. | References to Agreements, Laws, Etc. | 71<u>7</u> |
|  Section 1.06. | Times of Day | 71<u>7</u> |
|  Section 1.07. | Timing of Payment or Performance | 71<u>7</u> |
|  Section 1.08. | Cumulative Credit Transactions | 72<u>7</u> |
|  Section 1.09. | Pro Forma Calculations | 72<u>7</u> |
|  Section 1.10. | Currency Generally | 84<u>0</u> |
|  Section 1.11. | Letters of Credit | 85<u>0</u> |
|  Section 1.12. | Certifications | 85<u>0</u> |
|  <u>Section 1.13.</u> | <u>Rates.</u> | <u>80</u> |
| ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS |  |
|  Section 2.01. | The Loans | 75<u>81</u> |
|  Section 2.02. | Borrowings, Conversions and Continuations of Loans | 76<u>83</u> |
|  Section 2.03. | Letters of Credit | 79<u>85</u> |
|  Section 2.04. | [Reserved] | 87<u>93</u> |
|  Section 2.05. | Prepayments | 87<u>93</u> |
|  Section 2.06. | Termination or Reduction of Commitments | 99<u>105</u> |
|  Section 2.07. | Repayment of Loans | 99<u>106</u> |
|  Section 2.08. | Interest | 100<u>7</u> |
|  Section 2.09. | Fees | 101<u>8</u> |
|  Section 2.10. | Computation of Interest and Fees | 112<u>0</u> |
|  Section 2.11. | Evidence of Indebtedness | 112<u>0</u> |
|  Section 2.12. | Payments Generally | 113<u>1</u> |
|  Section 2.13. | Sharing of Payments | 105<u>13</u> |
|  Section 2.14. | Incremental Credit Extensions; Increase in Revolving Credit Facility | 106<u>14</u> |
|  Section 2.15. | Refinancing Amendments | 123<u>0</u> |
|  Section 2.16. | Extension of Term Loans; Extension of Revolving Loans | 114<u>21</u> |
|  Section 2.17. | Defaulting Lenders | 117<u>24</u> |
|  Section 2.18. | Co-Borrowers; New Guarantors | 119<u>26</u> |
| ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY |  |
|  Section 3.01. | Taxes | 121<u>8</u> |
|  Section 3.02. | Illegality | 124<u>32</u> |
|  Section 3.03. | Inability to Determine Rates<u>Benchmark Replacement</u> | 125<u>32</u> |
|  Section 3.04. | Increased Cost and Reduced Return; Capital Adequacy; Eurocurrency<u>Term SOFR</u> Rate Loan Reserves | 126<u>36</u> |
|  Section 3.05. | Funding Losses | 127<u>37</u> |
|  Section 3.06. | Matters Applicable to All Requests for Compensation | 128<u>37</u> |

---

i

------

---

| | | |
|:---|:---|:---|
|  Section 3.07. | Replacement of Lenders under Certain Circumstances | 129<u>38</u> |
|  Section 3.08. | Survival | 141<u>0</u> |
| ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS |  |
|  Section 4.01. | Conditions to Initial Credit Extension | 141<u>1</u> |
|  Section 4.02. | Conditions to All Credit Extensions after the Closing Date | 134<u>3</u> |
|  Section 4.03. | Additional Conditions to the Delayed Draw Term Loans | 134<u>4</u> |
|  Section 4.04<u>.</u> | Additional Conditions to the 2020 Delayed Draw Term Loans | 134<u>5</u> |
|  Section 4.05<u>.</u> | Additional Conditions to the 2021 Delayed Draw Term Loans | 1<u>4</u>54 |
| ARTICLE V. REPRESENTATIONS AND WARRANTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES |  |
|  Section 5.01. | Existence, Qualification and Power; Compliance with Laws | 1<u>4</u>65 |
|  Section 5.02. | Authorization; No Contravention | 1<u>4</u>66 |
|  Section 5.03. | Governmental Authorization | 136<u>46</u> |
|  Section 5.04. | Binding Effect | 136<u>47</u> |
|  Section 5.05. | No Material Adverse Effect | 137<u>47</u> |
|  Section 5.06. | Litigation | 137<u>47</u> |
|  Section 5.07. | Ownership of Real Property; Liens | 137<u>47</u> |
|  Section 5.08. | Environmental Matters | 137<u>47</u> |
|  Section 5.09. | Taxes | 138<u>48</u> |
|  Section 5.10. | ERISA Compliance | 138<u>48</u> |
|  Section 5.11. | [Reserved] | 138<u>49</u> |
|  Section 5.12. | Margin Regulations; Investment Company Act | 138<u>49</u> |
|  Section 5.13. | Disclosure | 139<u>49</u> |
|  Section 5.14. | Labor Matters | 139<u>49</u> |
|  Section 5.15. | Intellectual Property; Licenses, Etc. | 139<u>50</u> |
|  Section 5.16. | Solvency | 150<u>0</u> |
|  Section 5.17. | [Reserved] | 150<u>0</u> |
|  Section 5.18. | USA Patriot Act; OFAC; FCPA | 150<u>0</u> |
|  Section 5.19. | Security Documents | 150<u>1</u> |
| ARTICLE VI. AFFIRMATIVE COVENANTS | ARTICLE VI. AFFIRMATIVE COVENANTS |  |
|  Section 6.01. | Financial Statements | 151<u>1</u> |
|  Section 6.02. | Certificates; Other Information | 143<u>53</u> |
|  Section 6.03. | Notices | 144<u>54</u> |
|  Section 6.04. | Payment of Taxes | 145<u>5</u> |
|  Section 6.05. | Preservation of Existence, Etc. | 145<u>5</u> |
|  Section 6.06. | Maintenance of Properties | 145<u>5</u> |
|  Section 6.07. | Maintenance of Insurance | 145<u>5</u> |
|  Section 6.08. | Compliance with Laws | 146<u>56</u> |
|  Section 6.09. | Books and Records | 1<u>5</u>66 |
|  Section 6.10. | Inspection Rights | 1<u>5</u>66 |
|  Section 6.11. | Additional Collateral; Additional Guarantors | 1<u>5</u>77 |
|  Section 6.12. | Compliance with Environmental Laws | 148<u>59</u> |
|  Section 6.13. | Further Assurances; Post-Closing Obligations | 149<u>59</u> |
|  Section 6.14. | Designation of Subsidiaries | 149<u>59</u> |
|  Section 6.15. | Cash Management | 149<u>60</u> |
|  Section 6.16. | Use of Proceeds | 160<u>0</u> |

---

ii

------

---

| | | |
|:---|:---|:---|
|  Section 6.17. | Lender Conference Call | 160<u>0</u> |
|  Section 6.18. | Change in Nature of Business | 160<u>1</u> |
|  Section 6.19. | Fiscal Year | 161<u>1</u> |
| ARTICLE VII. NEGATIVE COVENANTS | ARTICLE VII. NEGATIVE COVENANTS |  |
|  Section 7.01. | Liens | 161<u>1</u> |
|  Section 7.02. | Investments | 156<u>6</u> |
|  Section 7.03. | Indebtedness | 170<u>0</u> |
|  Section 7.04. | Fundamental Changes | 164<u>74</u> |
|  Section 7.05. | Dispositions | 165<u>76</u> |
|  Section 7.06. | Restricted Payments | 1<u>7</u>98 |
|  Section 7.07. | [Reserved] | 173<u>83</u> |
|  Section 7.08. | Transactions with Affiliates | 173<u>83</u> |
|  Section 7.09. | Burdensome Agreements | 175<u>85</u> |
|  Section 7.10. | Amendments or Waivers of Organization Documents | 177<u>87</u> |
|  Section 7.11. | Consolidated First Lien Net Leverage Ratio | 177<u>87</u> |
|  Section 7.12. | [Reserved] | 177<u>88</u> |
|  Section 7.13. | Prepayments, Etc. of Subordinated Indebtedness | 177<u>88</u> |
|  Section 7.14. | Permitted Activities, Etc. | 178<u>9</u> |
| ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES |  |
|  Section 8.01. | Events of Default | 1<u>8</u>99 |
|  Section 8.02. | Remedies Upon Event of Default | 191<u>2</u> |
|  Section 8.03. | Application of Funds | 182<u>92</u> |
|  Section 8.04. | Borrower's Right to Cure | 183<u>93</u> |
| ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS | ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS |  |
|  Section 9.01. | Appointment and Authority | 184<u>95</u> |
|  Section 9.02. | Rights as a Lender | 185<u>95</u> |
|  Section 9.03. | Exculpatory Provisions | 185<u>96</u> |
|  Section 9.04. | Reliance by Agent | 186<u>97</u> |
|  Section 9.05. | Delegation of Duties | 186<u>97</u> |
|  Section 9.06. | Removal or Resignation of an Agent | 187<u>97</u> |
|  Section 9.07. | Non-Reliance on Agents and Other Lenders | 188<u>98</u> |
|  Section 9.08. | No Other Duties, Etc. | 188<u>98</u> |
|  Section 9.09. | Agents May File Proofs of Claim | 188<u>98</u> |
|  Section 9.10. | Collateral and Guaranty Matters | 189<u>9</u> |
|  Section 9.11. | Secured Cash Management Agreements and Secured Hedge Agreements | 200<u>1</u> |
|  Section 9.12. | Withholding Tax Indemnity | 201<u>1</u> |
|  <u>Section 9.13.</u> | <u>Erroneous Payments</u> | <u>202</u> |
| ARTICLE X. MISCELLANEOUS | ARTICLE X. MISCELLANEOUS |  |
|  Section 10.01. | Amendments, Etc. | <u>20</u>491 |
|  Section 10.02. | Notices and Other Communications; Facsimile Copies | 19<u>20</u>7 |
|  Section 10.03. | No Waiver; Cumulative Remedies | 197<u>209</u> |
|  Section 10.04. | Attorney Costs and Expenses | 19<u>21</u>0 |
|  Section 10.05. | Indemnification by the Borrower | 19<u>21</u>1 |

---

iii

------

---

| | | |
|:---|:---|:---|
|  Section 10.06. | Payments Set Aside | 2<u>1</u>20 |
|  Section 10.07. | Successors and Assigns | 2<u>1</u>30 |
|  Section 10.08. | Confidentiality | 20<u>2</u>2 |
|  Section 10.09. | Setoff | 21<u>2</u>3 |
|  Section 10.10. | Interest Rate Limitation | <u>2</u>241 |
|  Section 10.11. | Counterparts | <u>2</u>241 |
|  Section 10.12. | Integration | <u>2</u>241 |
|  Section 10.13. | Survival of Representations and Warranties | <u>2</u>241 |
|  Section 10.14. | Severability | 212<u>4</u> |
|  Section 10.15. | GOVERNING LAW | 212<u>5</u> |
|  Section 10.16. | WAIVER OF RIGHT TO TRIAL BY JURY | 21<u>2</u>6 |
|  Section 10.17. | Binding Effect | 21<u>2</u>6 |
|  Section 10.18. | USA Patriot Act | 21<u>2</u>6 |
|  Section 10.19. | Judgment Currency | 21<u>2</u>6 |
|  Section 10.20. | No Advisory or Fiduciary Responsibility | 21<u>2</u>7 |
|  Section 10.21. | Electronic Execution of Assignments and Certain Other Documents | 21<u>2</u>7 |
|  Section 10.22. | Intercreditor Agreements | 21<u>2</u>7 |
|  Section 10.23. | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 21<u>2</u>8 |
|  Section 10.24. | Closing Date Debt Assumptions | 21<u>2</u>8 |
| ARTICLE XI. GUARANTY | ARTICLE XI. GUARANTY |  |
|  Section 11.01. | The Guaranty | 21<u>2</u>9 |
|  Section 11.02. | Obligations Unconditional | 217<u>29</u> |
|  Section 11.03. | Reinstatement | 21<u>3</u>0 |
|  Section 11.04. | Subrogation; Subordination | 21<u>3</u>1 |
|  Section 11.05. | Remedies | 21<u>3</u>1 |
|  Section 11.06. | Instrument for the Payment of Money | 21<u>3</u>1 |
|  Section 11.07. | Continuing Guarantee | 21<u>3</u>1 |
|  Section 11.08. | General Limitation on Guaranteed Obligations | 21<u>3</u>1 |
|  Section 11.09. | Release of Guarantors | 21<u>3</u>2 |
|  Section 11.10. | Right of Contribution | 22<u>3</u>2 |
|  Section 11.11. | Keepwell | 22<u>3</u>3 |

---

iv

------

SCHEDULES

---

| | |
|:---|:---|
| I | Guarantors |
| 1.01A | Commitments |
| 1.01B | Closing Date Documents |
| 5.06 | Litigation |
| 5.07 | Owned Real Property |
| 5.08 | Environmental Matters |
| 6.13(b) | Post-Closing Obligations |
| 6.14 | Restricted Subsidiaries |
| 7.01(b) | Existing Liens |
| 7.02(f) | Existing Investments |
| 7.03(b) | Existing Indebtedness |
| 7.05(w) | Dispositions |
| 7.08 | Affiliate Transactions |
| 7.09 | Burdensome Agreements |
| 10.02 | Agents' Offices, Certain Addresses for Notices |

---

EXHIBITS

---

| | |
|:---|:---|
|  | *Form of* |
| A | Committed Loan Notice |
| B | [Reserved] |
| C-1 | Term Note |
| C-2 | Revolving Credit Note |
| D-1 | Compliance Certificate |
| D-2 | Solvency Certificate |
| E-1 | Assignment and Assumption |
| E-2 | Affiliated Lender Notice |
| E-3 | Acceptance and Prepayment Notice |
| E-4 | Discount Range Prepayment Notice |
| E-5 | Discount Range Prepayment Offer |
| E-6 | Solicited Discounted Prepayment Notice |
| E-7 | Solicited Discounted Prepayment Offer |
| E-8 | Specified Discount Prepayment Notice |
| E-9 | Specified Discount Prepayment Response |
| F | Security Agreement |
| G | Intercompany Note |
| H | United States Tax Compliance Certificate |
| I | Calculation of Consolidated EBITDA |
| J | Affiliated Lender Assignment and Assumption |
| K | Borrower Joinder Agreement |
| L | Guarantor Joinder Agreement |
| M | New Revolving Credit Lender Joinder and Assumption Agreement |

---

v

------

**<u>CREDIT AGREEMENT</u>**

This CREDIT AGREEMENT is entered into as of March 18, 2020, among Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company (the "**Initial Borrower**" and following the Debt Assumption (as defined below), "**Holdings**"), following consummation of the Acquisition (as defined below), TCFI AEVEX <u>HOLDINGS,</u> LLC, a Delaware limited liability company ("**TCFI**" and after giving effect to the Debt Assumption, the "**Borrower**" as hereinafter further defined), the other Guarantors party hereto from time to time, Carlyle Global Credit Investment Management and GSO Capital Partners<u>Blackstone Alternative Credit Advisors</u> LP, as Joint Lead Lenders, Ankura Trust Company, LLC, as Administrative Agent, PNC Bank, National Association, as Revolving Agent and as Collateral Agent, each lender from time to time party hereto (collectively, the "**Lenders**" and, individually, a "**Lender**") and the L/C Issuers from time to time party hereto.

**<u>PRELIMINARY STATEMENTS</u>**

Pursuant to the Membership Interest Purchase Agreement, dated as of February 18, 2020 (together with the exhibits and disclosure schedules thereto, and as amended, supplemented or modified from time to time, the "**Purchase Agreement**"), by and among the Initial Borrower and TCFI Aevex Holdings LLC, a Delaware limited liability company (together with the sellers party thereto, "**Seller**"), the Investors will directly or indirectly purchase<u>d</u> all of the issued and outstanding membership interests of TCFI (the "**Acquisition**").

Following the initial Borrowing on the Closing Date, TCFI will assume<u>d</u> all of the Obligations of the Initial Borrower hereunder (the "**Debt Assumption**"), and beco<u>a</u> me the Borrower under this Agreement.

In accordance with the foregoing, the Initial Borrower has requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in <u>Section 1.01</u> below) and Revolving Loans on the Closing Date.

The proceeds of the Initial Term Loans and the Revolving Loans (limited, on the Closing Date, as set forth herein), together with the proceeds of the Equity Contributions contributed directly or indirectly to the Initial Borrower and cash on hand, will be<u>were</u> used on the Closing Date (i) to consummate the Refinancing, (ii) to fund the Acquisition, (iii) to pay the Transaction Expenses and (iv) for working capital and general corporate purposes and, after the Closing Date, in accordance with <u>Section 6.16</u>.

Immediately after consummation of the Acquisition, the Borrower will be<u>became</u> a direct, wholly owned subsidiary of Holdings.

The applicable Lenders have indicated their willingness to lend and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein.

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

------

**ARTICLE I.** 

**<u>DEFINITIONS AND ACCOUNTING TERMS</u>**

Section 1.01. <u>Defined Terms</u>.

As used in this Agreement, the following terms shall have the meanings set forth below:

"**2020 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2020 Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(d)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A(1)</u> under the caption "2020 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the 2020 Delayed Draw Term Loan Commitments as of the Amendment No. 1 Effective Date is $45,000,000.

"**2020 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(e).

"**2020 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) December 31, 2021 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**2020 Delayed Draw Term Loan Funding Date**" has the meaning set forth in <u>Section 2.01(d)</u>.

"**2020 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in <u>Section 2.07(d)</u>.

"**2020 Delayed Draw Term Loan Lender**" means each Lender that has a 2020 Delayed Draw Term Loan Commitment or is the holder of a 2020 Delayed Draw Term Loan.

"**2020 Delayed Draw Term Loans**" has the meaning set forth in <u>Section 2.01(d).</u>

"**2021 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2021 Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(e)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A(1)</u> under the caption "2021 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the 2021 Delayed Draw Term Loan Commitments as of the Amendment No. 2 Effective Date is $50,000,000.

"**2021 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(f).

"**2021 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) November 7, 2022 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**2021 Delayed Draw Term Loan Funding Date**" has the meaning set forth in <u>Section 2.01(e)</u>.

"**2021 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in <u>Section 2.07(e)</u>.

"**2021 Delayed Draw Term Loan Lender**" means each Lender that has a 2021 Delayed Draw Term Loan Commitment or is the holder of a 2021 Delayed Draw Term Loan.

"**2021 Delayed Draw Term Loans**" has the meaning set forth in <u>Section 2.01(e).</u>

"**Acceptable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

------

"**Acceptable Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Acceptance and Prepayment Notice**" means a notice of the Borrower's acceptance of the Acceptable Discount in substantially the form of <u>Exhibit E-3</u>.

"**Acceptance Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acquisition**" has the meaning set forth in the preliminary statements to this Agreement.

"**Additional Refinancing Lender**" means, at any time, any bank, financial institution or other institutional lender or investor (other than any such bank, financial institution or other institutional lender or investor that is a Lender at such time) that agrees to provide any portion of Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.15</u>, *provided* that each Additional Refinancing Lender shall be subject to the approval of the Borrower.

"**Additional Term Lender**" has the meaning set forth in Section 2.14(c).

"**Administrative Agent**" means Ankura, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"**Administrative Questionnaire**" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. "**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"**Affiliated Lender**" means, at any time, any Lender that is the Sponsor (including portfolio companies of the Sponsor notwithstanding the exclusion in the definition of "Sponsor") or a Non-Debt Fund Affiliate, in each case, other than Holdings, the Borrower or any of its Subsidiaries and other than any Debt Fund Affiliate.

"**Affiliated Lender Assignment and Assumption**" has the meaning set forth in <u>Section 10.07(k)(ii)</u>.

"**Affiliated Lender Cap**" has the meaning set forth in <u>Section 10.07(k)(v)</u>.

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates and controlling Persons, officers, directors and employees.

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent and the Revolving Agent, each an "Agent".

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreement**" means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

------

"**Agreement Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**AHYDO Payment**" means any payment required to be made under the terms of Indebtedness in order to avoid the application of Section 163(e)(5) of the Code to such Indebtedness.

"**Aircraft Trust Arrangemen**t" means the contribution of the Equity Interests of a special purpose entity organized for the purpose of holding aircraft to a trust for the purposes of Federal Aviation Administration registration of such aircraft, the trustee of which is a third party engaged in the business of acting as trustee with respect to such assets in order to facilitate such registration.

"**All-In Yield**" means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, OID, upfront fees, any Base Rate (or equivalent term) "floor" then in effect or a "Eurocurrency<u>Term SOFR</u> Rate" (or equivalent term) floor then in effect or otherwise, in each case incurred or payable by the Borrowers generally to all lenders of such Indebtedness; *provided* that OID and upfront fees shall be equated to interest rate assuming a four-year life to maturity; *provided*, *further*, that "All-In Yield" shall not include prepayment premiums, arrangement fees, syndication fees, ticking fees, structuring fees, amendment fees, commitment or facility fees, underwriting fees or other similar fees, payable in connection therewith regardless of whether such fees are paid to or shared in whole or in part with any Lender, or any other fees not paid generally to all Lenders ratably. In calculating the All-In Yield, if on the date of incurrence of any applicable Indebtedness (including any Incremental Term Loans), such Indebtedness includes an interest rate floor greater than the interest rate floor applicable to the Initial Term Loans, such differential shall be added to the interest rate with respect to such Indebtedness for purposes of determining whether an increase to the interest rate margin under the Initial Term Loans shall be required (if applicable), but only to the extent that an increase in the interest rate floor would cause an increase to the interest rate margin then in effect with respect to such Initial Term Loans, solely for the purpose of determining the All-In Yield applicable to such Indebtedness and, in such case for purposes of Section 2.14(e)(iii), the interest rate floor (but not the interest rate margin) applicable to such Class of Initial Term Loans shall be increased to the extent of such differential between interest rate floors.

"**Amendment No. 1**" means that certain Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.

"**Amendment No**. **1 Effective Date**" means October 28, 2020.

"**Amendment No. 1 Fee Letter**" means the Amendment No. 1 Fee Letter, dated as of the Amendment No. 1 Effective Date, among the Borrower, the Administrative Agent, the Collateral Agent and the Lenders party thereto.

"**Amendment No. 2**" means that certain Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.

"**Amendment No**. **2 Effective Date**" means May 7, 2021.

"**Amendment No. 2 Fee Letter**" means the Amendment No. 2 Fee Letter, dated as of the Amendment No. 2 Effective Date, among the Borrower, the Administrative Agent and the Lenders party thereto.

------

<u>"**Amendment No. 3**" means that certain Amendment No. 3 to Credit Agreement, dated as of the Amendment No. 3 Effective Date, by and among the Borrower, the Guarantors, the Agents and the Lenders party thereto.</u>

<u>"**Amendment No**. **3 Effective Date**" means May 15, 2023.</u>

"**Ankura**" means Ankura Trust Company, LLC.

"**Annual Financial Statements**" means the audited consolidated balance sheets and the related consolidated statements of operations, changes in stockholders' equity and cash flows of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement) (except for Triple M (as defined in the Purchase Agreement)) to the extent covered thereby for the fiscal year ended December 31, 2018.

"**Applicable Agent**" means, with respect to the Term Loans, the Administrative Agent, and with respect to the Revolving Loans, the Revolving Agent.

"**Applicable Agent's Office**" means the Administrative Agent's or the Revolving Agent's, as applicable, address as set forth on <u>Schedule 10.02</u> or such other address as the Administrative Agent or the Revolving Agent may from time to time notify the Borrower and the Lenders.

"**Applicable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Applicable ECF Percentage**" means, for any Excess Cash Flow Period, (a) 50% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is greater than 4.00 to 1.00, (b) 25% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 4.00 to 1.00 and greater than 3.50 to 1.00 and (c) 0% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 3.50 to 1.00. The Consolidated First Lien Net Leverage Ratio shall be calculated on a Pro Forma Basis and shall give Pro Forma Effect to any paydown of Loans or reduction of Commitments made after year-end and prior to the date such Excess Cash Flow payment is due.

"**Applicable Rate**" means a percentage per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Initial Term Loans, Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans and the 2021 Delayed Draw Term Loans, (A) for Eurocurrency<u>Term SOFR</u> Rate Loans, 6.00% per annum and (B) for Base Rate Loans, 5.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Revolving Loans, (i) until the delivery to the Revolving Agent of the financial statements pursuant to <u>Section 6.01(b)</u> for the fiscal quarter ending June 30, 2020: (A) for Eurocurrency Rate Loans, 4.00% per annum and (B) for Base Rate Loans, 3.00% per annum and (ii) following the delivery of such financial statements, the percentage set forth below based on the Consolidated First Lien Net Leverage Ratio for the four (4) fiscal quarters ending on the last day of each fiscal quarter as demonstrated in the financial statements <u>most recently</u> delivered to the Revolving Agent pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u>:

------

---

| | | |
|:---|:---|:---|
| Consolidated First<br> Lien Net Leverage<br> Ratio | Eurodollar<u>Term<br>SOFR Rate</u> Loans | ABR<u>Base Rate</u><br>Loans |
|  <u>></u>3.50x | 4.00% | 3.00% |
|  <3.50x | 3.75% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Unused Revolver Commitment Fees, 0.50% per annum.

Any increase or decrease in the Applicable Rate resulting from a change in Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Responsible Officer delivers notice to the Revolving Agent that a change to the Applicable Rate shall be effective based upon delivery of the financial statements pursuant to Section 6.01(a) or 6.01(b). Notwithstanding the foregoing, (v) the Applicable Rate in respect of any Extended Revolving Credit Commitments or any Class of Extended Term Loans or Revolving Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment, (w) the Applicable Rate in respect of any Class of Incremental Term Loans shall be the applicable percentages per annum set forth in the relevant Incremental Amendment, (x) the Applicable Rate in respect of any Class of Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement, (y) the Applicable Rate in respect of any Class of Refinancing Revolving Credit Commitments, any Class of Refinancing Revolving Loans or any Class of Refinancing Term Loans shall be the applicable percentages per annum set forth in the relevant Refinancing Amendment or other relevant agreement and (z) in the case of the Initial Term Loans, the Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans and the 2021 Delayed Draw Term Loans, the Applicable Rate shall be increased as, and to the extent, necessary to comply with the provisions of <u>Section 2.14</u>.

"**Appropriate Lender**" means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class and (b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders.

"**Approved Bank**" has the meaning set forth in <u>clause (c)</u> of the definition of "Cash and Cash Equivalents."

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Assignee**" has the meaning set forth in <u>Section 10.07(b)</u>.

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of <u>Exhibit E-1</u> hereto.

"**Attorney Costs**" means and includes all reasonable and documented fees, out-of-pocket expenses and disbursements of any law firm or other external legal counsel, in each case, to the extent reimbursable by the Borrower pursuant to <u>Section 10.04</u> or <u>Section 10.05</u>.

"**Attributable Indebtedness**" means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

------

"**Auction Agent**" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to <u>Section 2.05(a)(v)</u>; *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent).

"**Auto-Extension Letter of Credit**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

<u>"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 3.03.</u>

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

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

"**Base Rate**" means for any day a fluctuating rate per annum equal to the highest of (a) the Overnight Rate in effect on such day plus 0.50%, (b) the Prime Rate for such day and (c) the Eurocurrency<u>Term SOFR</u> Rate for an interest period of one month <u>on such day</u> plus 1.00% (or, if such day is not a <u>U.S. Government Securities</u> Business Day, the immediately preceding <u>U.S. Government Securities</u> Business Day) <u>so long as the Term SOFR Rate is not the subject of a Benchmark Transition Event</u>. Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs.

<u>"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.</u>

<u>"**Benchmark**" means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.03.</u>

<u>"**Benchmark Replacement**" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent and the Revolving Agent for the applicable Benchmark Replacement Date:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the sum of:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>Daily Simple SOFR and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>0.10% (10 basis points);</u> 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the sum of:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(A)</u> <u>any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(B)</u> <u>any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities at such time and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the related Benchmark Replacement Adjustment;</u> 

<u>*provided* that, if the Benchmark Replacement as determined pursuant to clause (a) and (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.</u>

<u>"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement for purposes of clause (b) of the definition of "Benchmark Replacement," the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent, the Revolving Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date.</u>

<u>"**Benchmark Replacement Date**" means the earliest to occur of the following events with respect to the then-current Benchmark:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the date of the public statement or publication of information referenced therein and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or the published component thereof); or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.</u>

------

<u>For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).</u> 

<u>"**Benchmark Transition Event**" means the occurrence of one or more of the following events with respect to the then-current Benchmark:</u> 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.</u>

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

<u>"**Benchmark Unavailability Period**" means the period (if any):</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03.</u>

------

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.

<u>"**Blackstone**" means BLACKSTONE ALTERNATIVE CREDIT ADVISORS</u> <u>LP and, except for the purposes of Section 10.07, its Affiliates, including any funds managed or advised by it.</u>

"**Borrower**" and "**Borrowers**" mean (a) prior to the Debt Assumption, the Initial Borrower and (b) upon and at any time after the consummation of the Debt Assumption, the Borrower and any Subsidiary Guarantor that, after the Closing Date becomes a Borrower by executing a Borrower Joinder Agreement; *provided* that any Subsidiary that is or has become a Borrower (a "**Subsidiary Borrower**") may have its status as a Borrower terminated by a notice to the Administrative Agent and the Collateral Agent from the Borrower and such Subsidiary Borrower electing to terminate such Subsidiary's status as a Borrower, *provided further* that no such termination shall affect any obligation of such Subsidiary as a Guarantor or as a Grantor under any Loan Document.

"**Borrower Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit K</u>.

"**Borrower Materials**" has the meaning set forth in <u>Section 6.01</u>.

"**Borrower Offer of Specified Discount Prepayment**" means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to <u>Section 2.05(a)(v)(B)</u>.

"**Borrower Solicitation of Discount Range Prepayment Offers**" means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to <u>Section 2.05(a)(v)(C)</u>.

"**Borrower Solicitation of Discounted Prepayment Offers**" means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to <u>Section 2.05(a)(v)(D)</u>.

"**Borrowing**" means a Revolving Credit Borrowing or a Term Borrowing, as the context may require.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York, and:<u>; *provided* that when used in connection with a Term SOFR Rate Loan, the term "Business Day" shall also exclude any day which is not a U.S. Government Securities Business Day.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking Day; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars, or any other dealings in any currency other than Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.

"**Capital Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries.

"**Capitalized Leases**" means all leases that have been or are required to be, in accordance with GAAP (subject to <u>Section 1.03</u>), recorded as capitalized leases; *provided* that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.

"**Carlyle**" means Carlyle Global Credit Investment Management.

"**Cash and Cash Equivalents**" means any of the following types of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, Euros or any other readily tradable currency to the extent utilized in connection with the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of the United States or any member state of the European Economic Area having average maturities of not more than 24 months from the date of acquisition thereof; *provided* that the full faith and credit of the United States is pledged in support thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) time deposits or eurodollar time deposits with, certificates of deposit, bankers' acceptances or overnight bank deposits of, or letters of credit issued by, any commercial bank that (i) is a Lender or (ii) (A) is organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development and is a member of the Federal Reserve System, and (B) has combined capital and surplus of at least $250,000,000 or $100,000,000 in the case of any non-U.S. bank (any such bank in the foregoing <u>clauses (i)</u> or <u>(ii)</u> being an "**Approved Bank**"), in each case with maturities not exceeding 24 months from the date of acquisition thereof;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Borrower);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations for underlying securities of the types described in <u>clauses (b)</u>, <u>(c)</u> and <u>(e)</u> above entered into with any Approved Bank;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments (other than in structured investment vehicles and structured financing transactions) with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any Approved Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) instruments analogous to those referred to in <u>clauses (a)</u> through <u>(i)</u> above denominated in Euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and (ii) in the case of any Foreign Subsidiary, such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments, classified in accordance with GAAP as Consolidated Current Assets of the Borrower or any Restricted Subsidiary, in money market investment programs which are registered under the Investment Company Act of 1940 or which are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character, quality and maturity described in <u>clauses (a)</u> through <u>(i)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing at least 95% of their assets in securities of the types described in <u>clauses (a)</u> through <u>(k)</u> above.

Notwithstanding the foregoing, Cash and Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (a)</u> and <u>(j)</u> above; *provided* that such amounts are converted into any currency listed in <u>clause (a)</u> or <u>(j)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

"**Cash Collateral**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Collateralize**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Dominion Event**" means the occurrence and continuance of an Event of Default pursuant to <u>Section 8.</u><u>0</u><u>1(a)</u> or <u>8.01(f)</u>.

------

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including controlled disbursement services, treasury, depository, overdraft and related liabilities, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management services or arrangements, supply chain finance services, foreign exchange facilities and any automated clearing house transfer of funds.

"**Cash Netting Amount**" means the lesser of (i) the aggregate amount of Cash and Cash Equivalents (other than Restricted Cash), in each case, included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of such date (which, for the avoidance of doubt, shall not be required to be held in a deposit account pledged to the Collateral Agent pursuant to a control agreement) and (ii) $20,000,000.

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

"**Change of Control**" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to a Qualified IPO, the Sponsor shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), but excluding (w) any underwriters in connection with such Qualified IPO, (x) any employee benefit plan of such person and its Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (y) the Sponsor and (z) any one or more direct or indirect parent companies of Holdings in which the Sponsor, directly or indirectly, owns the largest percentage of such parent company's voting Equity Interests, shall have, directly or indirectly, acquired beneficial ownership of Equity Interests representing 35% or more of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company and the Sponsor shall own, directly or indirectly, less than such person or "group" of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "change of control" (or similar event) shall occur in any document pertaining to Other Term Loans, Other Notes, Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt (or any Permitted Refinancing of any of the foregoing), in each case with an aggregate outstanding principal amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Holdings shall cease to own, directly or indirectly, 100% of the Equity Interests of TCFI.

"**Class**" (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Extended Revolving Credit Commitments of a given Extension Series, Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Commitments, Delayed Draw Commitments, Incremental Term Loan Commitments, Refinancing Term Commitments of a given Refinancing Series or Commitments in

------

respect of Replacement Term Loans and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans, Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans. Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans, Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the Borrower, be construed to be in different Classes; *provided* that any Incremental Term Loans effected as a Term Loan Increase to any existing Class of Term Loans and such existing Class of Term Loans shall in all events be part of the same Class.

"**Closing Date**" means March 18, 2020.

"**Code**" means the U.S. Internal Revenue Code of 1986 and the United States Treasury Department regulations promulgated thereunder, each as amended from time to time (unless as specifically provided otherwise).

"**Collateral**" means the "Collateral" as defined in the Security Agreement and all the "Collateral" or "Pledged Assets" as defined in any other Collateral Document and any other assets pledged pursuant to any Collateral Document, but in any event excluding Excluded Assets.

"**Collateral Agent**" means PNC, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent.

"**Collateral and Guarantee Requirement**" means, at any time, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Agent shall have received each Collateral Document required to be delivered (i) on the Closing Date, pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>) and (ii) at such time as may be designated therein, pursuant to the Collateral Documents or <u>Section 6.11</u> or <u>6.13</u>, subject, in each case, to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Obligations (i) of the Borrowers shall have been unconditionally guaranteed by Holdings and each Restricted Subsidiary of the Borrower (other than any other Borrower) that is then required to be a Guarantor, and (ii) of any Borrower shall have been unconditionally guaranteed by each other Borrower; *provided*, that the Borrower may, in its sole discretion, (1) designate any Excluded Subsidiary as a Guarantor and (2) cause any Guarantor that is an Excluded Subsidiary (including any Excluded Subsidiary that became a Guarantor pursuant to clause (1) hereof) to be released from its guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secured Obligations and the Guaranty shall have been secured by a first-priority security interest (subject to Liens permitted by <u>Section 7.01</u>) in (i) all of the Equity Interests of the Borrowers, (ii) all of the Equity Interests of each wholly owned Material Domestic Subsidiary (other than a Domestic Subsidiary described in the following clause (iii)) directly owned by a Borrower or any Subsidiary Guarantor, (iii) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is directly

------

owned by a Borrower or by any Subsidiary Guarantor that is a Domestic Foreign Holdco, and (iv) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is a Foreign Subsidiary directly owned by a Borrower or by any Subsidiary Guarantor, in each case other than any Excluded Pledged Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except to the extent otherwise provided hereunder, including subject to Liens permitted by <u>Section 7.01</u>, or under any Collateral Document, the Secured Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security interest may be perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making any necessary security filings with the United States Patent and Trademark Office or United States Copyright Office, in each case to the extent required in the Security Agreement) in the Collateral of any Borrower and each Guarantor (including accounts (other than Securitization Assets and any Receivables Assets), intercompany obligations, inventory, equipment, investment property, contract rights, applications and registrations of Intellectual Property filed in the United States, other general intangibles, Material Real Property and proceeds of the foregoing), in each case, (i) with the priority required by the Collateral Documents and (ii) subject to exceptions and limitations otherwise set forth in this Agreement (for the avoidance of doubt, including the limitations and exceptions set forth in <u>Section 4.01</u>) and the Collateral Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to each Material Real Property, the Collateral Agent shall have received on or before the date required to be delivered pursuant to <u>Section 6.11</u> or <u>Section 6.13</u> (after giving effect to any extension by the Collateral Agent), (i) counterparts of a Mortgage over such Material Real Property required to be delivered pursuant to <u>Section 6.11</u> or <u>6.13</u> (the "**Mortgaged Properties**") duly executed and delivered by the applicable Loan Party, (ii) a title insurance policy for such property available in each applicable jurisdiction (the "**Mortgage Policies**") insuring the Lien of each such Mortgage as a valid first-priority Lien on the property described therein, free of any other Liens except as permitted by <u>Section 7.01</u>, together with such endorsements, coinsurance and reinsurance and in such amounts as the Collateral Agent may reasonably request, (iii) a completed Life-of-Loan Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if any improvements on any Mortgaged Property are located within an area designated a "flood hazard area," evidence of such flood insurance as may be required under <u>Section 6.07</u>, (iv) ALTA surveys in form and substance reasonably acceptable to the applicable title company or such existing surveys together with no-change affidavits sufficient for the title company to remove all standard survey exceptions from the Mortgage Policies and issue the endorsements required in <u>clause (ii)</u> above, (v) copies of any existing title reports, abstracts, appraisals or environmental assessment reports in each case to the extent required under <u>Section 6.11(a)(iii)</u> and (vi) such legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged Property;

*provided*, *however*, that (i) the foregoing definition shall not require, and the Loan Documents shall not contain any requirements as to, the creation or perfection of pledges of, security interests in, Mortgages on, or the obtaining of title insurance, surveys, abstracts or appraisals or taking other actions with respect to any Excluded Assets and (ii) the Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth in this Agreement and the Collateral Documents.

------

The Collateral Agent may grant extensions of time for the perfection of security interests in, or the delivery of the Mortgages and the obtaining of title insurance and surveys with respect to, particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) or any other compliance with the timing requirements of this definition where it reasonably determines, in consultation with the Borrower, that perfection or compliance cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement, the Collateral Documents or the other Loan Documents.

No actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets of Holdings, the Borrower, or any Domestic Subsidiary located or titled outside of the United States or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the Laws of any non-U.S. jurisdiction or foreign Intellectual Property filing, search or schedule). Elective Guarantors that are Foreign Subsidiaries shall be required to grant such security interests and take such perfection steps as are customary in its jurisdiction of organization (as determined mutually in good faith by the Collateral Agent and Loan Parties).

The foregoing definition shall not (i) require control agreements or perfection by "control" with respect to any Collateral other than: (x) certificated Equity Interests of the Borrower and, to the extent constituting Collateral, its Restricted Subsidiaries, in each case to the extent possession of such certificates is a manner of perfecting a security interest therein, and (y) so long as the Revolving Credit Commitments are outstanding, control agreements over deposit accounts (other than Excluded Accounts), (ii) require the Collateral Agent to enter into any source code escrow arrangement or register any Intellectual Property or (iii) require the Borrowers or any of their respective Subsidiaries to provide any notice to obtain the consent of Governmental Authorities under the Federal Assignment of Claims Act (or any state equivalent thereof).

"**Collateral Documents**" means, collectively, the Security Agreement, the Intercreditor Agreements, the Intellectual Property Security Agreements, the Mortgages, the Security Agreement Supplements, all security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent pursuant to <u>Section 4.01(a)(iv)</u>, <u>6.11</u> or <u>6.13</u> and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

"**Committed Loan Notice**" means a written notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other or (c) a continuation of Eurocurrency<u>Term SOFR</u> Rate Loans pursuant to <u>Section 2.02(a)</u>, which shall be substantially in the form of <u>Exhibit A</u> hereto or such other form as may be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), and agreed by the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), as applicable, and agreed by the Borrower), appropriately completed and signed by a Responsible Officer of the Borrower.

"**Commitment**" means a Revolving Credit Commitment, Extended Revolving Credit Commitment of a given Extension Series, Refinancing Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Delayed Draw Commitment, 2020 Delayed Draw Term Loan Commitment, 2021 Delayed Draw Term Loan Commitment, Incremental Term Loan Commitment, Refinancing Term Commitment of a given Refinancing Series or a Commitment in respect of Replacement Term Loans, as the context may require.

"**Commitment Letter**" means the Amended and Restated Commitment Letter, dated March 13, 2020, among the Initial Borrower and the Commitment Parties, as amended, restated, supplemented or otherwise modified.

------

"**Commitment Parties**" means, collectively, GSO<u>Blackstone</u>, Carlyle and PNC, in their respective capacities as such under the Commitment Letter.

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

"**Company Parties**" means the collective reference to Holdings and its Restricted Subsidiaries, including any Borrower, and "Company Party" means any one of them.

"**Compensation Period**" has the meaning set forth in <u>Section 2.12(c)(ii)</u>.

"**Competitor**" has the meaning set forth in the definition of "Disqualified Institution."

"**Competitor Debt Fund**" means, with respect to any Competitor or any Affiliate thereof, any diversified debt fund, investment vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is (i) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and (ii) managed, sponsored or advised by any person that is controlling, controlled by or under common control with the relevant Competitor or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Competitor (A) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated bank entity or unregulated entity with respect to decisions involving any investment in debt of the Borrower or any of its Subsidiaries or (B) has access to any information (other than information that is publicly available) relating to Holdings, the Borrower or any of their respective Subsidiaries.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit D-1</u> hereto.

<u>"</u> <u>**Conforming Changes**" means, with respect to</u> <u>either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including</u> <u>changes to the definition of</u> <u>"Base Rate", the definition of "Business Day", the definition of "U.S. Government Securities Business Day", the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period")</u><u>, timing and frequency of determining rates and making payments of interest</u><u>, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Administrative Agent (acting at the direction of the Required Lenders),</u> <u>the Revolving Agent and the Borrower,</u> <u>decide may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and</u> <u>administration thereof by the Administrative Agent and the Revolving Agent in a manner substantially consistent with market practice (or, if the Administrative Agent</u> <u>(acting at the direction of the Required Lenders) or the Revolving Agent decide</u> <u>that adoption of any portion of such market practice is not administratively feasible or</u> <u>if the Administrative Agent (acting at the direction of the Required Lenders) or the Revolving Agent determines</u> <u>that no market practice for the administration of</u> <u>any such rate</u> <u>exists, in such other manner of administration as the Administrative Agent</u> <u>(acting at the direction of the Required Lenders), the Revolving Agent and the Borrower decide is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents); provided that, notwithstanding anything herein to the contrary, no "Conforming Changes" shall result in any effect adverse to the Borrower on the timing or amount of payments or borrowings.</u>

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

------

"**Consolidated Current Assets**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than Cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than (i) amounts related to current or deferred Taxes based on income, profits or capital gains (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (ii) assets held for sale, (iii) loans (permitted) to third parties, (iv) pension assets, (v) deferred bank fees, (vi) derivative financial instruments and (vii) in the event that a Securitization Financing is accounted for off-balance sheet, (x) gross accounts receivable comprising Securitization Assets sold pursuant to such Securitization Financing less (y) collection against the amount sold pursuant to <u>clause (x)</u>.

"**Consolidated Current Liabilities**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) the current portion of interest expense, (c) accruals for current or deferred Taxes based on income or profits (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (d) accruals of any costs or expenses related to restructuring reserves, (e) deferred revenue, (f) any Revolving Credit Exposure or Revolving Loans, (g) the current portion of pension liabilities, (h) liabilities in respect of funds of third parties on deposit with the Borrower or its Restricted Subsidiaries and (i) any assumed professional liability risks.

"**Consolidated EBITDA**" means, for any period, Consolidated Net Income for such period, *plus*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without duplication and, except with respect to <u>clauses (v)</u> (to the extent of the first parenthetical in such clause), <u>(vii)(B)</u>, <u>(viii)</u>, <u>(x)</u>, <u>(xi)</u> and <u>(xiv)</u> below, to the extent deducted (and not added back) or excluded in arriving at such Consolidated Net Income, the sum of the following amounts for such period with respect to the Borrower and its Restricted Subsidiaries and including, the portion of such item attributable to any Equity Interest of the Loan Parties or Subsidiaries of Loan Parties in such non wholly-owned Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) total interest expense determined in accordance with GAAP (including (whether or not classified as interest expense under GAAP), to the extent deducted and not added back in computing Consolidated Net Income, (A) amortization of OID resulting from the issuance of Indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or, any fee or expense paid to any agent in connection with its services hereunder, and any other bank, administrative agency or trustee, or financing fees, (C) non-cash interest payments, (D) the interest component of Capitalized Leases, (E) net payments, if any, pursuant to interest Swap Contracts with respect to Indebtedness, (F) amortization of deferred financing fees, debt issuance costs, commissions and fees, (G) the interest component of any pension or other post-employment benefit expense, and (H) commissions, discounts, yield and other fees (including related interest expenses) related to any Qualified Securitization Financing or any Receivables Facility) and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication, provision for Taxes based on income, profits or capital gains of the Borrower and the Restricted Subsidiaries, including, without limitation, federal, state, foreign, local, franchise and similar Taxes and other local, franchise, state, real estate and property Taxes and foreign withholding Taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax examinations, and any Tax distributions made pursuant to this Agreement (including <u>Section 7.06(h)(iii)</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) depreciation and amortization (including amortization or write-off of (A) intangible assets and non-cash organization costs, (B) deferred financing fees, debt issuance costs, commissions, fees and expenses, bridge, commitment and other financing fees, discounts, yield and other fees and charges (including interest expense related to any Securitization Financing or any Receivables Facility), (C) unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, (D) capitalized software expenditures or costs, capitalized customer acquisition costs and incentive payments and capitalized conversion costs and contract acquisition costs, and (E) favorable or unfavorable lease assets or liabilities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) non-cash charges, expenses, write-downs or losses, including, without limitation, any non-cash expense relating to the vesting of warrants, impairment charges, the revaluation of inventory or other inventory adjustments or the impact of purchase accounting or recapitalization accounting (including deferred revenue which would reasonably have been included in determining Consolidated Net Income for such period, but for the application of purchase accounting rules) (*provided* that if any such non-cash charges, expenses, write-downs or losses represent an accrual or reserve for potential cash items in any future period, (i) the Borrower may determine not to add back such non-cash item in the current period or (ii) to the extent the Borrower determines to add back such non-cash item in the current period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) retention, recruiting, relocation, stay and signing bonuses (including payments made to employees or others who are subject to non-compete agreements) and expenses, stock option and other equity-based compensation expenses, severance costs, transaction fees and expenses and management, monitoring, consulting and advisory fees and expenses and other consulting fees, indemnities and expenses, any one time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or a public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) integration costs, transition costs, consolidation, opening and closing costs for offices and facilities, curtailments or modifications to pension and post-retirement employee benefits (including pension buyout costs), decommissioning or reconfiguration of fixed assets for alternative uses, costs in connection with future lease commitments, costs incurred in connection with any strategic initiatives, costs incurred in connection with acquisitions and investments (whether or not consummated) and intellectual property development after the Closing Date, other business optimization expenses (including costs, technology upgrades and expenses relating to business optimization programs and new systems design and initiatives and implementation costs), project start-up costs and costs incurred with the implementation of a new contract (provided, such costs incurred with the implementation of a new contract added back pursuant to this clause (vii) shall not exceed $2,500,000 for any Test Period) and other restructuring charges, carve-out related items,

------

accruals or reserves (including restructuring costs related to acquisitions and investments whether or not incurred before or after the Closing Date, retention charges, systems establishment costs and excess pension charges) and (B) without duplication of amounts added back pursuant to clause (xiv) below the amount of "run rate" cost savings, operating expense reductions, other operating improvements and synergies projected by the Borrower in good faith to be realized in connection with the Transactions, any Specified Transaction or the implementation of an operational initiative or operational change before or after the Closing Date (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions, which are factually supportable and reasonably anticipated to result from actions taken or expected to be taken in the good faith judgment of the Borrower, within 18 months after the consummation of the Transactions, the Specified Transaction or the implementation of an initiative or operational change (including commencement of activities constituting a business or the termination or discontinuance of activities constituting such business), as applicable, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies (and a Responsible Officer of the Borrower shall certify, solely in his or her capacity as a Responsible Officer, that such cost savings, operating expense reductions, other operating improvements and synergies satisfy the foregoing requirements); *provided* no cost savings, operating expense reductions and synergies shall be added pursuant to this <u>clause (vii)(B)</u> to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, for such period; *provided*, *further* that such costs, charges, expenses or losses pursuant to <u>clause (vii)(A)</u>, together with the pro forma cost savings, operating expense reductions, other operating improvements and synergies pursuant to <u>clause (vii)(B)</u> and <u>Section 1.09(c)</u>, shall not exceed 25% of Consolidated EBITDA for any Test Period (determined after giving effect to all such amounts that would be added back pursuant to this <u>clause (vii)</u> and <u>Section 1.09</u>, and after giving effect to all other applicable adjustments as if there were no such 25% limitation); *provided*, that the amount of any such items that would be permitted to be included in financial statements prepared in accordance with Regulation S-X shall not be subject to such 25% limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) adjustments in connection with the Transactions, including those adjustments of the type set forth in the Sponsor model delivered to the Commitment Parties prior to the Closing Date and the quality of earnings report provided by third party financial advisors and/or consultants retained by the Borrower and delivered to the Commitment Parties prior to the Closing Date, and other adjustments (including *pro forma* adjustments) identified in writing and agreed to by Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other accruals, payments, fees and expenses (including rationalization, legal, tax, structuring and other costs and expenses), or any amortization thereof, related to the Transactions (including all Transaction Expenses), acquisitions, Investments, joint ventures, Restricted Payments, Dispositions, issuances or registrations (actual or proposed) of Indebtedness or Equity Interests or repayment of debt, Qualified IPO, Refinancing or recapitalization transactions or amendment or other modification of any debt instrument, in each case, including any such transaction consummated on or prior to the Closing Date and any such transaction attempted but not completed (including, for the avoidance of doubt, the effects of expensing all transaction related expenses in accordance with Accounting Standards Codification Topic No. 805, Business Combinations),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the extent received and not already included in Consolidated Net Income, proceeds of business interruption insurance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>paragraph (b)</u> below for any previous period and not added back,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash increase in expenses (A) resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods including changes in capitalization of variances) or other inventory adjustments, or (B) due to purchase accounting or recapitalization accounting adjustments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the amount of any expense or reduction of Consolidated Net Income consisting of Restricted Subsidiary income attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) adjustments (including pro forma adjustments) of a type set forth in any quality of earnings or due diligence report (prepared by an independent accounting firm or consulting firm of regionally or nationally recognized standing) delivered to the Administrative Agent in connection with any acquisition or investment after the Closing Date and (B) adjustments (including *pro forma* adjustments) consistent with Regulation S-X,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the amount of (A) management, consulting, monitoring and advisory fees (including termination and exit fees) and related expenses and indemnities paid or accrued to the Investors in accordance with the Investor Management Agreement and the Ultimate Parent LLC Agreement, (B) payments or accruals by the Borrower or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are permitted by <u>Section 7.08</u> and (C) indemnification payments and accruals, fees and expenses paid to directors of the Borrower or its direct or indirect parent entities, in each case to the extent otherwise permitted to be paid under <u>Section 7.08</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Equity Funded Employee Plan Costs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any net loss from disposed, abandoned or discontinued operations or product lines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount of loss or discount on sales of Securitization Assets to a Securitization Subsidiary in connection with a Securitization Financing or losses or discounts on sales of receivables and related assets in connection with any Receivables Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) costs to support implementation of operational and reporting systems and technology initiatives in an amount not to exceed $5,000,000 in the aggregate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the non-cash portion of straight line rent expense,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) earn-out obligations with respect to any Permitted Acquisitions or other investment and paid or accrued during the applicable period to the extent such earn-out obligations are deducted from the calculation of such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the amount of business development, research and development, and customer development costs and expenses and strategic growth investments and reorganization costs and expenses;

*minus* (b) without duplication and to the extent included in arriving at such Consolidated Net Income, (i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period), and excluding the accrual of revenue in the ordinary course, including accrual for deferred revenue, (ii) any net gain from disposed, abandoned or discontinued operations or product lines and (iii) the amount of any minority interest income consisting of Restricted Subsidiary losses attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary.

Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, Consolidated EBITDA for such fiscal quarter shall be $7,303,894.77, $8,339,237.36, $7,954,634.35 and $7,902,425.85, respectively, in each case as may be subject to addbacks and adjustments (without duplication) pursuant to <u>clauses (vii)(B)</u>, <u>(viii</u>), <u>(xiv</u>) and <u>Section 1.09(c)</u> for the applicable Test Period (but only with respect to actions taken or expected to be taken or events having occurred after the Closing Date). For the avoidance of doubt, Consolidated EBITDA shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated First Lien Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of any Indebtedness described in <u>clause (a)</u> of the definition of "Consolidated Total Net Debt" outstanding on such date that is secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary that is pari passu with or senior to the Liens securing the Secured Obligations, but excluding any such Indebtedness that is subordinated in right of payment to the Secured Obligations, *minus* (b) the Cash Netting Amount; *provided* that Consolidated First Lien Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated First Lien Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated First Lien Net Debt.

"**Consolidated First Lien Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Net Income**" means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; *provided*, *however*, that, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any after-tax effect of extraordinary, non-recurring or unusual items (including gains, losses or charges and all fees and expenses relating thereto) for such period shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application to the extent included in Consolidated Net Income shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) accruals and reserves that are established or adjusted within 18 months after the Closing Date that are so required to be established or adjusted as a result of the Transactions (or within 18 months after the closing of any acquisition or Investment that are so required to be established or adjusted as a result of such acquisition of Investment) in accordance with GAAP or changes as a result of adoption or modification of accounting policies in accordance with GAAP shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any net after-tax effect of gains or losses (*less* all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person, in each case other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the net income (loss) for such period of any Person that is (I) not a Subsidiary of the Borrower, (II) an Unrestricted Subsidiary, or (III) accounted for by the equity method of accounting shall be excluded; *provided* that (i) Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in Cash and Cash Equivalents (or to the extent subsequently converted into Cash and Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period and (ii) the net income (loss) of any Unrestricted Subsidiary that has been designated as a Restricted Subsidiary in such period shall be included to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any impairment charge or asset or asset value write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, goodwill, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP or SEC guidelines, and the amortization of intangibles arising pursuant to GAAP or SEC guidelines shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any (i) equity or phantom equity based non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs or any other equity-based compensation, (ii) cash charges associated with the rollover, acceleration or payout of Equity Interests by managers, officers, directors, consultants or employees of the Borrower, any Restricted Subsidiary or any of the Borrower's direct or indirect parents, (iii) income (loss) attributable to deferred compensation plans or trusts, shall be excluded, and (iv) any cash charge for such period relating to payments made to option holders or holders of profits interests of any direct or indirect parent entity in connection with, or as a result of, any distributions being made to its equityholders or its direct or indirect parent entities, which payments are being made to compensate such option holders or holders of profits interests as though they were equityholders as of the date of, and entitled to share in, such distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions, including, in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually paid-for or reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for such amount to be paid-for, indemnified or reimbursed and only to the extent that such amount is in fact paid-for, indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365-day period), shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent covered by insurance and actually paid for or reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be paid for or reimbursed by the insurer and only to the extent that such amount is in fact paid for or reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so paid for or reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, any Permitted Acquisition or other Investment, or the release of any valuation allowance related to such item, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any non-cash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation or Accounting Standards Codification Topic No. 505-50, Equity-Based Payments to Non-Employees, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) non-cash gains, losses, income and expenses resulting from the valuation of any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at fair value required by the applicable standard under GAAP and related interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries or such Person's assets are acquired by the Borrower or any of its Restricted Subsidiaries shall be excluded (except to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (x) currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain (i) resulting from Swap Contracts for currency exchange risk and (ii) resulting from intercompany indebtedness) and (y) all other foreign currency translation gains or losses to the extent such gains or losses are non-cash items, shall in each case be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any adjustments resulting from the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging and International Accounting Standard No. 39 and their respective related pronouncements and interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any income (loss) for such period attributable to the early extinguishment of (i) Indebtedness, (ii) obligations under any Swap Contracts or (iii) other derivative instruments shall in each case be excluded, and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) solely for the purpose of determining Excess Cash Flow, the income of any Restricted Subsidiary of the Borrower that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such income is not at the time permitted by operation of the terms of its charter or any Laws applicable to such Restricted Subsidiary (which has not been waived) shall be excluded, except (solely to the extent permitted to be paid) to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Restricted Subsidiaries that are Guarantors by such Person during such period.

There shall be excluded from Consolidated Net Income for any period the purchase accounting or recapitalization accounting effects of adjustments in component amounts required or permitted by GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, credit balances and debt line items thereof) and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition constituting an Investment permitted under this Agreement consummated after the Closing Date or any acquisition or other Investment consummated prior to the Closing Date, or the amortization or write-off of any amounts thereof. For the avoidance of doubt, Consolidated Net Income shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated Total Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting or recapitalization accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement) consisting of funded Indebtedness for borrowed money, purchase money Indebtedness and Attributable Indebtedness, *minus* (b) the Cash Netting Amount; *provided* that Consolidated Total Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated Total Net Debt.

"**Consolidated Total Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Working Capital**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Consolidated Current Assets at such date of determination *minus* Consolidated Current Liabilities at such date of determination; *provided* that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Consolidated Current Assets or Consolidated Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent, (b) the effects of purchase accounting or recapitalization accounting or (c) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under Swap Contracts.

"**Contract Consideration**" has the meaning set forth in the definition of "Excess Cash Flow."

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

------

"**Control**" has the meaning set forth in the definition of "Affiliate."

"**Copyrights**" means (a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO.

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

"**CoVant**" means CoVant Management II, Inc. and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Credit Agreement Refinancing Indebtedness**" means (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness of the Borrowers, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or Refinance, in whole or part, any Class of existing Term Loans or the existing Revolving Loans (or unused Revolving Credit Commitments), or any then-existing Credit Agreement Refinancing Indebtedness (the "**Refinanced Debt**"); *provided* that with respect to each of the foregoing <u>clauses (a)</u> through <u>(d)</u>, (i) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of such Refinanced Debt, such Indebtedness shall have a maturity no earlier, and a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt (if any) that remains outstanding; (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt *plus* an amount equal to the aggregate unused commitments cancelled in connection therewith, *plus* accrued interest, fees, premiums (if any) and penalties thereon and fees and expenses associated with the Refinancing; *provided* that nothing in this clause (ii) shall limit the ability of the Borrowers to incur additional Indebtedness concurrently as part of the issuance or incurrence of such Indebtedness so long as such additional Indebtedness is otherwise permitted pursuant to the terms of this Agreement, (iii) such Indebtedness (other than revolving loans or commitments with respect thereto) shall not have the benefit of a financial maintenance covenant unless (x) the Term Loans hereunder or the commitments being Refinanced, as applicable, have the benefit of such financial maintenance covenant on the same terms, (y) the Term Loans hereunder or the commitments being Refinanced, as applicable, shall have in the future been provided with the benefit of a financial maintenance covenant, in which case such Credit Agreement Refinancing Indebtedness issued after such future date may be provided with the benefit of the same financial maintenance covenant on the same terms or (z) such financial maintenance covenant is only applicable after the Latest Maturity Date applicable to the Term Loans hereunder, (iv) the All-In Yield with respect to such Credit Agreement Refinancing Indebtedness shall be determined by the Borrowers and the lenders or purchasers providing such Credit Agreement Refinancing Indebtedness, (v) except as provided for in preceding <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, optional prepayment or redemption terms shall be determined by the Borrower and the other terms and conditions of such Indebtedness shall reflect market terms and conditions (as reasonably determined by the Borrower) at the time of incurrence or issuance of such Credit Agreement Refinancing Indebtedness, (vi) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, and all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid substantially simultaneously with the issuance, incurrence or obtaining of such Credit Agreement Refinancing Indebtedness (or in any event not later than one Business Day following the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained), (vii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (viii) to the extent secured, such Indebtedness is not secured by property or assets of the Loan Parties other than the Collateral except to the extent permitted by any Intercreditor Agreement.

------

"**Credit Extension**" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

<u>"**Credit Spread Adjustment**" means 0.10% (10 basis points).</u>

"**Cumulative Credit**" means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Retained Excess Cash Flow Amount, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cumulative amount of Cash and Cash Equivalent proceeds from (i) the sale of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) which proceeds have been contributed as common equity to the capital of the Borrower and (ii) the Qualified Equity Interests of the Borrower (or Equity Interests of any direct or indirect parent of the Borrower) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) issued upon conversion of Indebtedness or Disqualified Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower owed to a Person other than a Loan Party or a Restricted Subsidiary of a Loan Party, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 100% of the aggregate amount of contributions to the common capital of the Borrower (other than from the Borrower or a Restricted Subsidiary) or the net proceeds of the issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent) (other than to the Borrower or a Restricted Subsidiary) contributed to the Borrower, received in Cash and Cash Equivalents after the Closing Date (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower in Cash and Cash Equivalents from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale, transfer or other disposition (other than to the Borrower or any such Restricted Subsidiary) of the Equity Interests or any assets of an Unrestricted Subsidiary or any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend or other distribution by an Unrestricted Subsidiary or received in respect of any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any interest, returns of principal, repayments and similar payments by such Unrestricted Subsidiary or received in respect of any joint venture minority Investments;

------

*plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", in the event any Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys any of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, the fair market value (as reasonably determined by the Borrower) of the Investments of the Borrower and the Restricted Subsidiaries made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by the Borrower or any Restricted Subsidiary in respect of any Investments made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by any Loan Party in respect of any Investments pursuant to <u>Section 7.02</u> (other than pursuant to <u>Sections 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(f)</u>, <u>(j)</u>, <u>(t)</u>, <u>(u)</u> and <u>(v))</u>; *provided*, that in no case shall such amount exceed the amount of any Investment made using internally generated cash flow or the Cumulative Credit pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [reserved], *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the proceeds and the fair market value (as reasonably determined by the Borrower) of marketable securities or other property contributed to the Borrower or a Restricted Subsidiary or contributed to the capital of Holdings and further contributed to the Borrower or a Restricted Subsidiary since the Closing Date from any Person other than the Borrower or a Restricted Subsidiary, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an amount equal to Declined Proceeds, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any amount of the Cumulative Credit used to make Investments pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> after the Closing Date and prior to such time (net of any Return in respect of any Investment that the Borrower elects to be treated as a deduction pursuant to the definition of "Investment"), *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any amount of the Cumulative Credit used to pay dividends or make distributions or other Restricted Payments pursuant to <u>Section 7.06(f)(A)</u> or <u>7.06(g)(y)</u> after the Closing Date and prior to such time, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any amount of the Cumulative Credit used to make payments or distributions in respect of Junior Financings pursuant to <u>Section 7.13</u> after the Closing Date and prior to such time.

"**Cure Amount**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Cure Expiration Date**" has the meaning set forth in <u>Section 8.04(a)</u>.

------

<u>"**Daily Simple SOFR**" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent and the Revolving Agent (and consented to by Borrower) in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for business loans; provided, that, in any event, Daily Simple SOFR shall not be less than the Floor; provided further that if the Administrative Agent, the Revolving Agent and the Borrower determine that any such convention is not administratively feasible for</u> <u>the Administrative Agent or the Revolving Agent</u><u>, then the Administrative Agent, the Revolving Agent and the Borrower may agree to establish another convention in their respective reasonable discretion.</u>

"**Debt Assumption**" has the meaning set forth in the introductory paragraph to this Agreement

"**Debt Fund Affiliate**" means any Affiliate of Holdings or the Sponsor (other than a natural person) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of or in addition to their duties to Holdings or the Sponsor.

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

"**Declined Proceeds**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Default**" means any event or condition that constitutes an Event of Default under <u>Section 8.01</u> or that, with the giving of any notice, the passage of time, or both, in each case, as set forth in this Agreement, without cure or waiver hereunder, would be an Event of Default under <u>Section 8.01</u>.

"**Default Rate**" means an interest rate equal to (a) the Base Rate *plus* (b) the Applicable Rate, if any, applicable to Base Rate Loans *plus* (c) 2.0% per annum; *provided* that with respect to a Eurocurrency<u>Term SOFR</u> Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan *plus* 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

"**Defaulting Lender**" means, subject to <u>Section 2.17(b)</u>, any Lender whose act or failure to act, whether directly or indirectly, causes it to meet any part of the definition of Lender Default.

"**Delayed Draw Commitment**" means, as to each Term Lender, its obligation to make a Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(c)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Delayed Draw Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Delayed Draw Commitments as of the Closing Date is $30,000,000.

"**Delayed Draw Funding Date**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Installment Payment Date**" has the meaning set forth in <u>Section 2.07(c)</u>.

"**Delayed Draw Lender**" means each Lender that has a Delayed Draw Commitment or is the holder of a Delayed Draw Term Loan.

------

"**Delayed Draw Term Loan**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(d).

"**Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) March 18, 2022 and (b) the date on which the Delayed Draw Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**Discount Prepayment Accepting Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(2)</u>.

"**Discount Range**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Notice**" means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(C)</u> substantially in the form of <u>Exhibit E-4</u>.

"**Discount Range Prepayment Offer**" means the irrevocable written offer by a Lender, substantially in the form of <u>Exhibit E-5</u>, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

"**Discount Range Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Discounted Prepayment Determination Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Discounted Prepayment Effective Date**" means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with <u>Section 2.05(a)(v)(B)(1)</u>, <u>2.05(a)(v)(C)(1)</u> or <u>2.05(a)(v)(D)(1)</u>, respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"**Discounted Term Loan Prepayment**" has the meaning set forth in <u>Section 2.05(a)(v)(A)</u>.

"**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance of Equity Interests (other than directors' qualifying shares or other shares required by applicable Law) in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) solely at the discretion of the issuer), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or

------

similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), (b) is redeemable at the option of the holder thereof (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date at the time of issuance of such Equity Interests; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because such Equity Interests may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death or disability.

"**Disqualified Institution**" means (a) those financial institutions, lenders and other Persons previously specified in writing by the Borrower or the Sponsors to the Commitment Parties on or prior to February 18, 2020, (b) competitors of the Borrower and its Subsidiaries, as identified by the Borrower by written notice to the Administrative Agent and the Revolving Agent from time to time (each such Person, a "**Competitor**"), and (c) in the cases of <u>clause (a)</u> or <u>(b)</u>, Affiliates thereof (other than, in the case of <u>clause (b)</u>, any Competitor Debt Fund) that are either (i) identified as specified in such <u>clause (a)</u> (it being understood and agreed that affiliates of the financial institutions, lenders and other Persons identified in clause (a) shall be included if identified after February 18, 2020) or <u>(b)</u> or (ii) clearly identifiable on the basis of such Affiliates' names; it being understood and agreed that the identification of any Person as a Disqualified Institution after the Closing Date shall not apply to retroactively disqualify any Person that has previously acquired an assignment or participation interest in any Loan or Commitment so long as such Person was not a Disqualified Institution at the time of such assignment or participation. The list of Disqualified Institutions shall be posted to the Platform, it being understood that the Borrower may update such list from time to time with respect to Disqualified Institutions to the extent provided for above, and the Administrative Agent shall post such updated schedule to the Platform promptly following its receipt thereof, with such updates effective solely upon the posting thereof to the Platform.

"**Dollar**" and "**$**" mean lawful money of the United States.

"**Dollar Amount**" means (i) with respect to any L/C Obligation (or any risk participation therein), the amount thereof and (ii) with respect to any Revolving Loan, the amount thereof.

"**Domestic Foreign Holdco**" means any Domestic Subsidiary (i) substantially all of the assets of which consist of Equity Interests or Indebtedness (and Cash and Cash Equivalents or Indebtedness related thereto) of one or more Foreign Subsidiaries or (ii) that is treated as a disregarded entity or partnership for U.S. federal income tax purposes and substantially all of the assets of which are Equity Interests of one or more Foreign Subsidiaries.

------

"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

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

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

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

"**Elective Guarantor**" has the meaning set forth in the definition of "Guarantors."

"**Eligible Assignee**" has the meaning set forth in <u>Section 10.07(a)(i)</u>.

"**Enforcement Qualifications**" has the meaning set forth in <u>Section 5.04</u>.

"**Environment**" means air, surface water, groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any applicable Law relating to the prevention of pollution or the protection of the Environment or natural resources, or the protection of human health and safety as it relates to the exposure to Hazardous Materials, including any applicable provisions of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 *et seq.*, the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 *et seq.*, the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 *et seq.*, the Clean Water Act, 33 U.S.C. § 1251 *et seq.*, the Clean Air Act, 42 U.S.C. § 7401 *et seq.*, the Toxic Substances Control Act, 15 U.S.C. § 2601 *et seq.*, the Occupational Safety and Health Act, 29 U.S.C. § 651 *et seq.* (as it relates to exposure to Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 *et seq.*, and all analogous state or local statutes, and the regulations promulgated pursuant thereto.

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of the Loan Parties or any Restricted Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any legally binding contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

------

"**Equity Contribution**" means the contribution by the Sponsor and the Investors in cash directly or indirectly to the Initial Borrower in the form of common equity or other Equity Interests that does not constitute Disqualified Equity Interests, in an aggregate amount, when taken together with all "rollover" equity, will constitute an aggregate amount of not less than 60.0% of the sum of (i) the aggregate principal amount of the Term Loans hereunder funded on the Closing Date *plus* (ii) all "rollover" equity *plus* (iii) the Equity Contribution *minus* the aggregate amount of cash on hand of the Borrower and its Subsidiaries on the Closing Date immediately following the consummation of the Transactions; *provided* that the Sponsor shall directly or indirectly own at least 50.1% of the voting Equity Interests of the Borrower immediately following the consummation of the Transactions.

"**Equity Funded Employee Plan Costs**" means cash costs or expenses, incurred pursuant to any management equity plan or stock option plan or any other equity-based management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower (other than amounts designated as Excluded Contributions, any amount designated as a Cure Amount or any amount used in the Cumulative Credit).

"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities); *provided*, that any instrument evidencing Indebtedness convertible or exchangeable for Equity Interests shall not be deemed to be Equity Interests unless and until such instrument is so converted or exchanged.

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

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) that is under common control with a Loan Party or any Restricted Subsidiary within the meaning of Section 414(b) or (c) of the Code or Section 4001 of ERISA (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Section 4245 of ERISA) or in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (d) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for, and that could reasonably be expected to result in, the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived; (h) a failure by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate to make a required contribution to a Multiemployer Plan; (i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to a Loan Party or any Restricted Subsidiary; or (j) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate.

------

<u>" **Erroneous Payment**" has the meaning assigned to it in Section 9.13(a).</u>

<u>" **Erroneous Payment Deficiency Assignment**" has the meaning assigned to it in Section 9.13(d).</u>

<u>" **Erroneous Payment Impacted Class**" has the meaning assigned to it in Section 9.13(d).</u>

<u>" **Erroneous Payment Return Deficiency**" has the meaning assigned to it in Section 9.13(d).</u>

<u>" **Erroneous Payment Subrogation Rights**" has the meaning assigned to it in Section 9.13(d).</u>

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

"**Eurocurrency Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Interest Period with respect to a Eurocurrency Rate Loan, (i) the rate per annum equal to the London Interbank Offered Rate ("**LIBOR**"), as published on the Reuters Screen LIBOR01 Page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent or the Revolving Agent from time to time) determined as of approximately 11:00 a.m. (London, England time), two Business Days prior to the commencement of such Interest Period for deposits in the relevant currency, or (ii) in the event the rate referenced in the preceding clause (A) does not appear on such page or service or if such page or service shall cease to be available, the rate determined by the Administrative Agent or the Revolving Agent to be the offered rate on such other page or other service which displays the Eurocurrency Rate for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period; *provided* that the Eurocurrency Rate shall not be less than 1.00% per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

*provided* that to the extent a comparable or successor rate is approved pursuant to the provisions of <u>Section 3.03</u>, "LIBOR" shall mean the "LIBOR Successor Rate"; *provided*, *further* if LIBOR shall be less than zero, LIBOR shall be deemed to be zero for purposes of this Agreement.

"**Eurocurrency** **Rate Loan**" means a Loan that bears interest at a rate based on the Eurocurrency Rate (which shall not include Base Rate Loans even if the interest rate then in effect is determined pursuant to clause (c) of the definition thereof). Revolving Loans that are Eurocurrency Rate Loans shall be denominated in Dollars.

"**Euros**" means lawful currency of the European Union.

**"Event of Default**" has the meaning set forth in <u>Section 8.01</u>.

**"Excess Cash Flow**" means, for any Excess Cash Flow Period, an amount equal to:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such decreases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries completed during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period (other than sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses deducted from Consolidated Net Income for such Excess Cash Flow Period in respect of expenditures made during any prior Excess Cash Flow Period for which a deduction from Excess Cash Flow was made for a future period in such prior Excess Cash Flow Period pursuant to <u>clause (b)(xi)</u>, <u>(xii)</u>, <u>(xv)</u> or <u>(xvi)</u> below, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash income or gain (actually received in cash) excluded from the calculation of Consolidated Net Income for such Excess Cash Flow Period pursuant to the definition thereof; *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income, and cash charges included in <u>clauses (a)</u> through <u>(q)</u> of the definition of "Consolidated Net Income",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Capital Expenditures or acquisitions of or expenses incurred to develop intellectual property to the extent not expensed or accrued for such Excess Cash Flow Period, to the extent that such Capital Expenditures or acquisitions or development expenses were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent not financed through the incurrence of long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the aggregate amount of all principal payments of Indebtedness of the Borrower or its Restricted Subsidiaries (including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of any scheduled repayment of Term Loans, Other Term Loans, Other Notes, Permitted Ratio Debt and any other Indebtedness, (C) any mandatory prepayment of Term Loans pursuant to <u>Section 2.05(b)(ii)</u>, Other Term Loans, Other Notes, Permitted Ratio Debt or any other Indebtedness, in each case to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase and (D) payments of earn-outs or sellers notes or notes converted from an earn-out, but excluding (x) other prepayments, redemptions or repurchases (including debt buybacks) of Term Loans, Other Notes, Other Term Loans and other Indebtedness constituting Pari Passu Secured Obligations (other than prepayments referred to in <u>clause (C)</u> above) and (y) all prepayments in respect of any revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such increases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash payments by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness to the extent such payments are not expensed for such Excess Cash Flow Period or are not deducted in calculating Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Investments and acquisitions made in cash during such Excess Cash Flow Period pursuant to <u>Section 7.02</u> (other than <u>Section 7.02(a), (c)</u>, <u>(e)</u>, or <u>(h)</u>) to the extent that such Investments and acquisitions were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of Restricted Payments paid during such Excess Cash Flow Period pursuant to <u>Section 7.06</u> (other than pursuant to <u>Sections 7.06(a)(i)</u>, <u>7.06(b)</u>, <u>7.06(d)</u> (except to the extent relating to a transaction permitted under <u>Section 7.04</u>), <u>7.06(e)</u>, <u>7.06(m)</u> (to the extent relating to any other clause of <u>Section 7.06</u> referred to in the first parenthetical in this clause (viii)) and <u>7.06(n)</u>), in each case, to the extent such Restricted Payments were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries in cash for such Excess Cash Flow Period (including expenditures for the payment of financing fees and including retention, recruiting, relocation, severance, signing bonuses and similar expenses) to the extent that such expenditures are not expensed for such Excess Cash Flow Period (and were not expensed in a prior Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period that are required to be made in connection with any prepayment of Indebtedness to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow for prior Excess Cash Flow Periods, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries committed (pursuant to binding contracts or executed letters of intent entered into) or budgeted (the "**Contract Consideration**") prior to or during such Excess Cash Flow Period, or after the end of such Excess Cash Flow Period and prior to the date of such Excess Cash Flow payment for such Excess Cash Flow Period, relating to Permitted Acquisitions, Investments (other than Investments made pursuant to <u>Section 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(h)</u> or <u>(r)(ii)</u>), Capital Expenditures or acquisitions or development of intellectual property (to the extent not expensed) to be consummated or made, *plus* any restructuring cash expenses, pension payments or tax contingency payments that have been added to Excess Cash Flow pursuant to <u>clause (a)(ii)</u> above required to be made, in each case for the Excess Cash Flow Period of four consecutive fiscal quarters of the Borrower following the end of such Excess Cash Flow Period; *provided* that to the extent the aggregate amount actually utilized to finance such acquisitions, Investments, Capital Expenditures or acquisitions or development of intellectual property during such Excess Cash Flow Period of four consecutive fiscal quarters is less than the Contract Consideration or to the extent such aggregate amount is financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the amount of such shortfall or so financed shall be added to the calculation of Excess Cash Flow at the end of such Excess Cash Flow Period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of cash taxes (including penalties, interest or tax reserves and Tax Distributions) paid or payable for such Excess Cash Flow Period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Contracts for such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any payment of cash to be amortized or expensed over a future Excess Cash Flow Period and recorded as a long-term asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) reimbursable or insured expenses incurred for such Excess Cash Flow Period to the extent that such reimbursement has not yet been received and to the extent not deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cash expenditures for costs and expenses (including retention, recruiting, relocation, stay and signing bonuses and expenses) in connection with the Transactions (including all Transaction Expenses), acquisitions, Investments, Restricted Payments, dispositions and the issuance of equity interests or Indebtedness, repayment of debt, issuance of equity securities, Qualified IPO, Refinancing transactions or amendments or other modifications of any debt instrument (including, in each case, any such transaction consummated on the Closing Date and any such transaction undertaking but not completed), in each case, to the extent not deducted in arriving at such Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries;

*provided* that, at the option of the Borrower, all such payments (i) made after the applicable Excess Cash Flow Period and prior to the applicable due date of such Excess Cash Flow payment may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period or (ii) committed or budgeted to be made after the applicable Excess Cash Flow Period may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period.

------

Notwithstanding anything in the definition of any term used in the definition of "Excess Cash Flow" to the contrary, all components of Excess Cash Flow shall be computed for the Borrower and its Restricted Subsidiaries on a consolidated basis.

"**Excess Cash Flow Period**" means each fiscal year of the Borrower, commencing with the fiscal year ending on or about December 31, 2021.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Excluded Account**" means (a) any bank account of a Loan Party that is solely a payroll, trust, employee benefit, fiduciary or tax withholding account, (b) any bank account of a Loan Party at a bank other than the Revolving Agent containing an average daily balance less than $2,500,000 over three consecutive Business Days (all such bank accounts not to contain an average daily balance greater than $5,000,000 over three consecutive Business Days), (c) zero balance deposit accounts which are linked to a deposit account of a Loan Party which is either subject to a control agreement or maintained with Revolving Agent, (d) any deposit account with cash deposited solely as required in connection with a Lien permitted pursuant to <u>Sections 7.01(b)—(ss)</u>, and (e) any other deposit account or securities account as the Collateral Agent may reasonably agree.

"**Excluded Assets**" means (i) any fee owned real property (other than Material Real Properties) and any leasehold rights and interests in real property (including any obligation to obtain landlord waivers, non-disturbance agreements, estoppels, bailee waivers, warehouseman waivers and collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, (iii) commercial tort claims where the amount of damages claimed by the applicable Loan Party is less than $2,500,000 individually and $5,000,000 in the aggregate, (iv) governmental licenses, state or local franchises, charters and authorizations and any other property and assets to the extent that the Collateral Agent may not validly possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any Governmental Authority or agency) or the pledge of, or creation of a security interest in any asset, which would require governmental, regulatory or third party consent, approval, license or authorization (including compliance with the Federal Assignment of Claims Act or similar statute which, for the avoidance of doubt, shall not be required hereunder or under any other Loan Document), except to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition, (v) any lease, license, permit or agreement or any property subject to such agreement or arrangement to the extent that a grant of a security interest therein, (A) is prohibited or restricted by applicable Law other than to the extent such prohibition or restriction is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition or restriction or (B) to the extent and for so long as it would violate or invalidate the terms of such lease, license, permit or agreement (in each case, after giving effect to the relevant provisions of the UCC or other applicable Laws) or would give rise to a termination right of a third party (other than Holdings, the Borrower, or any Restricted Subsidiary) thereunder, require consent of a third party (other than Holdings, the Borrower or any Restricted Subsidiary) thereunder or permit any third party to amend any rights, benefits or obligations of any Loan Party in respect of such asset or otherwise require any Loan Party or any Subsidiary of any Loan Party to take any action that is adverse to its interests (except to the extent such provision is overridden by the UCC or other applicable Laws), in each case, (a) excluding any such agreement that relates to Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt and (b) only to the extent that such limitation on such pledge or security interest is not otherwise prohibited pursuant to <u>Section 7.09</u>, (vi) (A) Margin Stock, (B) Equity Interests in, and property and assets of, any Person other than wholly owned Restricted Subsidiaries and (C) Equity Interests in, and property and assets of, Excluded Pledged Subsidiaries and Immaterial

------

Subsidiaries (in the case of Immaterial Subsidiaries, except as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement), (vii) any property subject to a Lien permitted by <u>Section 7.01(b)</u>, <u>(u)</u>, <u>(w)</u> or <u>(aa)</u> (to the extent relating to a Lien originally incurred pursuant to <u>Section 7.01(b)</u>, <u>(u)</u> or <u>(w)</u>), (viii) the creation or perfection of pledges of, or security interests in, any property or assets that could reasonably be expected to result in adverse tax consequences or adverse regulatory consequences to Holdings, the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower and notified to Collateral Agent, (ix) letter of credit rights, except to the extent constituting support obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement), (x) any intent-to-use trademark or service mark application prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto and acceptance thereof by the United States Patent and Trademark Office, (xi) particular assets if and for so long as, if reasonably agreed by GSO<u>Blackstone</u> (so long as it holds a majority of the Term Loans) and the Borrower, and otherwise, the Collateral Agent and the Borrower, the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance, surveys, abstracts or appraisals in respect of such assets exceed the practical benefits to be obtained by the Lenders therefrom, (xii) (a) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of each Domestic Foreign Holdco, (b) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of, any Foreign Subsidiary and (c) any assets of any such Subsidiary referred to in clauses (xii)(a) or (xii)(b) (including Equity Interests of any Subsidiary of such Subsidiary), (xiii) Securitization Assets (or interests therein) sold to any Securitization Subsidiary or otherwise pledged, factored, transferred or sold in connection with a Qualified Securitization Financing including any supply chain financing arrangements or "reverse factoring" and similar programs which any Loan Party enters into at the request of a customer, (xiv) Receivables Assets sold or otherwise pledged or transferred in connection with a Receivables Facility, (xv) any intellectual property registered in any non-U.S. jurisdiction (and any foreign intellectual property filing, search or schedule), (xvi) any assets acquired in connection with a Permitted Acquisition or other permitted Investment subject to Liens permitted by <u>Section 7.01</u> and which are subject to contractual arrangements in connection with such Liens prohibiting a Lien securing the Secured Obligations to the extent permitted by <u>Section 7.09</u> (*provided* that, except with respect to Liens permitted by <u>Section 7.01(bb)</u>, such Liens and contractual arrangements were not created in anticipation or contemplation of such Permitted Acquisition or Investment and were in place on the date of such Permitted Acquisition or Investment), and (xvii) the Equity Interests or assets of GeoOpsis Software Services Private Limited; *provided*, *however*, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u> (unless such Proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u>).

"**Excluded Contribution**" means the amount of cash capital contributions to the Borrower or net cash proceeds from the sale or issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent of Holdings) actually received by the Borrower (other than the Equity Contributions or any amount designated as a Cure Amount, used for Equity Funded Employee Plan Costs or included for purposes of determining the Cumulative Credit) and designated by the Borrower to the Administrative Agent as an Excluded Contribution on the date such capital contributions are made or such Equity Interests are sold or issued. As of any date of determination, the amount of the Excluded Contribution shall be the aggregate amount of such contributions and proceeds less such amounts used pursuant to <u>Sections 7.02(v)</u>, <u>7.06(l)</u>, and <u>7.13(a)(vi)</u>.

"**Excluded Information**" has the meaning set forth in <u>Section 2.05(a)(v)(F)</u>.

------

"**Excluded Pledged Subsidiary**" means (a) any Subsidiary for which the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations existing on the Closing Date (or, in the case of any Subsidiary acquired or formed after the Closing Date, Contractual Obligations in existence at the time of acquisition or formation (including in any Indebtedness assumed in connection therewith) but not any Contractual Obligations in contemplation thereof for the purpose of avoiding the obligation to pledge such Equity Interests entered into the Collateral and Guarantee Requirements (including any Indebtedness financing such acquisition or formation)) or for which governmental (including regulatory) consent, approval, license or authorization would be required unless such consent, approval, license or authorization has been obtained, (b) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower, in consultation with the Required Lenders, the burden or cost or other consequences (including any adverse tax consequences) of the pledge of its Equity Interests shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (c) any not-for-profit Subsidiaries, (d) broker-dealer subsidiaries, (e) captive insurance companies, (f) Unrestricted Subsidiaries, and (g) any special purpose vehicle (or similar entity), including any Securitization Subsidiary only to the extent that the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations, including any Contractual Obligation incurred in connection with a Qualified Securitization Financing.

"**Excluded Subsidiary**" means (a) any Subsidiary that is not a wholly owned Domestic Subsidiary of a Borrower or a Guarantor, (b) any Subsidiary that is prohibited or restricted by applicable Law or by Contractual Obligations existing on the Closing Date, so long as any such Contractual Obligation was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations, from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or would result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents, (c) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower and the Required Lenders, the burden or cost of providing the Guaranty outweighs the benefits to be obtained by the Lenders therefrom, (d) any not-for-profit Subsidiaries, (e) any Unrestricted Subsidiaries, (f) any special purpose vehicle (or similar entity), including any Securitization Subsidiary, (g) any direct or indirect Domestic Subsidiary that is a Domestic Foreign Holdco, (h) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary or a Domestic Foreign Holdco, (i) captive insurance Subsidiaries, (j) Immaterial Subsidiaries, (k) without limiting <u>clause (b)</u> above, any Restricted Subsidiary acquired by the Borrower or any of its Restricted Subsidiaries after the Closing Date that, at the time of the relevant acquisition, is an obligor in respect of Indebtedness that is permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable Indebtedness prohibits such Restricted Subsidiary from providing a guaranty so long as such restriction existed at the time such subsidiary was formed or acquired and (l) any Subsidiary formed or acquired after the Closing Date pursuant to a Permitted Acquisition or other permitted Investment that is prohibited or restricted by applicable Law or by Contractual Obligations in existence at the time of acquisition (so long as such contractual prohibition existed at the time such Subsidiary was formed or acquired and was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations) from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or could reasonably be expected to result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents.

"**Excluded Swap Obligation**" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason not to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation but for such Guarantor's failure to constitute an "eligible contract participant" at such time.

------

"**Excluded Taxes**" means the following Taxes imposed on or with respect to a Recipient or required to be deducted or withheld from any payment to a Recipient: (i) any Taxes imposed on or measured by net income, however denominated, franchise Taxes, and branch profits Taxes, in each case that are imposed by a jurisdiction as a result of such Recipient being organized in or having its principal office or applicable lending office in such jurisdiction (or any political subdivision thereof), or that are Other Connection Income Taxes, (ii) any Taxes attributable to the failure of such Agent or Lender to comply with <u>Section 3.01(d)</u> or <u>Section 3.10(e)</u>, (iii) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under <u>Section 3.07(a)</u>), any U.S. withholding Tax that is in effect and would apply to amounts payable hereunder at such time the Lender becomes a party to this Agreement, or designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Borrower or any Guarantor with respect to such withholding Tax pursuant to <u>Section 3.01</u>, and (iv) any withholding Taxes imposed under FATCA.

"**Existing Term Loan Tranche**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extended Revolving Credit Commitments**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Extending Revolving Credit Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extended Revolving Loans**" means one or more Classes of Revolving Loans that result from an Extension Amendment.

"**Extended Term Loans**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extending Term Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension**" means the establishment of an Extension Series by amending a Loan pursuant to the terms of <u>Section 2.16</u> and the applicable Extension Amendment.

"**Extension Amendment**" has the meaning set forth in <u>Section 2.16(d)</u>.

"**Extension Election**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension Offer**" has the meaning set forth in <u>Section 2.13</u>.

"**Extension Request**" means any Term Loan Extension Request or a Revolver Extension Request, as the case may be.

"**Extension Series**" means any Term Loan Extension Series or a Revolver Extension Series, as the case may be.

"**Facility**" means the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit Commitments, a given Refinancing Series of Refinancing Revolving Loans, any Term Facility, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans or a given Refinancing Series of Refinancing Term Loans, as the context may require.

------

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities implementing the foregoing.

"**FCPA**" has the meaning set forth in <u>Section 5.18(c)</u>.

"**Fee Letter**" means the Amended and Restated Fee Letter, dated as of March 13, 2020, among the Initial Borrower and the Commitment Parties.

"**Financial Covenant**" has the meaning given in Section 7.11.

"**FIRREA**" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

"**Flood Insurance Laws**" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

<u>"**Floor**" means the benchmark rate floor, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Term SOFR or Daily Simple SOFR, which as the date of this Agreement is 1.00% per annum.</u>

"**Foreign Casualty Event**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Disposition**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Subsidiary**" means any direct or indirect Restricted Subsidiary of the Borrower which is not a Domestic Subsidiary.

"**Foreign Subsidiary Excess Cash Flow**" has the meaning set forth in <u>Section 2.05(b)(v)</u>.

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

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

"**GAAP**" means generally accepted accounting principles in the United States of America, as in effect from time to time; *provided*, *however*, that, subject to <u>Section 1.03</u>, if the Borrower notifies the Administrative Agent and the Revolving Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof (including through conforming changes made consistent with IFRS) on the operation of such provision (or if the Administrative Agent and the Revolving Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such

------

notice is given before or after such change in GAAP or in the application thereof (including through conforming changes made consistent with IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

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

"**Granting Lender**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**GSO**" means GSO Capital Partners LP and, except for the purposes of <u>Section 10.07</u>, its Affiliates, including any funds managed or advised by it.

"**Guarantee**" means, as to any Person, without duplication, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness by another Person (the "**primary obligor**") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

"**Guaranteed Obligations**" has the meaning set forth in <u>Section 11.01</u>.

"**Guarantor Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit L</u>.

"**Guarantors**" means (i) in the case of the Secured Obligations of the Borrowers, Holdings and each Restricted Subsidiary of the Borrower that is a Material Domestic Subsidiary (other than a Borrower or an Excluded Subsidiary unless such Excluded Subsidiary is then an Elective Guarantor) including, on the Closing Date, those listed on <u>Schedule I</u> hereto and any Material Domestic Subsidiary that shall have become a Guarantor pursuant to <u>Section 6.11</u> and (ii) in the case of the Secured Obligations of any Borrower each other Borrower. For avoidance of doubt, the Borrower in its sole discretion may (x) designate any Restricted Subsidiary that is not required to be a Guarantor (such a Restricted Subsidiary, an "<u>Elective Guarantor</u>") to Guarantee the Secured Obligations by causing such Restricted Subsidiary to execute this Agreement on the Closing Date or a Guarantor Joinder Agreement or (y) cause any Guarantor that is not then required to be a Guarantor (including any Elective Guarantor that became a Guarantor pursuant to <u>clause (x)</u> above) to be released from its Guaranty.

"**Guaranty**" means, collectively, the guaranty of the Secured Obligations by the Guarantors pursuant to this Agreement.

------

"**Hazardous Materials**" means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, or toxic mold, that are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law based on their dangerous or deleterious properties.

"**Holdings**" has the meaning set forth in the introductory paragraph to this Agreement; *provided* that Parent or any direct or indirect parent company of Holdings that becomes a Guarantor in accordance with <u>Section 7.14(xi)</u> as a result of merging, amalgamating or consolidating with or into Holdings or as a result of executing a Guaranty shall be deemed to be "Holdings" for purposes hereunder and under the Loan Documents.

"**Honor Date**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Identified Participating Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Identified Qualifying Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**IFRS**" means international accounting standards as promulgated by the International Accounting Standards Board.

"**Immaterial Subsidiary**" means any Subsidiary which is not a Material Subsidiary.

"**Increasing Revolving Credit Lender**" has the meaning set forth in <u>Section 2.14(h)</u>.

"**Incremental Amendment**" has the meaning set forth in <u>Section 2.14(f)</u>.

"**Incremental Facility Closing Date**" has the meaning set forth in <u>Section 2.14(d)</u>.

"**Incremental Request**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Loan Commitments**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Lender**" has the meaning set forth in <u>Section 2.14(c)</u>.

"**Incremental Term Loan**" has the meaning set forth in <u>Section 2.14(b)</u>.

"**Indebtedness**" means, as to any Person at a particular time, without duplication, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all such obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not otherwise included above, all Guarantees of such Person in respect of Indebtedness described in <u>clauses (a)</u> through <u>(g)</u> in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner, except to the extent such Person's liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of Holdings and its Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions or terms) and made in the ordinary course of business and (C) exclude (i) trade liabilities and accounts and accrued expenses payable in the ordinary course of business, (ii) any purchase price adjustment or earn-out obligation until such obligation is not paid after becoming due and payable and not subject to a good faith dispute, (iii) accruals for payroll, obligations under employment arrangements and other liabilities accrued in the ordinary course of business, (iv) deferred compensation payable to officers, directors or employees of such Person or any of its Subsidiaries, (v) deferred rent, deferred revenue and deferred taxes, in each case, in the ordinary course of business and (vi) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of <u>clause (g)</u> shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

"**Indemnified Liabilities**" has the meaning set forth in <u>Section 10.05</u>.

"**Indemnified Taxes**" means, with respect to any Recipient, (a) all Taxes imposed on or required to be withheld or deducted from or with respect to payments under the Loan Documents other than Excluded Taxes, and (b) to the extent no<u>not</u> otherwise described in (a), Other Taxes.

"**Indemnitees**" has the meaning set forth in <u>Section 10.05</u>.

"**Independent Financial Advisor**" means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates.

"**Information**" has the meaning set forth in <u>Section 10.08</u>.

"**Initial Borrower**" has the meaning set forth in the preliminary statements to this Agreement.

------

"**Initial Revolving Borrowing**" means one or more borrowings of Revolving Loans on the Closing Date in an amount not to exceed the aggregate amounts specified or referred to in the definition of "Permitted Initial Revolving Credit Borrowing Purposes"; *provided*, that, without limitation, Letters of Credit may be issued on the Closing Date to back-stop or replace letters of credit, guarantees and performance or similar bonds outstanding on the Closing Date (including deemed issuances of Letters of Credit under this Agreement resulting from existing issuers of letters of credit outstanding on the Closing Date agreeing to become L/C Issuers under this Agreement).

"**Initial Term Commitment**" means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to <u>Section 2.01(a)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Initial Term Commitments as of the Closing Date is $145,000,000.

"**Initial Term Loans**" means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to <u>Section 2.01(a)</u>.

"**Intellectual Property**" means all intellectual property of every kind and nature, including inventions, designs, Internet Domain Names, Patents, Copyrights, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all additions and improvements to the foregoing, and renewals and extensions thereof.

"**Intellectual Property Security Agreement**" has the meaning set forth in the Security Agreement.

"**Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit G</u>.

"**Intercreditor Agreements**" means, collectively, (i) any Junior Intercreditor Agreement and (ii) any Parity Intercreditor Agreement, or (iii) any other intercreditor agreement or subordination agreement or written arrangement permitted by this Agreement, in each case to the extent then in effect.

"**Interest Payment Date**" means, (a) as to any Eurocurrency<u>Term SOFR</u> Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided* that if any Interest Period for a Eurocurrency<u>Term SOFR</u> Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made.

"**Interest Period**" means, as to each Eurocurrency<u>Term SOFR</u> Rate Loan, the period commencing on the date such Eurocurrency<u>Term SOFR</u> Rate Loan is disbursed or converted to or continued as a Eurocurrency<u>Term SOFR</u> Rate Loan and ending on the date one, two, three or six months thereafter or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, twelve months thereafter, or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, less than one month thereafter, in each case as selected by the Borrower in its Committed Loan Notice; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the applicable Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with the funding of a Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan, the Borrower may elect that the Interest Period applicable to such Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan match the Interest Period then in effect for any other Term Loans.

"**Interim Financial Statements**" means the unaudited consolidated balance sheet of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement), as of December 31, 2019 and related statement of income for the twelve (12) month period then ended.

"**Internet Domain Names**" means the rights of Internet domain name registrants in Internet domain names.

"**Investment**" means, as to any Person, any acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions, including by way of merger) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment, less any Returns in respect of such Investment; *provided*, that in lieu of treating any Return as a deduction to the amount of any applicable Investment, the Borrower may instead elect that such Return be used to increase <u>clause (e)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of the definition of "Cumulative Credit".

"**Investor Management Agreement**" means a management services agreement or similar agreement among the Investors or certain of the management companies associated with the Investors or its advisors, if applicable, and one or more Loan Parties (and/or any of their direct or indirect parent companies).

"**Investors**" means the Sponsor, CoVant, certain other investors designated by the Sponsor and any managers, officers, directors, consultants or employees of Borrower and its Restricted Subsidiaries.

"**IP License**" means any written agreement, now or hereafter in effect, granting to any Person any right to Intellectual Property, and all rights of any Person under any such agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof.

------

"**IPO Reorganization Transaction**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries in connection with and reasonably related to consummating a Qualified IPO, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**ISP**" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

"**Joint Venture Investment Basket Amount**" has the meaning set forth in <u>Section 7.02(o)</u>.

"**Judgment Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**Junior Financing**" has the meaning set forth in <u>Section 7.13(a)</u>.

"**Junior Financing Documentation**" means any documentation governing any Junior Financing.

"**Junior Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Indebtedness permitted by this Agreement to be secured by the Collateral on a junior basis, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Latest Maturity Date**" means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Extended Revolving Credit Commitments, Refinancing Revolving Credit Commitments, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loan, 2021 Delayed Draw Term Loan, Extended Term Loans, Incremental Term Loans, Refinancing Term Loans, Replacement Term Loans and Refinancing Term Commitments, in each case as extended in accordance with this Agreement from time to time.

"**Laws**" means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"**LCT Election**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**LCT Test Date**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**L/C Advance**" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement. All L/C Advances shall be denominated in Dollars.

------

"**L/C Borrowing**" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars.

"**L/C Credit Extension**" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof (other than pursuant to the terms of an Auto-Extension Letter of Credit), or the increase of the amount thereof.

"**L/C Issuer**" means PNC (or its designee), and each other Revolving Credit Lender that becomes an L/C Issuer in accordance with <u>Section 2.03(k)</u> or <u>10.07(j)</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"**L/C Obligations**" means, as at any date of determination, without duplication, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.1</u>4<u>1</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"**Lender**" has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes an L/C Issuer, and its respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender."

"**Lender Default**" means (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or participations in Letters of Credit when required hereunder, which refusal or failure is not cured within one Business Day after the date of such refusal or failure; (ii) the failure of any Lender to pay over to any Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute; (iii) the notification by a Lender to the Borrower or any Agent that such Lender does not intend or expect to comply with any of its funding obligations hereunder or a public statement by a Lender to that effect with respect to such Lender's funding obligations hereunder; (iv) the failure by a Lender to confirm in a manner reasonably satisfactory to the Administrative Agent and/or the Revolving Agent that such Lender will comply with such Lender's obligations hereunder; (v) the admission in writing by a Distressed Person that it is insolvent or such Distressed Person becoming subject to a Lender-Related Distress Event or (vi) such Lender has, or has a parent company that has, become the subject of a Bail-In Action.

"**Lender-Related Distress Event**" means, with respect to any Lender, that such Lender or any Person that directly or indirectly controls such Lender (each, a "Distressed Person"), as the case may be, is or becomes subject to a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt or such Distressed Person becomes the subject of a Bail-In Action; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Equity Interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership or acquisition does not result in or provide such person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

------

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

"**Letter of Credit**" means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; *provided*, *however*, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. Letters of Credit shall be issued in Dollars.

"**Letter of Credit Application**" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.

"**Letter of Credit Expiration Date**" means the day that is five Business days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

"**Letter of Credit Sublimit**" means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"**LIBOR Successor Rate**" has the meaning set forth in <u>Section 3.03</u>.

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

"**Lien**" means any mortgage, pledge, hypothecation, collateral assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). For the avoidance of doubt, "Lien" shall be deemed to not include any license or other contractual obligation relating to any IP License.

"**Limited Condition Transaction**" means any (i) Permitted Acquisition or other permitted Investment in any assets, business or Person, in each case the consummation of which is not conditioned on the availability of, or on obtaining, third party financing, (ii) repurchase, repayment or prepayment of Indebtedness or the repurchase or redemption (directly or indirectly) of any preferred Equity Interests that requires irrevocable notice in advance thereof or (iii) Restricted Payments, but solely to the extent such Restricted Payments are made in order to consummate a transaction separately subject to clause (i) or (ii) hereof.

------

"**Limited Originator Recourse**" means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Financing, in each case, solely to the extent required to satisfy Standard Securitization Undertakings.

"**Loan**" means an extension of credit under <u>Article II</u> by a Lender to a Borrower in the form of a Term Loan or a Revolving Loan (including any Initial Term Loans, any Delayed Draw Term Loans, any 2020 Delayed Draw Term Loans, any 2021 Delayed Draw Term Loans, any Incremental Term Loans, any Extended Term Loans and any extensions of credit under any Extended Revolving Credit Commitment, any Refinancing Term Loans and any extensions of credit under any Refinancing Revolving Credit Commitment and any Replacement Term Loans).

"**Loan Documents**" means, collectively, the following (in each case together with all amendments, modifications, supplements, renewals, extensions, restatements, substitutions and replacements thereto and thereof): (i) this Agreement (including the Schedules hereto), (ii) the Notes, (iii) the Collateral Documents, (iv) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (v) each Letter of Credit Application, (vi) each Intercreditor Agreement, (vii) any Borrower Joinder Agreement or Guarantor Joinder Agreement, (viii) the Fee Letter, (ix) the Amendment No. 1 Fee Letter, (x) the Amendment No. 2 Fee Letter, (xi) each Compliance Certificate, and (xii) each other agreement, document or instrument that the Borrower and any Agent (or the Required Lenders) designate in writing as a Loan Document.

"**Loan Parties**" means, collectively, the Borrowers and each Guarantor.

"**London Banking Day**" means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

"**Management Stockholders**" means the current or former members of management of Holdings, the Borrower or any of its Subsidiaries who are investors in Holdings or any direct or indirect parent thereof.

"**Margin Stock**" shall have the meaning assigned to such term in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto.

"**Master Agreement**" shall have the meaning set forth in the definition of "Swap Contract."

"**Material Adverse Effect**" means (a) on the Closing Date, a Material Adverse Effect (as defined in the Purchase Agreement) or (b) after the Closing Date, a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the ability of the Borrowers and the Guarantors (taken as a whole) to perform their material payment obligations under any Loan Document to which the Borrowers or any of the Loan Parties is a party; or (iii) the material rights and remedies (taken as a whole) of the Agents under the Loan Documents, taken as a whole, including the legality, validity, binding effect or enforceability of the Loan Documents.

"**Material Domestic Subsidiary**" means, at any date of determination, each of the Borrower's Domestic Subsidiaries that are Restricted Subsidiaries whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 5.00% of such Trailing Four Quarter Consolidated EBITDA, determined in

------

accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries that are Restricted Subsidiaries but are not Guarantors solely because their individual contribution to such Trailing Four Quarter Consolidated EBITDA does not meet the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 10.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Domestic Subsidiaries as "Material Domestic Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of <u>Section 6.11</u> applicable to such Subsidiary.

"**Material Foreign Subsidiary**" means, at any date of determination, each of the Borrower's Foreign Subsidiaries that are Restricted Subsidiaries and whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 7.50% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Foreign Subsidiaries that are Restricted Subsidiaries not meeting the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 15.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Foreign Subsidiaries as "Material Foreign Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of the definition of "Collateral and Guarantee Requirement" with respect to each such designated Foreign Subsidiary.

<u>"**Material Non-Public Information**" means (a) if Holdings or the Borrower is a public reporting company, material non-public information with respect to Holdings or its Subsidiaries, or the respective securities of any of the foregoing, and (b) if Holdings or the Borrower is not a public reporting company, information that is (i) of a type that would not be publicly available if Holdings or the Borrower were a public reporting company, (ii) material with respect to Holdings or its Subsidiaries or any of their respective securities for purposes of United States Federal and state securities laws and (iii) not of a type that would be customarily publicly disclosed in connection with any issuance by Holdings or any of its Subsidiaries of debt or equity securities issued pursuant to a public offering, a Rule 144A offering or other private placement where assisted by a placement agent.</u>

"**Material Real Property**" means any fee-owned real property located in the United States that is owned by any Loan Party and that has a fair market value in excess of $2,000,000 (on the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably estimated by the Borrower in good faith); *provided* that any Real Property subject to a mortgage, deed of trust, deed to secure debt or other equivalent real estate security document that creates or evidences a Lien on such Real Property that is permitted under <u>Section 7.01</u> in respect of Indebtedness that is permitted under <u>Section 7.02</u> shall be deemed not to be a "Material Real Property" for so long as such Real Property remains encumbered by such lien.

"**Material Subsidiary**" means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

------

"**Maturity Date**" means (i) with respect to the Initial Term Loans and any Delayed Draws Term Loans, March 18, 2026; (ii) with respect to the Revolving Credit Facility, March 18, 2026; (iii) with respect to any tranche of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Amendment, (iv) with respect to any Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment, (v) with respect to any Refinancing Term Loans or Refinancing Revolving Credit Commitments, the final maturity date as specified in the applicable Refinancing Amendment, and (vi) with respect to any Replacement Term Loans, the final maturity date as specified in the applicable agreement; provided that, in each case, if such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day.

"**Maximum Revolving Credit Amount**" means $25,000,000, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

"**Maximum Rate**" has the meaning set forth in <u>Section 10.10</u>.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

"**Mortgage Policies**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgaged Properties**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgages**" means collectively, the deeds of trust, trust deeds, hypothecations and mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent, and any other mortgages executed and delivered pursuant to <u>Sections 6.11</u> and <u>6.13</u>, in each case, as the same may from time to time be amended, restated, supplemented or otherwise modified.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions.

"**Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the cash proceeds actually received by the Borrower or any of the Restricted Subsidiaries (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and when received) from any Disposition or Casualty Event, net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees and expenses actually incurred in connection therewith, (ii) the principal amount of any Indebtedness that is secured by a Lien (other than a Lien subordinated to the Liens securing the Secured Obligations) on the asset subject to such Disposition or Casualty Event and that is required to be repaid or prepaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), together with any applicable premium, penalty, interest and breakage costs, (iii) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (iii)</u>) attributable to minority interests, (iv) Taxes or Tax Distributions paid or reasonably estimated to be payable or, without duplication, permitted to be paid as a result thereof, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any

------

taxes deducted pursuant to <u>clause (i)</u> above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and other liabilities or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction) and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (provided that to the extent that any amounts are released from such escrow to the Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, net of all Taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower shall be disregarded.

"**New Revolving Credit Lender**" has the meaning set forth in Section 2.14(h).

"**Non-Consenting Lender**" has the meaning set forth in <u>Section 3.07(d)</u>.

"**Non-Debt Fund Affiliate**" means any Affiliate of Holdings, including Holdings or any of its Subsidiaries, but excluding (a) any Debt Fund Affiliate and (b) any natural person.

"**Non-Defaulting Lender**" means, at any time, a Lender that is not a Defaulting Lender.

"**Non-extension Notice Date**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

"**Note**" means a Term Note or a Revolving Credit Note as the context may require.

"**Notice of Intent to Cure**" has the meaning set forth in <u>Section 8.04</u>.

"**Obligations**" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender may elect to pay or advance on behalf of such Loan Party in accordance with the terms of the Loan Documents; *provided*, that in no event shall "Obligations" include any Secured Cash Management Obligations or Secured Hedge Obligations; *provided*, *further*, that Obligations of any Guarantor shall not include any Excluded Swap Obligations solely of such Guarantor.

------

"**OFAC**" has the meaning set forth in <u>Section 5.18(b)</u>.

"**Offered Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Offered Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**OID**" means original issue discount.

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

"**Other Applicable Indebtedness**" means Permitted First Priority Refinancing Debt, Other Term Loans, Other Notes, Permitted Ratio Debt, other Indebtedness constituting Pari Passu Secured Obligations or, in each case, the Permitted Refinancing of any such Indebtedness.

"**Other Commitments**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

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

"**Other Notes**" has the meaning set forth in <u>Section 2.14(a)(iii)</u>.

"**Other Taxes**" has the meaning set forth in <u>Section 3.01(b)</u>.

"**Other Term Loans**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

"**Outstanding Amount**" means (a) with respect to the Term Loans and/or the Revolving Loans on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans and Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing), as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding Dollar Amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

------

"**Overnight Rate**" means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Eurocurrency<u>Term SOFR</u> borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent or the Revolving Agent, as applicable, for the purpose of displaying such rate) (an "Alternate Source"); provided, that if such day is not a Business Day, the Overnight Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative Agent or the Revolving Agent, as applicable, at such time (which determination shall be conclusive absent manifest error). If the Overnight Rate as determined as set forth above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Rate without notice to the Borrower.

"**Pari Passu Secured Obligations**" means any Indebtedness of the Loan Parties secured on a *pari passu* basis (including any obligations subject to a Parity Intercreditor Agreement) with the Secured Obligations.

"**Parity Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Pari Passu Secured Obligations, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Participant**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participant Register**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participating Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Patents**" means (a) all letters patent of the United States, all registrations and recordings thereof, and all applications for letters patent of the United States, including registrations, recordings and pending applications in the USPTO; and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein.

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years if liability to a Loan Party or Restricted Subsidiary remains.

"**Perfection Certificate**" means a certificate substantially in the form of Exhibit II to the Security Agreement or any other form reasonably approved by the Administrative Agent or the Collateral Agent and agreed by the Borrower, as the same shall be supplemented from time to time.

<u>"**Periodic Term SOFR Determination Day**" has the meaning specified in the definition of "Term SOFR".</u>

"**Permitted Acquisition**" has the meaning set forth in <u>Section 7.02(i)</u>.

------

"**Permitted First Priority Refinancing Debt**" means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of senior secured loans or notes; *provided* that (i) such Indebtedness is designated as "additional first lien debt" (or comparable term) under any Intercreditor Agreement and is not secured by any property or assets of Holdings, the Borrower or any Subsidiary other than the Collateral except to the extent permitted by any Intercreditor Agreement, (ii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date of any Term Loan outstanding at the time such Indebtedness is incurred or issued, such Indebtedness does not mature prior to the date that is the Latest Maturity Date of, or have a Weighted Average Life to Maturity less than the Weighted Average Life to Maturity of, any Term Loan outstanding at the time such Indebtedness is incurred or issued. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Initial Revolving Credit Borrowing Purposes**" means one or more Borrowings of Revolving Loans (i) to fund a portion of the Transactions (including purchase price adjustments, working capital adjustments in accordance with the Purchase Agreement and Transaction Expenses), (ii) for general corporate purposes and for working capital needs, and (iii) to replace, backstop or cash collateralize existing letters of credit, guarantees and performance or similar bonds; <u>provided</u> that amounts available under <u>clause (i)</u> shall not in the aggregate exceed $7,500,000 and amounts available under clause (i) and (ii) shall not in the aggregate be less than $5,000,000 nor more than $7,500,000.

"**Permitted Junior Priority Refinancing Debt**" means secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of junior lien secured notes or junior lien secured loans; *provided* that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of any Loan Party other than the Collateral except to the extent permitted by any Junior Intercreditor Agreement, (ii) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of "Credit Agreement Refinancing Indebtedness" and (iii) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Other Debt Conditions**" means that such applicable Indebtedness (i) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except (x) customary asset sale or change of control or similar event provisions that provide for the prior repayment in full of the Loans and all other Secured Obligations, (y) AHYDO Payments and (z) to the extent constituting Permitted Junior Priority Refinancing Debt, mandatory repayments or prepayments (or offers to prepay or repurchase) that are customarily available in junior secured loan facilities or note issuances), in each case prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) to the extent secured, is not secured by property or assets of any Loan Party other than the Collateral except as permitted by any Intercreditor Agreement.

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary (including any such Indebtedness incurred to finance any Permitted Acquisition or other similar Investment permitted hereunder), *provided* that immediately after giving Pro Forma Effect thereto and to the use of the proceeds thereof, (i) either (A) no Event of Default shall be continuing or result therefrom or (B) in the case of Indebtedness incurred or issued in order to finance a Permitted Acquisition or permitted Investment made pursuant to a legally binding commitment, (x) no Event of Default shall exist on the date that the Borrower

------

or the applicable Restricted Subsidiary enters into such binding agreement and (y) no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist at the time of such incurrence or issuance or would result from such incurrence or issuance; *provided*, that this clause (i) shall not apply if the Indebtedness being incurred is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities, (ii) the aggregate principal amount of such Indebtedness incurred following the Closing Date shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 2.14(d)(iii)(A)</u> *plus* (B) such additional amount that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Initial Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (in the case of any Permitted Ratio Debt consisting of revolving Indebtedness, such ratio determined only at the time the relevant commitment is established and assuming any such revolving facility established in connection therewith is fully drawn and without netting the cash proceeds of such Indebtedness); *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness, *plus* (C) an amount equal to (1) the sum, without duplication, of all (x) voluntary prepayments, debt buybacks, open market purchases and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> and (y) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long-term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u>) *minus* (2) the aggregate principal amount of Incremental Term Loans, Other Term Loans and Other Notes incurred in reliance on <u>Section 2.14(d)(iii)(C)</u>, (iii) (A) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured by the Collateral on a pari passu basis with the Initial Term Loans and the Revolving Loans, such Indebtedness does not mature prior to the Latest Maturity Date at the time such Indebtedness is incurred and (B) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured (other than as described in <u>clause (iii)(A)</u> hereof) or is unsecured, such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred and (iv) any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to <u>Section 7.03(g)</u>, does not exceed in the aggregate at any time outstanding the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined at the time of incurrence (it being understood that (x) amounts under clause (ii)(B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A) or (ii)(C), and amounts under clause (ii)(C) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A), (y) Indebtedness may be incurred under clauses (ii)(A) and (ii)(B), (ii)(B) and (ii)(C) or (ii)(A), (ii)(B) and (ii)(C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (ii)(B) and then calculating the incurrence under clause (ii)(A) and/or (ii)(C) and, for the avoidance of doubt, any such incurrence under clause (ii)(A) and/or (ii)(C) shall not be given pro forma effect for purposes of

------

determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (ii)(B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (ii)(A) or (ii)(C) as incurred pursuant to clause (ii)(B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (ii)(A) or (ii)(C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)). With respect to any Permitted Ratio Debt (other than Indebtedness consisting of a revolving credit facility) that is pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Permitted Ratio Debt shall not be greater than the All-In Yield then applicable to the Initial Term Loans plus 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans to equal the All-In Yield applicable to such Permitted Ratio Debt, minus 50 basis points per annum.

"**Permitted Refinancing**" means, with respect to any Person, any Refinancing of any Indebtedness of such Person; *provided* that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced except by an amount equal to unpaid accrued interest and premium thereon *plus* other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in connection with such Refinancing and by an amount equal to any existing commitments unutilized thereunder, (b) except with respect to (x) a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Sections 7.03(e)</u>, <u>(g)(i), (u)</u>, or <u>(dd)</u> (y) a Permitted Refinancing in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of the Indebtedness being refinanced, the Indebtedness resulting from such Refinancing shall not mature prior to the maturity date of, or have a shorter Weighted Average Life to Maturity than, the Indebtedness being Refinanced, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to (x) <u>Section 7.03(e)</u> or <u>7.03(g)(i)</u> or <u>7.03(dd)</u> or (y) <u>Section 7.03(s)</u>, <u>7.03(t), 7.03(u)</u> or <u>7.03(z)</u> (in each case of this clause <u>(y)</u>, solely to the extent such Refinanced Indebtedness<u>Debt</u> is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities), at the time of such Refinancing, no Event of Default shall have occurred and be continuing and (d) if such Indebtedness being Refinanced is subordinated in right of payment to the Secured Obligations, the Indebtedness resulting from such Refinancing is subordinated in right of payment to the Secured Obligations on terms not materially more favorable, taken as a whole (as reasonably determined by the Borrower) to the lenders providing such Refinancing (except, in each case, for such other terms and conditions that are (A) applied to the Refinanced Debt at the time of incurrence of the Credit Agreement Refinancing Indebtedness (so that the Lenders also receive the benefit of such provisions), (B) applicable only to periods after the Latest Maturity Date of the Refinanced Debt existing at the time of such Refinancing, (C) market terms and conditions for such type of Indebtedness at the time of incurrence or issuance of such Refinancing or (D) otherwise reasonably acceptable to the Required Lenders), and the Indebtedness resulting from such Refinancing is incurred by one or more Persons who is an obligor of the Indebtedness being Refinanced and/or a Borrower or Guarantor of the Secured Obligations. For the avoidance of doubt, if such Permitted Refinancing is secured by the Collateral, it shall be subject to a Junior Intercreditor Agreement and/or a Parity Intercreditor Agreement, as applicable.

"**Permitted Reorganization**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries related to Tax planning and re-organization, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

------

"**Permitted Repricing Amendment**" has the meaning set forth in <u>Section 10.01</u>.

"**Permitted Unsecured Refinancing Debt**" means unsecured Indebtedness (including any unsecured Registered Equivalent Notes) incurred by a Borrower or any Loan Party in the form of one or more series of senior unsecured notes or loans; *provided* that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Fund, account, Governmental Authority or other entity.

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA), other than a Multiemployer Plan, established or maintained by any Loan Party or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"**Platform**" has the meaning set forth in <u>Section 6.01(d)</u>.

"**Pledged Debt**" has the meaning set forth in the Security Agreement.

"**Pledged Equity**" has the meaning set forth in the Security Agreement.

"**PNC**" means PNC Bank, National Association, a national banking association, and its successors and assigns.

"**Prime Rate**" means the rate set by the Administrative Agent or the Revolving Agent, as applicable, in effect at its principal office in New York City based upon various factors including the Administrative Agent's or the Revolving Agent's, as applicable, costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Administrative Agent or the Revolving Agent, as applicable, shall take effect at the opening of business on the day specified in the public announcement of such change.

"**Proceeding**" has the meaning set forth in <u>Section 10.05</u>.

"**Proceeds**" has the meaning set forth in the Security Agreement.

"**Protective Advances**" has the meaning set forth in <u>Section 2.01(b)(ii)</u>.

"**Pro Forma Basis**" and "**Pro Forma Effect**" means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with <u>Section 1.09</u>.

"**Pro Forma Compliance**" means, with respect to the covenant in <u>Section 7.11</u>, compliance on a Pro Forma Basis with such covenant in accordance with <u>Section 1.09</u>.

------

"**Pro Rata Share**" means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; *provided* that, in the case of the Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

"**Projections**" has the meaning set forth in <u>Section 6.01(c)</u>.

"**Purchase Agreement**" has the meaning set forth in the preliminary statements to this Agreement.

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests.

"**Qualified IPO**" means any transaction whereby, or upon the consummation of which, any direct or indirect parent of the Borrower's common Equity Interests are offered or sold (whether through an initial primary public offering or a merger with and into a special purpose acquisition company or other Person that has consummated (or will consummate) an initial primary public offering) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act (or to the equivalent registration documents filed with the equivalent authority in the applicable foreign jurisdiction).

"**Qualified Securitization Financing**" means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary; (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value; and (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms, in each case, as determined by the Borrower or the applicable Restricted Subsidiary in good faith. The grant of a security interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing.

"**Qualifying Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Real Property**" means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures thereto.

------

"**Receivables Assets**" means (a) any accounts receivable owed to the Borrower or a Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed, assigned or otherwise transferred or pledged by the Borrower to a commercial bank in connection with a Receivables Facility.

"**Receivables Facility**" means an agreement between the Borrower or a Restricted Subsidiary and a commercial bank that is entered into at the request of a customer of the Borrower or a Restricted Subsidiary, pursuant to which (a) the Borrower or such Restricted Subsidiary, as applicable, agrees to sell to such commercial bank accounts receivable owing by such customer, together with Receivables Assets related thereto, at a maximum discount, for each such account receivable, not to exceed 5.0% of the face value thereof, and (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except for Securitization Repurchase Obligations) to the Borrower and such Restricted Subsidiary.

"**Recipient**" means (a) any Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

"**Refinance**" means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, refund, replace or repay, or to issue other Indebtedness, whether of the same principal amount or greater or lesser principal amount, in exchange or replacement for such Indebtedness. "**Refinanced**" and "**Refinancing**" shall have correlative meanings.

"**Refinanced Debt**" has the meaning set forth in the definition of "Credit Agreement Refinancing Indebtedness."

"**Refinanced Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Refinancing**" means the repayment, redemption, defeasance, discharge, refinancing, replacement or termination (or the furnishing of irrevocable notice for the repayment or redemption thereof) in a manner reasonably satisfactory to the Borrower of all Indebtedness, commitments to extend credit, all guarantees and security interests (if any) under that certain Credit Agreement, dated as of May 13, 2019, among TCFI AEVEX LLC, TCFI AEVEX Holdings LLC, the lenders from time to time party thereto and Bain Capital Credit, LP, as agent and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time).

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrowers, (b) the Administrative Agent, (c) the Revolving Agent, if applicable, (d) each Additional Refinancing Lender and (e) each Lender that agrees to provide any portion of Refinancing Term Loans, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans incurred pursuant thereto, in accordance with <u>Section 2.15</u>.

"**Refinancing Revolving Credit Commitments**" means one or more Classes of Revolving Credit Commitments hereunder that result from a Refinancing Amendment.

"**Refinancing Revolving Loans**" means one or more Classes of Revolving Loans that result from a Refinancing Amendment.

"**Refinancing Series**" means all Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans, or Refinancing Revolving Credit Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans or Refinancing Revolving Credit Commitments provided for therein are intended to be a part of any previously established Refinancing Series).

------

"**Refinancing Term Commitments**" means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans that result from a Refinancing Amendment.

"**Register**" has the meaning set forth in <u>Section 10.07(d)</u>.

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

"**Reinvestment Period**" has the meaning set forth in <u>Section 2.05(b)(ii)</u>.

"**Rejection Notice**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Related Parties**" means, with respect to any Person, such Person's controlled Affiliates and the partners, directors, officers, employees, agents, and other representatives of such Person and of such Person's Affiliates.

"**Release**" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating in, into, onto or through the Environment or from or through any facility, property or equipment to the Environment.

"**Released Guarantor**" has the meaning set forth in <u>Section 11.09</u>.

<u>"**Relevant Governmental Body**" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York (including, for the avoidance of doubt, the Alternative Reference Rates Committee) or any successor thereto.</u>

"**Relevant Public Company**" means Holdings or any direct or indirect parent thereof that is the registrant with respect to a Qualified IPO.

"**Removal Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

"**Replacement Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the otherwise applicable notice period has been waived by regulation or otherwise by the PBGC.

"**Request for Credit Extension**" means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Loans, a Committed Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

------

"**Required Lenders**" means, as of any date of determination, without duplication, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition), (b) aggregate unused Delayed Draw Commitments, 2020 Delayed Draw Term Loan Commitments, 2021 Delayed Draw Term Loan Commitments, Incremental Term Loan Commitments and Refinancing Term Commitments, and (c) aggregate unused Revolving Credit Commitments; *provided* that the unused Term Commitment, Incremental Term Loan Commitment and Refinancing Term Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; *provided*, *further*, that, to the same extent set forth in <u>Section 10.07(m)</u> with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders.

"**Required Revolving Credit Lenders**" means, as of any date of determination, Revolving Credit Lenders having more than 50% of the sum of the (a) Outstanding Amount of all Revolving Loans and all L/C Obligations (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; *provided* that the aggregate unused Revolving Credit Commitments of, and the portion of the Outstanding Amount of all Revolving Loans and all L/C Obligations held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders, and (y) if there are two (2) or more unaffiliated Revolving Credit Lenders, the Required Revolving Credit Lenders shall require at least two (2) unaffiliated Revolving Credit Lenders.

"**Resignation Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

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

"**Responsible Officer**" means the chief executive officer, president, vice president, chief financial officer, chief administrative officer, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Loan Party or any other Responsible Officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party, the Administrative Agent and the Revolving Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"**Restricted Cash**" means Cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to the Borrower (other than such Cash and Cash Equivalents restricted in favor of the Facilities, which may also include Cash and Cash Equivalents securing other Indebtedness that is secured by a lien on the Collateral along with the Liens securing the Facilities); *provided*, that Cash and Cash Equivalents maintained by (x) any Foreign Subsidiary that is subject to minority shareholder approval before being distributed to the Borrower or any Restricted Subsidiary (a "**Shareholder Restriction**") shall not be deemed to be "Restricted Cash" as a result of such Shareholder Restriction. or (y) any joint venture with respect to which the joint venture agreement contains a formula for distributions of cash to the Borrower or any Restricted Subsidiary shall not be deemed to be "Restricted Cash".

------

"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower's or a Restricted Subsidiary's stockholders, partners or members (or the equivalent Persons thereof).

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Retained Excess Cash Flow Amount**" means, at any date of determination, an amount, no less than zero in any fiscal year and determined on a cumulative basis, that is equal to the aggregate cumulative sum of Excess Cash Flow that is not required to be applied to make a payment under <u>Section 2.05(b)(i)</u> for each Excess Cash Flow Period.

"**Returns**" means, with respect to any Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a Disposition or otherwise) and other amounts received or realized in respect of such Investment.

"**Revolver Extension Request**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolver Extension Series**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolving Agent**" means PNC, in its capacity as revolving agent under any of the Loan Documents, or any successor revolving agent.

"**Revolving Credit Borrowing**" means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurocurrency<u>Term SOFR</u> Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to <u>Section 2.01(b)(i)</u> or under any Extension Amendment or Refinancing Amendment.

"**Revolving Credit Commitment**" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrowers and (b) purchase participations in L/C Obligations in respect of Letters of Credit as such commitment may be (i) reduced from time to time pursuant to <u>Section 2.06</u> and (ii) reduced or increased from time to time pursuant to (A) assignments by or to such Revolving Credit Lender pursuant to an Assignment and Assumption, (B) an increase in the Revolving Credit Commitment pursuant to <u>Section 2.14(h)</u>, (C) a Refinancing Amendment or (D) an Extension Amendment. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $25,000,000 on the Amendment No. 1 Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement. The initial amount of each Revolving Credit Lender's Revolving Credit Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Revolving Credit Commitment" or, otherwise, in the Assignment and Assumption, New Revolving Credit Lender Joinder and Assumption Agreement, Extension Amendment or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as the case may be.

"**Revolving Credit Exposure**" means, as to each Revolving Credit Lender, the sum of the amount of the Outstanding Amount of such Revolving Credit Lender's Revolving Loans and its Pro Rata Share or other applicable share provided for under this Agreement of the Dollar Amount of the L/C Obligations at such time.

"**Revolving Credit Facility**" means the Revolving Credit Commitments, each Extension Series of Extended Revolving Credit Commitments, each Refinancing Series of Refinancing Revolving Credit Commitments and the Credit Extensions made thereunder.

------

"**Revolving Credit Lender**" means, at any time, any Lender that has a Revolving Credit Commitment at such time or, if the Revolving Credit Commitments have terminated, Revolving Credit Exposure.

"**Revolving Credit Note**" means a promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns, in substantially the form of <u>Exhibit C-2</u> hereto, evidencing the Revolving Loans made by such Revolving Credit Lender to the Borrowers.

"**Revolving Loans**" has the meaning set forth in <u>Section 2.01(b)(i)</u>.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto.

"**Same Day Funds**" means immediately available funds.

"**Scheduled Unavailability Date**" has the meaning set forth in <u>Section 3.03</u>.

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"**Secured Cash Management Agreement**" means any agreement between the Borrower or any Restricted Subsidiary and any Secured Cash Management Provider for the provision of Cash Management Services, to the extent designated by the Borrower as a "Secured Cash Management Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Cash Management Agreement shall not create in favor of any Secured Cash Management Provider any rights in connection with the management or release of Collateral or the obligations of any Guarantor under the Loan Documents.

"**Secured Cash Management Obligations**" means all obligations owing to any Secured Cash Management Provider by the Borrower or any Restricted Subsidiary under any Secured Cash Management Agreement.

"**Secured Cash Management Provider**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Cash Management Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent), in its capacity as a party thereto and that is designated a "Secured Cash Management Provider" with respect to such Secured Cash Management Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Cash Management Provider were a Lender.

"**Secured Hedge Agreement**" means any Swap Contract permitted under <u>Article VII</u> that is entered into by and between the Borrower or any Restricted Subsidiary and any Secured Hedge Bank, to the extent designated by the Borrower and such Secured Hedge Bank as a "Secured Hedge Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Hedge Agreement shall not create in favor of any Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

------

"**Secured Hedge Bank**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Hedge Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent) in its capacity as a party thereto and that is designated a "Secured Hedge Bank" with respect to such Secured Hedge Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Hedge Bank were a Lender. The designation of any Secured Hedge Bank shall not create in favor of such Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Obligations**" means all obligations owing to any Secured Hedge Bank by Holdings, the Borrower or any Restricted Subsidiary under any Secured Hedge Agreement.

"**Secured Obligations"** means, collectively, (a) the Obligations, (b) the Secured Cash Management Obligations and (c) all Secured Hedge Obligations.

"**Secured Parties**" means, collectively, the Administrative Agent, the Revolving Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Secured Cash Management Providers, the Secured Hedge Banks and each co-agent or sub-agent appointed by any Agent from time to time pursuant to <u>Section 9.05</u>.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securitization Assets**" means (a) the accounts receivable subject to a Qualified Securitization Financing and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guaranties or other obligations in respect of such accounts receivable, lockbox accounts and records with respect to such accounts receivable and any other assets customarily transferred (or in respect of which security interests are customarily granted), together with accounts receivable in a securitization financing and which in the case of <u>clause (a)</u> and <u>(b)</u> above are sold, conveyed, assigned or otherwise transferred or pledged by a borrower in connection with a Securitization Financing.

"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing or a Receivables Facility.

"**Securitization Financing**" means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries.

"**Securitization Repurchase Obligation**" means any obligation of a seller of Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables Facility, as applicable, to repurchase such assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

------

"**Securitization Subsidiary**" means a wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings or Limited Originator Recourse), (ii) is recourse to or obligates Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse or (iii) subjects any property or asset of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to Holdings, the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced by delivery to the Administrative Agent and the Revolving Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions.

"**Security Agreement**" means a security agreement substantially in the form of <u>Exhibit F</u>.

"**Security Agreement Supplement**" has the meaning set forth in the Security Agreement.

"**Seller**" has the meaning set forth in the preliminary statements to this Agreement.

<u>"**SOFR**" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.</u>

<u>"**SOFR Administrator**" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).</u>

"**Solicited Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Solicited Discounted Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solicited Discounted Prepayment Notice**" means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(D)</u> substantially in the form of <u>Exhibit E-6</u>.

------

"**Solicited Discounted Prepayment Offer**" means the irrevocable written offer by each Lender, substantially in the form of <u>Exhibit E-7</u>, submitted following the Administrative Agent's receipt of a Solicited Discounted Prepayment Notice.

"**Solicited Discounted Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solvent**" and "**Solvency**" mean, with respect to the Borrower on the Closing Date, after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection therewith, that on such date (i) the sum of the debt (including contingent liabilities) of the Borrower and its Subsidiaries, on a consolidated basis, does not exceed the fair value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis; (ii) the capital of the Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of the Borrower and its Subsidiaries, on a consolidated basis, contemplated as of the Closing Date; (iii) the present fair saleable value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis, is not less than the amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured in the ordinary course of business and (iv) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

"**SPC**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**Specified Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Notice**" means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant to <u>Section 2.05(a)(v)(B)</u> substantially in the form of <u>Exhibit E-8</u>.

"**Specified Discount Prepayment Response**" means the irrevocable written response by each Lender, substantially in the form of <u>Exhibit E-9</u>, to a Specified Discount Prepayment Notice.

"**Specified Discount Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(3)</u>.

"**Specified Representations**" means those representations and warranties made by Holdings and the Borrower (and, as applicable, each other Loan Party on the Closing Date) in <u>Sections 5.01(a)</u> and <u>(b)</u>, <u>5.02(a)</u> and <u>(b)(i)</u>, <u>5.04</u>, <u>5.12</u>, <u>5.16</u>, <u>5.18(a)(ii)</u>, <u>5.18(b)(ii)</u>, <u>5.18(c)</u> and <u>5.19</u> (subject to the proviso at the end of <u>Section 4.01(a)</u>).

------

"**Specified Transaction**" means any Investment that results in a Person becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition (including the commencement of activities constituting such business), or any Disposition that results in a Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Borrower, any Investment constituting an acquisition of assets constituting a business unit, line of business or division of, or all or substantially all of the Equity Interest of, another Person or any Disposition, termination or discontinuance of a business unit, line of business or division of the Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit), Restricted Payment, an increase in the Revolving Credit Commitments pursuant to <u>Section 2.14(h)</u> or Incremental Term Loan that by the terms of this Agreement requires such test to be calculated on a "Pro Forma Basis" or after giving "Pro Forma Effect."

"**Sponsor**" means any of Madison Dearborn Partners, LLC and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Standard Securitization Undertakings**" means representations, warranties, covenants, agreements and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement.

"**Submitted Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Submitted Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Subsidiary**" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity (excluding, for the avoidance of doubt, any charitable organizations, and any other Person that meets the requirements of Section 501(c)(3) of the Code) of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries (whether direct or indirect) of the Borrower.

"**Subsidiary Guarantor**" means any Guarantor other than Holdings or the Borrower in its capacity as a Guarantor.

"**Successor Company**" has the meaning set forth in <u>Section 7.04(d)</u>.

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

------

"**Swap Obligation**" means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

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

"**Target Person**" has the meaning set forth in <u>Section 7.02</u>.

"**Tax Distribution**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Tax Group**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Taxes**" means all present or future taxes, duties, levies, imposts, assessments or withholdings imposed by any Governmental Authority including interest, penalties and additions to tax.

"**Term Borrowing**" means a borrowing consisting of Term Loans of the same Type and, in the case of Eurocurrency<u>Term SOFR</u> Rate Loans, having the same Interest Period, made by each of the Term Lenders pursuant to <u>Section 2.01(a)</u> or <u>Section 2.01(c)</u> or under any Incremental Amendment, Extension Amendment, Refinancing Amendment or amendment providing for Replacement Term Loans.

"**Term Commitment**" means, as to each Term Lender, its obligation to make a Term Loan to the Borrowers hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.06</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment, (iv) an Extension Amendment or (v) the incurrence of Replacement Term Loans. The initial amount of each Term Lender's Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment", "Delayed Draw Commitment", "2020 Delayed Draw Term Loan Commitment" or "2021 Delayed Draw Term Loan Commitment" or, otherwise, in the Assignment and Assumption, Incremental Amendment, Extension Amendment or Refinancing Amendment or any other amendment, in each case, pursuant to which such Lender shall have assumed its Commitment, as the case may be.

"**Term Facility**" means (a) prior to the Closing Date, the Initial Term Commitments, the Delayed Draw Commitments, (b) the 2020 Delayed Draw Term Loan Commitments, (c) the 2021 Delayed Draw Term Loan Commitments and (d) thereafter, each Class of Term Loans and/or Term Commitments in respect thereof.

"**Term Lender**" means, at any time, any Lender that has (a) a Term Commitment (including an Initial Term Commitment, a Delayed Draw Commitment, a 2020 Delayed Draw Term Loan Commitment, a 2021 Delayed Draw Term Loan Commitment, an Incremental Term Loan Commitment, a Refinancing Term Commitment or a commitment to make Replacement Term Loans) or (b) a Term Loan at such time.

------

"**Term Loan**" means any Initial Term Loan, Delayed Draw Term Loan, 2020 Delayed Draw Term Loan, 2021 Delayed Draw Term Loan, Extended Term Loan, Incremental Term Loan, Refinancing Term Loan or Replacement Term Loan, as the context may require.

"**Term Loan Extension Request**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Extension Series**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Increase**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Term Note**" means a promissory note of the Borrowers payable to any Term Lender or its registered assigns, in substantially the form of <u>Exhibit C-1</u> hereto, evidencing the aggregate Indebtedness of the Borrowers to such Term Lender resulting from the Term Loans made by such Term Lender.

<u>"**Term SOFR**" means, for any calculation with respect to a Term SOFR Rate Loan (or a Base Rate Loan if the interest rate then in effect is determined pursuant to clause (c)(ii) of the definition thereof), the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S. Government Securities</u> <u>Business Days prior to the first day of such Interest Period</u><u>, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; provided that, in any event, Term SOFR for any Interest Period</u> <u>shall not be less than</u> <u>the Floor.</u>

<u>"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent acting at the direction of the Required Lenders.</u>

<u>"**Term SOFR Rate**" means, for purposes of any calculation</u><u>, the rate per annum equal to</u> <u>Term SOFR for such Term SOFR Borrowing in effect for such Interest Period plus the Credit Spread Adjustment; provided that, in any event, Term SOFR Rate for any Interest Period shall not be less than the Floor.</u> 

<u>"**Term SOFR**</u> <u>**Rate Loan**" means a Loan that bears interest at a rate based on the</u> <u>Term SOFR</u> <u>Rate (which shall not include Base Rate Loans even if the interest rate then in effect is determined pursuant to clause (c)</u><u>(ii)</u> <u>of the definition thereof). Revolving Loans that are</u> <u>Term SOFR</u> <u>Rate Loans shall be denominated in Dollars.</u>

<u>"**Term SOFR Reference Rate**" means the forward-looking term rate based on SOFR.</u>

"**Test Period**" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements are available.

------

"**Testing Threshold**" means, as of the last day of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending June 30, 2020) the aggregate Outstanding Amount of the Revolving Loans and Letters of Credit exceeds 40% of the Revolving Credit Commitments at such time (excluding (i) solely with respect to the first four full fiscal quarters following the Closing Date, the principal amount of any Revolving Loans funded, and the face amount of any Letters of Credit issued, on the Closing Date, (ii) Letters of Credit that have been Cash Collateralized and (iii) Letters of Credit that have not been Cash Collateralized in an aggregate undrawn face amount not to exceed $5,000,000).

"**Threshold Amount**" means $12,500,000.

"**Total Outstandings**" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

"**Trademarks**" means (a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any state of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks; and (b) all goodwill connected with the use of and symbolized thereby.

"**Trailing Four Quarter Consolidated EBITDA**" means Consolidated EBITDA for the most recently ended Test Period (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>).

"**Transaction Expenses**" means any fees, premiums, expenses and other transaction costs incurred or paid by the Sponsor, Holdings, the Borrower or any of their respective Subsidiaries in connection with the Transactions (including fees and expenses reflected in the funds flow and/or sources and uses provided to the Commitment Parties and expenses in connection with hedging transactions), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"**Transactions**" means, collectively, (a) the Acquisition and other related transactions contemplated by the Purchase Agreement, (b) the Equity Contribution, (c) the funding of the Initial Term Loan and the Initial Revolving Borrowing and the execution and delivery of Loan Documents to be entered into on the Closing Date, (d) the Refinancing, and (e) the payment of Transaction Expenses.

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan or a Eurocurrency<u>Term SOFR</u> Rate Loan.

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

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

"**Ultimate Parent**" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company.

"**Ultimate Parent LLC Agreement**" means the amended and restated limited liability company agreement of the Ultimate Parent in effect on the Closing Date.

------

<u>"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.</u>

"**Uniform Commercial Code**" or "**UCC**" means (i) the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or (ii) the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. References in this Agreement and the other Loan Documents to specific sections of the Uniform Commercial Code are based on the Uniform Commercial Code as in effect in the State of New York on the Closing Date. In the event such Uniform Commercial Code is amended or another Uniform Commercial Code described in <u>clause (ii)</u> is applicable, such section reference shall be deemed to be references to the comparable section in such amended or other Uniform Commercial Code.

"**United States**" and "**U.S.**" mean the United States of America.

"**United States Tax Compliance Certificate**" has the meaning set forth in <u>Section 3.01(d)(ii)(C)</u> and is in substantially the form of <u>Exhibit H</u> hereto.

"**Unreimbursed Amount**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Unrestricted Subsidiary**" means any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 6.14</u> subsequent to the Closing Date and each Securitization Subsidiary.

"**Unused Revolver Commitment Fee**" has the meaning set forth in Section 2.09(a).

<u>"**U.S. Government Securities Business Day**" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.</u>

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness; *provided* that AHYDO payments and the effects of any reductions in scheduled amortization or other scheduled payments as a result of any prior prepayment of the applicable Indebtedness shall be disregarded.

"**wholly owned**" means, with respect to any Person at any date, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned, controlled or held by such Person and/or by one or more Affiliates of such Person.

"**Write-Down and Conversion Powers**" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,

------

any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.02. <u>Other Interpretive Provisions</u>.

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The word "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining compliance with any Section of <u>Article VII</u> at any time (including within any defined terms used in such section and including <u>Section 2.14</u>), in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, Contractual Obligation or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions permitted pursuant to any clause of such Sections, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses as determined by the Borrower in its sole discretion at such time (or at any later time from time to time, as determined by the Borrower in its sole discretion at such time and thereafter may be re-divided and/or re-classified by the Borrower in any manner not prohibited by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All references to "knowledge" of any Loan Party or a Restricted Subsidiary means the actual knowledge of a Responsible Officer of such Loan Party or Restricted Subsidiary.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The words "asset" and "property" shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All references to any Person shall be constructed to include such Person's successors and assigns (subject to any restriction on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All references to "in the ordinary course of business" of the Borrower or any Subsidiary thereof means (i) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of the Borrower or such Subsidiary, as applicable, (ii) customary and usual in the industry or industries of the Borrower and its Subsidiaries in the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable, or (iii) generally consistent with the past or current practice of the Borrower or such Subsidiary, as applicable, or any similarly situated businesses of the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.

Section 1.03. <u>Accounting Terms</u>.

All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. Notwithstanding any other provision contained herein, (a) any lease (or similar arrangement conveying the right to use) that is treated as an operating lease for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update ("<u>ASU</u>") shall not be treated as Indebtedness, Attributable Indebtedness or as a Capitalized Lease and shall continue to be treated as an operating lease (and any future lease or similar arrangement conveying the right to use), that would be treated as an operating lease for purposes of GAAP without giving effect to the implementation of ASC 842 shall be treated as an operating lease), in each case for purposes of Indebtedness under this Agreement, notwithstanding such change in GAAP after the issuance of such ASU and (b) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or effect).

Section 1.04. <u>Rounding</u>.

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

------

Section 1.05. <u>References to Agreements, Laws, Etc.</u>

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other Contractual Obligations shall be deemed to include all subsequent amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications thereto, but only to the extent that such amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications are not prohibited by the Loan Documents or by the Intercreditor Agreements; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. Any term or section reference herein or in the other Loan Documents which refers to a defined term or section reference in any Organization Document, agreement, Contractual Obligation or Law shall be deemed to be a cross-reference to the same or comparable defined term or section reference, as applicable, in any such amendment, Refinancing, restatement, renewal, restructuring, extension, supplement or other modification to such Organization Document, agreement, Contractual Obligation or any such consolidation, amendment, replacement, supplement or interpretation of such Law.

Section 1.06. <u>Times of Day</u>.

Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

Section 1.07. <u>Timing of Payment or Performance</u>.

Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day.

Section 1.08. <u>Cumulative Credit Transactions</u>.

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.09. <u>Pro Forma Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Consolidated Total Net Leverage Ratio and the Consolidated First Lien Net Leverage Ratio, shall be calculated in the manner prescribed by this <u>Section 1.09</u>; *provided* that notwithstanding anything to the contrary in <u>Section 1.09(b)</u>, <u>(c)</u> or <u>(d)</u>, when calculating the Consolidated First Lien Net Leverage Ratio for purposes of determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with the covenant pursuant to <u>Section 7.11</u>, the events described in this <u>Section 1.09</u> that occurred subsequent to the end of the applicable Test Period shall not be given *pro forma* effect. In addition, whenever a financial ratio or test is to be calculated on a *pro forma* basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which internal financial statements of the Borrower are available (as determined in good faith by the Borrower); *provided* that, the provisions of this sentence shall not apply for purposes of calculating the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable ECF Percentage" and determining actual compliance with <u>Section 7.11</u> (other than for the purpose of determining *pro forma* compliance with <u>Section 7.11</u>), each of which shall be based on the financial statements delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u>, as applicable, for the relevant Test Period, subject to the adjustments contemplated by the parenthetical in clause (ii) of the proviso to the first sentence of this <u>Section 1.09(a)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating any financial ratio or test, or basket that is based on a percentage of Consolidated EBITDA, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to <u>Section 1.09(d)</u> (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit)) that have been made (i) during the applicable Test Period and (ii) if applicable as described in <u>Section 1.09(a)</u>, subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a *pro forma* basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this <u>Section 1.09</u>, then such financial ratio or test shall be calculated to give *pro forma* effect thereto in accordance with this <u>Section 1.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever *pro forma* effect is to be given to the Transactions, a Specified Transaction or the implementation of an operational initiative or operational change, the *pro forma* calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and include, for the avoidance of doubt, the amount of "run-rate" cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies projected by the Borrower in good faith to be realized as a result of specified actions taken, committed to be taken or expected to be taken (calculated on a *pro forma* basis as though such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies were realized during the entirety of such period) and "run-rate" means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements) net of the amount of actual benefits realized during such period from such actions, and any such adjustments shall be included in the initial *pro forma* calculations of such financial ratios or tests and during any subsequent Test Period in which the effects thereof are expected to be realized relating to the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change; *provided* that (A) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable in the good faith judgment of the Borrower, (B) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable and reasonably anticipated to result from the actions taken or expected to be taken in the good faith judgment of the Borrower within 18 months after the date of the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change, (C) no amounts shall be added pursuant to this <u>Section 1.09(c)</u> to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, with respect to such period; and (D) any increase in Consolidated EBITDA as a result of cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies pursuant to this <u>Section 1.09(c)</u> shall be subject to the limitation set forth in the last proviso to <u>clause (vii)</u> of the definition of Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, amortization, retirement or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility or line of credit unless accompanied by

------

a permanent commitment reduction), (i) during the applicable Test Period or (ii) subject to <u>Section 1.09(a)</u> subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving *pro forma* effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time prior to the first applicable test date under <u>Section 7.11</u>, any provision requiring the *pro forma* compliance with <u>Section 7.11</u> shall be made assuming that compliance with the Consolidated First Lien <u>Net</u> Leverage Ratio set forth in <u>Section 7.11</u> for the first Test Period set forth in <u>Section 7.11</u> is required with respect to the most recent Test Period prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) In connection with the calculation of the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, for purposes of calculating any basket that is subject to a financial ratio or test under this Agreement, no effect (pro forma or otherwise) shall be given to amounts incurred or transactions entered into or consummated on the same date (or on a subsequent date which otherwise requires Pro Forma Effect to be given to such amounts incurred, or transactions entered into or consummated pursuant to any fixed dollar basket or basket based on Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, testing availability under any basket provided for in this Agreement or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom or requiring the accuracy of representations and warranties) in connection with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio and determination or measurement of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant or accuracy of representations and warranties shall, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the "**LCT Test Date**") and if, after such ratios and other provisions are measured or determined on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied with on such date; *provided* that, if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, (x) if any of such ratios or baskets are exceeded as a result of fluctuations in such ratio or basket (including due to fluctuations in Consolidated EBITDA of the Borrower or the target of any Limited Condition Transaction or any incurrence <u>of Indebtedness</u>, disposition or Restricted Payment at or prior to the consummation of the relevant Limited Condition Transaction) or any Default or Event of Default has occurred and is continuing or any such representation or warranty in any Loan Document is not correct on the date of such Limited Condition Transaction, such ratios, baskets and other provisions will not be deemed to have been exceeded or failed to have been complied with as a result of such circumstance solely for purposes of determining whether the

------

Limited Condition Transaction is permitted hereunder and (y) such ratios, baskets and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio (excluding, for the avoidance of doubt, any ratio contained in <u>Section 7.11</u> (other than Pro Forma Compliance)) or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction or is otherwise revoked or withdrawn by the Borrower, any such ratio or basket shall be calculated (and tested) on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

Section 1.10. <u>Currency Generally</u>.

For purposes of determining compliance with <u>Section 7.01</u>, <u>7.02</u>, <u>7.03</u>, <u>7.05</u>, <u>7.06</u> or <u>7.13</u> with respect to any transaction consummated in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such transaction is consummated (so long as such transaction, at the time consummated, was permitted hereunder).

Section 1.11. <u>Letters of Credit</u>.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of the undrawn face amount of such Letter of Credit in effect at such time; *provided*, *however*, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Amount of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

Section 1.12. <u>Certifications</u>.

All certifications to be made hereunder by an officer or representative of a Loan Party shall be made by such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party's behalf and not in such Person's individual capacity.

<u>Section 1.13. Rates.</u>

<u>The Administrative Agent and the Revolving Agent do not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, the Term SOFR Reference Rate, or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and the Revolving Agent and their affiliates or other related entities may engage in transactions that affect the calculation of Base</u> 

------

<u>Rate, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent and the Revolving Agent may select information sources or services in its reasonable discretion (each, a "Rate Selection Source or Service") to ascertain Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. Notwithstanding the foregoing and for the avoidance of doubt, the Borrower shall retain any and all rights it may have against the Administrative Agent and the Revolving Agent for any liability for direct damages (as opposed to special, punitive, incidental or consequential damages) arising solely out of the gross negligence or willful misconduct of the Administrative Agent and the Revolving Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction, in applying the Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case as set forth on a Rate Selection Source or Service, to the Obligations as required by this Agreement.</u>

**ARTICLE II.** 

**<u>THE COMMITMENTS AND CREDIT EXTENSIONS</u>**

Section 2.01. <u>The Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Term Lender severally agrees to make to the Initial Borrower on the Closing Date one or more Term Borrowings of Initial Term Loans denominated in Dollars in an aggregate amount not to exceed at any time outstanding the amount of such Term Lender's Initial Term Commitment. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid may not be re-borrowed. Term Loans may be Base Rate Loans or Eurocurrency<u>Term SOFR</u> Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Credit Borrowings*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions expressly set forth herein, each Revolving Credit Lender severally agrees to make Revolving Loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan, together with any loans made pursuant to an Extended Revolving Credit Commitment and Refinancing Revolving Loans, a "**Revolving Loan**") from time to time, on any Business Day during the period from the Closing Date until the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment; *provided* that after giving effect to any Revolving Credit Borrowing, such Revolving Credit Lender's Revolving Credit Exposure shall not exceed such Revolving Credit Lender's Revolving Credit Commitment. Within the limits of each Lender's Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section 2.01(b)</u>, prepay under <u>Section 2.05</u>, and re-borrow under this <u>Section 2.01(b)</u> in each case without premium or penalty (subject to <u>Section 3.05</u>). Revolving Loans may be Base Rate Loans or Eurocurrency<u>Term SOFR</u> Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Revolving Agent is hereby authorized by each Loan Party, at any time in the Revolving Agent's sole discretion, regardless of (A) the existence of a Default or an Event of Default, (B) whether any of the other applicable conditions precedent set forth in <u>Section 4.02</u> have not been satisfied or the commitment of Revolving Credit Lenders to make Revolving Loans hereunder has been terminated for any reason, or (C) any other contrary provision of this

------

Agreement, to make Revolving Loans for the account of the Borrower in an aggregate amount at any time outstanding not to exceed the Maximum Revolving Credit Amount, to which the Revolving Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, the repayment of the Secured Obligations, or (3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement (the "**Protective Advances**"). The Revolving Credit Lenders shall be obligated to fund such Protective Advances and effect a settlement with the Revolving Agent therefor upon demand of the Revolving Agent in accordance with their respective Revolving Credit Commitments to the extent that after giving effect to any such Protective Advances, the Outstanding Amount of Revolving Loans plus the Outstanding Amount of the L/C Obligations do not exceed the Maximum Revolving Credit Amount. To the extent any Protective Advances are not actually funded by the other Revolving Credit Lenders as provided for in this <u>Section 2.01(b)(ii)</u>, any such Protective Advances funded by the Revolving Agent shall be deemed to be Revolving Loans made by and owing to the Revolving Agent, and the Revolving Agent shall be entitled to all rights (including accrual of interest) and remedies of a Revolving Credit Lender under this Agreement and the Loan Documents with respect to such Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Delayed Draw Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Closing Date until the Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Delayed Draw Commitment. Amounts borrowed under this <u>Section 2.01(c)</u> and repaid or prepaid may not be re-borrowed. The Delayed Draw Term Loans shall be funded on or prior to the Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**Delayed Draw Funding Date**"). Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency<u>Term SOFR</u> Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2020 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**2020 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 1 Effective Date until the 2020 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2020 Delayed Draw Term Loan Commitment. Amounts borrowed under this <u>Section 2.01(d)</u> and repaid or prepaid may not be re-borrowed. The 2020 Delayed Draw Term Loans shall be funded on or prior to the 2020 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2020 Delayed Draw Term Loan Funding Date**"). 2020 Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency<u>Term SOFR</u> Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2021 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2021 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**2021 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 2 Effective Date until the 2021 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2021 Delayed Draw Term Loan Commitment. Amounts borrowed under this <u>Section 2.01(e)</u> and repaid or prepaid may not be re-borrowed. The 2021 Delayed Draw Term Loans shall be funded on or prior to the 2021 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2021 Delayed Draw Term Loan Funding Date**"). 2021 Delayed Draw Term Loans may be Base Rate Loans or Eurocurrency<u>Term SOFR</u> Rate Loans, as further provided herein.

------

Section 2.02. <u>Borrowings, Conversions and Continuations of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Eurocurrency<u>Term SOFR</u> Rate Loans shall be made upon the Borrower's notice to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans), which may be given by telephone in the case of Revolving Loans. Each such notice must be received by the Applicable Agent not later than 11:00 a.m., (i) three Business Days prior to the requested date of any Initial Term Borrowing or any Revolving Credit Borrowing, in each case, for a Borrowing of Eurocurrency<u>Term SOFR</u> Rate Loans or any continuation of Eurocurrency<u>Term SOFR</u> Rate Loans or any conversion of Base Rate Loans to Eurocurrency<u>Term SOFR</u> Rate Loans, (ii) prior to 2:00 p.m. on the requested date of any Initial Term Borrowing of Base Rate Loans or Revolving Credit Borrowing of Base Rate Loans and (iii) twelve (12) Business Days prior to the requested date of any Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loans; *provided* that the notice referred to in <u>clause (1)</u> above may be delivered no later than one Business Day prior to the Closing Date in the case of the initial Credit Extensions. Each telephonic notice by the Borrower permitted pursuant to this <u>Section 2.02(a)</u> must be confirmed promptly by delivery (including via email) to the Revolving Agent (in the case of Revolving Loans) of a written Committed Loan Notice (and will not be effective until so confirmed), appropriately completed and signed by a Responsible Officer of the Borrower. Except as otherwise provided in <u>Section 2.14</u>, each Borrowing of, conversion to or continuation of Eurocurrency<u>Term SOFR</u> Rate Loans shall be in a minimum principal amount of $1,000,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loan, $2,500,000), or a whole multiple of $500,000, in excess thereof. Except as provided herein, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $100,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loans, $2,500,000) or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Loans from one Type to the other or a continuation of Eurocurrency<u>Term SOFR</u> Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) wire instructions of the account(s) to which funds are to be disbursed (it being understood, for the avoidance of doubt, that the amount to be disbursed to any particular account may be less than the minimum or multiple limitations set forth above so long as the aggregate amount to be disbursed to all such accounts pursuant to such Borrowing meets such minimums and multiples). If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency<u>Term SOFR</u> Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency<u>Term SOFR</u> Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify each Appropriate Lender of the amount (and currency) of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans, in each case as described in <u>Section 2.02(a)</u>. In the case of

------

each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans)in Same Day Funds, through its relevant Lending Office, at the Applicable Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) by wire transfer of such funds in accordance with instructions provided by the Borrower to (and reasonably acceptable to) the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans); *provided* that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, <u>first</u>, to the payment in full of any such L/C Borrowing and <u>second</u>, to the Borrowers as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, a Eurocurrency<u>Term SOFR</u> Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency<u>Term SOFR</u> Rate Loan unless the Borrowers pay the amount due, if any, under <u>Section 3.05</u> in connection therewith. During the occurrence and continuation of an Event of Default, the Required Lenders may require that no Loans may be converted to or continued as Eurocurrency<u>Term SOFR</u> Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable to any Interest Period for Eurocurrency<u>Term SOFR</u> Rate Loans upon determination of such interest rate. The determination of the Eurocurrency<u>Term SOFR</u> Rate by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify the Borrower and the Appropriate Lenders of any change in the Prime Rate used by such Agent in determining the Base Rate promptly following the announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Loans from one Type to the other, and all continuations of Term Loans or Revolving Loans as the same Type, there shall not be more than seven Interest Periods in effect; *provided* that after the establishment of any new Class of Loans pursuant to an Incremental Amendment, a Refinancing Amendment or Extension Amendment, the number of Interest Periods otherwise permitted by this <u>Section 2.02(e)</u> shall increase by three Interest Periods for each applicable Class so established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Administrative Agent or the Revolving Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent or the Revolving Agent such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such Borrowing, the Administrative Agent or the Revolving Agent may assume that such Lender has made such Pro Rata Share or other applicable share provided for under this Agreement available to the Administrative Agent or the Revolving Agent on the date of such Borrowing in accordance with <u>Section 2.02(b)</u> above, and the Administrative Agent or the Revolving Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent or the Revolving Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent or the Revolving Agent, each of such

------

Lender and each Borrower severally agrees to repay to the Administrative Agent or the Revolving Agent promptly after written demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent or the Revolving Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate *plus* any administrative, processing, or similar fees customarily charged by the Administrative Agent or the Revolving Agent in accordance with the foregoing. A certificate of the Administrative Agent or the Revolving Agent submitted to any Lender with respect to any amounts owing under this <u>Section 2.02(g)</u> shall be conclusive in the absence of manifest error. If any Borrower and such Lender shall pay such interest to the Administrative Agent or the Revolving Agent for the same or an overlapping period, the Administrative Agent or the Revolving Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent or the Revolving Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim any Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent or the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower and the Administrative Agent or the Revolving Agent.

Section 2.03. <u>Letters of Credit</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Letter of Credit Commitment*. (i) Subject to the terms and conditions expressly set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this <u>Section 2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrowers (*provided* that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with <u>Section 2.03(b)</u>, and (2) to honor drafts under the Letters of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this <u>Section 2.03</u>; *provided* that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender's Revolving Credit Commitment or (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit; *provided*, *further*, that notwithstanding anything herein to the contrary, no L/C Issuer shall have any obligation to issue trade or commercial Letters of Credit without its consent. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired, terminated or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with

------

respect to such Letter of Credit any material restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any material unreimbursed loss, cost or expense which was not applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to <u>Section 2.03(b)(iii)</u>, the expiry date of such requested Letter of Credit would occur more than 12 months after the date of issuance or last renewal (or more than 180 days thereafter in the case of trade Letters of Credit), unless (1) each Revolving Credit Lender has approved of such expiration date or (2) the applicable L/C Issuer has approved of such expiration date and the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless such Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the issuance of such Letter of Credit would violate any policies of such L/C Issuer applicable to letters of credit generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such Revolving Credit Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.17(a)(iv)</u>) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to amend, extend or renew any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. Notwithstanding anything herein to the contrary, the expiry date of any Letter of Credit denominated in a currency other than Dollars must be approved by the relevant L/C Issuer in its sole discretion even if it is less than 12 months after the date of issuance and any Auto-Extension Letter of Credit denominated in a currency other than Dollars shall be issued only at the relevant L/C Issuer's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit*. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Revolving Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Revolving Agent not later than 2:00 p.m., at least two Business Days prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any drawing thereunder; (f) the full text of any

------

certificate to be presented by such beneficiary in case of any drawing thereunder; and (g) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will confirm with the Revolving Agent (by telephone or in writing) that the Revolving Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Revolving Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation from the Revolving Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or its applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement times the stated amount of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower so requests in any applicable Letter of Credit Application with respect to any standby Letter of Credit, the relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); *provided* that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer to prevent any such extension at least once in each 12-month period (commencing with the date of issuance of such Letter of Credit and in no event extending beyond the Letter of Credit Expiration Date unless Cash Collateralized or back-stopped in a manner reasonably acceptable to the Revolving Agent and the applicable L/C Issuer) by giving prior notice to the beneficiary thereof not later than a day (the "**Non-extension Notice Date**") in each such 12-month period to be mutually agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; *provided* that the relevant L/C Issuer shall not permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of <u>Section 2.03(a)(ii)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-extension Notice Date from the Revolving Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in <u>Section 4.02</u> is not then satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the Borrower and the Revolving Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Drawings and Reimbursements; Funding of Participations*. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Revolving Agent thereof. With respect to any payment by an L/C Issuer under a Letter of Credit, the Borrowers shall reimburse such L/C Issuer through the

------

Revolving Agent in accordance with the preceding sentence not later than (x) 2:00 p.m. on the first Business Day immediately following delivery of written notice to the Borrower of such payment if such written notice is delivered on or prior to 9:00 a.m. and (y) otherwise, not later than 2:00 p.m. on the second Business Day immediately following delivery of written notice to the Borrower of such payment (any such date of reimbursement, an "**Honor Date**"); *provided* that if such reimbursement is not made on the date of drawing, the Borrowers shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans (without duplication of interest payable on L/C Borrowings). The relevant L/C Issuer shall notify the Borrower in writing of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If the Borrowers fail to so reimburse such L/C Issuer by such time, the Revolving Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the "**Unreimbursed Amount**"), and the amount of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in <u>Section 4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Revolving Agent pursuant to this <u>Section 2.03(c)(i)</u> may be given by telephone if immediately confirmed in writing; *provided* that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender (including any Revolving Credit Lender acting as an L/C Issuer) shall upon any notice pursuant to <u>Section 2.03(c)(i)</u> make funds available to the Revolving Agent for the account of the relevant L/C Issuer in Dollars at the Applicable Agent's Office for Dollar-denominated payments in an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Revolving Agent, whereupon, subject to the provisions of <u>Section 2.03(c)(iii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Revolving Agent shall remit the funds so received to the relevant L/C Issuer in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in <u>Section 4.02</u> cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on written demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender's payment to the Revolving Agent for the account of the relevant L/C Issuer pursuant to <u>Section 2.03(c)(ii)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Revolving Credit Lender funds its Revolving Loan or L/C Advance pursuant to this <u>Section 2.03(c)</u> to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement of such amount shall be solely for the account of the relevant L/C Issuer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section 2.03(c)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Loans pursuant to this <u>Section 2.03(c)</u> is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Revolving Agent for the account of the relevant L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this <u>Section 2.03(c)</u> by the time specified in <u>Section 2.03(c)(ii)</u>, such L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Revolving Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Revolving Agent) with respect to any amounts owing under this <u>Section 2.03(c)(vi)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*. (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender's L/C Advance in respect of such payment in accordance with <u>Section 2.03(c)</u>, the Revolving Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Revolving Agent), the Revolving Agent will distribute to such Revolving Credit Lender its Pro Rata Share or other applicable share provided for under this Agreement thereof in Dollars (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender's L/C Advance was outstanding) in the Dollar Amount received by the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Revolving Agent for the account of an L/C Issuer pursuant to <u>Section 2.03(c)(i)</u> is required to be returned under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Revolving Agent for the account of such L/C Issuer its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Revolving Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Revolving Credit Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Obligations Absolute*. The obligation of the Borrowers to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party (other than payment in cash or performance in full);

*provided* that the foregoing in <u>clauses (i)</u> through <u>(vii)</u> shall not excuse any L/C Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are waived by the Borrowers to the extent permitted by applicable Law) suffered by the Borrowers that are caused by such L/C Issuer's (or its Related Parties') gross negligence, bad faith, material breach or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Role of L/C Issuers*. Each Revolving Credit Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; *provided* that this assumption is not intended to, and shall not, preclude the Borrowers from pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in <u>clauses (i)</u> through <u>(vi)</u> of <u>Section 2.03(e)</u>; *provided* that

------

anything in such clauses to the contrary notwithstanding, each Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or gross negligence or such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in each case as determined in a final and non-appealable judgment by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cash Collateral*. (i) If, as of the Letter of Credit Expiration Date, any Letter of Credit issued to the Borrowers may for any reason remain outstanding and partially or wholly undrawn, (ii) if any Event of Default occurs and is continuing and the Required Revolving Credit Lenders, as applicable, require the Borrowers to Cash Collateralize the L/C Obligations pursuant to <u>Section 8.02</u> or (iii) if an Event of Default set forth under <u>Section 8.01(f)</u> occurs and is continuing, the Borrowers shall Cash Collateralize the then Outstanding Amount of all of its L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m. on (x) in the case of the immediately preceding <u>clauses (i)</u> through <u>(iii)</u>, the next Business Day following the Business Day that the Borrower receives written notice thereof, and (y) in the case of the immediately preceding <u>clause (iii)</u>, the Business Day on which an Event of Default set forth under <u>Section 8.01(f)</u> occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. The Borrowers hereby grant to the Collateral Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Revolving Agent or another financial institution acceptable to the Agents and may be invested in readily available Cash and Cash Equivalents (for the benefit of the Borrowers). If at any time the Revolving Agent determines that any funds held as Cash Collateral are expressly subject to any right or claim of any Person other than the Revolving Agent or Collateral Agent (on behalf of the Secured Parties) or nonconsensual liens permitted under <u>Section 7.01</u> or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, promptly following written demand by the Revolving Agent, pay to the Revolving Agent, as additional funds to be deposited and held in the deposit accounts at the Revolving Agent as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Revolving Agent reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrowers. To the extent any Event of Default giving rise to the requirement to Cash Collateralize any Letter of Credit pursuant to this <u>Section 2.03(g)</u> is cured or otherwise waived by the Required Revolving Credit Lenders, then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such Letter of Credit shall be promptly refunded to the Borrowers. If at any time the Revolving Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person other than the Revolving Agent or the Collateral Agent as herein provided or Liens described above, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrowers or the relevant Defaulting Lender will, promptly following written demand by the Revolving Agent, pay or provide to the Revolving Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Letter of Credit Fees*. The Borrowers shall pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to the Applicable Rate with respect to Eurocurrency<u>Term SOFR</u> Rate Loans, times the daily maximum amount then available to be drawn under such Letter of Credit (whether or not such maximum Dollar Amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit); *provided* that (x) if any portion of a Defaulting Lender's Pro Rata Share of any Letter of Credit is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders pursuant to <u>Section 2.17</u>, then the Borrowers shall not be required to pay a Letter of Credit fee to such Defaulting Lender with respect to such portion of such Defaulting Lender's Pro Rata Share so long as it is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders, but such Letter of Credit fee shall instead be retained by the Borrowers to the extent the applicable Letter of Credit is Cash Collateralized and/or payable to such other Revolving Credit Lenders to the extent reallocated to such other Revolving Credit Lenders in accordance with their Pro Rata Share of such reallocated amount, and (y) if any portion of a Defaulting Lender's Pro Rata Share is not Cash Collateralized or reallocated pursuant to <u>Section 2.17</u>, then the Letter of Credit fee with respect to such Defaulting Lender's Pro Rata Share shall be payable to the applicable L/C Issuer until such Pro Rata Share is Cash Collateralized or reallocated or such Revolving Credit Lender ceases to be a Defaulting Lender. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter of Credit fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. If there is any change in the Applicable Rate with respect to Eurocurrency<u>Term SOFR</u> Rate Loans, during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate with respect to Eurocurrency<u>Term SOFR</u> Rate Loans, separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers*. The Borrowers shall pay directly to each L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it for the account of the Borrowers (whether for the benefit of the Borrower or its Subsidiaries) equal to 0.25% per annum (or such other lower amount as may be mutually agreed by the Borrower and the applicable L/C Issuer) of the maximum Dollar Amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit) or such lesser fee as may be agreed with such L/C Issuer. Such fronting fees shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued for the account of the Borrower (whether for the benefit of the Borrower or its Subsidiaries) the customary and reasonable issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within 30 days of demand and are nonrefundable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Conflict with Letter of Credit Application*. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Addition of an L/C Issuer*. A Revolving Credit Lender reasonably acceptable to the Borrower and the Revolving Agent may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Revolving Agent and such Revolving Credit Lender. The Revolving Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Letter of Credit Reporting*. On a monthly basis, each L/C Issuer shall deliver to the Revolving Agent a complete list of outstanding Letters of Credit issued by such L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Letters of Credit Issued for Subsidiaries*. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the L/C Issuers hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers' business derives substantial benefits from the businesses of such Subsidiaries.

Section 2.04. <u>[Reserved]</u> .

Section 2.05. <u>Prepayments</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. (i) The Borrowers may, upon written notice to the Applicable Agent by the Borrower, at any time or from time to time voluntarily prepay any Class or Classes of Term Loans and Revolving Loans of any Class or Classes in whole or in part without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>); *provided* that (1) such notice must be received by the Applicable Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurocurrency<u>Term SOFR</u> Rate Loans and (B) on the requested date of prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency<u>Term SOFR</u> Rate Loans shall be in a minimum principal amount of $1,000,000, or a whole multiple of $500,000 in excess thereof and (3) any prepayment of Base Rate Loans shall be in a minimum principal amount of $100,000, or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Applicable Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. If such notice is given by the Borrower, unless rescinded, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Loan (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, any notice of prepayment under <u>Section 2.05(a)(i)</u> may be conditional, extendable or revocable if such prepayment is conditioned upon a Refinancing of all or any portion of the applicable Class or occurrence of another event.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Voluntary prepayments of any Class of Term Loans permitted hereunder shall be applied to the remaining scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner determined at the discretion of the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in any Loan Document to the contrary, in addition to the terms set forth in <u>Sections 2.05(a)(i)</u> and <u>10.07</u>, so long as no Event of Default has occurred and is continuing, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdings or any of its Subsidiaries may purchase such outstanding Loans and contribute such Loans to the Borrower (which shall be automatically cancelled)) without premium or penalty on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the "**Discounted Term Loan Prepayment**"), in each case made in accordance with this <u>Section 2.05(a)(v)</u> and without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) Any Company Party may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with five Business Days' notice in the form of a Specified Discount Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the "**Specified Discount Prepayment Amount**") with respect to each applicable tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the "**Specified Discount**") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(B)</u>), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Specified Discount Prepayment Response Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount and, if so (such accepting Lender, a "**Discount Prepayment Accepting Lender**"), the amount and the tranches of such Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(B)</u> to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Term Loans specified in such Lender's Specified Discount Prepayment Response given pursuant to <u>clause (2)</u> above; *provided* that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "**Specified Discount Proration**"). The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) Any Company Party may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Discount Range Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "**Discount Range Prepayment Amount**"), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "**Discount Range**") of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(C)</u>), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded pursuant to <u>clause (iii)</u> above, each such solicitation by a Company Party shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted

------

by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Discount Range Prepayment Response Date**"). Each Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "**Submitted Discount**") at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender's Term Loans (the "**Submitted Amount**") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this <u>Section 2.05(a)(v)(C)</u>. The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "**Applicable Discount**") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following <u>clause (3)</u>) at the Applicable Discount (each such Term Lender, a "**Participating Lender**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender's Discount Range Prepayment Offer at the Applicable Discount; *provided* that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "**Identified Participating Lenders**") shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Discount Range Proration**"). The Auction Agent shall promptly, and in any case within five Business Days following the Discount Range Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and

------

the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (1) Any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Solicited Discounted Prepayment Notice (or such later notice specified therein); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate amount of the Term Loans (the "**Solicited Discounted Prepayment Amount**") and the tranche or tranches of Term Loans the applicable Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(D)</u>), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Term Lenders (the "**Solicited Discounted Prepayment Response Date**"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date and (z) specify both a discount to par (the "**Offered Discount**") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans (the "**Offered Amount**") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Company Party (the "**Acceptable Discount**"), if any. If the Company Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount,

------

but in no event later than by the fifth Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this <u>clause (2)</u> (the "**Acceptance Date**"), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within five Business Days after receipt of an Acceptance and Prepayment Notice (the "**Discounted Prepayment Determination Date**"), the Auction Agent will determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the "**Acceptable Prepayment Amount**") to be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this <u>Section 2.05(a)(v)(D)</u>. If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a "**Qualifying Lender**"). The Company Party will prepay outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(D)</u> to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; *provided* that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "**Identified Qualifying Lenders**") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Solicited Discount Proration**"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the tranches to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) In connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If any Term Loan is prepaid in accordance with <u>Sections 2.05(a)(v)(B)</u> through <u>2.05(a)(v)(D)</u> above, a Company Party shall prepay such Term Loans on the Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Applicable Agent's Office in immediately available funds not later than 11:00 a.m. on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans being prepaid as directed by the Borrower (and absent such direction, in direct order of maturity). The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)</u> shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this <u>Section 2.05(a)(v)</u>, each Lender participating in any prepayment described in this <u>Section 2.05(a)(v)</u> acknowledges and agrees that in connection therewith, (1) the Borrower or any Company Party then may have, and later may come into possession of, information regarding the Borrowers, the Sponsor, their respective affiliates not known to such Lender and that may be material to a decision by such Lender to participate in such prepayment (including Material Non-Public Information) ("**Excluded Information**"), (2) such Lender has independently, and without reliance on the Borrowers, any of their Subsidiaries, the Administrative Agent or any of their respective Affiliates, made its own analysis and determination to participate in such prepayment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrowers, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information and all parties to the relevant transactions shall render customary "big boy" disclaimer letters, (4) none of the Borrowers, their Subsidiaries, the Administrative Agent or any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrowers, their Subsidiaries, the Administrative Agent and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information, and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this <u>Section 2.05(a)(v)</u>, established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the applicable Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each of the Company Parties and the Term Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties under this <u>Section 2.05(a)(v)</u> by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this <u>Section 2.05(a)(v)</u> as well as activities of the Auction Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable, pursuant to this <u>Section 2.05(a)(v)</u> shall not constitute a Default or Event of Default under <u>Section 8.01</u> or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five Business Days after financial statements have been delivered pursuant to <u>Section 6.01(a)</u> and the related Compliance Certificate has been delivered pursuant to <u>Section 6.02(a)</u> (commencing with the fiscal year ending December 31, 2021), subject to <u>Section 2.05(b)(v)</u>, the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the Excess Cash Flow Period covered by such financial statements *minus*, without duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such Excess Cash Flow Period, (B) the sum of (1) all voluntary prepayments of Term Loans made during such Excess Cash Flow Period pursuant to <u>Section 2.05(a)(v)</u>, in an amount equal to the discounted amount actually paid in cash in respect of the principal amount of such Term Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (2) all other optional redemptions or voluntary prepayments of Term Loans and any other Pari Passu Secured Obligations, during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (3) all voluntary prepayments of Revolving Loans, Extended Revolving Loans and Refinancing Revolving Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, to the extent the Revolving Credit Commitments, Extended Revolving Credit Commitments, and/or Refinancing Revolving Credit Commitments, as the case may be, are permanently reduced by the amount of such payments and (4) the amount equal to all payments in cash paid by the Borrowers or any Subsidiary in connection with the buyback of Loans pursuant to <u>Section 10.07(l)</u>, in the case of each of the immediately preceding <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u>, to the extent such prepayments are not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness) of the Borrower and its Restricted Subsidiaries; *provided* that, to the extent any deduction is made pursuant to the foregoing <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u> after year-end and prior to when such Excess Cash Flow prepayment is due, such prepayment shall not be deducted with respect to the Excess Cash Flow prepayment for the succeeding Excess Cash Flow Period; *provided*, *however*, the Borrowers shall not be obligated to make any prepayment otherwise required by this <u>Section</u> 

------

 <u>2.05(b)(i)</u> unless and until the aggregate amount of such prepayment for such Excess Cash Flow Period exceeds $1,000,000 for such Excess Cash Flow Period (and only amounts in excess of $1,000,000 for such Excess Cash Flow Period shall be required to be prepaid); *provided further* that if at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Excess Cash Flow, then the Borrowers may apply such Excess Cash Flow on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Excess Cash Flow allocated to the Other Applicable Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(i)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If (1) the Borrower or any Restricted Subsidiary of the Borrower Disposes of any property or assets pursuant to <u>Sections 7.05(j)</u>, <u>(k)</u> or <u>(m)</u> (solely to the extent set forth in the proviso thereof)), or (2) any Casualty Event occurs, which results in the receipt by the Borrower or any Restricted Subsidiary of Net Proceeds, subject to <u>Section 2.05(b)(vi)</u>, the Borrowers shall cause to be prepaid on or prior to the date which is 10 Business Days after the date of the receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds (or if the Borrower or any Restricted Subsidiary intends to reinvest such Net Proceeds within the Reinvestment Period or has entered into a binding commitment or binding letter of intent prior to the last day of the Reinvestment Period to reinvest, the last day of such Reinvestment Period), an aggregate principal amount of Term Loans in an amount equal to 100% of all such Net Proceeds; *provided* that, if the Borrower or its Restricted Subsidiaries use any portion of such proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets used or useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition permitted hereunder (or any subsequent investment made in a Person, division or line of business previously acquired) capital expenditure or capitalized software expenditures, in each case within 12 months of such receipt (or credited against any such usage consummated no more than 18 months prior to the applicable disposition), such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 12 months of such receipt, so used or contractually committed to be so used (or so credited with respect to any prior usage) (it being understood that if any portion of such proceeds are not so used within such 12-month period but within such 12-month period are contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used (or so credited with respect to any prior usage) within 18 months of such receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso (such period, the "**Reinvestment Period**")); *provided*, *further*, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless (y) such Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $2,500,000 and (z) the aggregate Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $5,000,000 in any fiscal year (and thereafter only Net Proceeds in excess of such individual and annual amounts shall constitute Net Proceeds under this <u>clause (</u>a<u>ii</u><u>)</u>). If at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Net Proceeds of such Disposition or Casualty Event, then the Borrowers may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Net Proceeds allocated to the Other Applicable

------

Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(ii)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (A) not permitted to be incurred or issued pursuant to <u>Section 7.03</u> or (B) that is intended to constitute Replacement Term Loans or Credit Agreement Refinancing Indebtedness in respect of any Class of Terms Loans, Revolving Loans or Revolving Credit Commitments, the Borrowers shall cause to be prepaid an aggregate principal amount of such Term Loans (or, in the case of Credit Agreement Refinancing Indebtedness in respect of Revolving Loans or Revolving Credit Commitments, prepay such Revolving Loans and terminate such Revolving Credit Commitments) in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Proceeds plus any additional premium (if any) owing pursuant to <u>Section 2.05(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If for any reason the aggregate Outstanding Amount of Revolving Loans and L/C Obligations at any time exceeds the aggregate Revolving Credit Commitments then in effect, the Borrowers shall within two Business Days after receipt of written notice from the Revolving Agent or becoming aware of such excess prepay the Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; *provided* that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.05(b)(iv)</u> unless, after the prepayment in full of the Revolving Loans, such aggregate Outstanding Amount exceeds the aggregate Revolving Credit Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any Excess Cash Flow attributable to Foreign Subsidiaries ("**Foreign Subsidiary Excess Cash Flow**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the portion of such Foreign Subsidiary Excess Cash Flow that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any Foreign Subsidiary Excess Cash Flow could reasonably be expected to result in a tax liability (including any withholding tax) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower), the Borrower or any Subsidiary (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), an amount equal to such Foreign Subsidiary Excess Cash Flow that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>; *provided* that (A) for purposes of this <u>Section 2.05</u>, Excess Cash Flow shall be deemed allocable to each Foreign Subsidiary, with respect to any Excess Cash Flow Period, in an amount equal to (i) the Consolidated EBITDA of such Foreign Subsidiary for such Excess Cash Flow Period, *divided* by (ii) the Consolidated

------

EBITDA of the Borrower and its Restricted Subsidiaries for such period (it being understood and agreed for the avoidance of doubt that such allocation shall exclude any reduction from interest and principal payments in respect of the Obligations) and (B) the Borrower and its Restricted Subsidiaries shall be entitled to reduce Excess Cash Flow owed to the Lenders pursuant to <u>Section 2.05(b)(i)</u> in respect of any Excess Cash Flow Period by the aggregate amount of Excess Cash Flow attributable to Foreign Subsidiaries subject to the limitations and restrictions described above in this <u>Section 2.05(b)(v)</u> for such Excess Cash Flow Period. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary ("**Foreign Disposition**") or the Net Proceeds of any Casualty Event incurred by a Foreign Subsidiary ("**Foreign Casualty Event**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the Net Proceeds that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Disposition or Foreign Casualty Event could reasonably be expected to result in a tax liability (including any withholding tax)(other than a de minimis tax liability) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower) (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), the Borrower or any Restricted Subsidiary with respect to such Net Proceeds, an amount equal to such Net Proceeds that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as otherwise provided in any Refinancing Amendment, Extension Amendment or any Incremental Amendment or as otherwise provided herein, (A) each prepayment of Term Loans pursuant to this <u>Section 2.05(b)</u> shall be applied ratably to each Class of Term Loans then outstanding; *provided* that (x) any prepayment of Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt and (y) any prepayment of Term Loans with the Net Cash Proceeds of Replacement Term Loans shall be applied solely to each applicable Class of Refinanced Term Loans; (B) with respect to each Class of Term Loans, each prepayment pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> shall be applied to the scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner directed by the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity) and (C) each such prepayment shall be paid to the Lenders of each Class in accordance with their respective Pro Rata Shares of such prepayment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made by the Borrowers pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> not later than 11:00 a.m. at least three Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the aggregate amount of such prepayment required to be made by the Borrowers. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower's prepayment notice and of such Appropriate Lender's Pro Rata Share of the prepayment. Each Term Lender may reject all (but not less than all) of its Pro Rata Share of any mandatory prepayment (such declined amounts, the "**Declined Proceeds**") of Term Loans required to be made pursuant to <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section 2.05(b)</u> by providing written notice (each, a "**Rejection Notice**") to the Administrative Agent no later than 5:00 p.m. one Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment; *provided*, *however*, in no event may the proceeds of any Credit Agreement Refinancing Indebtedness be rejected. If a Term Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be retained by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest, Funding Losses, Etc*. All prepayments under this <u>Section 2.05</u> shall be without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>) and accompanied by all accrued interest thereon (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments), together with, in the case of any such prepayment of a Eurocurrency<u>Term SOFR</u> Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Eurocurrency<u>Term SOFR</u> Rate Loan pursuant to <u>Section 3.05</u>. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Call Protection*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any prepayment of all or any portion of the Initial Term Loans or the Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of the Initial Term Loans or the Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs prior to the first anniversary of the Closing Date, (y) 1.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date and (z) 0.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the second anniversary of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any prepayment of all or any portion of the 2020 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of 2020 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate

------

principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 1 Effective Date, (y) 1.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 1 Effective Date and prior to the second anniversary of the Amendment No. 1 Effective Date and (z) 0.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 1 Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any prepayment of all or any portion of the 2021 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of 2021 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 2 Effective Date, (y) 1.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 2 Effective Date and prior to the second anniversary of the Amendment No. 2 Effective Date and (z) 0.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 2 Effective Date.

Notwithstanding any of the other provisions of this <u>Section 2.05</u>, so long as no Event of Default shall have occurred and be continuing, if any prepayment of Eurocurrency<u>Term SOFR</u> Rate Loans is required to be made under this <u>Section 2.05</u>, prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this <u>Section 2.05</u> in respect of any such Eurocurrency<u>Term SOFR</u> Rate Loan prior to the last day of the Interest Period therefor, the Borrowers may, in their sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such Interest Period into a deposit account of the Borrower maintained with the Revolving Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with this <u>Section 2.05</u>. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this <u>Section 2.05</u>. Such deposit shall be deemed to be a prepayment of such Loans by the Borrowers for all purposes under this Agreement.

Section 2.06. <u>Termination or Reduction of Commitments</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. The Borrowers may, upon written notice to the Administrative Agent or the Revolving Agent, as applicable, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent or the Revolving Agent, as applicable, three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,500,000, or any whole multiple of $500,000 in excess thereof or, if less, the entire amount thereof, (iii) if, after giving effect to any reduction of the Revolving Credit Commitments or the Letter of Credit Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess and (iv) any termination or permanent reduction of any Revolving Credit Commitments pursuant to this <u>Section 2.06(a)</u> shall be applied as

------

directed by the Borrowers, including as to any Class of Extended Revolving Credit Commitments or existing Revolving Credit Commitments (including any Refinancing Revolving Credit Commitments). Except as provided above, the amount of any such Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Borrowers. Notwithstanding the foregoing, any notice of termination of any Commitments may be conditional, extendable or revocable if such termination would result from a Refinancing of all or any portion of the applicable Class or occurrence of any other event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. The Initial Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by such Term Lender on the Closing Date. The Delayed Draw Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (u) the Delayed Draw Term Loan Commitment Termination Date and (v) the funding of the Delayed Draw Term Loans in an amount equal to the aggregate Delayed Draw Commitment. The 2020 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (w) the 2020 Delayed Draw Term Loan Commitment Termination Date and (x) the funding of the 2020 Delayed Draw Term Loans in an amount equal to the aggregate 2020 Delayed Draw Term Loan Commitment. The 2021 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (y) the 2021 Delayed Draw Term Loan Commitment Termination Date and (z) the funding of the 2021 Delayed Draw Term Loans in an amount equal to the aggregate 2021 Delayed Draw Term Loan Commitment. The Revolving Credit Commitments of each Revolving Credit Lender shall automatically and permanently terminate on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Application of Commitment Reductions; Payment of Fees*. The Revolving Agent will promptly notify the Revolving Credit Lenders of any termination or reduction of the Revolving Credit Commitments under this <u>Section 2.06</u>. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Revolving Credit Lender's Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced (other than the termination of the Revolving Credit Commitment of any Revolving Credit Lender as provided in <u>Section 3.07</u>). All Unused Revolver Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitments shall be paid to the Revolving Agent, for the benefit of the Revolving Credit Lenders, on the effective date of such termination.

Section 2.07. <u>Repayment of Loans</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2020, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Loans*. The Borrowers shall repay to the Revolving Agent for the ratable account of the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Loans under the Revolving Credit Facility outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable Delayed Draw Funding Date of such Delayed Draw Term Loans (each such day, a "**Delayed Draw Installment** 

------

 **Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2020 Delayed Draw Term Loan Funding Date of such 2020 Delayed Draw Term Loans (each such day, a "**2020 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2020 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2020 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2020 Delayed Draw Term Loans, the aggregate principal amount of all 2020 Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2021 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2021 Delayed Draw Term Loan Funding Date of such 2021 Delayed Draw Term Loans (each such day, a "**2021 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2021 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2021 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2021 Delayed Draw Term Loans, the aggregate principal amount of all 2021 Delayed Draw Term Loans outstanding on such date.

Section 2.08. <u>Interest</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 2.08(b)</u>, (i) each Eurocurrency<u>Term SOFR</u> Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency<u>Term SOFR</u> Rate for such Interest Period *plus* the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate *plus* the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default under <u>Section 8.01(a)</u> (with respect to principal, interest or fees) or non-payment after acceleration pursuant to <u>Section 8.01(f)</u>, the Borrowers shall pay interest on past due amounts (after giving effect to any applicable grace period) owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; *provided* that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon written demand.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

Section 2.09. <u>Fees</u>.

In addition to certain fees described in <u>Sections 2.03(h)</u> and <u>(i)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Unused Revolver Commitment Fee*. The Borrowers agree to pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, an unused commitment fee (the "Unused Revolver Commitment Fee") in an amount equal to the Applicable Rate (as set forth in clause (c) of such definition) *times* the actual daily amount by which the aggregate amount of the Revolving Credit Commitments exceeds the sum of the Outstanding Amount of Revolving Loans and the Outstanding Amount of L/C Obligations for each calendar quarter or portion thereof; *provided* that any Unused Revolver Commitment Fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Revolver Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Unused Revolver Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Unused Revolver Commitment Fee shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date for the Revolving Credit Facility. The Unused Revolver Commitment Fee shall be calculated quarterly in arrears. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Fees*. The Borrowers shall pay to the Agents and the Commitment Parties such fees as shall have been separately agreed upon in writing (including pursuant to the Commitment Letter and the Fee Letter) in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrowers and the applicable Agent or Commitment Party). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each Delayed Draw Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the Delayed Draw Commitments exceeds the sum of the Outstanding Amount of Delayed Draw Term Loans; *provided* that any Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Delayed Draw Term Loan Commitment Fee on the Delayed Draw Commitments shall accrue commencing on the ninetieth (90th) day following the Closing Date and at all times thereafter until the Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due

------

and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Closing Date, and on the Delayed Draw Term Loan Commitment Termination Date. The Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2020 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2020 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2020 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2020 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2020 Delayed Draw Term Loans; *provided* that any 2020 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2020 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2020 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2020 Delayed Draw Term Loan Commitment Fee on the 2020 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 1 Effective Date and at all times thereafter until the 2020 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 1 Effective Date, and on the 2020 Delayed Draw Term Loan Commitment Termination Date. The 2020 Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *2021 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2021 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2021 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2021 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2021 Delayed Draw Term Loans; *provided* that any 2021 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2021 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2021 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2021 Delayed Draw Term Loan Commitment Fee on the 2021 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 2 Effective Date and at all times thereafter until the 2021 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 2 Effective Date, and on the 2021 Delayed Draw Term Loan Commitment Termination Date. The 2021 Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(e)</u> shall be calculated quarterly in arrears.

------

Section 2.10. <u>Computation of Interest and Fees</u>.

All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency<u>Term SOFR</u> Rate) shall be made on the basis of a year of 365 days, or 366 days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; *provided* that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.12(a)</u>, bear interest for one day. Each determination by the Administrative Agent or the Revolving Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 2.11. <u>Evidence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent or the Revolving Agent, as applicable, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrowers, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent or the Revolving Agent, as applicable, and each Lender shall be *prima facie* evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, in respect of such matters, the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent or the Revolving Agent, as applicable, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent or the Revolving Agent, as applicable) a Note payable to such Lender, which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section 2.11(a)</u>, each Appropriate Lender, the Revolving Agent and the Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Revolving Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Revolving Agent or the Administrative Agent, as applicable, and the accounts and records of any Lender in respect of such matters, the accounts and records of the Revolving Agent or the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entries made in good faith by the Administrative Agent and the Revolving Agent in the Register pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, and by each Lender in its account or accounts pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, shall be *prima facie* evidence of the amount of principal and interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent, the Revolving Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement and the other Loan Documents.

------

Section 2.12. <u>Payments Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided by <u>Section 3.01</u>, all payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense (other than payment in full), recoupment or setoff. All payments by the Borrowers hereunder shall be made to the Administrative Agent or the Revolving Agent, as applicable, for the account of the respective Lenders to which such payment is owed, at the Applicable Agent's Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Without limiting the generality of the foregoing, the Administrative Agent or the Revolving Agent, as applicable, may require that any payments due under this Agreement be made in the United States. The Administrative Agent or the Revolving Agent, as applicable, will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share provided for under this Agreement) of such payment in like funds as received by wire transfer to such Lender's applicable Lending Office. All payments received by the Administrative Agent or the Revolving Agent, as applicable, after 2:00 p.m. on any Business Day shall in each case be deemed received on the next succeeding Business Day (or, in the Administrative Agent's or the Revolving Agent's, as applicable, sole discretion, on the same Business Day) and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, if any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; *provided* that, if such extension would cause payment of interest on or principal of Eurocurrency<u>Term SOFR</u> Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower or any Lender has notified the Administrative Agent or the Revolving Agent, as applicable, prior to the date any payment is required to be made by it to the Administrative Agent or the Revolving Agent, as applicable, hereunder, that a Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent or the Revolving Agent, as applicable, may assume that such Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrowers failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent or the Revolving Agent, as applicable, the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to such Lender to the date such amount is repaid to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds at the applicable Overnight Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent or the Revolving Agent, as applicable, the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to the Borrowers to the date such amount is recovered by the Administrative Agent or the Revolving Agent, as applicable, (the "**Compensation Period**") at a rate per annum equal to the applicable Overnight Rate from time to time in effect. When such Lender makes payment to the Administrative Agent or the Revolving Agent, as applicable, (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender's Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent's or the Revolving Agent's, as applicable, demand therefor, the Administrative Agent or the

------

Revolving Agent, as applicable, may make a demand therefor upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent or the Revolving Agent, as applicable, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent, the Revolving Agent or the Borrowers may have against any Lender as a result of any default by such Lender hereunder.

A written notice (including documentation reasonably supporting such request) of the Administrative Agent or the Revolving Agent, as applicable, to any Lender or the Borrowers with respect to any amount owing under this <u>Section 2.12(c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent or the Revolving Agent, as applicable, funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrowers by the Administrative Agent or the Revolving Agent, as applicable, because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent or the Revolving Agent, as applicable, shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever any payment received by the Administrative Agent or the Revolving Agent, as applicable, under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent or the Revolving Agent, as applicable, and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent or the Revolving Agent, as applicable, and applied by the Administrative Agent or the Revolving Agent, as applicable, and the Lenders in the order of priority set forth in <u>Section 8.03</u>. If the Administrative Agent or the Revolving Agent, as applicable, receives funds for application to the Secured Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent or the Revolving Agent, as applicable, may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender's Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Secured Obligations then owing to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amounts to be applied to the prepayment of Loans in connection with any mandatory prepayments by the Borrowers of the Term Loans pursuant to <u>Section 2.05(b)</u> shall be applied, as applicable, on a pro rata basis to the then outstanding Class of Term Loans being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or, after giving effect to the last paragraph of <u>Section 2.05</u>, Eurocurrency<u>Term SOFR</u> Rate Loans; *provided* that if no Lenders exercise the right to waive

------

a given mandatory prepayment of the Term Loans pursuant to <u>Section 2.05(b)(viii)</u>, then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to reduce outstanding Base Rate Loans. Any amounts remaining after each such application shall be applied to prepay Eurocurrency<u>Term SOFR</u> Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to <u>Section 3.05</u>.

Section 2.13. <u>Sharing of Payments</u>.

If, other than as provided elsewhere herein, any Lender shall obtain payment in respect of any principal or interest on account of the Loans made by it, or the participations in L/C Obligations held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent or the Revolving Agent, as applicable, of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such sub-participations in the participations in L/C Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of any principal or interest on such Loans or such participations, as the case may be, pro rata with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For the avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers or application of funds pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder, (C) transactions in connection with an open market purchase or Dutch Auction contemplated hereunder, (D) in connection with a transaction pursuant to an Extension Amendment, Refinancing Amendment or Incremental Amendment or amendment in connection with Replacement Term Loans contemplated hereunder, (E) the application of Cash Collateral as provided herein (including the application of funds arising from the existence of a Defaulting Lender) or (F) non-pro rata payments and repayments permitted pursuant to <u>Section 2.16(b)</u>. The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this <u>Section 2.13</u> may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participations. The Administrative Agent and the Revolving Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section 2.13</u> and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section 2.13</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

Notwithstanding anything to the contrary contained in this <u>Section 2.13</u> or elsewhere in this Agreement, the Borrowers may extend the final maturity of Term Loans and/or Revolving Credit Commitments in connection with an Extension that is permitted under <u>Section 2.16</u> (each, an "**Extension Offer**") without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (i) shall constitute a payment or prepayment of any Term Loans or

------

Revolving Loans, as applicable, for purposes of this <u>Section 2.13</u> or (ii) shall reduce the amount of any scheduled amortization payment due under <u>Section 2.07(a)</u>, except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement. Furthermore, the Borrowers may take all actions contemplated by <u>Section 2.16</u> in connection with any Extension (including modifying pricing, amortization and repayments or prepayments), and in each case such actions shall be permitted, and the differing payments contemplated therein shall be permitted without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement.

Section 2.14. <u>Incremental Credit Extensions; Increase in Revolving Credit Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Incremental Term Loan Commitments*. The Borrowers may at any time or from time to time after the Closing Date, by notice to the Administrative Agent and the Revolving Agent, as applicable (an "**Incremental Request**"), request (i) one or more new commitments which may be in the same Facility as any outstanding Term Loans (a "**Term Loan Increase**") or a new Class of term loans (including any delayed draw term loans) (collectively with any Term Loan Increase, the "**Incremental Term Loan Commitments**") in each case, under this Agreement, (ii) one or more new term loans (including any delayed draw term loans) in a separate facility from the Facilities and either unsecured or secured on a pari passu basis or a junior lien basis to the Facilities (the "**Other Commitments**" and the loans in respect thereof, the "**Other Term Loans**"), which shall be documented under another credit agreement, and/or (iii) one or more series of pari passu secured, junior lien secured or unsecured notes (the "**Other Notes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incremental Term Loans*. Any Incremental Term Loans to the extent effected through the establishment of one or more new delayed draw commitments or new Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Loan Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction (or waiver) of the terms and conditions in this <u>Section 2.14</u>, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrowers (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Loan Commitment and (ii) each Incremental Term Lender shall become a Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loans made pursuant thereto. For the avoidance of doubt, Incremental Term Loans having identical terms to any of the other Term Loans (other than OID and/or upfront fees) may be treated as the same Class as any of such Term Loans for all purposes herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Request*. Each Incremental Request from the Borrowers pursuant to this <u>Section 2.14</u> shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans, Other Term Loans or Other Notes. Incremental Term Loans, Other Term Loans and extensions of credit in respect of Other Notes will first be offered to the then-existing Term Lenders with respect to the Incremental Term Loans on a pro rata basis (but each existing Lender will not have an obligation to make any Incremental Term Loan Commitment or Other Commitment, or to extend credit in respect of any Other Term Loans or Other Notes) and, to the extent such existing Term Lenders have not agreed or declined to provide such Incremental Term Loan within five (5) Business Days following such offer on the terms specified by the Borrower or arranger of such Incremental Term Loan, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Term Lenders) (any such other bank or other financial institution that is not an Existing Lender being called an "**Additional Term Lender**") (each such existing Lender or Additional Term Lender providing such Incremental Term Loans, Other Term Loans or Other Notes an "**Incremental Term Lender**," and, collectively, the "**Incremental Term Lenders**"); *provided* that any Affiliated Lender providing an Incremental Term Loan Commitment shall be subject to the same restrictions set forth in <u>Section 10.07(k)</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Initial Term Loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effectiveness of Incremental Amendment*. The obtaining of Other Commitments, the making of Other Term Loans, the incurrence of Indebtedness in respect of Other Notes, the effectiveness of any Incremental Amendment, and the Incremental Term Loan Commitments thereunder, shall be subject to the satisfaction on the date of such Incremental Amendment (or, in the case of Other Commitments, Other Term Loans and Other Notes, on the date of the extension of such commitments or the incurrence or issuance of such Other Term Loans or Other Notes, as applicable) (the "**Incremental Facility Closing Date**") of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Incremental Term Loan Commitments, no Event of Default shall exist after giving effect to such Incremental Term Loan Commitments (or, in the case of Incremental Term Loan Commitments incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Incremental Term Loan Commitments become effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Incremental Term Loan Commitment shall be in an aggregate principal amount that is not less than $2,500,000 and shall be in an increment of $500,000 (*provided* that such amount may be less than $2,500,000 or $500,000, as applicable, if such amount represents all remaining availability under the limit set forth in <u>clause (iii)</u> below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of the Incremental Term Loans, the Other Term Loans and the Other Notes shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to clause (ii)(A) of the definition of "Permitted Ratio Debt" *plus* (B) such additional amount of Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (assuming for purposes of each of these calculations that any increase to the Revolving Credit Facility in accordance with Section 2.14(h) established on the same date as such Incremental Term Loan Commitment is drawn), after giving effect to any such incurrence or issuance and any transaction consummated in connection therewith on a Pro Forma Basis, and, in each case, with respect to any Incremental Term Loan Commitment established at such time, assuming a borrowing of the maximum amount of Incremental Term Loans, Other Term Loans and Other Notes available thereunder (*provided* that, at the option of the Borrower, any unfunded Incremental Term Loan Commitments may be tested on the date such Incremental Loans are incurred in lieu of testing on the date of establishment), and excluding the cash proceeds of any such Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes for the purposes of netting; *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness; *plus* (C) an amount equal to (x) the sum, without duplication, of all (i) voluntary prepayments and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt" and (ii) permanent

------

voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt", (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt") *minus* (y) the aggregate principal amount of the aggregate principal amount of all Indebtedness incurred in reliance on clause (ii)(C) of the definition of "Permitted Ratio Debt" (it being understood that (x) amounts under clause (B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (A) or (C), and amounts under clause (C) shall be deemed to have been used prior to utilization of amounts under clause (A), (y) Indebtedness may be incurred under clauses (A) and (B), (B) and (C) or (A), (B) and (C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (B) above and then calculating the incurrence under clause (A) and/or (C) and, for the avoidance of doubt, any such incurrence under clause (A) and/or (C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (A) or (C) as incurred pursuant to clause (B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (A) or (C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Required Terms*. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Loan Commitments of any Class, and of the Other Term Loans and the Other Notes, except as otherwise set forth herein, shall be as agreed between the Borrowers and the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments, Other Term Loans or Other Notes, as applicable; *provided* that , except with respect to AHYDO Payments, in no event will any Incremental Term Loans or Other Term Loans be permitted to be mandatorily prepaid prior to the repayment in full of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans, unless accompanied by at least a ratable payment of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans (and, for the avoidance of doubt, any Incremental Amendment may provide that the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments or such Other Notes, as applicable, shall receive a less than ratable payment). In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans, Other Term Loans and Other Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) with respect to Incremental Term Loans, Other Term Loans and Other Notes that are intended to be secured on a pari passu basis, such Incremental Term Loans, Other Term Loans and Other Notes shall (w) either constitute (I) Pari Passu Secured Obligations and be subject to either the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement or (II) "additional first lien debt" (or a comparable term) (as defined in any Junior Intercreditor Agreement) and be subject to a Junior Intercreditor Agreement, (x) shall not at any time be guaranteed by any Subsidiaries other than the Restricted Subsidiaries that are Guarantors, (y) to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata

------

basis) in any mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment or other definitive documentation therefor, and (z) shall be junior in right of payment to the Revolving <u>Credit</u> Facility to the extent set forth in such agreement among the Lenders or the applicable Intercreditor Agreement; and (2) with respect to Other Term Loans and Other Notes that are unsecured or secured on a junior lien basis, shall not at any time be guaranteed by any Subsidiaries other than the Subsidiaries that are Guarantors and, to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and shall not be entitled to participate in any mandatory prepayments of Term Loans hereunder other than to the same extent such participation is customarily available in junior secured loan facilities or note issuances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date, shall not mature earlier than the Latest Maturity Date of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except (x) in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date or (y) as may be required to achieve fungibility with any then-existing Term Loans to the extent intended to be fungible by the Borrowers and the Administrative Agent, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of then-existing Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other than with respect to Other Term Loans and Other Notes, shall have an Applicable Rate, and subject to <u>clauses (e)(i)(B)</u> and <u>(e)(i)(C)</u> above and <u>clause (e)(iii)</u> below, amortization determined by the Borrowers and the applicable Incremental Term Lenders or other Additional Term Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the amortization of Other Term Loans and Other Notes (subject to <u>clauses (B)</u> and <u>(C)</u> above) shall be determined by the Borrowers and the lenders or purchasers providing such Other Term Loans and Other Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Incremental Term Loans may be in the form of delayed draw term loans and, to the extent incurred pursuant to clause (d)(iii)(B) above, shall, unless the Borrower otherwise elects, be subject to the applicable incurrence test at funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to <u>Section 2.14(e)(i)(C)</u>, the amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans of each Class, and to each series of Other Term Loans and Other Notes, shall be determined by the Borrowers and the applicable Incremental Term Lenders and shall be set forth in each applicable Incremental Amendment and in the definitive documentation governing such Indebtedness; *provided*, *however*, that, with respect to any Incremental Term Loans, Other Term Loans or Other Notes made under Incremental Term Loan Commitments that are pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes as applicable, shall not be greater than the All-In Yield then applicable to the Initial Term Loans *plus* 50 basis points per annum, unless the interest rate

------

with respect to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans to equal the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes, as applicable, *minus* 50 basis points per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Incremental Amendment*. Commitments in respect of Incremental Term Loans shall become Commitments under this Agreement pursuant to an amendment (an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Incremental Term Lender providing such Commitments, the Administrative Agent and the Collateral Agent (and the Administrative Agent shall execute such Incremental Amendment so long as the conditions to such Incremental Term <u>Loan</u> Commitment in this Section 2.14 are satisfied), and as a condition precedent to each Incremental Amendment, each Incremental Term Lender shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date (or another equivalent agreement that establishes the senior priority in right of payment of the Revolving Loans to such Incremental Term Loans). The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this <u>Section 2.14</u>. The Borrowers will use the proceeds of the Incremental Term Loans as determined by the Borrowers and the Lenders providing such Incremental Term Loans. No Lender shall be obligated to provide any Incremental Term Loans unless it so agrees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Increase in Revolving Credit Facility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, at any time, request that the Maximum Revolving Credit Amount and the Revolving Credit Commitments be increased by (1) one or more of the current Revolving Credit Lenders increasing their Revolving Credit Commitment (any current Revolving Credit Lender which elects to increase its Revolving Credit Commitment shall be referred to as an "<u>Increasing Revolving Credit Lender</u>") or (2) one or more new financial institutions (each a "<u>New Revolving Credit Lender</u>") joining this Agreement and providing a Revolving Credit Commitment hereunder, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no current Revolving Credit Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Revolving Credit Lender shall be in the sole discretion of such current Revolving Credit Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such increase will first be offered to the then-existing Revolving Credit Lenders on a pro rata basis (but no existing Revolving Credit Lender will have an obligation to make any such increase) and, any increase in the Maximum Revolving Credit Amount to the extent such existing Revolving Credit Lenders have not agreed or declined to provide such increase within five (5) Business Days following the receipt of notice of the date of the proposed increase, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Revolving Credit Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) after giving effect to such increase, the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments shall not exceed $30,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Borrowers may not request an increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments under this <u>Section 2.14(h)</u> more than four (4) times prior to the Maturity Date, and no single such increase shall be for an amount less than $2,500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Borrowers shall deliver to Revolving Agent on or before the effective date of such increase the following documents, in each case in form and substance satisfactory to Revolving Agent: (A) a certificate dated as of the effective date of such increase certifying that (i) the increase in the Revolving Credit Commitment has been approved by the board of directors of each Borrower, (ii) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective), and (iii) all of the representations and warranties made by each Borrower herein are true and complete in all respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date), and (B) such other agreements, instruments and information (including supplements or modifications to this Agreement and/or the Loan Documents executed by Borrowers) as Revolving Agent reasonably deems necessary in order to document the increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments and to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents in light of such increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Borrowers shall execute and deliver (A) to each Increasing Revolving Credit Lender a replacement Revolving Credit Note reflecting the new amount of such Increasing Revolving Credit Lender's Revolving Credit Commitment Amount after giving effect to the increase (and the prior Revolving Credit Note issued to such Increasing Revolving Credit Lender shall be returned to the Borrower and canceled) and (B) to each New Revolving Credit Lender a Revolving Credit Note reflecting the amount of such New Revolving Credit Lender's Revolving Credit Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to the extent required by <u>Section 10.07</u>, any New Revolving Credit Lender shall be subject to the approval of Revolving Agent and each L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) each Increasing Revolving Credit Lender shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement, signed by it and each Borrower and delivered to Revolving Agent on or before the effective date of such increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) each New Revolving Credit Lender shall execute a lender joinder and assumption agreement in substantially the form of Exhibit M hereto pursuant to which such New Revolving Credit Lender shall join and become a party to this Agreement and the Loan Documents with a Revolving Credit Commitment as set forth in such joinder and assumption agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the effective date of such increase: (i) the Revolving Credit Commitment of each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall be recalculated such that each such Revolving Credit Lender's Revolving Credit Commitment is equal to (x) the Revolving Credit Commitment of such Revolving Credit Lender <u>divided by</u> (y) the aggregate of the Revolving Credit Commitments of all Revolving Credit Lenders; (ii) each Revolving Credit Lender shall participate in any new Revolving Loans made on or after such date in accordance with its Revolving Credit Commitment after giving effect to the increase in the aggregate

------

Revolving Credit Commitments and recalculation of the Revolving Credit Commitment contemplated by this <u>Section 2.14(h)</u>; and (iii) each reference to the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments herein and in any of the Loan Documents shall be deemed amended to mean the amount of the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments as so increased pursuant to this <u>Section 2.14(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the effective date of such increase, each Increasing Revolving Credit Lender shall be deemed to have purchased an additional/increased participation in, and each New Revolving Credit Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder in an amount equal to such Revolving Credit Lender's Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above) of the L/C Obligations of each such Letter of Credit (as in effect from time to time). As necessary to effectuate the foregoing, each existing Revolving Credit Lender that is not an Increasing Revolving Credit Lender shall be deemed to have sold to each applicable Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as necessary, a portion of such existing Revolving Credit Lender's participations in such outstanding Letters of Credit and drawings such that, after giving effect to all such purchases and sales, each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) in accordance with their respective Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the effective date of such increase, Borrowers shall pay all costs and expenses incurred by each Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as applicable, and Revolving Agent (including, without limitation, the reasonable fees and expenses of counsel to Revolving Agent) in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Revolving Agent, Borrowers, such Increasing Revolving Credit Lender and/or such New Revolving Credit Lender in connection with, such increase (including all fees for any supplemental or additional public filings of any Loan Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Revolving Agent and Revolving Credit Lenders hereunder and under the Loan Documents in light of such increase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section 2.14</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.15. <u>Refinancing Amendments</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On one or more occasions after the Closing Date, the Borrowers may obtain, from any Lender or any Additional Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans or all (but not less than all) of the Revolving Loans and unused Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this <u>Section 2.15(a)</u> will be deemed to include any then outstanding Refinancing Term Loans or Incremental Term Loans), in the form of Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans pursuant to a Refinancing Amendment; *provided* that notwithstanding anything to the contrary in this <u>Section 2.15</u> or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect to Refinancing Revolving Credit Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be repaid (with respect to existing Revolving Loans) or replaced (with respect to existing Revolving Credit Commitments) in full, (2) subject to the provisions of <u>Section 2.03(m)</u> to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Credit

------

Commitments with a longer maturity date, all Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Credit Commitments (and except as provided in <u>Section 2.03(m)</u>, without giving effect to changes thereto on an earlier maturity date with respect to Letters of Credit theretofore incurred or issued), (3) assignments and participations of Refinancing Revolving Credit Commitments and Refinancing Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Loans and (4) each Additional Refinancing Lender that is or becomes a Lender under this Agreement shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date and all Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans shall be junior in right of payment to the Revolving <u>Credit</u> Facility to the extent set forth in such agreement among Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, receipt by the Administrative Agent or the Revolving Agent, as applicable of (i) customary legal opinions consistent with those delivered on the Closing Date (other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each issuance of Credit Agreement Refinancing Indebtedness under <u>Section 2.15(a)</u> shall be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and the fourth paragraph of <u>Section 10.01</u> and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.15</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Refinancing Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This <u>Section 2.15</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.16. <u>Extension of Term Loans; Extension of Revolving Loans</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Extension of Term Loans*. The Borrowers may at any time and from time to time request that all or a portion of the Term Loans of a given Class (each, an "**Existing Term Loan Tranche**") be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended, "**Extended Term Loans**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a "**Term Loan Extension Request**") setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under such Existing Term Loan Tranche (including as to the

------

proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) (except as to interest rates, fees, amortization, final maturity date, AHYDO Payments, optional prepayments and redemptions, premium, required prepayment dates and participation in prepayments, which shall be determined by the Borrowers and the Extending Term Lenders and set forth in the relevant Term Loan Extension Request), be substantially identical to, or (taken as a whole) not materially more favorable (as reasonably determined by the Borrowers) to the Extending Term Lenders than those applicable to the Existing Term Loan Tranche subject to such Term Loan Extension Request (except if the existing Lenders receive the benefit of such favorable terms or for covenants or other provisions applicable only to periods after the Latest Maturity Date), including: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; *provided*, *however*, that at no time shall there be Classes of Term Loans hereunder (including Refinancing Term Loans and Extended Term Loans) which have more than five different Maturity Dates; (ii) the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments with respect to the Extended Term Loans (whether in the form of interest rate margin, upfront fees, OID or otherwise) may be different than the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments for the Term Loans of such Existing Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Term Loans); and (iv) Extended Term Loans may have call protection as may be agreed by the Borrowers and the Lenders thereof; *provided*, *however*, that (A) in no event shall the final maturity date of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Term Loans hereunder, (B) the Weighted Average Life to Maturity of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of the applicable Existing Term Loan Tranche, (C) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect), (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing and (E) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans amended pursuant to any Term Loan Extension Request shall be designated a series (each, a "**Term Loan Extension Series**") of Extended Term Loans for all purposes of this Agreement; *provided* that any Extended Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each Term Loan Extension Series of Extended Term Loans incurred under this <u>Section 2.16</u> shall be in an aggregate principal amount that is not less than $10,000,000 (or, if less, the entire principal amount of the Indebtedness being extended pursuant to this <u>Section 2.16(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Extension of Revolving Credit Commitments*. The Borrowers may at any time and from time to time request that the Revolving Credit Commitments be amended to extend the Maturity Date with respect thereto (as so extended, "**Extended Revolving Credit Commitments**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Revolving Agent (who shall provide a copy of such notice to each of the Revolving Credit Lenders) (each, a "**Revolver Extension Request**") setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Revolving Credit Lender (including as to the proposed interest rates and fees payable) and offered pro rata to each Revolving Credit Lender and (y) the Extended Revolving Credit Commitment extended pursuant to a Revolver Extension Request, and the related outstandings, shall be a Revolving

------

Credit Commitment (or related outstandings, as the case may be) with such other terms as determined by the Borrower and the Extending Revolving Credit Lender agreeing to extend their Revolving Credit Commitment and the Extension Amendment may provide for other covenants (as determined by the Borrowers and Revolving Credit Lenders); and (ii) all borrowings under the Revolving Credit Facility and all repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstandings), (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments and (III) repayments made in connection with a permanent repayment and termination of non-extended Revolving Credit Commitments); *provided*, *further*, that (A) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, (B) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect) and (C) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a "**Revolver Extension Series**") of Extended Revolving Credit Commitments for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Extension Request*. The Borrowers shall provide the applicable Extension Request at least five Business Days prior to the date on which the applicable existing Lenders are requested to respond (or such shorter period as agreed by the Administrative Agent or the Revolving Agent, as applicable), and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, in each case acting reasonably to accomplish the purposes of this <u>Section 2.16</u>. Subject to <u>Section 3.07</u>, no Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Extended Term Loans or any of its Revolving Credit Commitments amended into Extended Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an "**Extending Term Lender**") wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extended Term Loans and any Revolving Credit Lender (each, an "**Extending Revolving Credit Lender**") wishing to have its Revolving Credit Commitments subject to such Extension Request amended into Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent or the Revolving Agent, as applicable (each, an "**Extension Election**") on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, which it has elected to request be amended into Extended Term Loans or Extended Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent or the Revolving Agent, as applicable). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, in respect of which applicable Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extended Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent or the Revolving Agent, as applicable, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Extension Amendment*. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an amendment (each, an "**Extension Amendment**") to this Agreement among the Borrowers, the Administrative Agent or the Revolving Agent, as applicable, and each Extending Term Lender or Extending Revolving Credit Lender, as applicable, providing an Extended

------

Term Loan or Extended Revolving Credit Commitment, as applicable, thereunder, which shall be consistent with the provisions set forth in <u>Section 2.16(a)</u> or <u>2.16(b)</u> above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Extension Amendment shall be, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, subject to receipt by the Administrative Agent or the Revolving Agent, as applicable, of (i) customary legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable, and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. The Administrative Agent or the Revolving Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled repayments set forth in <u>Section 2.07</u> with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to <u>Section 2.07</u>), (iii) modify the prepayments set forth in <u>Section 2.05</u> to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.16</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Extension Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No conversion or extension of Loans or Commitments pursuant to any Extension in accordance with this <u>Section 2.16</u> shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. This <u>Section 2.16</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.17. <u>Defaulting Lenders</u> .

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Revolving Agent, as applicable, for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent or the Revolving Agent, as applicable, as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent or the Revolving Agent,

------

as applicable, hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuers hereunder; <u>third</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, or requested by the applicable L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; <u>fourth</u>, as the Borrowers may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent or the Revolving Agent, as applicable; <u>fifth</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to be held in a non-interest bearing deposit account and released in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this Agreement and (y) be held as Cash Collateral for funding obligations of such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 2.03</u>; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the applicable L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.17(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees; Default Interest</u>. That Defaulting Lender (x) shall not be entitled to receive any Unused Revolver Commitment Fee, Delayed Draw Term Loan Commitment Fee, 2020 Delayed Draw Term Loan Commitment Fee or 2021 Delayed Draw Term Loan Commitment Fee pursuant to <u>Section 2.09(a), (d), (e)</u> or <u>(f)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender), (y) shall not be entitled to receive any interest at the Default Rate pursuant to <u>Section 2.08(b)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such interest that otherwise would have been required to have been paid to that Defaulting Lender) and (z) shall be limited in its right to receive Letter of Credit Fees as provided in <u>Section 2.03(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Pro Rata Share to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.03</u>, the "Pro Rata Share" of each Non- Defaulting Lender's Revolving Loans and L/C Obligations shall automatically be computed without giving effect to the Commitment of that Defaulting Lender; *provided* that (i) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that Non-Defaulting Lender *minus* (2) the aggregate Outstanding Amount of the Loans of that Lender and (ii) each reallocation shall be given effect only to the extent it does not cause the Revolving Credit Exposure of the applicable Lender to exceed its Revolving Credit Commitments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Defaulting Lender Cure*. If the Borrowers, the Revolving Agent and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Revolving Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Revolving Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to <u>Section 2.17(a)(iv)</u>), whereupon that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees, or interest at the Default Rate pursuant to <u>Section 2.08(b)</u>, accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; *provided*, *further*, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time that there shall exist a Defaulting Lender, promptly upon the written request of the Revolving Agent (with respect to any or all Fronting Exposure) or the L/C Issuer (solely with respect to such Person's Fronting Exposure at such time), the Borrowers shall deliver to the Revolving Agent Cash Collateral in an amount sufficient to cover all such Fronting Exposure that has not been reallocated pursuant to <u>Section 2.17(a)(iv)</u> (after giving effect to any Cash Collateral provided by the Defaulting Lender). For purposes hereof, "**Cash Collateralize**" means to pledge and deposit with or deliver to the Revolving Agent, for the benefit of the relevant L/C Issuer and the Appropriate Lenders, as collateral for the L/C Obligations, Cash and Cash Equivalents (if reasonably acceptable to the Revolving Agent and the relevant L/C Issuer) or deposit account balances ("**Cash Collateral**") pursuant to documentation in form and substance reasonably satisfactory to the Revolving Agent and the relevant L/C Issuer (which documents are hereby consented to by the Appropriate Lenders) in an amount equal to 100% of such L/C Obligations or such lesser amount as the Revolving Agent may agree in its sole discretion. Derivatives of such term have corresponding meanings.

Section 2.18. <u>Co-Borrowers; New Guarantors</u> .

To the extent additional Restricted Subsidiaries are designated as "Borrowers" or "Guarantors" after the Closing Date pursuant to the terms of <u>Section 2.18(g)</u> below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower and each Guarantor accepts joint and several liability hereunder in consideration of the financial accommodations to be provided by the Administrative Agent or the Revolving Agent, as applicable, the Lenders and the L/C Issuers under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and Guarantor and in consideration of the undertakings of each Borrower and Guarantor to accept joint and several liability for the obligations of each Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower and each Guarantor shall be jointly and severally liable for the Secured Obligations with each Borrower and with each Guarantor, regardless of which Borrower actually receives the Loans hereunder or the amount of the Secured Obligations received or the manner in which the Administrative Agent or the Revolving Agent, as applicable, or any Lender accounts for the Secured Obligations on its books and records. Each Borrower's obligations with respect to Loans made to it, and each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder, with respect to Loans or L/C Obligations made to and other Secured Obligations owing by the Borrowers and Guarantors hereunder, shall be separate and distinct obligations, but all such obligations shall be primary obligations of each Borrower and Guarantor.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower and Guarantor hereunder with respect to Loans made to, Letters of Credit issued on behalf of, and other Secured Obligations owing by the Borrowers and Guarantors hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (A) the validity or enforceability, avoidance or subordination of the obligations of any other Borrower or any Guarantor or of any promissory note or other document evidencing all or any part of the Secured Obligations of any other Borrower or any Guarantor, (B) the absence of any attempt to collect the Secured Obligations from any other Borrower, or Guarantor, any other guarantor, or any other security therefor, or the absence of any other action to enforce the same, (C) the waiver, consent, extension, forbearance or granting of any indulgence by any Agent or any Lender with respect to any provision of any instrument evidencing the obligations of any other Borrower or Guarantor, or any part thereof, or any other agreement now or hereafter executed by any other Borrower or any Guarantor and delivered to any Agent or any Lender, (D) the failure by any Agent or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the obligations of any other Borrower or any Guarantor, (E) any Agent's or any Lender's election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code of the United States, (F) any borrowing or grant of a security interest by any other Borrower or any Guarantor, as Debtor In Possession under Section 364 of the Bankruptcy Code of the United States, (G) the disallowance of all or any portion of any Agent's or any Lender's claim(s) for the repayment of the obligations of any other Borrower or any Guarantor under Section 502 of the Bankruptcy Code of the United States, or (H) any other circumstances which might constitute a legal or equitable discharge or defense of any other Borrower or any Guarantor. With respect to each Borrower's and each Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder with respect to Loans made to the Borrowers hereunder, such Borrower and Guarantor waives, until the Secured Obligations shall have been paid in full and this Agreement and the other Loan Documents shall have been terminated, any right to enforce any right of subrogation or any remedy which any Agent or any Lender now has or may hereafter have against such Borrower, any other Borrower or any Guarantor, and any benefit of, and any right to participate in, any security or collateral given to any Agent or any Lender to secure payment of the Secured Obligations or any other liability of any Borrower or any Guarantor to any Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuation of any Event of Default, the Agents and the Lenders may proceed directly and at once, without notice, against any Borrower or Guarantor to collect and recover the full amount, or any portion of the Secured Obligations, without first proceeding against any other Borrower, any Guarantor or any other Person, or against any security or collateral for the Secured Obligations. Each Borrower and Guarantor consents and agrees that the Agents and the Lenders shall be under no obligation to marshal any assets in favor of such Borrower, any other Borrower or any Guarantor or against or in payment of any or all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Borrower hereby irrevocably appoints TCFI as the borrowing agent and attorney-in-fact for the Borrowers, which appointment shall remain in full force and effect unless and until the Administrative Agent and the Revolving Agent shall have received prior written notice signed by all of the Borrowers that such appointment has been revoked and that another Borrower has been appointed in the place of TCFI. Each Borrower hereby irrevocably appoints and authorizes TCFI (i) to provide to the Administrative Agent and the Revolving Agent, and receive from the Administrative Agent and the Revolving Agent, all notices with respect to Loans obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and the other Loan Documents and (ii) to take such action as TCFI deems appropriate on its behalf to obtain Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the

------

Collateral of the Loan Parties and Guarantors in a combined fashion, as more fully set forth herein and in the Collateral Documents, is done solely as an accommodation to the Borrowers and Guarantors in order to utilize the collective borrowing powers of the Borrowers in the most efficient and economical manner and at their request, and that neither the Agents nor the Lenders shall incur liability to any Loan Party or Guarantors as a result hereof. Each of the Borrowers and Guarantors expects to derive benefit, directly or indirectly, from the handling of the Collateral in a combined fashion since the successful operation of each Borrower and Guarantor is dependent on the continued successful performance of the integrated group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Borrower or Guarantor hereunder would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability hereunder, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Borrower, any Loan Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After the Closing Date, TCFI may, at any time and from time to time, designate any Restricted Subsidiary that is a Domestic Subsidiary as a Borrower or a Guarantor by delivery to the Administrative Agent and the Revolving Agent of a Borrower Joinder Agreement or Guarantor Joinder Agreement executed by such Subsidiary and TCFI, together with other documentation and other information with respect to such additional Borrower or Guarantor required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act requested by any Agent or any Lender (and to the extent not theretofore delivered on the Closing Date or otherwise), and upon such delivery and satisfaction, such Subsidiary shall for all purposes of this Agreement and the other Loan Documents be a Borrower or Guarantor and a party to this Agreement. As soon as practicable upon receipt of a Borrower Joinder Agreement or Guarantor Joinder Agreement, as applicable, the Administrative Agent or the Revolving Agent, as applicable, shall furnish a copy thereof to each Appropriate Lender.

**ARTICLE III.** 

**<u>TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</u>**

Section 3.01. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section 3.01</u>, any and all payments made by or on account of a Borrower (the term Borrower under <u>Article III</u> being deemed to include any Subsidiary for whose account a Letter of Credit is issued) or Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes. If a Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to any Recipient, (i) if the Tax in question is an Indemnified Tax or Other Tax, the sum payable by a Borrower or any Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this <u>Section 3.01</u>), each such Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall be entitled to make such deductions or withholdings, (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment (or, if receipts or evidence are not available within 30 days, as soon as practicable thereafter), if a Borrower or any Guarantor is the applicable withholding agent, it shall furnish to such Recipient (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Recipient.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay, or timely reimburse any Agent or any Lender at its option with respect to, any and all present or future stamp, court or documentary Taxes and any other excise, property, intangible or mortgage recording Taxes, imposed by any Governmental Authority, which arise from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document excluding, in each case, any such Tax imposed as a result of a Recipient's Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (other than as a result of an assignment or participation that is requested or required in writing by the Borrower pursuant to <u>Section 3.07</u>) (all Taxes described in this <u>Section 3.01(b)</u> being hereinafter referred to as "**Other Taxes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication of any obligation under <u>Section 3.01(a)</u> or <u>(b)</u>, each Borrower and each Guarantor agree to indemnify each Recipient for (i) the full amount of Indemnified Taxes and Other Taxes payable by such Recipient and (ii) any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the Governmental Authority; *provided* that any Recipient seeking indemnification pursuant to this <u>Section 3.01(c)</u> provides the Borrower the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to the Borrower. A certificate as to the amount of such payment or liability prepared in good faith and delivered by such Recipient (or by an Agent on behalf of such Recipient), accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Recipient shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by Law or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Recipient to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Recipient under the Loan Documents. Each such Recipient shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly and on or before the date such documentation expires, becomes obsolete or inaccurate to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other provision of this <u>Section 3.01(d)</u>, a Recipient shall not be required to deliver any form or other documentation pursuant to this <u>Section 3.01(d)</u> that would in such Recipient's reasonable judgment subject such Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Recipient. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the reasonably request of the Borrower or the Administrative Agent) two properly completed and duly signed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from federal backup withholding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A) a certificate substantially in the form of <u>Exhibit H-1</u> hereto that such Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (any such certificate in Exhibit H, a "**United States Tax Compliance Certificate**") and (B) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or has sold a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, Form W-8BEN, Form W-8BEN-E, a United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-3</u> or <u>H-4</u>, Form W-9 or any other required information from each beneficial owner, as applicable (*provided* that, if the Lender is a partnership and one or more beneficial owners of such Lender are claiming the portfolio interest exemption, the United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-2</u> may be provided by such Lender on behalf of such beneficial owner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Agent that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-9, certifying that such Agent is exempt from federal backup withholding. Each Agent that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI or Form W-8BEN-E with respect to payments received by it as a beneficial owner and, two executed copies of Internal Revenue <u>Service</u> Form W-8IMY (together with accompanying documentation) with

------

respect to payments received by it on behalf of others, certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a United States person with respect to such payments (and the Borrower and such Agent agree to so treat such Agent as a United States person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a payment made to a Recipient under any Loan Document would be subject to withholding tax imposed under FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Laws and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Recipient has or has not complied with such Person's obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section 3.01(e)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Recipient claiming any additional amounts payable pursuant to this <u>Section 3.01</u> shall use its reasonable efforts to mitigate or reduce the additional amounts payable, which reasonable efforts may include a change in the jurisdiction of its Lending Office or assignment of its rights and obligations hereunder to another of its offices, branches, or affiliates (or any other measures reasonably requested by the Borrower) if such a change or other measures would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole determination of such Recipient, result in any unreimbursed cost or expense or be otherwise disadvantageous to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund in respect of any Taxes as to which indemnification or additional amounts have been paid to it by a Loan Party pursuant to this <u>Section 3.01</u>, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by the Loan Party under this <u>Section 3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Recipient, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund net of any Taxes payable by any Agent or Lender on such interest); *provided* that the Loan Parties, upon the request of the Recipient, agree promptly to return such refund (*plus* any penalties, interest or other charges imposed by the relevant taxing authority) to such Recipient in the event such Recipient is required to repay such refund to the relevant taxing authority; *provided, further,* that in no event will any Recipient be required to pay any amount to a Loan Party pursuant to this paragraph (g) the payment of which would place such Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>Section 3.01(g)</u> shall not be construed to require any Recipient to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other p<u>P</u>erson.

------

Section 3.02. <u>Illegality</u>.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurocurrency<u>Term SOFR</u> Rate Loans, or to determine or charge interest rates based upon the Eurocurrency<u>Term SOFR</u> Rate, in each case after the Closing Date, then, on written notice thereof by such Lender to the Borrower, the Administrative Agent and the Revolving Agent, if applicable, any obligation of such Lender to make or continue Eurocurrency<u>Term SOFR</u> Rate Loans or to convert Base Rate Loans to Eurocurrency<u>Term SOFR</u> Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower , and the Revolving Agent, if applicable, that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall promptly, following written demand from such Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable, prepay or, if applicable, and such Loans are denominated in Dollars, convert all applicable Eurocurrency<u>Term SOFR</u> Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency<u>Term SOFR</u> Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency<u>Term SOFR</u> Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under <u>Section 3.05</u>. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

Section 3.03. <u>Inability to Determine Rates</u><u>Benchmark Replacement</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) Subject to this Section 3.03, if, on or prior to the first day of any Interest Period for any Term SOFR Rate Loan:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) the Administrative Agent and Revolving Agent determine (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof (including, without limitation, because Term SOFR</u> <u>is not available or published on a current basis</u><u>), or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> If, after the Closing Date, either (a) the Required Lenders <u>or Required Revolving Credit Lenders, as applicable,</u> determine or the Administrative Agent or the Revolving Agent reasonably determines in good faith that for any reason adequate and reasonable means do not exist for determining the applicable Eurocurrency Rate<u>in connection with any request for a Term SOFR Rate Loan or a conversion thereto or a continuation thereof that Term SOFR</u> for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or that deposits in the applicable currency in which such proposed Eurocurrency Rate Loan is to be denominated are not being offered to banks in the applicable offshore interbank market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan in the applicable currency or (b) the Required Lenders determine that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that Dollar deposits are not being offered to banks in the London interbank eurodollar, or other applicable, market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan,<u>making and maintaining such Loan, and the Required Lenders or Required Revolving Credit Lenders, as applicable, have provided notice of such determination to</u> the Administrative Agent or the <u>and Revolving Agent,</u>

<u>then, in each case, the Administrative Agent and</u> Revolving Agent will promptly so notify the Borrower and each Lender in writing. Thereafter, <u>.</u>

the<u>Upon notice thereof by the Administrative Agent and Revolving Agent to the Borrower, (x) any</u> obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies<u>Term SOFR Rate Loans, and any right of the Borrower to continue Term SOFR Rate Loans or</u> 

------

<u>to convert Base Rate Loans to Term SOFR Rate Loans,</u> shall be suspended <u>and (y) in the event of a determination described in the preceding sentence with respect to the Term SOFR Rate component of the Base Rate, the utilization of the Term SOFR Rate component in determining the Base Rate shall be suspended, in each case</u> <u>(to the extent of the affected</u> <u>Term SOFR Rate Loans or affected Interest Periods)</u> until the Administrative Agent or the Revolving Agent (upon the instruction<u>(acting at the direction</u> of the Required Lenders) <u>and Revolving Agent</u> revokes such notice. Upon receipt of such notice, <u>(i)</u> the Borrower may revoke any pending request for a B<u>b</u>orrowing of, conversion to or continuation of such Eurocurrency<u>Term SOFR</u> Rate Loans in<u>(to the extent of</u> the affected currency or currencies<u>Term SOFR Rate Loans or affected Interest Periods)</u> or, failing that, <u>the Borrower</u> will be deemed to have converted <u>any</u> such request, if applicable, into a request for a Borrowing of <u>or conversion to</u> Base Rate Loans in the amount specified therein. <u>and (ii) any outstanding affected Term SOFR Rate Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted. Subject to this Section 3.03, if the Applicable</u> <u>Agent determines (which determination shall be conclusive</u> <u>and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof on any given day, the interest rate on Base Rate Loans shall be determined by the Applicable Agent without reference to clause (c) of the definition of "Base Rate" until the Applicable Agent revokes such determination.</u>

Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent or the Revolving Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrowers) and the Revolving Agent, if applicable, that the Borrowers or Required Lenders (as applicable) have determined, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of the LIBOR screen rate or a Governmental Authority having
jurisdiction over the Administrative Agent or the Revolving Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR screen rate shall no longer be made available, or used for determining the interest rate of
loans (such specific date, the "**Scheduled Unavailability Date** "), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) syndicated loans currently being executed, or that include language similar to
that contained in this <u>Section 3.03</u>, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to
replace LIBOR,

then, reasonably promptly after such determination by the Administrative Agent or the Revolving Agent or receipt by the Administrative Agent or the Revolving Agent of such notice, as applicable, the Administrative Agent or the Revolving Agent, as applicable, the Required Lenders and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a "**LIBOR Successor Rate**"), together with any proposed LIBOR Successor Rate Conforming Changes (as defined in <u>Section 1.01</u>).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent (acting at the direction of the Required Lenders), the Revolving Agent, and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement (and the Lenders hereby (A) authorize and direct the Administrative Agent and Revolving Agent to execute and deliver any such amendment and (B) acknowledge and agree that the Administrative Agent and Revolving Agent shall be entitled to all of the exculpations, protections and indemnifications provided for in this Agreement in favor of the Administrative Agent and the Revolving Agent in executing and delivering any such amendment in which the Required Lenders are a signatory thereto). Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent and the Revolving Agent have posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent and the Revolving Agent have not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders and Required Revolving Credit Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 3.03 will occur prior to the applicable Benchmark Transition Start Date.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent (acting at the direction of the Required Lenders) and the Revolving Agent will have the right to make Conforming Changes from time to time, in consultation with the Borrower, and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document (and the Lenders hereby (A) authorize and direct the Administrative Agent and the Revolving Agent to make any Conforming Changes (in accordance with the definition thereof) and to execute and deliver any amendments or modifications implementing such Conforming Changes, and (B) acknowledge and agree that the Administrative Agent and the Revolving Agent shall be entitled to all of the exculpations, protections and indemnifications provided for in this Agreement in favor of the Administrative Agent and the Revolving Agent in implementing such Conforming Changes and/or executing and delivering any such amendment or modification).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) Notices; Standards for Decisions and Determinations. The</u> <u>Administrative Agent or the Revolving Agent will promptly</u> <u>notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent and the Revolving Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to this Section 3.03(d) and (iv) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent (acting at the direction of the Required Lenders) and the Revolving Agent, pursuant to this Section 3.03, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from the Lenders, except as expressly required pursuant to this Section 3.03.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent and the Revolving Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has</u> 

------

<u>provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent, the Revolving Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent and the Revolving Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> If no LIBOR Successor Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent or the Revolving Agent will promptly so notify the Borrowers and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended, (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) and (y) the Eurocurrency Rate component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, the Borrowers<u>Benchmark Unavailability Period. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Borrower</u> may revoke any pending request for a <u>Term SOFR</u> Borrowing of, conversion to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) or<u>Term SOFR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and</u>, failing that, <u>the Borrower</u> will be deemed to have converted <u>any</u> such request into a request for a Borrowing of <u>or conversion to</u> Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.<u>and (ii) any outstanding affected Term SOFR Rate Loans will be deemed to have been converted to Base Rate Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.</u>

Notwithstanding anything else herein, any definition of Eurocurrency Rate shall provide that in no event shall such Eurocurrency Rate be less than 1.00% for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g) The Administrative Agent and the Revolving Agent shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the Term SOFR Rate (or any other applicable benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of (except as directed by the Required Lenders or Required Revolving Credit Lenders, as applicable), any termination date relating to the Term SOFR Rate, (ii) to select determine or designate any alternative rate, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any other modifier to any alternative rate or (iv) to determine whether or what alternative rate changes are necessary or advisable, if any, in connection with any of the foregoing. The Administrative Agent and the Revolving Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the Term SOFR Rate (or any other applicable benchmark) and absence of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of the Required Lenders or Required Revolving Credit Lenders, as applicable, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. The Administrative Agent and the Revolving Agent do not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to any alternate replacement index to the Term SOFR Rate, including without limitation, whether the composition or characteristics of any such alternate replacement index to the Term SOFR Rate will be similar to, or produce</u> <u>the same value or economic equivalence of, the Term SOFR Rate or have the same volume or liquidity as did the Term SOFR Rate prior to its discontinuance or unavailability.</u>

------

Section 3.04. <u>Increased Cost and Reduced Return; Capital Adequacy;</u> <u>Eurocurrency</u><u>Term SOFR</u> <u>Rate Loan Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender reasonably determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each case after the Closing Date, or such Lender's compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Eurocurrency<u>Term SOFR</u> Rate Loans or (as the case may be) issuing or participating in Letters of Credit, a reduction in the amount received or receivable by such Lender in connection with any of the foregoing, or subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (excluding for purposes of this <u>Section 3.04(a)</u> any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes, (ii) any Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, (iii) Connection Income Taxes or (iv) reserve requirements contemplated by <u>Section 3.04(c)</u>) and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining the Eurocurrency<u>Term SOFR</u> Rate Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of any sum received or receivable by such Lender, then from time to time within 15 Business Days after written demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International s<u>S</u>ettlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender reasonably determines that the introduction of any Law regarding capital adequacy or liquidity requirements or any change therein or in the interpretation thereof, in each case after the Closing Date, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender's obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender's desired return on capital), then from time to time promptly following written demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction within 15 Business Days after receipt of such demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent not otherwise included in the determination of the Eurocurrency<u>Term SOFR</u> Rate, each Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency<u>Term SOFR</u> funds or deposits, additional interest on the unpaid principal amount of each applicable Eurocurrency<u>Term SOFR</u> Rate Loan of such Borrower equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of any Eurocurrency<u>Term SOFR</u> Rate Loans of such Borrower, such additional costs (expressed as a percentage per annum and rounded

------

upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest is payable on such Loan; *provided* that such Borrower shall have received at least 15 Business Days' prior written notice (with a copy to the Administrative Agent and the Revolving Agent, if applicable) of such additional interest or cost from such Lender. If a Lender fails to give notice 15 Business Days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable 15 Business Days from receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section 3.04</u> shall not constitute a waiver of such Lender's right to demand such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender requests compensation under this <u>Section 3.04</u>, then such Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan or Letter of Credit affected by such event or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates; *provided* that such efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; *provided*, *further*, that nothing in this <u>Section 3.04(e)</u> shall affect or postpone any of the Secured Obligations of the Borrowers or the rights of such Lender pursuant to <u>Section 3.04(a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u>.

Section 3.05. <u>Funding Losses</u>.

Promptly following written demand of any Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (excluding loss of profits) actually incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Eurocurrency<u>Term SOFR</u> Rate Loan of such Borrower on a day other than the last day of the Interest Period for such Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Eurocurrency<u>Term SOFR</u> Rate Loan of such Borrower on the date or in the amount notified by such Borrower;

including, in the case of clauses <u>(a)</u> and <u>(b)</u>, any loss or expense (excluding loss of profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

Section 3.06. <u>Matters Applicable to All Requests for Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Recipient claiming compensation under this <u>Article III</u> shall deliver a certificate to the Borrower (with a copy to the Administrative Agent and the Revolving Agent, if applicable) setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Recipient may use any reasonable and customary averaging and attribution methods.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Recipient's claim for compensation under <u>Section 3.01</u>, <u>3.02</u>, <u>3.03</u>, <u>3.04</u> or <u>3.05</u>, the Borrowers shall not be required to compensate such Recipient for any amount incurred if such Lender notifies the Borrower of the event that gives rise to such claim more than 180 days after such event; *provided*, that if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Recipient requests compensation by the Borrowers under <u>Section 3.04</u>, the Borrowers may, by notice to such Recipient (with a copy to the Administrative Agent and the Revolving Agent, if applicable), suspend the obligation of such Recipient to make or continue from one Interest Period to another applicable Eurocurrency<u>Term SOFR</u> Rate Loan, or, if applicable, to convert Base Rate Loans into Eurocurrency<u>Term SOFR</u> Rate Loan, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of <u>Section 3.06(c)</u> shall be applicable); *provided* that such suspension shall not affect the right of such Recipient to receive the compensation so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the obligation of any Lender to make or continue any Eurocurrency<u>Term SOFR</u> Rate Loan, or to convert Base Rate Loans into Eurocurrency<u>Term SOFR</u> Rate Loans shall be suspended pursuant to <u>Section 3.06(b)</u> hereof, such Lender's applicable Eurocurrency<u>Term SOFR</u> Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day(s) of the then current Interest Period(s) for such Eurocurrency<u>Term SOFR</u> Rate Loans (or, in the case of an immediate conversion required by <u>Section 3.02</u>, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to such conversion no longer exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such Lender's Eurocurrency<u>Term SOFR</u> Rate Loans have been so converted, all payments and prepayments of principal that would otherwise be applied to such Lender's applicable Eurocurrency<u>Term SOFR</u> Rate Loans shall be applied instead to its Base Rate Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency<u>Term SOFR</u> Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted into Eurocurrency<u>Term SOFR</u> Rate Loans shall remain as Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender gives notice to the Borrowers (with a copy to the Administrative Agent and the Revolving Agent, if applicable) that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to the conversion of any of such Lender's Eurocurrency<u>Term SOFR</u> Rate Loans pursuant to this <u>Section 3.06</u> no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Eurocurrency<u>Term SOFR</u> Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such Lender's Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Eurocurrency<u>Term SOFR</u> Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency<u>Term SOFR</u> Rate Loans under such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments for the applicable Facility.

Section 3.07. <u>Replacement of Lenders under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time (i) any Borrower becomes obligated to pay additional amounts or indemnity payments described in <u>Section 3.01</u> or <u>3.04</u> as a result of any condition described in such Sections or any Lender ceases to make any Eurocurrency<u>Term SOFR</u> Rate Loans as a result of any condition described in <u>Section 3.02</u> or <u>3.04</u> or requires any Borrower to pay additional amounts as a result thereof, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender (including by virtue of such Lender refusing to make an Extension Election pursuant to <u>Section 2.16</u>, a Refinancing Amendment pursuant to <u>Section 2.15</u> or a Permitted Repricing Amendment or an amendment effecting a Replacement

------

Term Loan pursuant to <u>Section 10.01</u>), then the Borrower may, on written notice to the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to <u>Section 10.07(b)</u> (so long as the assignment fee is paid in such instance) all of its rights and obligations under this Agreement (which, in the case of <u>clause (iii)</u>, shall only apply in respect of any applicable Facility to which the consent, waiver or amendment in question relates and not to any other Facility hereunder) to one or more Eligible Assignees; *provided* that neither the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; *provided*, *further*, that (A) in the case of any such assignment resulting from a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents, (y) terminate the Commitment of such Lender or L/C Issuer, as the case may be, and/or (z) in the case of such Lender (other than an L/C Issuer), repay all Obligations of the Borrowers due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of an L/C Issuer, repay all Obligations of the Borrowers owing to such L/C Issuer relating to the Loans and participations held by such L/C Issuer as of such termination date and cancel or back-stop on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; *provided* that (I) in the case of any such termination of the Revolving Credit Commitment of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders after giving effect hereto) to cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and (II) such termination shall be in respect of any applicable facility (and not all Facilities hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender being replaced pursuant to <u>Section 3.07(a)</u> above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's applicable Commitment and outstanding Loans and participations in L/C Obligations in respect thereof, and (ii) deliver any Notes evidencing such Loans to the Borrowers or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans). Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitment and outstanding Loans and participations in L/C Obligations, (B) all obligations of the Borrowers owing to the assigning Lender relating to the Loans, Commitments and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Lender does not execute and deliver to the Administrative Agent and the Revolving Agent, if applicable, a duly executed Assignment and Assumption reflecting such replacement within five Business Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to such Lender, then such Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Lender. Notwithstanding the foregoing, in addition if a Non-Consenting Lender is being replaced in connection with any Extension Amendment, Refinancing Amendment, Permitted Repricing Amendment or amendment effecting a Replacement Term Loan, the Borrower shall have the option, with the consent of the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and subject to advance notice (which notice may be rescinded if the Refinancing or replacement transaction contemplated in such notice is not consummated) to such Non-Consenting Lenders, in lieu of execution of an Assignment and Assumption as

------

otherwise provided for in this clause (b), effect such assignment by purchasing any such Non-Consenting Lender's Loans (which shall be automatically cancelled upon consummation of such acquisition) and unfunded Commitments at par plus any amount required to be paid pursuant to <u>Section 2.05(d)</u> (solely for failure to consent to a Repricing Transaction) (allocated among the applicable Lenders in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon (and, if applicable, any amounts payable pursuant to clause (e) of this Section). By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained above, any Revolving Credit Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder, unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a back-stop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or Cash Collateral) have been made in respect of such outstanding Letters of Credit and the Lender that acts as the Revolving Agent may not be replaced hereunder except in accordance with the terms of <u>Section 9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that (i) the Borrower or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan, (ii) the consent, waiver or amendment in question requires the agreement of each affected Lender or each Lender of a Class in accordance with the terms of <u>Section 10.01</u> or each directly and adversely affected Lender and (iii) the Required Lenders (or, in lieu of the Required Lenders, in the case of a consent, waiver or amendment involving all of a directly and adversely affected Class of Lenders (including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan), at least 50.1% (in dollar amount) of such Class (in lieu of any requirement to obtain the consent of the Required Lenders)) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> above the Borrower shall pay to such replaced Lender the prepayment premium required to be paid pursuant to <u>Section 2.05(d)</u> only if applicable at the time replaced in respect of the aggregate principal amount of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans held by such replaced Lender immediately prior to such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This <u>Section 3.07</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 3.08. <u>Survival</u>.

Each party's obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments and repayment of all other Secured Obligations hereunder.

------

**ARTICLE IV.** 

**<u>CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</u>**

Section 4.01. <u>Conditions to Initial Credit Extension</u>.

The obligation of each Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction (or waiver) of the following conditions precedent, except as otherwise agreed between the Borrower and the Commitment Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent's receipt of the following, each of which shall be original, pdf or facsimile copies or delivered by other electronic method (followed promptly by originals) unless otherwise specified, properly executed by a Responsible Officer of the signing Loan Party, and in customary form and substance and consistent with the provisions of the Commitment Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Committed Loan Notice in accordance with the requirements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) counterparts of this Agreement executed by Holdings, the Borrower and each of the Subsidiary Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Revolving Credit Note executed by the Borrowers in favor of each Revolving Credit Lender and a Term Note executed by the Borrowers in favor of each Term Lender that has requested a Term Note at least three Business Days in advance of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Collateral Document and each other document set forth in <u>Schedule 1.01B</u> required to be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party party thereto, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if required pursuant to the terms of the relevant Collateral Documents, certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments, if any, evidencing the Pledged Debt indorsed in blank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of good standing (to the extent such concept exists in the relevant jurisdiction) from the applicable secretary of state of the state of organization of each Loan Party, certificates of resolutions or other corporate or limited liability company action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) opinions from (A) Kirkland & Ellis LLP, New York counsel to the Loan Parties, (B) Holland & Knight LLP, North Carolina and Florida counsel to the Loan Parties and (C) Ballard Spahr LLP, Maryland counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (immediately after giving effect to the Transactions) substantially in the form attached hereto as <u>Exhibit D-2</u>; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate stating that the conditions set forth in Section 4.01 (b), and (g) (in the case of clause (g), as to the Specified Representations) have been satisfied.

*provided* that each of the requirements set forth in <u>clause (iv)</u> above, including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement (except to the extent that the provision of a guarantee from TCFI or any of its Subsidiaries and/or the creation or perfection of a Lien on the Collateral cannot be provided (other than a Lien on such Collateral that may be perfected solely (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates or other certificates, if any, of the Equity Interests of the Borrower to the extent (i) possession of such stock certificates or other certificates perfects a security interest therein and (ii) other than in the case of stock certificates or other equity certificates representing Equity Interests of the Borrower (after giving effect to the Acquisition), such stock certificates or other certificates have been received from the Seller after the Borrower's use of commercially reasonable efforts to receive such documents and instruments)) shall not constitute conditions precedent to any Credit Extension on the Closing Date after the Borrower's use of commercially reasonable efforts to provide such items on or prior to the Closing Date or without undue burden or expense if the Borrower agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within five (5) Business Days with regards to a guarantee from TCFI or its Subsidiaries, and, in all other cases 90 days after the Closing Date (subject to extensions approved by the Required Lenders in their reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to or substantially concurrently with the initial Borrowing on the Closing Date, the Initial Borrower shall have received the Equity Contribution (to the extent not otherwise applied to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Substantially concurrently with the initial Borrowing on the Closing Date, the Refinancing shall have been consummated and all security interests and guarantees in connection therewith shall have been terminated and released. Substantially concurrently with the initial Borrowing on the Closing Date, the Acquisition shall be consummated in all material respects in accordance with the terms of the Purchase Agreement, without giving effect to any other amendments or modifications to the provisions thereof or express waivers or consents thereto by the Borrower that, in each case, are materially adverse to the interests of the Lenders without the consent of the Lenders, such consent not to be unreasonably withheld, conditioned or delayed (it being understood and agreed that (i) any of the following decreases in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders (x) decreases pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement, as in effect on the date hereof (y) decreases of less than twenty percent (20%) in the aggregate and (z) decreases to the extent they are applied first, to reduce the Equity Contribution to a percentage not less than the minimum percentage set forth in the definition of "Equity Contribution" and second, to reduce the amount of the Initial Term Commitments and the Equity Contribution on a pro rata basis, (ii) any increase in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders so long as funded with proceeds of common equity or preferred equity that does not constitute Disqualified Equity Interests, the Initial Revolving Borrowing or cash on hand at TCFI and its Subsidiaries and (iii) any adverse modification to the definition of "Material Adverse Effect" (as defined therein) without the prior written consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned) shall be deemed to be materially adverse to the interests of the Commitment Parties); provided that in each case the Commitment Parties shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within 3 business days of receipt of written notice of such modification, amendment, consent or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of the Purchase Agreement, there shall not have been any "Material Adverse Effect" (as defined in the Purchase Agreement as of February 18, 2020).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) So long as requested at least ten (10) business days prior to the Closing Date, (x) each Agent and each Lender shall have received, at least three (3) business days prior to the Closing Date, all documentation and other information with respect to Borrowers and the Guarantors that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and (y) each Loan Party shall deliver, at least three (3) business days prior to the Closing Date, to each Agent and each Commitment Party a Beneficial Ownership Certification, in form and substance reasonably requested by such Commitment Party, duly authorized, executed and delivered by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All fees and expenses required to be paid hereunder and invoiced at least three Business Days before the Closing Date shall have been paid (or shall be paid substantially contemporaneously with the initial fundings under the Facilities) from the proceeds of the initial fundings under the Facilities, including fees pursuant to the Commitment Letter and the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Specified Representations shall be true and correct in all material respects (or, in the case of any such representation or warranty that is already qualified by or subject to a "Material Adverse Effect" or similar term or qualification, in all respects) on and as of the Closing Date; *provided* that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; *provided, further*, that any references to Material Adverse Effect in the Specified Representations shall be deemed to be references to "Material Adverse Effect" (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The representations and warranties made by or with respect to TCFI in the Purchase Agreement that are material to the interests of the Lenders shall be true and correct in all material respects, but only to the extent that the Borrower or its applicable affiliates have the right (determined without regard to any notice provisions but taking into account any applicable cure provisions) to terminate their obligations under the Purchase Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties (such representations and warranties, the "<u>Specified Purchase Agreement Representations</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent and the Revolving Agent shall have received the Annual Financial Statements and the Interim Financial Statements.

Without limiting the generality of the provisions of <u>Section 9.03(b)</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement or accepts an assignment of Loans or Commitments on or after the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent or the Revolving Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 4.02. <u>Conditions to All Credit Extensions after the Closing Date</u>.

The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency<u>Term SOFR</u> Rate Loans) is subject to satisfaction or waiver of the following conditions precedent:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of each Loan Party set forth in <u>Article V</u> and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; <u>provided</u>, that in the case of a Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, the condition in this <u>Section</u> 4.02(a) shall be limited to the Specified Representations being true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such Specified Representations expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom (or, in the case of any Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Delayed Draw Term Loans, such 2020 Delayed Draw Term Loans or such 2021 Delayed Draw Term Loans are actually funded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent or the Revolving Agent, as applicable, and, if applicable, the relevant L/C Issuers shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency<u>Term SOFR</u> Rate Loans) submitted by any Borrower after the Closing Date shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension (or on the LCT Test Date, if applicable).

Notwithstanding anything in this <u>Section 4.02</u> to the contrary, (i) the effectiveness of any Incremental Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.14(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Incremental Amendment, (ii) the effectiveness of any Refinancing Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.15(b)</u> and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment, (iii) the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.16(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Extension Amendment and (iv) the effectiveness of any amendment with respect to Replacement Term Loans shall be subject only to the conditions precedent set forth in <u>Section 4.02(a)</u>, the absence of any Event of Default and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment.

Section 4.03. <u>Additional Conditions to the Delayed Draw Term Loans</u>.

The obligation of each Delayed Draw Lender to honor any Request for Credit Extension that is a Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency<u>Term SOFR</u> Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such Delayed Draw Term Loans being requested to be borrowed on any Delayed Draw Funding Date, together with the original principal amount of any Delayed Draw Term Loans previously funded, shall not exceed the Delayed Draw Commitments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.00 to 1.00 for any Delayed Draw Term Loan incurred during the first full four Fiscal Quarters after the Closing Date and 4.50 to 1.00 on any date of incurrence thereafter.

Section 4.04. <u>Additional Conditions to the 2020 Delayed Draw Term Loans</u>.

The obligation of each 2020 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2020 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency<u>Term SOFR</u> Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such 2020 Delayed Draw Term Loans being requested to be borrowed on any 2020 Delayed Draw Term Loan Funding Date, together with the original principal amount of any 2020 Delayed Draw Term Loans previously funded, shall not exceed the 2020 Delayed Draw Term Loan Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such 2020 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such 2020 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.50 to 1.00 for any 2020 Delayed Draw Term Loan incurred on or prior to June 30, 2021, and 5.00 to 1.00 on any date of incurrence thereafter; provided that with respect to any Borrowing of the 2020 Delayed Draw Term Loans on the Amendment No. 1 Effective Date, the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) shall not exceed 5.25 to 1.00.

Section 4.05. <u>Additional Conditions to the 2021 Delayed Draw Term Loans</u>.

The obligation of each 2021 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2021 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency<u>Term SOFR</u> Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such 2021 Delayed Draw Term Loans being requested to be borrowed on any 2021 Delayed Draw Term Loan Funding Date, together with the original principal amount of any 2021 Delayed Draw Term Loans previously funded, shall not exceed the 2021 Delayed Draw Term Loan Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such 2021 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such 2021 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 6.00 to 1.00 for any 2021 Delayed Draw Term Loan incurred on or prior to May 7, 2022, and 5.50 to 1.00 on any date of incurrence thereafter.

------

**ARTICLE V.** 

**<u>REPRESENTATIONS AND WARRANTIES</u>**

Holdings, the Borrower and each of the Subsidiary Guarantors party hereto represent and warrant to the Agents and the Lenders at the time of each Credit Extension (to the extent required to be made for such Credit Extension pursuant to <u>Article IV</u>; *provided* that, for purposes of the initial Credit Extensions on the Closing Date, such representations and warranties shall be limited to the Specified Representations) that:

Section 5.01. <u>Existence, Qualification and Power; Compliance with Laws</u>.

Each Loan Party and each Restricted Subsidiary that is a Material Subsidiary (a) is a Person duly incorporated, organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, organization or formation to the extent such concept exists in such jurisdiction, (b) in the case of the Loan Parties, has all requisite organizational power and authority to execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case, referred to in <u>clauses (a)</u> (other than with respect to the Borrower), <u>(c)</u>, <u>(d)</u> or <u>(e)</u>, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

Section 5.02. <u>Authorization; No Contravention</u>.

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such Person's Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by <u>Section 7.01</u>), or require any payment to be made under) (x) any Contractual Obligation to which such Person is a party or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; except with respect to any violation, conflict, breach or contravention or payment (but not creation of Liens) referred to in <u>clauses (ii)</u> and <u>(iii)</u>, to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

Section 5.03. <u>Governmental Authorization</u>.

No material approval, consent, exemption, authorization, or other action by, notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, the perfection (if and to the extent required by the Collateral and Guarantee Requirement) or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) approval, consent, exemption, authorization, or other action by, or notice to, or filing necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (or release existing Liens) under applicable U.S. law, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or

------

made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in be in full force and effect pursuant to the Collateral and Guarantee Requirement), (iii) filings pursuant to the Assignment of Claims Act of 1940, as amended from time to time (31 U.S.C. § 3727 et seq.), in respect of Accounts and contracts of the Borrower and its Subsidiaries, the obligor in respect of which is the United States of America or any department, agency or instrumentality thereof or (iv) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

Section 5.04. <u>Binding Effect</u>.

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties or (iii) the effect of foreign Laws, rules and regulations as they relate to the granting of security interests in assets of, and pledges of Equity Interests in or Indebtedness owed by, Foreign Subsidiaries (<u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, the "**Enforcement Qualifications**").

Section 5.05. <u>No Material Adverse Effect</u>.

Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

Section 5.06. <u>Litigation</u>.

Except as set forth in <u>Schedule 5.06</u>, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues (other than actions, suits, proceedings and claims in connection with the Transactions) that have a reasonable likelihood of adverse determination and such determination either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

Section 5.07. <u>Ownership of Real Property; Liens</u>.

<u>Schedule 5.07</u> hereto sets forth all Real Property owned by the Borrower and each of its Restricted Subsidiaries as of the Closing Date (including whether or not any such Real Property constitutes a Material Real Property). The Borrower and each of its Restricted Subsidiaries has good and marketable fee simple title to, or valid leasehold interests in, or valid easements or other rights to use in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except (a) defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes, (b) Liens permitted by <u>Section 7.01</u> or (c) where the failure to have such title could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.08. <u>Environmental Matters</u>.

Except as specifically disclosed in <u>Schedule 5.08</u> or except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party is in material compliance with all Environmental Laws, which includes obtaining and maintaining all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loan Parties have not received any written notice that alleges any of them is in violation of or potentially liable under any Environmental Laws and none of the Loan Parties nor any of the Real Property is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened in writing, under any Environmental Law or to revoke or modify any Environmental Permit held by any of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities owned, operated or leased by any of the Loan Parties, or, to the knowledge of the Borrower, Real Property formerly owned, operated or leased by any Loan Party or arising out of the conduct of the Loan Parties that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup or could reasonably be expected to result in the any Loan Party incurring liability under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there are no facts, circumstances or conditions arising out of or relating to the operations of the Loan Parties or Real Property or facilities owned, operated or leased by any of the Loan Parties or, to the knowledge of the Borrower, any Real Property or facilities formerly owned, operated or leased by the Loan Parties that could reasonably be expected to result in any Loan Party incurring liability under Environmental Laws.

Section 5.09. <u>Taxes</u>.

Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Restricted Subsidiaries have timely filed all tax returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, income, profits or assets, that are due and payable (including in their capacity as a withholding agent), except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. To the knowledge of the Loan Parties, there is no proposed Tax deficiency or assessment against the Loan Parties that, if made would, individually or in the aggregate, have a Material Adverse Effect.

Section 5.10. <u>ERISA Compliance</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due under Section 4007 of ERISA), including on account of an ERISA Affiliate; (iii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability, including on account of an ERISA Affiliate (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party, Restricted Subsidiary nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA; except, with respect to each of the foregoing clauses of this <u>Section 5.10(b)</u>, as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

------

Section 5.11. <u>[Reserved]</u>.

Section 5.12. <u>Margin Regulations; Investment Company Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation T, U or X of the Board of Governors of the United States Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Borrower, Holdings or any of their Restricted Subsidiaries is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

Section 5.13. <u>Disclosure</u>.

As of the Closing Date, no written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party on or prior to the Closing Date concerning Holdings and (to the knowledge of the Initial Borrower with respect to information of TCFI and its Subsidiaries prior to the Closing Date) the Initial Borrower and its Subsidiaries or the Transactions (other than projected financial information, pro forma financial information, budgets, estimates, other forward-looking statements and information of a general economic or industry nature) to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement on or prior to the Closing Date (as modified or supplemented by other information so furnished) when taken as a whole and as supplemented contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to written projected financial information and pro forma financial information furnished by or on behalf of the Initial Borrower on or prior to the Closing Date concerning Holdings, the Borrower and its Subsidiaries or the Transactions, the Initial Borrower represents that, as of the Closing Date, such written information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was furnished, it being understood that such projected financial information and pro forma financial information are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries, and that actual results may vary from such forecasts and that such variations may be material and that no assurance can be given that the projected results will be realized.

Section 5.14. <u>Labor Matters</u>.

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) within the past three (3) years, hours worked by and payment made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws dealing with such matters; and (c) within the past three (3) years, all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party.

------

Section 5.15. <u>Intellectual Property; Licenses, Etc.</u>

The Borrower and its Restricted Subsidiaries own, or license or possess the right to use, all Intellectual Property that is reasonably necessary for the operation of their respective businesses as currently conducted, except to the extent the failure to own, or license or possess the right to use, such Intellectual Property, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower and its Restricted Subsidiaries as currently conducted (including the use of Intellectual Property) does not infringe upon any Intellectual Property held by any Person, except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual Property owned by Borrower or its Restricted Subsidiaries, is pending or, to the knowledge of the Borrower, threatened against any Loan Party or any of the Restricted Subsidiaries (other than office actions issued in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual Property, which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect).

All registrations listed in Section II.B of the Perfection Certificate are valid and in full force and effect, except, in each case, to the extent failure to be valid or in full force and effect could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.16. <u>Solvency</u>.

On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

Section 5.17. <u>[Reserved]</u>.

Section 5.18. <u>USA Patriot Act; OFAC; FCPA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) None of Holdings, the Borrower, any Restricted Subsidiary nor, to the knowledge of the Borrower, any director or officer of Holdings, the Borrower or any Restricted Subsidiary is the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") and (ii) the Borrower will not, directly or knowingly indirectly (x) use the proceeds of the Loans or (y) otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person, that is the subject of any U.S. sanctions administered by OFAC, or in any country that is the subject of comprehensive U.S. sanctions administered by OFAC, except to the extent licensed or otherwise approved or exempted by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No part of the proceeds of the Loans will be used by Holdings or its Subsidiaries, directly or knowingly indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>").

------

Section 5.19. <u>Security Documents.</u>

Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents (including the delivery to the Collateral Agent of any Pledged Debt and any Pledged Equity required to be delivered pursuant hereto or pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, a legal, valid, enforceable and perfected Lien on all right, title and interest of the respective Loan Parties in the Collateral described therein (to the extent that a Lien may be perfected by such filings and other actions) subject to the Enforcement Qualifications and Liens permitted by <u>Section 7.01</u>.

Notwithstanding anything herein (including this <u>Section 5.19</u>) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest (other than with respect to those pledges and security interests (if any) made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary) in any Equity Interests or assets of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law, (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or (C) on the Closing Date and until required pursuant to <u>Section 6.13</u> or <u>4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>), the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge or security interest to the extent not required on the Closing Date pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>).

**ARTICLE VI.** 

**<u>AFFIRMATIVE COVENANTS</u>**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent obligations not yet due and owing) hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then after the Closing Date, Holdings (solely in the case of <u>Sections 6.05</u>, <u>6.11</u> and <u>6.13</u>) and the Borrower shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u> and <u>6.03</u>) cause each of its respective Restricted Subsidiaries to:

Section 6.01. <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 150 days after the end of the fiscal year ending on December 31, 2020 and 135 days after the end of each subsequent fiscal year, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders' equity and cash flows for such fiscal year, setting forth in each case beginning with the financial statements for the fiscal year ending on December 31, 2021 in comparative form the figures for the previous fiscal year, all in reasonable detail (together with, in all cases, customary management discussion and analysis) and prepared in accordance with GAAP (except as noted therein), audited and accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Agents (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>));

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 45 days (or 60 days in the case of the fiscal quarters ending on June 30, 2020, September 30, 2020 and March 31, 2021) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower beginning with the Fiscal Quarter ending on June 30, 2020, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the fiscal year then ended, setting forth, in each case beginning with the fiscal quarter ending on March 31, 2021, in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail (together with, in all cases, beginning with the fiscal quarter ending on March 31, 2021, customary management discussion and analysis) and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP (except as noted therein), subject only to normal year-end audit adjustments and the absence of footnotes; *provided* that, any change in GAAP (or relevant pronouncements) or in the application thereof (including through conforming changes made consistent with IFRS) shall not be required to be reflected in the financial statements delivered pursuant to this <u>Section 6.01(b)</u> until after such changes are reflected in the audited financial statements most recently delivered pursuant to <u>Section 6.01(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to a Qualified IPO, deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, no later than 150 days after the end of the fiscal year ending on December 31, 2020 and within 135 days after the end of each subsequent fiscal year, a detailed consolidated budget for the following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the "**Projections**"), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by the Borrower to be reasonable at the time such Projections were furnished, it being understood that such Projections are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies many of which are beyond the control of the Borrower and its Restricted Subsidiaries, and that actual results may vary from such Projections and that such variations may be material and that no assurance can be given that the projected results will be realized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deliver to the Administrative Agent and the Revolving Agent with each set of consolidated financial statements referred to in <u>Sections 6.01(a)</u> and <u>6.01(b)</u>, the related consolidating financial information reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which are not required to be audited and may be in footnote form only) from such consolidated financial information.

Notwithstanding the foregoing, the obligations in <u>Sections 6.01(a)</u> and <u>(b)</u> may be satisfied with respect to financial information of the Borrower and its Restricted Subsidiaries by furnishing (I) the applicable financial statements of Holdings (or any direct or indirect parent of the Borrower) or (II) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable filed with the SEC; *provided* that, with respect to <u>clauses (I)</u> and <u>(II)</u>, (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under <u>Section 6.01(a)</u>, such materials are accompanied by a report and opinion of an independent

------

registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Administrative Agent and the Revolving Agent (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>)).

Any financial statement required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> shall not be required to include purchase accounting or recapitalization accounting adjustments relating to the Transactions or any Permitted Acquisition or other permitted Investment to the extent it is not practicable to include them.

Documents required to be delivered pursuant to <u>Sections 6.01</u> and <u>6.02(a)</u> through <u>(d)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the website address listed on <u>Schedule 10.02</u>; or (ii) on which such documents are posted on the Borrower's behalf on IntraLinks or another relevant website, if any, to which each Lender and each Agent have access; *provided* that (i) upon written request by the Administrative Agent or the Revolving Agent, the Borrower shall deliver paper copies of such documents to such Agent for further distribution to each Appropriate Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent and the Revolving Agent of the posting of any such documents and provide to such Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Notwithstanding anything contained herein, in every instance, the Borrower shall be required to provide paper copies of the Compliance Certificates required by <u>Section 6.02(a)</u> to the Administrative Agent and the Revolving Agent (which may be electronic copies delivered via electronic mail). Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Agents and maintaining its copies of such documents.

The Borrower hereby acknowledges that the Agents will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on IntraLinks or another similar electronic system (the "**Platform**").

Section 6.02. <u>Certificates; Other Information</u>.

Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings, the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent and the Revolving Agent pursuant to any other clause of this <u>Section 6.02</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) together with the delivery of each Compliance Certificate pursuant to <u>Section 6.02(a)</u>, (i) a description of each event, condition or circumstance during the last fiscal year covered by such Compliance Certificate requiring a mandatory prepayment under <u>Section 2.05(b)</u> (to the extent notice of such event, condition or circumstance has not been previously furnished to the Administrative Agent), (ii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate (to the extent that there have been any changes in the identity or status as a Restricted Subsidiary or Unrestricted Subsidiary of any such Subsidiaries since the Closing Date or the most recent list provided) and (iii) a list of any additional registrations of Intellectual Property constituting Collateral of all Grantors (as defined in the Security Agreement) for such fiscal year not previously disclosed to the Administrative Agent and the Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly following any request therefor, (i) such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as any Agent or any Lender through the Administrative Agent or the Revolving Agent may from time to time reasonably request and (ii) solely in connection with the designation of a new Borrower pursuant to Section 2.18(f) information and documentation reasonably requested by any Agent or any Lender through the Administrative Agent or the Revolving Agent for purposes of compliance with applicable "know your customer" requirements under the PATRIOT Act or other applicable anti-money laundering laws.

In no event shall the requirements set forth in <u>Section 6.02(d)</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.03. <u>Notices</u>.

Promptly after a Responsible Officer of the Borrower or any Subsidiary Guarantor has obtained knowledge thereof, notify each Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Event of Default (except to the extent the Administrative Agent or the Collateral Agent shall have previously furnished to the Borrower written notice of such Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the occurrence of an ERISA Event which could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to be adversely determined and, if so determined, could reasonably be expected to result in a Material Adverse Effect; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the occurrence of any environmental contamination or violation that could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this <u>Section 6.03</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to <u>Section 6.03(a)-(d)</u> (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. In no event shall the requirements set forth in <u>Section 6.03</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.04. <u>Payment of Taxes</u>.

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of material Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent (a) any such Tax is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (b) the failure to pay or discharge the same would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.05. <u>Preservation of Existence, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of <u>Section 6.05(a)</u> (other than with respect to the Borrower) or this <u>Section 6.05(b)</u>, to the extent (i) that failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by <u>Article VII</u>.

Section 6.06. <u>Maintenance of Properties</u>.

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect (a) all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted and (b) all of the Intellectual Property owned by it that are necessary, as reasonably determined in the Borrower's business judgment, for the operation of its business as currently conducted.

Section 6.07. <u>Maintenance of Insurance</u>.

Maintain with insurance companies that the Borrower believes (in the good faith judgment of its management) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar

------

circumstances by such other Persons. The Borrower shall provide to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent: (i) not later than 10 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Collateral Agent shall reasonably agree), in the case of insurance obtained after the Closing Date), (x) evidence that adequate insurance required to be maintained under this Agreement (including without limitation, casualty and liability insurance, but excluding business interruption insurance, director and officer insurance and worker's compensation insurance and other policies as agreed by the Required Lenders in their reasonable discretion) is in full force and effect and (y) insurance certificates issued by the Loan Parties' insurance broker containing such information regarding such insurance policies as the Collateral Agent or the Required Lenders shall reasonably request and naming the Collateral Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (ii) not later than 45 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Required Lenders shall reasonably agree), in the case of casualty and liability insurance obtained after the Closing Date), loss payable endorsements that name the Collateral Agent, on behalf of the Secured Parties, as loss payee thereunder. If the improvements on any Mortgaged Property are at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then, to the extent required by applicable Flood Insurance Laws, the Borrower shall, or shall cause each Loan Party to, as promptly as reasonably practicable, (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount reasonably satisfactory to the Required Lenders and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Collateral Agent evidence of such compliance.

Section 6.08. <u>Compliance with Laws</u>.

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property (including, without limitation USA Patriot Act, OFAC and FCPA), except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.09. <u>Books and Records</u>.

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries may maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).

Section 6.10. <u>Inspection Rights</u>.

Permit representatives and independent contractors of each of the Administrative Agent and the Revolving Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants' customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower, it being agreed that, while the provisions of this <u>Section 6.10</u> are for the benefit of the Agents

------

and the Lenders, only the Administrative Agent and the Revolving Agent on behalf of the Lenders may exercise rights under this <u>Section 6.10</u>; *provided* that each such Agent shall not exercise such rights more often than one time during any calendar year and such time shall be at the Borrower's expense; *provided*, *further*, that during the continuation of an Event of Default, any such Agent (or any of its respective representatives or independent contractors), on behalf of the Lenders, may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Applicable Agent shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. Notwithstanding anything to the contrary in this <u>Section 6.10</u>, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or any Contractual Obligation (not created in contemplation thereof) or (c) is subject to attorney-client or similar privilege or constitutes attorney work product.

Section 6.11. <u>Additional Collateral; Additional Guarantors</u>.

At the Borrower's expense, subject to the terms, conditions and provisions of the Collateral and Guarantee Requirement and any applicable limitation in any Collateral Document, take all action necessary or reasonably requested by the Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the formation or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary) by any Loan Party or the designation in accordance with <u>Section 6.14</u> of any existing direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary (in each case, other than an Excluded Subsidiary) or any Subsidiary becoming a wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 60 days after such formation, acquisition or designation, or such longer period as the Collateral Agent may agree in writing in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Collateral Agent, other than with respect to any Excluded Assets, a Guarantor Joinder Agreement, Security Agreement Supplements, Intellectual Property Security Agreements and other security agreements and documents as reasonably requested by and in form and substance reasonably satisfactory to the Collateral Agent (consistent with the Mortgages (if any), Security Agreement, Intellectual Property Security Agreements and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated and a security interest therein may be perfected by the delivery of such certificates) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement and each direct or indirect parent of such Material Domestic Subsidiary to take whatever action (including the recording of Mortgages, the filing of UCC financing statements and delivery of stock and membership interest certificates to the extent certificated) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent a signed copy of an opinion, addressed to the Collateral Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Collateral Agent as to such matters set forth in this <u>Section 6.11(a)</u> as the Collateral Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after the written request therefor by the Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property (as determined by the Borrower (acting reasonably and in good faith)) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, any existing title reports, abstracts, appraisals or environmental assessment reports, to the extent available and in the possession or control of the Borrower; *provided*, *however*, that there shall be no obligation to deliver to the Collateral Agent any environmental assessment report whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property that would constitute Collateral of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement, but not specifically covered by the preceding <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> or <u>Section 6.11(b)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than one hundred twenty (120) days after the acquisition by any Loan Party of Material Real Property as determined by the Borrower (acting reasonably and in good faith) (or such longer period as the Collateral Agent may agree in writing in its reasonable discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

------

Section 6.12. <u>Compliance with Environmental Laws</u>.

Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and properties; and (c) in each case to the extent the Loan Parties are required by Governmental Authorities or otherwise pursuant to Environmental Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

Section 6.13. <u>Further Assurances; Post-Closing Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly upon reasonable request by the Collateral Agent (i) correct any mutually identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement and subject in all respects to the limitations therein. If the Collateral Agent reasonably determines that it is required by applicable Law to have appraisals prepared in respect of the Real Property of any Loan Party subject to a mortgage constituting Collateral, the Borrower shall cooperate with the Collateral Agent such that the Collateral Agent is able to order appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.13(b)</u>, in each case within the time limits specified therein (or such longer period of time reasonably acceptable to the Collateral Agent and the Required Lenders).

Section 6.14. <u>Designation of Subsidiaries</u>.

The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that, immediately after such designation, no Event of Default shall have occurred and be continuing and no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Junior Financing. As of the Closing Date, the Restricted Subsidiaries are set forth on <u>Schedule 6.14</u>. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined in good faith by the Borrower of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a Return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined in good faith by the Borrower at the date of such designation. Notwithstanding anything to the contrary contained herein, in no event shall (1) any Restricted Subsidiary that holds any Equity Interests in any Restricted Subsidiary (unless such Restricted Subsidiary is included in the designation pursuant to this Section 6.14), (2) the Borrower, in each case, be designated as an Unrestricted Subsidiary or (3) immediately after giving effect to any such designation or redesignation of a Restricted Subsidiary to an Unrestricted Subsidiary, such Unrestricted Subsidiary account for more than 7.5% of Trailing Four Quarter Consolidated EBITDA or 7.5% of the fair market value of the total assets of the Borrower and its Subsidiaries, in each case as of the applicable date of designation or redesignation.

------

Section 6.15. <u>Cash Management</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within one hundred twenty (120) days of the Closing Date (or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall have established their primary domestic deposit accounts with the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one hundred twenty (120) days of the Closing Date or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall deliver to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, a deposit account control agreement with respect to each deposit account of the Loan Parties (other than an Excluded Account), duly authorized, executed and delivered by the applicable Loan Party, the applicable bank and the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Cash Dominion Event, the Revolving Agent shall have the sole and exclusive right to direct, and is hereby authorized to give instructions pursuant to any deposit account control agreement directing, the disposition of funds in all domestic deposit accounts of the Loan Parties (other than Excluded Accounts) either maintained with Revolving Agent and/or subject to a deposit account control agreement to the Revolving Agent at such intervals as the Revolving Agent shall elect, to a deposit account maintained by the Revolving Agent at Revolving Agent, which such funds may be applied by Revolving Agent to repay the Revolving Loans (without a corresponding reduction in the Revolving Credit Commitments) and, if permitted hereby, to Cash Collateralize outstanding Letters of Credit.

Section 6.16. <u>Use of Proceeds</u>.

Use the proceeds of (a) the Initial Term Loans to finance a portion of the Transactions (including working capital and/or purchase price adjustments and the payment of the Transaction Expenses, upfront fees and OID with respect to the Facilities) and for working capital and general corporate purposes, (b) the Term Loans (other than Initial Term Loans and the Delayed Draw Term Loans), Revolving Loans and the Letters of Credit issued hereunder, for general corporate purposes and working capital of the Borrower and its Subsidiaries and any other purpose not prohibited by this Agreement including Permitted Acquisitions, other Investments, Capital Expenditures and Restricted Payments; *provided* that the proceeds of the Revolving Loans made on the Closing Date shall be used as set forth in the definition of "Permitted Initial Revolving Credit Borrowing Purposes" and (c) the Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans and the 2021 Delayed Draw Term Loans to (i) finance Permitted Acquisitions and other Investments not prohibited by this Agreement, including, for the avoidance of doubt, deferred consideration (including earn-outs, seller notes, holdbacks and deferred purchase price obligations) payable in connection therewith (whether funded on or after the closing of such transaction), (ii) to finance Capital Expenditures and/or purchase aircraft and related equipment, (iii) refinance Revolving Loans used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures, aircraft and related equipment, (iv) to replace cash on the balance sheet of the Loan Parties used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures and/or purchase aircraft and related equipment and (v) to pay related fees, costs and expenses in connection with any of the foregoing. 

Section 6.17. <u>Lender Conference Call</u>.

To the extent requested by the Administrative Agent, participate in a conference call (including a customary question and answer session) with the Administrative Agent and Lenders once during each Fiscal Year, in each case to be held at such time as may be agreed to by the Borrower and the Required Lenders, but in any event within 15 Business Days after the date that financial statements are required to be delivered for the relevant period pursuant to <u>Sections 6.01(a)</u> (which call may, at the option of the Borrower, be conducted with lenders under any other Indebtedness in addition to the Lenders).

------

Section 6.18. <u>Change in Nature of Business</u>.

From and after the Closing Date, engage only in material lines of business substantially similar as those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably related, complementary, corollary, synergistic, incidental or ancillary thereto (including related, complementary, synergistic, incidental or ancillary technologies) or reasonable extensions thereof.

Section 6.19. <u>Fiscal Year</u>.

From and after the Closing Date, maintain its fiscal year as in effect on the Closing Date; *provided*, *however*, that the Borrower may (x) align the dates of such fiscal year of any Restricted Subsidiary whose fiscal year ends on a date other than that of the Borrower and (y) upon written notice to the Administrative Agent and the Revolving Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent and the Revolving Agent, and, in the case of this <u>clause (y)</u>, the Borrower, the Administrative Agent and the Revolving Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

**ARTICLE VII.** 

**<u>NEGATIVE COVENANTS</u>**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligations hereunder (other than contingent obligations as to which no claim has been asserted or any Letter of Credit remaining outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), then from and after the Closing Date, the Borrower (and, with respect to <u>Section 7.14</u> only, Holdings) shall not and shall not permit any of its Restricted Subsidiaries to:

Section 7.01. <u>Liens</u>.

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens (i) created pursuant to any Loan Document and (ii) on the Collateral securing other Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date; *provided* that any Lien securing Indebtedness in excess of (x) $1,000,000 individually or (y) $2,500,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed in <u>Schedule 7.01(b)</u>) shall only be permitted to the extent such Lien is listed on in <u>Schedule 7.01(b)</u>, and any modifications, replacements, renewals, refinancings or extensions thereof, which may provide that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; *provided*, *further*, that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 7.03</u> and customary security deposits in connection therewith and (B) proceeds and products thereof and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by <u>Section 7.03</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes, assessments or governmental charges that are not overdue for a period of more than any applicable grace period related thereto or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, sub-landlords, carriers, warehousemen, mechanics, materialmen, repairmen, bailees, construction contractors or other like Liens, so long as, in each case, such Liens secure amounts not overdue for a period of more than 45 days or if more than 45 days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) pledges or deposits in the ordinary course of business in connection with, and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees incurred in the ordinary course of business with respect to, workers' compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges or deposits to secure the performance of bids, trade contracts, warranties, utilities, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, building codes, covenants, restrictions (including zoning restrictions), encroachments, licenses, protrusions and other similar encumbrances and minor title defects, in each case affecting Real Property and that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and any exceptions on the Mortgage Policies issued in connection with the Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens (i) securing judgments for the payment of money not constituting an Event of Default under <u>Section 8.01(h)</u>, (ii) arising out of judgments or awards against the Borrower or any of its Restricted Subsidiaries with respect to which an appeal or other proceeding for review is then being pursued and (iii) notices of *lis pendens* and associated rights related to litigation being contested in good faith by appropriate proceedings for which adequate reserves have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) leases, licenses, subleases or sublicenses (including the provision of software or the licensing of other Intellectual Property rights) and terminations thereof, in each case granted to others in the ordinary course of business which (i) do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) do not secure any Indebtedness and (iii) are permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds or assets maintained with a financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institutions general terms and conditions, and (iv) contractual rights of setoff or rights of pledge related to Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section 7.02</u>, to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under <u>Section 7.05</u>, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i) in favor of the Borrower or any Guarantor and (ii) in favor of a Restricted Subsidiary that is not a Loan Party on assets of a Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted to be incurred by such Restricted Subsidiary under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens deemed to exist in connection with Investments in repurchase agreements under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers or suppliers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) ground leases in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens to secure Indebtedness permitted under <u>Section 7.03(e)</u>; *provided* that (i) such Liens are created within 270 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time encumber property (except for replacements, additions, accessions and proceeds to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits, *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender, and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets) other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness (and related obligations) of any Restricted Subsidiary that is not a Loan Party permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to <u>Section 6.14</u>) or otherwise assumed pursuant to <u>Section 7.03(g)</u>, in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Loan Party); *provided* that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds, products and accessions thereof and other than after-acquired property and customary security deposits in connection therewith subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the modification, replacement, renewal or extension of any Lien permitted by <u>Sections 7.01(b)</u>, <u>(u)</u> and <u>(w)</u>; *provided* that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and customary security deposits; *provided, however*, that individual financings of equipment provided by one lender may be cross-collateralized to other financing of equipment provided by such lender and (ii) the renewal, extension, restructuring or Refinancing of the obligations secured or benefited by such Liens is permitted by <u>Section 7.03</u> (to the extent constituting Indebtedness);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount outstanding at any time not to exceed the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens (i) securing Indebtedness incurred under <u>Section 7.03(s)</u> and (ii) solely on the assets acquired, securing Indebtedness incurred under <u>Section 7.03(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens on the Collateral (and other property and assets permitted by any Junior Intercreditor Agreement) securing obligations in respect of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing Debt and any Permitted Refinancing of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens or imperfections on property existing on the Closing Date which are immaterial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the performance of the Borrower's or such Subsidiary's obligations under the terms of the lease for such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on (i) the Securitization Assets arising in connection with a Qualified Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens securing obligations permitted under <u>Section 7.03(q)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens on property of any Foreign Subsidiary arising mandatorily under the Laws of the jurisdiction of organization of such Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens securing Indebtedness permitted pursuant to Section 7.03(dd);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Liens securing Other Term Loans and Other Notes and Permitted Refinancings thereof incurred pursuant to <u>Section 7.03(z)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) in the case of any non-wholly owned Restricted Subsidiary or any joint venture, any put and call arrangements or restrictions on disposition related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens securing Swap Contracts so long as the value of the property securing such Swap Contracts does not exceed $4,000,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens on property subject to any sale-leaseback transaction permitted hereunder and general intangibles related thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Liens consisting of contractual restrictions of the type described in the definition of "Restricted Cash" (excluding the proviso thereto) so long as such contractual restrictions are not prohibited pursuant to <u>Section 7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Liens arising by operation of law in the United States under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Liens encumbering the Equity Interests of an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Liens permitted under the Purchase Agreement to remain outstanding after the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Aircraft Trust Arrangements.

Section 7.02. <u>Investments</u>.

Make or hold any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash and Cash Equivalents when such Investment was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to, or notes received from, managers, officers, directors, consultants, advisors, service providers or employees of any Loan Party (or any direct or indirect parent thereof) or any of its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests of Holdings or any direct or indirect parent thereof or to permit the payment of Taxes with respect thereto; *provided* that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed to the Borrower in cash as common equity; *provided*, *further*, that the aggregate principal amount outstanding of any loans or advances made in cash at any time under this <u>clause (ii)</u> shall not exceed $7,500,000 and (iii) for any other purposes not described in the foregoing <u>clauses (i)</u> and <u>(ii)</u>; *provided* that the aggregate principal amount outstanding at any time under this <u>clause (iii)</u> shall not exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (other than Holdings); *provided* all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note, (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan Party in any Restricted Subsidiary that is not a Loan Party; *provided* that, to the extent such Investments made pursuant to this <u>clause (iii)</u> are not in the ordinary course of business (as determined in good faith by the Borrower), (x) no such Investments made pursuant to this <u>clause (iii)</u> in the form of intercompany loans shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) the aggregate amount of Investments made pursuant to this <u>clause (iii)</u> shall not exceed at any time outstanding the sum of (x) together with Investments pursuant to <u>Section 7.02(i)(iv)</u>, the greater of $6,000,000 and 20.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, (y) the Cumulative Credit at the time such Investment is made, and (z) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(i)</u> and <u>Section 7.02(o)</u>; *provided* that the application of any portion of the Joint Venture Investment Basket

------

Amount pursuant to this <u>clause (z)</u> will result in a corresponding dollar-for-dollar reduction in the Joint Venture Investment Basket Amount available pursuant to <u>Section 7.02(o)</u>; *provided, further*, that if any Investment made pursuant to this <u>clause (iii)</u> is in connection with the closing of foreign facilities, including severance associated therewith, then the limitations set forth in this <u>clause (iii)</u> shall not apply; *provided, further*, if any Investment made pursuant to this <u>clause (iii)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>clause (i)</u> above and shall not be included as having been made pursuant to this <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by <u>Section 7.02(m)</u> below) consisting of transactions permitted under <u>Sections 7.01</u>, <u>7.03</u> (other than <u>7.03(c)</u> and <u>(d)</u>), <u>7.04</u> (other than <u>7.04(c)(ii)</u> or <u>(e)</u>), <u>7.05</u> (other than <u>7.05(e)</u>), <u>7.06</u> (other than <u>7.06(d)</u> or <u>(h)(iv)</u>) and <u>7.13</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing or contemplated on the Closing Date or made pursuant to legally binding written contracts in existence on the Closing Date, in each case set forth in <u>Schedule 7.02(f)</u> and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments in Swap Contracts and Cash Management Services permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promissory notes, securities and other non-cash consideration received in connection with Dispositions permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of all or substantially all the assets of a Person or division or line of business of a Person or any Equity Interests in a Person that becomes a Restricted Subsidiary (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions (including by way of merger), if immediately after giving effect thereto: (i) no Event of Default exists on the date that the Borrower or the applicable Restricted Subsidiary enters into a binding agreement with respect to such acquisition; (ii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Restricted Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, to the extent required by <u>Section 6.11</u>; (iii) the Borrowers are in compliance with <u>Section 6.18</u> (after giving effect to such acquisition); and (iv) the aggregate amount of Investments by Loan Parties pursuant to Section 7.02(i) in assets (other than Equity Interests) that are not (or do not become at the time of such acquisition) directly owned by a Loan Party together with Investments pursuant to <u>Section 7.02(c)(iii)</u> (but excluding Investments permitted pursuant to <u>Section 7.02(c)(iii)(B)(z)</u>), shall not exceed the sum of (A) the greater of $6,000,000 and 20% of Trailing Four Quarter Consolidated EBITDA *plus* (B) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(c)(iii)(z)</u> and <u>Section 7.02(o)</u> (any such acquisition, a "**Permitted Acquisition**");

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments made in connection with the Transactions or consisting of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances to any direct or indirect parent of the Borrower not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made to such parent in accordance with <u>Section 7.06(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u> or <u>(n)</u>, such Investment being treated for purposes of the applicable clause of <u>Section 7.06</u>, including any limitations, as if a Restricted Payment had been made pursuant to such clause in an amount equal to such Investment at the time such loan or advance is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments (including Permitted Acquisitions) in an aggregate amount outstanding pursuant to this <u>Section 7.02(n)</u> (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed (i) the sum of (A) the greater of $12,500,000 and 40.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time the Investment was made (in each case, net of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) *plus* (B) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make Investments shall result in a reduction in availability under <u>Section 7.06(g)(x)</u>) *plus* (C) at the election of the Borrower, the amount of repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings then permitted to be made in reliance on <u>Section 7.13(a)(v)(I)</u> (it being understood that any amount utilized under this <u>clause (C)</u> to make Investments shall result in a reduction in availability under <u>Section 7.13(a)(v)(I)</u>) *plus* (ii) the Cumulative Credit at the time such Investment is made; *provided*, that with respect to any Investment made pursuant to this <u>clause (ii)</u>, solely to the extent such Investment is made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom on the date the Borrower or any Restricted Subsidiary enters into a binding agreement with respect to such Investment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u>, at the time such Investment was made) is less than or equal to 4.25 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Investments made in respect of joint ventures, minority investments, other similar agreements, partnerships or Unrestricted Subsidiaries not to exceed in the aggregate the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, less all amounts applied pursuant to <u>Section 7.02(c)(iii)</u>(B)(z) and <u>Section 7.02(i)(iv)(B)</u>and the provisos thereto (the "**Joint Venture Investment Basket Amount**"); *provided* that if any Investment made pursuant to this <u>Section 7.02(o)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>Section 7.02(c)(i)</u> and shall not be included as having been made pursuant to this <u>Section 7.02(o)</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in any Person to which the Borrower or any Restricted Subsidiary outsources operational activities or otherwise related to the outsourcing of operational activities in the ordinary course of business in an aggregate amount not to exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) advances of payroll payments to employees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors and suppliers in the ordinary course of business and (ii) Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (or any direct or indirect parent of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments of a Restricted Subsidiary acquired after the Closing Date or of a corporation merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with <u>Section 7.04</u> after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments made by a Restricted Subsidiary that is not a Loan Party (other than in Unrestricted Subsidiaries) to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary by a Loan Party permitted under this <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; *provided*, *however*, that any such Investment in a Securitization Subsidiary is in the form of (x) a contribution of additional Securitization Assets, (y) Limited Originator Recourse or (z) loans in respect of the noncash portion of the purchase price of Securitization Assets and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing or a Receivables Facility, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments funded with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments in deposit accounts, securities accounts and commodities accounts maintained by the Borrower or such Restricted Subsidiary, so long as such accounts are used only to maintain Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments made by a Restricted Subsidiary that is not a Guarantor using cash from operations of such Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments consisting of cash earnest money deposits in connection with a Permitted Acquisition or other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Loans repurchased by the Borrower or a Restricted Subsidiary, or purchased by Holdings and contributed to the Borrower or a Restricted Subsidiary, pursuant to and in accordance with <u>Section 2.05(a)(v)</u> or <u>Section 10.07</u>, so long as such Loans are immediately cancelled;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) guarantees by the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or contracts or other obligations that do not constitute Indebtedness, in each case, which leases, contracts or other obligations and guarantees are entered into in the ordinary course of business by the Borrower or a Restricted Subsidiary or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Investments so long as (i) the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> at the time the Investment was made) is no greater than 4.00 to 1.00 and (ii) no Event of Default then exists or would result therefrom; *provided* the aggregate amount of Investments by Loan Parties pursuant to this Section 7.02(cc) in assets (other than Equity Interests) that are not (or do not become at the time of their acquisition) directly owned by a Loan Party or in Equity Interests of Persons that do not become Loan Parties shall not exceed the greater of $7,500,000 and 25% of Trailing Four Quarter Consolidated EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments made in reliance on the last paragraph of <u>Section 7.06</u> or the last paragraph of <u>Section 7.13</u>.

To the extent an Investment is permitted to be made by a Loan Party directly in any Restricted Subsidiary or any other Person who is not a Loan Party (each such person, a "**Target Person**") under any provision of this <u>Section 7.02</u>, such Investment may be made by advance, contribution or distribution by a Loan Party to a Restricted Subsidiary or Holdings, and further contemporaneously advanced or contributed to a Restricted Subsidiary for purposes of making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 7.02</u> (it being understood that such Investment must satisfy the requirements of, and shall count towards any thresholds in, a provision of this <u>Section 7.02</u> as if made by the applicable Loan Party directly to the Target Person).

Section 7.03. <u>Indebtedness</u>.

Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness (including any unused commitment in respect thereof) outstanding on the Closing Date and listed in <u>Schedule 7.03(b)</u> and any Permitted Refinancing thereof; *provided* that all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to an Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; *provided* that (A) no Guarantee by any Restricted Subsidiary of any Indebtedness constituting a Junior Financing of any Loan Party shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Secured Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Secured Obligations, such Guarantee shall be subordinated to the Guarantee of the Secured Obligations on terms at least as favorable (as reasonably determined by the Borrower) to the Lenders as those contained in the subordination of such Indebtedness;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party), *provided* that, in the case of Indebtedness of a non-Loan Party owing to a Loan Party, such Indebtedness is an Investment permitted by <u>Section 7.02</u> or consists of any part of a Permitted Reorganization or IPO Reorganization Transaction; *provided further* that (x) no such Indebtedness owed to a Loan Party shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the applicable asset thereof in an aggregate amount not to exceed the greater of $3,750,000 and 12.5% of Trailing Four-Quarter Consolidated EBITDA, in each case determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding and (ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by <u>Section 7.05(m)</u> and any Permitted Refinancing of such Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Secured Hedge Obligations and other Indebtedness in respect of Swap Contracts designed to hedge against the Borrower's or any Restricted Subsidiary's exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of the Borrower or any Restricted Subsidiary (i) assumed in connection with any Permitted Acquisition or other similar Investment permitted hereunder and any Permitted Refinancing thereof; *provided* that (x) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other similar Investment permitted hereunder or any Permitted Refinancing thereof and (y) the obligors with respect to such Indebtedness are limited to the Persons acquired in such Permitted Acquisition or Investment or (ii) incurred to finance any Permitted Acquisition or Investment permitted hereunder (including earn-out obligations, Indebtedness incurred to finance the payment thereof and seller notes); *provided*, that after giving *pro forma* effect to such Permitted Acquisition or Investment permitted hereunder and the incurrence of such Indebtedness, the aggregate amount of such Indebtedness incurred pursuant to this <u>clause (ii)</u> does not exceed at any time outstanding (x) the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the applicable date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness representing deferred compensation to employees of the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former managers, officers, directors, advisors, service providers, consultants or employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions, a Permitted Acquisition, any other Investment permitted hereunder, merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price adjustments or other similar adjustments (including earn-outs and obligations in respect of transaction tax benefits);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions, and Permitted Acquisitions or any other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) Secured Cash Management Obligations, (ii) other Indebtedness in respect of Cash Management Services and similar arrangements in the ordinary course of business and any Guarantees thereof, (iii) Indebtedness resulting from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and solely with respect to each incurrence pursuant to this <u>clause (iii)</u>, so long as such Indebtedness is extinguished within 10 Business Days of its incurrence, and (iv) endorsement of instruments or other payment items for deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to extent constituting Indebtedness, obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) letters of credit in an aggregate face amount at any time outstanding not to exceed the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence consisting of (i) letters of credit issued in currencies not available hereunder or (ii) documentary or commercial letters of credit not issued hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Ratio Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Credit Agreement Refinancing Indebtedness;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this <u>Section 7.03(u)</u> and then outstanding for all such Persons taken together, does not exceed the greater of $5,250,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings and Limited Originator Recourse) to the Borrower or any of the Restricted Subsidiaries; *provided,* that the aggregate principal amount of Indebtedness at any time outstanding in connection therewith shall not exceed $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unsecured Indebtedness in an amount equal to the lesser of 100% of the net cash proceeds received by Holdings (or any direct or indirect parent thereof) since immediately after the Closing Date from the issuance or sale of Equity Interests of Holdings (or any direct or indirect parent thereof) or cash contributed to the capital of Holdings (or any direct or indirect parent thereof) (in each case, other than proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings (or any direct or indirect parent thereof) or any of its Subsidiaries) to the extent such net cash proceeds or cash have been contributed to the Borrower and have not been applied pursuant to <u>Section 7.02</u>, <u>7.06</u> or <u>7.13</u> and do not constitute Cure Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) Indebtedness in respect of Other Term Loans and Other Notes incurred or issued in accordance with <u>Section 2.14</u> and (ii) Permitted Refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness incurred by the Borrower as a result of the exchange of Term Loans assigned to the Borrower pursuant to <u>Section 10.07(k)</u>, as long as such Indebtedness would be a Permitted Refinancing of such Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) obligations in respect of Disqualified Equity Interests (x) issued to and held by the Borrower, Holdings or any Restricted Subsidiary (to the extent permitted by <u>Section 7.02</u>) or (y) in an amount not to exceed the greater of $1,200,000 and 4.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) intercompany Indebtedness incurred in connection with a Permitted Reorganization or IPO Reorganization Transaction, so long as such intercompany Indebtedness constitutes an Investment permitted pursuant to Section 7.02(j); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness in respect of aircraft or related equipment financing in an amount not to exceed $20,000,000 at any time outstanding (together with any amounts incurred under any Aircraft Trust Arrangement);

*provided, that*, (I) any such Indebtedness that constitutes Pari Passu Secured Obligations shall be subject to the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement, as applicable, (II) any such Indebtedness that is incurred pursuant to <u>Section 7.03(a)</u>, <u>Section 7.03(s)</u>, <u>Section 7.03(t), Section 7.03(u)</u>, <u>Section 7.03(z)</u> or <u>Section 7.03(aa)</u> and is secured by the Collateral on a junior basis shall be subject to a Junior Intercreditor Agreement, and (III) any such Indebtedness that constitutes Pari Passu Secured Obligations or which is secured by the Collateral on a junior basis shall be junior in right of payment to the Revolving <u>Credit</u> Facility to the extent set forth in such agreement among Lenders or such Intercreditor Agreement.

------

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, Refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, Refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, Refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, Refinanced, renewed or defeased, plus the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such Refinancing.

Interest (including post-petition interest), the accrual of interest, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and premiums (if any), fees, expenses, charges and additional or contingent interest on obligations shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 7.03</u>. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

For purposes of determining compliance with this <u>Section 7.03</u>, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in <u>Sections 7.03(a)</u> through <u>7.03(dd)</u>, the Borrower shall, in its sole discretion, divide or classify or later divide or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; *provided* that all Indebtedness outstanding under the Loan Documents on the Closing Date will be deemed to be incurred in reliance on the exception in <u>Section 7.03(a)</u>.

Section 7.04. <u>Fundamental Changes</u>.

Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person (other than as part of the Transactions), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction, so long as such new jurisdiction is the United States, any state thereof, the District of Columbia or any territory thereof); *provided* that the Borrower shall be the continuing or surviving Person, or (ii) one or more other Restricted Subsidiaries; *provided* that when any Person that is a Loan Party is merging with a Restricted Subsidiary, (i) a Loan Party shall be the continuing or surviving Person or (ii) such surviving Person shall become a Loan Party and comply with <u>Sections 6.11</u> and <u>6.13</u> substantially concurrently with such transaction (except as expressly provided in such Sections);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party, (ii) any Restricted Subsidiary may liquidate or dissolve and (iii) any Restricted Subsidiary may change its legal form if, with respect to <u>clauses (ii)</u> and <u>(iii)</u>, the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; *provided* that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in accordance with <u>Sections 7.02</u> (other than <u>7.02(e)</u>) and <u>7.03</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Company**"), (A) the Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Collateral Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee shall apply to the Successor Company's obligations under the Loan Documents, (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, (E) if reasonably requested by the Collateral Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, and (F) the Borrower shall have delivered to the Collateral Agent an officer's certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement and customary legal opinions reasonably satisfactory to the Collateral Agent; *provided*, *further*, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to <u>Section 7.02</u>; *provided* that (i) the continuing or surviving Person shall be a Restricted Subsidiary of the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of <u>Section 6.11</u> to the extent required pursuant to the Collateral and Guarantee Requirement or (ii) such Restricted Subsidiary would otherwise be permitted to be designated as an Unrestricted Subsidiary immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and the Restricted Subsidiaries may consummate the Acquisition, related transactions contemplated by the Purchase Agreement (and documents related thereto) and the Transactions and any Permitted Reorganization or IPO Reorganization Transaction; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to <u>Section 7.05</u> or a Restricted Payment permitted pursuant to <u>Section 7.06</u>.

Section 7.05. <u>Dispositions</u>.

Make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete, damaged, worn out, aged, used or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries, in each case determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of (i) inventory and goods held for sale in the ordinary course of business and (ii) immaterial assets and termination of leases and licenses in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Borrower or any Restricted Subsidiary; *provided* that if the transferor of such property is a Loan Party and such Disposition is not for fair market value (as reasonably determined by the Borrower), (i) the transferee thereof must be a Loan Party, (ii) such Disposition is for cash at fair market value or any promissory note or other non-cash consideration received in respect thereof is an Investment permitted under <u>Section 7.02</u>, or (iii) if such transaction constitutes an Investment, such transaction is permitted under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent constituting Dispositions, transactions permitted by (i) <u>Section 7.01</u>, (ii) <u>Section 7.02</u> (other than <u>7.02(e)</u>), (iii) <u>Section 7.04</u> (other than <u>7.04(g)</u>) and (iv) <u>Section 7.06</u> (other than <u>7.06(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions to consummate the Transactions or any Dispositions constituting any part of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) leases, subleases, licenses or sublicenses (including the provision of software under an open source license or the licensing of other Intellectual Property) and terminations thereof, in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole) and (ii) Dispositions (including allowing any registrations or any applications for registration to lapse or go abandoned) of Intellectual Property (including inbound licenses) that, in Borrower's reasonable business judgment, is no longer necessary for the conduct of the business of Borrower and its Restricted Subsidiaries (taken as a whole) or that otherwise do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property; *provided* that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default has occurred and is continuing or would result therefrom), no Event of Default shall have occurred and been continuing or would result from such Disposition, (ii) with respect to any Disposition pursuant to this <u>Section 7.05(j)</u> for a purchase price in excess of the greater of $7,000,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of Cash and Cash Equivalents (in each case, free and clear of all Liens at the time received, other than Liens permitted by <u>Section 7.01</u>); *provided*, *however*, that for the purposes of this <u>clause (ii)</u>, the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower's most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Secured Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into Cash and Cash Equivalents (to the extent of the Cash and Cash Equivalents received) within 180 days following the closing of the applicable Disposition, and (C) aggregate non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $2,250,000 and 7.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition and (iii) to the extent the aggregate amount of Net Proceeds received by the Borrower or a Restricted Subsidiary from Dispositions made pursuant to this <u>Section 7.05(j)</u> in the aggregate exceeds $10,000,000 in any fiscal year, with unused amounts in any fiscal year being carried over to the next succeeding fiscal year only (*provided* that if any such amount is carried over, it will be deemed used in the applicable subsequent fiscal year only after the amount available in such subsequent fiscal year has been fully used), *plus* any amount available pursuant to this <u>clause (iii)</u> in the next succeeding fiscal year only (which amount will be permanently reduced if used in the current fiscal year) subject to a maximum of $10,000,000 in any fiscal year, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions (i) of non-core assets acquired in connection with Permitted Acquisitions or other Investments or (ii) made to obtain the approval of an anti-trust authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of property pursuant to sale-leaseback transactions; *provided* that to the extent the aggregate Net Proceeds from all such Dispositions since the Closing Date exceeds $5,625,000, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the unwinding or settlement of any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Disposition of Securitization Assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any Disposition of Receivables Assets in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions of assets not constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower and any Restricted Subsidiary may (i) terminate or otherwise collapse its cost-sharing agreements with the Borrower or any Subsidiary and settle any crossing payments in connection therewith or (ii) surrender or waive contractual rights and settle or waive contractual or litigation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions set forth in <u>Schedule 7.05(w)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions in an amount not to exceed the greater of $1,500,000 and 5.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, in the aggregate in any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies;

Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of the sale, in accordance with the terms of the Loan Documents, of a Subsidiary Guarantor that owns such Collateral but excluding Dispositions among Loan Parties) in accordance with the terms of the Loan Documents, the security interest created in such item of Collateral under the Collateral Documents shall be automatically released and the Collateral Agent will, at the Borrower's expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents and, if applicable, the release of such Subsidiary Guarantor from its obligations under the Collateral Documents.

------

Section 7.06. <u>Restricted Payments</u>.

Declare or make, directly or indirectly, any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by <u>Section 7.03</u>) of such Person to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made (i) on the Closing Date to consummate the Transactions, (ii) in respect of working capital adjustments or purchase price adjustments pursuant to the Purchase Agreement, any Permitted Acquisition or other permitted Investments, (iii) in order to satisfy indemnity and other similar obligations under the Purchase Agreement, any Permitted Acquisition or other permitted Investments and (iv) to holders of Equity Interests of the Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, in each case, with respect to the Transactions, any Permitted Acquisition or other permitted Investments, and Restricted Payments consisting of a Permitted Reorganization or an IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent constituting Restricted Payments, the Borrower (or any direct or indirect parent thereof) and its Restricted Subsidiaries may enter into and consummate transactions permitted by any provision of <u>Section 7.02</u> (other than <u>7.02(e)</u> and <u>7.02(m)</u>), <u>7.04</u>, <u>7.05</u> (other than <u>7.05(e)(iv)</u> and <u>7.05(g)</u>) or <u>7.08</u> (other than <u>7.08(f)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchases of Equity Interests in the Borrower or any Restricted Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and each Restricted Subsidiary may (i) pay (or make Restricted Payments to allow Holdings or any other direct or indirect parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary (or of the Borrower or any other such direct or indirect parent thereof) held by any future, present or former manager, officer, director, consultant, advisor, service provider or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or (ii) make Restricted Payments in the form of distributions to allow Holdings or any direct or indirect parent of Holdings to pay principal or interest on promissory notes that were issued to any future, present or former manager, officer, director,

------

consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) in lieu of cash payments for the repurchase, retirement or other acquisition or retirement for value of such Equity Interests held by such Persons, in each case, upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee, manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any manager, officer, director, consultant, advisor, service provider or employee of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or any of its Restricted Subsidiaries; *provided* that the aggregate amount of Restricted Payments made pursuant to this <u>Section 7.06(f)</u> together with the aggregate amount of loans and advances to Holdings made pursuant to <u>Section 7.02(m)</u> in lieu of Restricted Payments permitted by this <u>Section 7.06(f)</u> (net of proceeds received by Holdings or any direct or indirect parent of Holdings subsequent to the Closing Date in connection with resales of any Equity Interests so purchased pursuant to this <u>clause (f)</u>) shall not exceed the greater of $15,000,000 and 50.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such payment, in any calendar year (which shall decrease to the greater of $10,000,000 and 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such Restricted Payment, subsequent to the consummation of a Qualified IPO) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $25,000,000 in any calendar year (which shall decrease to $20,000,000 subsequent to the consummation of a Qualified IPO)); *provided*, *further*, that such amount in any calendar year may further be increased by an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amounts used to increase the Cumulative Credit pursuant to <u>clauses (c)</u> and <u>(d)</u> of the definition of "Cumulative Credit"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Net Proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries less the amount of Restricted Payments previously made with the cash proceeds of such key man life insurance policies;

*provided*, *further*, that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower may make Restricted Payments in an aggregate amount not to exceed, (x) an amount equal to the greater of (1) $10,000,000 and (2) 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of such Restricted Payment, so long as no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment *plus* (y) the Cumulative Credit at the time such Restricted Payment is made; *provided*, that with respect to any Restricted Payment made pursuant to this <u>clause (y)</u>, solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.50 to 1.00;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower may make Restricted Payments to any direct or indirect parent of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, Transaction Expenses and any indemnification claims made by directors or officers of such parent attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) franchise Taxes and other fees, taxes and expenses required to maintain its (or any of its direct or indirect parents') corporate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) with respect to any taxable period (or portion thereof) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a "**Tax Group**"), to pay federal, foreign, state and local income or similar Taxes of such Tax Group (or any direct or indirect beneficial owners thereof) that are attributable to the taxable income of the Borrower and/or its Subsidiaries; *provided* that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower and its Subsidiaries would have been required to pay as a stand-alone consolidated, combined or similar income tax group, (B) with respect to any taxable period (or portion thereof) in which Holdings, the Borrower, and/or any of their Subsidiaries is treated as a pass-through entity for U.S. federal income purposes with respect to Ultimate Parent (or any direct or indirect parent thereof), dividends and distributions by such Subsidiaries to the Borrower, by the Borrower to Holdings (or any direct or indirect parent thereof) to permit Ultimate Parent to make distributions in the amount described in Section 4.6 of the Ultimate Parent LLC Agreement, or (C) to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries and any direct or indirect parent of the Borrower that are payable as a result of the operation of Section 2.05(b)(v) and 2.05(b)(vi); *provided, further*, that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar income Taxes (any amount to be paid under this C<u>c</u>lause (iii), a "**Tax Distribution**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment that would be permitted to be made pursuant to <u>Sections 7.02</u> and <u>7.08</u> if such parent were subject to such Sections; *provided* that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or the Restricted Subsidiaries (which may be required to be Loan Parties) or (2) the merger (to the extent permitted in <u>Section 7.04</u>) of the Person formed or acquired into the Borrower or its Restricted Subsidiaries in order to consummate such Permitted Acquisition or Investment, in each case, in accordance with the requirements of <u>Section 6.11</u> and (C) such contribution shall constitute an Investment by the Borrower or the applicable Restricted Subsidiaries, as the case may be, at the date of such contribution or merger, as applicable, in an amount equal to the amount of such Restricted Payment;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which (A) shall be used to pay customary salary, bonus, severance and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries or (B) shall be used to make payments permitted under <u>Sections 7.08(c)</u>, <u>(e)</u>, <u>(i)</u>, <u>(k)</u>, and <u>(p)</u> (assuming the Borrower or a Restricted Subsidiary were to make the payment but only to the extent such payments have not been and are not expected to be made by the Borrower or a Restricted Subsidiary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses (other than to Affiliates) related to any equity or debt offering by Holdings (or any direct or indirect parent thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payments made or expected to be made by Holdings, the Borrower or any of the Restricted Subsidiaries in respect of withholding or similar Taxes payable by or with respect to any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) and any repurchases of Equity Interests in consideration of such payments and deemed repurchases in connection with the exercise of stock options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after a Qualified IPO, (i) any Restricted Payment by the Borrower or any other direct or indirect parent of the Borrower to pay listing fees, insurance premiums and other costs and expenses attributable to being a publicly traded company which are reasonable and customary and (ii) additional Restricted Payments in an aggregate amount per annum not to exceed the greater of (A) up to 6.0% the net proceeds received by (or contributed to) the Borrower and its Restricted Subsidiaries from such Qualified IPO and (B) 6.0% of the market capitalization of the Borrower (or the applicable parent entity) and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Holdings, the Borrower or any of the Restricted Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Restricted Payments in the amount of any Excluded Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Holdings, the Borrower and any Restricted Subsidiary may pay dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration, such payment would have complied with another provision of Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Restricted Payments so long as (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.00 to 1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Payments to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries' Affiliates and direct and indirect holders of Equity Interests in the Borrower that are payable as a result of any actual repatriation described in clause (i) of <u>Section 2.05(b)(v)</u> or clause (i) of <u>Section 2.05(b)(vi).</u>

------

For the avoidance of doubt, any dividend or distribution otherwise permitted pursuant to this <u>Section 7.06</u> may be in the form of a loan; *provided* that Indebtedness of a Loan Party or Restricted Subsidiary must be otherwise permitted by <u>Section 7.03(d)</u>.

Any basket available for Restricted Payments pursuant to this <u>Section 7.06</u> may instead be used to either (i) make a prepayment, redemption, purchase, defeasement or other payment in respect of any Junior Financing pursuant to <u>Section 7.13</u>, and such prepayment, redemption, purchase, defeasement or other payment shall not be prohibited by <u>Section 7.13</u> and any such prepayment, redemption, purchase, defeasement or other payment shall reduce the amount available under such basket set forth in this <u>Section 7.</u>06 or (ii) make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in this <u>Section 7.06</u>.

For the avoidance of doubt, this Section 7.06 shall not restrict the making of any "AHYDO catch-up payment" with respect to, and required by the terms of, any Indebtedness of any Borrower or any Restricted Subsidiary permitted to be incurred under Section 7.03 hereof.

Section 7.07. <u>[Reserved]</u>.

Section 7.08. <u>Transactions with Affiliates</u>.

Enter into any transaction of any kind with a value in excess of $2,000,000, determined at the time of such transaction with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or in connection with the Transactions and transactions constituting any Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of Equity Interests of (x) Holdings (or any direct or indirect parent thereof) or (y) any Restricted Subsidiary constituting directors' qualifying shares or other shares required by applicable Law, in each case, to any manager, officer, director, consultant or employee of Holdings or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) so long as no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> has occurred and is continuing, the payment of management and monitoring fees pursuant to an Investor Management Agreement or other arrangement with the Investors or management companies associated with the Investors or their advisors in a maximum amount for all such agreements and arrangements not to exceed 2.50% of Consolidated EBITDA of the Borrower in any fiscal year, and transaction fees to the foregoing Persons not to exceed in the aggregate 1.00% of the applicable gross transaction value; provided that, upon the occurrence and during the continuance of an Event

------

of Default, such fees may accrue, but may not be payable in cash during such period, but all accrued fees (plus interest, if any, with respect thereto) may be payable in cash upon the cure or waiver of such Event of Default(s), (ii) indemnities and other expenses pursuant to an Investor Management Agreement or other arrangement with the foregoing Persons (including any transaction fee payable in connection with the Acquisition), and (iii) any unpaid management, monitoring, transaction fees, indemnities and expenses accrued in any prior year to the extent such fee or expense is otherwise permitted to be paid pursuant to this clause (e) in such prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted Payments permitted under <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) loans and other transactions among Holdings (or any direct or indirect parent company) and its Subsidiaries and joint ventures (to the extent any such Subsidiary that is not a Restricted Subsidiary or any such joint venture is only an Affiliate as a result of Investments by Holdings and its Restricted Subsidiaries in such Subsidiary or joint venture) to the extent otherwise permitted under this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) transactions by the Borrower and its Restricted Subsidiaries permitted under an express provision (including any exceptions thereto) of this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans, stock incentive plans and employee benefit plans and arrangements in the ordinary course of business or otherwise approved by the independent members of the board of directors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Borrower and its Restricted Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transactions pursuant to agreements, instruments or arrangements in existence on the Closing Date and set forth in <u>Schedule 7.08</u> or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) payments by the Borrower or any of its Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of the Borrower to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, but only to the extent permitted by <u>Section 7.06(h)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Investor or to any former, current or future manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, distributes or Affiliate of any of the foregoing) of the Borrower, any of its Subsidiaries or any direct or indirect parent thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower and the Restricted Subsidiaries, in the reasonable determination of the board of directors or the senior management of the Borrower, or are on terms at least as favorable (as reasonably determined by the Borrower) as might reasonably have been obtained at such time from an unaffiliated party;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any payments required to be made pursuant to (i) the Purchase Agreement and (ii) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the payment of reasonable out-of-pocket costs and expenses and indemnities pursuant to the Ultimate Parent LLC Agreement as in effect on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, deliver to the Administrative Agent and the Revolving Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of <u>Section 7.08(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by Holdings and the Restricted Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted under <u>Section 7.02;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Affiliate repurchases of the Loans or Commitments to the extent permitted by <u>Section 10.07</u> and Affiliate repurchases of <u>other</u> O<u>o</u>bligations,<u>, including</u> Pari Passu Secured Obligations and obligations in respect of any Junior Financing, in each case, the holding of such loans or commitments and the payments and other transactions contemplated herein in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Disposition of Securitization Assets or related assets, Investment permitted pursuant to <u>Section 7.02(v)</u> or Standard Securitization Undertakings, in each case in connection with any Qualified Securitization Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) IP Licenses in the ordinary course of business.

Section 7.09. <u>Burdensome Agreements</u>.

Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person that is intended to constitute Collateral for the benefit of the Lenders with respect to the Facilities and the Secured Obligations; *provided* that the foregoing <u>Sections 7.09(a)</u> and <u>(b)</u> shall not apply to Contractual Obligations which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) exist on the Closing Date and (to the extent not otherwise permitted by this <u>Section 7.09</u>) are listed in <u>Schedule 7.09</u> and (y) to the extent Contractual Obligations permitted by <u>clause (x)</u> are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or Refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or Refinancing (taken as a whole) does not materially expand the scope of such Contractual Obligation (as reasonably determined by the Borrower);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by <u>Section 7.03</u> and which does not apply to any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are customary restrictions (as reasonably determined by the Borrower) that arise in connection with (x) any Lien permitted by <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(i)</u>, <u>(j)(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(p)</u>, <u>(q)</u>, <u>(r)(i)</u>, <u>(r)(ii)</u>, <u>(s)</u>, <u>(u)</u>, <u>(v)</u>, <u>(w)</u>, <u>(z)</u>, <u>(aa)</u>, <u>(cc)</u>, <u>(dd)</u>, <u>(ee)</u> (to the extent such restrictions exist as of the Closing Date), <u>(gg)</u>, <u>(hh)</u>, <u>(ii)</u>, <u>(kk)</u>, <u>(ll)</u> and <u>(nn)</u> and relate to the property subject to such Lien or (y) arise in connection with any Disposition permitted by <u>Section 7.04</u> or <u>7.05</u> and relate solely to the assets or Person subject to such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under <u>Section 7.02</u> and entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under <u>Section 7.03</u> but solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds, accessions and products thereof or (ii) the property secured by such Indebtedness and the proceeds, accessions and products thereof so long as the agreements governing such Indebtedness permit the Liens securing the Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the property interest, rights or the assets subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to <u>Sections 7.03(b)</u>, <u>(e)</u>, <u>(g)</u>, <u>(n)(i)</u>, <u>(s)</u>, <u>(t)</u>, <u>(u)</u>, <u>(v)</u> and <u>(z)</u> and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or, in the case of <u>Section 7.03(g), (s)</u>, <u>(t)</u> or <u>(u)</u>, to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting, transfer or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) arise in connection with cash or other deposits permitted under <u>Sections 7.01</u> and <u>7.02</u> and limited to such cash or deposit;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) comprise restrictions imposed by any agreement governing Indebtedness entered into on or after the Closing Date and permitted under <u>Section 7.03</u> that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type, so long as the Borrower shall have determined in good faith that such restrictions will not affect its obligation or ability to make any payments required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) are restrictions regarding IP Licenses granted by Holdings and its Restricted Subsidiaries of Intellectual Property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) are restrictions on cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) are restrictions and conditions under the terms of the documentation governing any Qualified Securitization Financing or a Receivables Facility that in the good faith determination of Holdings or the Borrower are necessary or advisable to effect such Qualified Securitization Financing or such Receivables Facility.

Section 7.10. <u>Amendments or Waivers of Organization Documents</u>.

Agree, or permit any Loan Party to agree, to any material amendment, restatement, supplement or other modification to, or waiver of, any of its Organization Documents after the Closing Date in a manner that is materially adverse to the Lenders, except as required by Law; *provided* that for the avoidance of doubt, any amendment, restatement, supplement or other modification to any Organization Documents for the purpose of effectuating a change of legal entity name or fictitious business name as anticipated under the Purchase Agreement in connection with the Transactions shall not be deemed materially adverse to the Lenders. 

Section 7.11. <u>Consolidated First Lien Net Leverage Ratio</u>.

Solely for the benefit of the Revolving Credit Lenders, with respect to the Revolving Credit Facility and solely when the Outstanding Amount of the Revolving Loans and L/C Obligations exceeds the Testing Threshold, except with the written consent of the Required Revolving Credit Lenders, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period beginning with the Test Period ending June 30, 2020, to be greater than 7.50 to 1.00 (the "**Financial Covenant**"); <u>provided</u>, that, notwithstanding the foregoing, to the extent the aggregate Revolving Credit Exposure has been reduced to an amount less than the Testing Threshold for any prior period for which a Compliance Certificate has not yet been delivered, the Financial Covenant shall not be required to be tested for any such Fiscal Quarter.

------

Section 7.12. <u>[Reserved]</u>.

Section 7.13. <u>Prepayments, Etc. of Subordinated Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal, interest and fees and mandatory prepayments, expense reimbursement and indemnification obligations, redemptions and related offers to prepay or repurchase and any AHYDO Payments with respect to any Junior Financing and, in connection with the amendment of any Junior Financing, the payment of fees (other than in connection with any amendment that reduces or forgives the commitments or outstanding principal amount) shall be permitted) any (A) Indebtedness subordinated in right of payment incurred under <u>Section 7.03</u>, or (B) any other Indebtedness for borrowed money of a Loan Party that is (x) subordinated in right of payment to the Secured Obligations expressly by its terms, (y) is secured by substantially the same Collateral on a junior lien basis to the Liens securing the Secured Obligations (but other than Indebtedness among the Borrower and its Restricted Subsidiaries) or (z) is unsecured and is incurred pursuant to <u>Section 7.03(s)</u>, <u>(t)</u>, <u>(y)</u> or <u>(z)</u> with a principal amount outstanding in excess of the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA (collectively, "**Junior Financing**") in excess of the Threshold Amount in each case, determined as of the date of payment, except (i) the Refinancing thereof with any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing), to the extent not required to prepay any Loans pursuant to <u>Section 2.05(b)</u>, (ii) the conversion or exchange of any Junior Financing into, or the redemption, repayment or prepayment of any Junior Financing with the proceeds of, Equity Interests of Holdings or any of its direct or indirect parents (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), (iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary, (iv) prepayments of principal of and any required premium on loans or notes pursuant to such Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof) in connection with the removal of a lender or holder pursuant to any Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof or the payment of any fees in connection with amendments thereto), (v) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed, the sum of (I) the greater of (x) $7,500,000 and (y) 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such prepayment *plus* (II) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this clause (II) to make repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings shall result in a reduction in availability under <u>Section 7.06(g)(x))</u>; *provided* that no Event of Default has occurred and is continuing or would result therefrom, (vi) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity funded with the proceeds of Excluded Contributions, *plus*, the Cumulative Credit at the time such repayment, redemption, purchase, defeasance or other payment is made; *provided* that solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", no Event of Default has occurred and is continuing and the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with Section 1.09) is less than or equal to 3.75 to 1.00, (vii) repayments, redemptions, purchases, defeasances and other payments so long as (x) no Event of Default has occurred and is continuing at the time such repayment, redemption, purchases or defeasance is made and (y) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> as of the date of payment) is less than or equal to 3.25 to 1.00 and (viii) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings made in reliance on the last paragraph of <u>Section 7.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amend, modify or change in any manner materially adverse to the interests of the Lenders any term or condition of any Junior Financing Documentation in respect of any Junior Financing having an aggregate outstanding principal amount in excess of the Threshold Amount, in each case, determined as of the date of payment, without the consent of the Administrative Agent and the Revolving Agent (which consent shall not be unreasonably withheld, delayed or conditioned) other than (i) in connection with a Permitted Refinancing of such Junior Financing or (ii) in a manner not prohibited by any applicable intercreditor or subordination agreement to which the Collateral Agent is a party with respect to such Junior Financing.

------

Any basket available for prepayments, redemptions, purchases, defeasements or other payments in respect of any Junior Financing pursuant to <u>Section 7.13(a)</u> may instead be used make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in <u>Section 7.13(a)</u>.

Section 7.14. <u>Permitted Activities, Etc</u>.

With respect to Holdings, engage in any material operating or business activities; *provided* that Holdings may engage in the following and any activities incidental thereto shall be permitted in any event: (i) its ownership of the Equity Interests of the Borrower and activities incidental thereto, including payment of dividends and other amounts in respect of its Equity Interests, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations with respect to the Transactions, Loan Documents and any other documents governing Indebtedness permitted hereby, (iv) any public offering of its common stock or any other issuance or sale of its Equity Interests, (v) payment of any distribution to its parent company and making contributions to the capital of the Borrower, (vi) the incurrence of (a) unsecured Indebtedness that is contractually subordinated (on customary terms for such types of unsecured subordinated Indebtedness, as reasonably determined by the Administrative Agent and the Revolving Agent) to the Guarantee of the Secured Obligations by Holdings, (b) Guaranteed Obligations in respect of Indebtedness of the Borrower and its Restricted Subsidiaries permitted under <u>Section 7.03</u>, including any Permitted Refinancing thereof, and (c) Guarantees of other obligations not constituting Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries, (vii) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Borrower, (viii) holding any cash or property (but not operate any property), (ix) making of any Restricted Payments or Investments permitted hereunder, (x) providing indemnification to officers and directors, (xi) merge, amalgamate or consolidate with or into any direct or indirect parent of Holdings in connection with or in preparation for a Qualified IPO (*provided* that Holdings shall be the continuing or surviving company or such surviving company assumes Holdings' obligations under the Loan Documents), (xii) repurchases of Indebtedness including through open market purchases pursuant to <u>Section 2.05(b)</u>, (xiii) transactions in connection with a Permitted Reorganization or IPO Reorganization Transaction and (xiv) any activities incidental or reasonably related to the foregoing.

**ARTICLE VIII.** 

**<u>EVENTS OF DEFAULT AND REMEDIES</u>**

Section 8.01. <u>Events of Default</u>.

Any of the following from and after the Closing Date shall constitute an event of default (an "Event of Default"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Non-Payment*. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, (ii) within five Business Days after the same becomes due, any interest on any Loan, or (iii) within 10 Business Days after the same becomes due, any fees or other amounts payable hereunder or with respect to any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Specific Covenants*. The Borrower, any Restricted Subsidiary or, in the case of <u>Section 7.14</u>, Holdings, fails to perform or observe any term, covenant or agreement contained in any of <u>Section 6.03(a)</u> or <u>6.05(a)</u> (solely with respect to Holdings and the Borrower), <u>6.16</u> or <u>Article VII</u>; *provided* that any Event of Default arising from the failure to timely deliver a notice of Event of Default pursuant to <u>Section 6.03(a)</u> shall be deemed cured upon the delivery of the applicable notice of Event of Default or to the extent the Event of Default that is subject of such notice is otherwise cured or waived; *provided further* that the covenant in <u>Section 7.11</u> is subject to cure pursuant to <u>Section 8.04</u>; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Defaults*. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence of such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Representations and Warranties*. (i) Any Specified Representation made by any Loan Party on the Closing Date is incorrect in any material respect when made or deemed made or (ii) any other representation, warranty or certification made or deemed made by any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made and such incorrect representation, warranty or certification shall remain incorrect for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence thereof (*provided* that such cure period shall not apply in the event such representation, warranty or certification is incapable of being cured); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Cross-Default*. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any Indebtedness having an aggregate outstanding principal amount of not less than the Threshold Amount, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any default thereunder by any Loan Party), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause (after delivery of any notice if required and after giving effect to any waiver, amendment, cure or grace period), with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; *provided* that this <u>clause (B)</u> shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder, (ii) any Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or non-performance of obligations related thereto or (y) sole option is to elect, in each case, to convert such Indebtedness into Qualified Equity Interests and cash in lieu of fractional shares and (iii) in the case of Indebtedness which the holder thereof may elect to convert into Qualified Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected; *provided*, *further*, that any such failure described under <u>clause (A)</u> or <u>(B)</u> is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to <u>Section 8.02</u> (and any event or condition set forth under this <u>Section 8.0</u>2<u>1</u><u>(e)</u> shall not, until the expiration of any applicable period or the delivery of notice by the applicable holders of such Indebtedness, constitute a Default or Event of Default for purposes of this Agreement); <u>provided</u>, <u>further</u>, a default under any financial covenant in such Indebtedness shall not constitute an Event of Default unless and until the lenders or holders with respect to such Indebtedness have actually declared all such obligations to be immediately due and payable and terminate the commitments in accordance with the agreement governing such Indebtedness and such declaration has not been rescinded by the required lenders or holders; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency Proceedings, Etc.* Other than with respect to any dissolutions otherwise permitted hereunder, any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or substantially all of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Reserved]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Judgments*. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by either (i) independent third-party insurance as to which the insurer does not deny coverage or (ii) another creditworthy (as reasonably determined by the Administrative Agent or Revolving Agent) indemnitor); and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Invalidity of Loan Documents*. Any material provision of the Loan Documents, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>) or as a result of acts or omissions by any Agent or any Lender or the satisfaction in full of all the Obligations (other than contingent obligations not yet due and owing and Cash Collateralized or back-stopped Letters of Credit), ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations (other than in accordance with its terms) and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document (other than in accordance with its terms); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change of Control*. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collateral Documents*. Any Collateral Document after delivery thereof pursuant to <u>Section 4.01</u>, <u>6.11</u> or <u>6.13</u> shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under <u>Section 7.01</u>, (i) except to the extent that any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or results from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements or take other required actions and (ii) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *ERISA*. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material Adverse Effect could reasonably be expected to result.

Section 8.02. <u>Remedies Upon Event of Default</u>.

If any Event of Default occurs and is continuing, the Administrative Agent or the Collateral Agent, in each case, at the request of the Required Lenders (*provided* that if there are two (2) or more unaffiliated Lenders, the Required Lenders for purposes of this <u>Section 8.02</u> shall require at least two (2) unaffiliated Lenders) (or, with respect to an Event of Default under <u>Section 8.01(b)</u> due solely to the Borrower's failure to observe the covenant contained in <u>Section 7.11</u>, the Revolving Agent, solely at the request of the Required Revolving Credit Lenders (solely after the Cure Expiration Date)), shall take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower (to the extent permitted by applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

*provided* that upon the entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States or any Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of any Agent or any Lender. 

Section 8.03. <u>Application of Funds</u>.

After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Secured Obligations or in respect of the Collateral shall be applied by the Agents in the following order (to the fullest extent permitted by mandatory provisions of applicable Law):

------

<u>First</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under <u>Section 10.04</u> and amounts payable under <u>Article III</u>) payable to the Agents in their capacities as such hereunder and under the other Loan Documents;

<u>Second</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders hereunder (including Attorney Costs payable under <u>Section 10.04</u> and amounts payable under <u>Article III</u>), ratably among them in proportion to the amounts described in this clause <u>Second</u> payable to them;

<u>Third</u>, to payment of that portion of the Secured Obligations consisting of accrued and unpaid interest in respect of Protective Advances funded by the Revolving Agent hereunder;

<u>Fourth</u>, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause <u>Fourth</u> payable to them;

<u>Fifth</u>, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any breakage, termination or other payments under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause <u>Fifth</u> held by them;

<u>Sixth</u>, to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Agents and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Agents and the other Secured Parties on such date; and

<u>Last</u>, the balance, if any, after all of the Secured Obligations then earned, due and payable have been paid in full, to the Borrowers or as otherwise required by Law.

Subject to <u>Section 2.03(c)</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fifth</u> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, to the Borrowers as applicable, or as otherwise required by the Intercreditor Agreements.

Section 8.04. <u>Borrower's Right to Cure</u>.

Notwithstanding anything to the contrary contained in <u>Section 8.01</u> or <u>Section 8.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of determining whether an Event of Default under <u>Section 7.11</u> has occurred, the Borrower may on one or more occasions designate any portion of the net cash proceeds from a sale or issuance of Qualified Equity Interests of the Borrower (or any direct or indirect parent company), which proceeds are then contributed to the Borrower) or any cash contribution to the common capital of the Borrower (the "**Cure Amount**") as an increase to Consolidated EBITDA for the applicable fiscal quarter; *provided* that (A) such amounts to be

------

designated (i) are actually received by the Borrower on or before the fifteenth Business Day after the date on which the Compliance Certificate pursuant to <u>Section 6.02(a)</u> is required to be delivered with respect to such applicable fiscal quarter (the "**Cure Expiration Date**") and (ii) do not exceed the aggregate amount necessary to cure any Event of Default under <u>Section 7.11</u> as of such date and (B) the Borrower shall have provided notice (the "**Notice of Intent to Cure**") to the Revolving Agent that such amounts are designated as a "Cure Amount" (it being understood that to the extent such notice is provided in advance of delivery of a Compliance Certificate for the applicable period, the amount of such net cash proceeds that is designated as the Cure Amount may be lower than specified in such notice to the extent that the amount necessary to cure any Event of Default under <u>Section 7.11</u> is less than the full amount of such originally designated amount). The Cure Amount used to calculate Consolidated EBITDA for one fiscal quarter shall be used and included when calculating Consolidated EBITDA for each Test Period that includes such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereby acknowledge that this <u>Section 8.04</u> may not be relied on for purposes of calculating any financial ratios other than for determining actual compliance with <u>Section 7.11</u> (and not Pro Forma Compliance with <u>Section 7.11</u> that is required by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including any *pro forma* reduction of the amount of Indebtedness and shall not be included for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under <u>Article VII</u>) with respect to the quarter with respect to which such Cure Amount was made other than the increase to Consolidated EBITDA referred to in <u>Section 8.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furtherance of <u>Section 8.04(a)</u> above, (i) upon actual receipt by the Revolving Agent of the Notice of Intent to Cure, the covenant under <u>Section 7.11</u> shall be deemed retroactively cured with the same effect as though there had been no failure to comply with the covenant under such <u>Section 7.11</u> and any Default or Event of Default under <u>Section 7.11</u> (or any notice required by <u>Section 6.03(a)</u> as a result thereof) shall be deemed not to have occurred for purposes of the Loan Documents (provided that if the Cure Expiration Date has occurred without the Cure Amount having been received and designated, such Default or Event of Default shall be deemed reinstated), and (ii) no Agent, Lender or other Secured Party may exercise any rights or remedies under <u>Section 8.02</u> (or under any other Loan Document) on the basis of any actual or purported Default or Event of Default under <u>Section 7.11</u> until and unless the Cure Expiration Date has occurred without the Cure Amount having been received and designated or the Borrower has confirmed in writing that it does not intend to provide such Cure Amount. Notwithstanding the foregoing, the Borrower shall not be able to request the making of any new Revolving Credit Borrowing or the issuance of any new Letters of Credit until receipt by the Borrower of the Cure Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) In each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no cure right set forth in this <u>Section 8.04</u> is exercised and (ii) there shall be no *pro forma* reduction in Indebtedness with the Cure Amount for determining compliance with <u>Section 7.11</u> for the fiscal quarter with respect to which such Cure Amount was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There can be no more than five fiscal quarters in which the cure rights set forth in this <u>Section 8.04</u> are exercised during the term of the Facilities.

------

**ARTICLE IX.** 

**<u>ADMINISTRATIVE AGENT AND OTHER AGENTS</u>**

Section 9.01. <u>Appointment and Authority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Ankura to act on its behalf as the Administrative Agent and PNC to act on its behalf as the Collateral Agent and the Revolving Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the terms hereof or thereof, together with such actions and powers as are reasonably incidental or related thereto. The provisions of this <u>Article IX</u> (other than <u>Sections 9.01</u>, <u>9.06</u>, and <u>9.10</u> through and including <u>9.12</u>) are solely for the benefit of the Administrative Agent, the Collateral Agent, the Revolving Agent the Lenders and the L/C Issuers, and no Loan Party has rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent, the Collateral Agent or Revolving Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Lenders (including in its capacities as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article X</u> (including the second paragraph of <u>Section 10.05</u>), as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Collateral Agent to (i) execute any and all documents (including releases) with respect to the Collateral (including each Intercreditor Agreement and any amendment, supplement, modification or joinder with respect thereto) and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by the Collateral Agent shall bind the Lenders and (ii) negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

Section 9.02. <u>Rights as a Lender</u>.

The Person serving as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, Collateral Agent or the Revolving Agent, as applicable, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent, Collateral Agent or Revolving Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder and without any duty to account therefor to the Lenders.

------

Section 9.03. <u>Exculpatory Provisions</u>.

The Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided* that the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable, shall not be required to take any action that, in its opinion or the opinion of its counsel, may (i) expose the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to liability or that is contrary to any Loan Document or applicable Law or (ii) be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Neither the Administrative Agent, the Collateral Agent nor the Revolving Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the Borrower, a Lender, an L/C Issuer or any other Agent; and

------

Section 9.04. <u>Reliance by Agents</u>.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, each Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received written notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension or increase of such Letter of Credit. Each Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.05. <u>Delegation of Duties</u>.

Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities as Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 9.06. <u>Removal or Resignation of an Agent</u>.

Any Agent may at any time give notice of its resignation to the other Agents, the Lenders, the L/C Issuers and the Borrower. (x) If any Agent becomes a Defaulting Lender, the Borrower may remove such Agent from such role upon 15 days' written notice to such Agent, the other Agents, the L/C Issuers and the Lenders, (y) at any time after the Closing Date, for any reason whatsoever, the Required Lenders may remove the Administrative Agent or the Collateral Agent from such role upon 15 days' written notice to such Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower, and (z) at any time after the Closing Date, for any reason whatsoever, the Required Revolving Credit Lenders may remove the Revolving Agent from such role upon 15 days' written notice to Revolving Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower (the date of any such removal, the "**Removal Effective Date**"). Upon receipt of any such notice of resignation (or removal pursuant to the preceding sentence), the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the right, with the consent of the Borrower (in its sole discretion) at all times other than upon the occurrence and during the continuation of an Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> (with respect to the Borrower) and other than in the case of removal of the Administrative Agent, appoint a successor. If no such successor shall have been so appointed by the Required Lenders or Required Revolving Credit Lenders and shall have accepted such appointment within 30 days after the resigning Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the resigning Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including consent of the Borrower, if applicable); *provided* that if the resigning Agent shall notify the Borrower, the other Agents, the L/C Issuers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice. The resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the

------

resigning or removed Agent shall continue to hold such Collateral until such time as a successor Agent is appointed). Except for any indemnity payments or other amounts then owed to the resigning or removed Agent, all payments, communications and determinations provided to be made by, to or through the resigning or removed Agent shall instead be made by or to each Lender and the L/C Issuers directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as an Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning (or removed) Agent (other than any rights to indemnity payments or other amounts owed to the resigning or removed Agent as of the Resignation Effective Date or Removal Effective Date, as applicable), and the resigning (or removed) Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the resigning or removed Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article IX</u> and <u>Sections 10.04</u> and <u>10.05</u> shall continue in effect for the benefit of such resigning or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the resigning or removed Agent was acting as Administrative Agent, Collateral Agent or Revolving Agent, as applicable.

Section 9.07. <u>Non-Reliance on Agents and Other Lenders</u>.

Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Neither the Administrative Agent nor the Revolving Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or issuance of any Letter of Credit or at any time or times thereafter, and neither the Administrative Agent nor the Revolving Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

Section 9.08. <u>No Other Duties, Etc.</u>

Anything herein to the contrary notwithstanding, no Agent or Lender shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Revolving Agent, the Collateral Agent, a Lender or an L/C Issuer hereunder.

Section 9.09. <u>Agents May File Proofs of Claim</u>.

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agents shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Agents under <u>Sections 2.03(h)</u>, <u>2.03(i)</u>, <u>2.09</u>, <u>10.04</u> and <u>10.05</u>) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Agents and, if the Agents shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and its agents and counsel, and any other amounts due the Agents under <u>Sections 2.09</u>, <u>10.04</u> and <u>10.05</u>.

Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any L/C Issuer to authorize the Agents to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding.

The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with the Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).

Section 9.10. <u>Collateral and Guaranty Matters</u>.

Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from any Lender, from time to time prior to the occurrence and continuance of an Event of Default, to take any

------

action with respect to any Collateral or Collateral Documents which may be necessary to create, perfect and maintain perfected security interests in and liens upon the Collateral granted pursuant to the Collateral Documents. Without limiting the provisions of Section 9.09, the Lenders (each including in its capacity as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuer irrevocably authorize the Collateral Agent, at its option and in its discretion (other than releases described in <u>clauses (b)</u> and <u>(d)</u> below which shall not be optional or discretionary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enter into and sign for and on behalf of the Lenders as Secured Parties the Collateral Documents (including any Intercreditor Agreements with respect to Indebtedness to the extent the Collateral Agent is otherwise contemplated herein as being a party to such Intercreditor Agreement) for the benefit of the Lenders and the other Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to automatically release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the Collateral Agent and the relevant L/C Issuers shall have been made), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, (iii) subject to <u>Section 10.01</u>, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to <u>Section 9.10(d)</u> or <u>Section 11.09</u> or (v) if the property subject to such Lien constitutes Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to release any Subsidiary Guarantor from its obligations under the Guaranty if such Guarantor becomes a Released Guarantor in accordance with <u>Section 11.09</u>;

Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section 9.10</u>. In each case as specified in this <u>Section 9.10</u>, the Collateral Agent will (and each Lender irrevocably authorizes the Collateral Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.10</u>.

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

------

Section 9.11. <u>Secured Cash Management Agreements and Secured Hedge Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Secured Cash Management Provider and no Secured Hedge Bank that obtains the benefits of <u>Section 8.03</u>, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> to the contrary, no Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Hedge Obligations unless such Agent has received written notice of such Secured Cash Management Obligations or Secured Hedge Obligations, together with such supporting documentation as such Agent may request, from the applicable Secured Cash Management Provider or Secured Hedge Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secured Cash Management Providers and the Secured Hedge Banks hereby authorize the Collateral Agent to enter into any Intercreditor Agreement permitted under this Agreement, and any amendment, modification, supplement or joinder with respect thereto, and any such Intercreditor Agreement is binding upon the Secured Cash Management Providers and the Secured Hedge Banks.

Section 9.12. <u>Withholding Tax Indemnity</u>.

To the extent required by any applicable Laws, the Administrative Agent or the Revolving Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent or the Revolving Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent or the Revolving Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective or if any payment has been made by the Administrative Agent or the Revolving Agent to any Lender without applicable withholding tax being deducted from such payment), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent or the Revolving Agent (to the extent that the Administrative Agent or the Revolving Agent has not already been reimbursed by the Borrowers pursuant to <u>Section 3.01</u> and <u>3.04</u> and without limiting or expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Administrative Agent or the Revolving Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent or the Revolving Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Revolving Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent or the Revolving Agent under this <u>Section 9.12</u>. The agreements in this <u>Section 9.12</u> shall survive the resignation and/or replacement of the Administrative Agent or the Revolving Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank).

------

<u>Section 9.13. Erroneous Payments</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) If the Administrative Agent notifies a Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party such Lender (any such Lender, Secured Party or other recipient, a "**Payment Recipient**") that the Administrative Agent has determined in its sole reasonable discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "**Erroneous Payment**") and demands the return of such Erroneous Payment (or a portion thereof) (provided that, without limiting any other rights or remedies (whether at law or in equity) the Administrative Agent may not make any such demand under this clause (a)(i) with respect to an Erroneous Payment unless such demand is made within twenty (20) Business Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient),, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than seven (7) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 9.13(b).</u>

------

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

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g) Each party's obligations, agreements and waivers under this Section 9.13 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.</u>

<u>Notwithstanding anything to the contrary herein or in any other Loan Document, other than the consent right in clause (d) above, none of Holdings or any of its Subsidiaries has acquired or incurred (or will acquire or incur) any additional rights or obligations under this Section 9.13.</u>

**ARTICLE X.** 

**<u>MISCELLANEOUS</u>**

Section 10.01. <u>Amendments, Etc.</u>

Subject to any separate agreement among the Lenders, except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders (unless specified therein)) (or by the Administrative Agent with the consent of the Required Lenders) and the applicable Loan Party, as the case may be (and with an executed copy thereof promptly delivered to the Administrative Agent if not otherwise a party thereto), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that, no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood that a waiver of any condition precedent, the waiver of any obligation of the Borrowers to pay interest at the Default Rate or the waiver of any Default, Event of Default, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such an extension or increase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise expressly provided for hereunder, including without limitation pursuant to a Refinancing Amendment or an Extension Amendment, postpone any date scheduled for any payment of principal (including final maturity), interest or fees under <u>Section 2.07</u>, <u>2.08</u> or <u>2.09</u>, respectively, without the written consent of each Lender directly and adversely affected thereby (it being understood that the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any Default or Event of Default, any condition precedent, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such a postponement of any date scheduled for the payment of principal or interest and it further being understood that any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a postponement of such scheduled payment); *provided* that only the consent of the Administrative Agent and/or the Revolving Agent, as applicable, shall be required for an extension or postponement for administrative convenience;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (iii)</u> of the second proviso to this <u>Section 10.01</u>) or any fees payable hereunder or under any other Loan Document (or extend the timing of payments of such fees) without the written consent of each Lender directly and adversely affected thereby (it being understood that (i) the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any mandatory prepayment of the Loans or mandatory reduction of any Commitments or any Default or Event of Default shall not constitute such a reduction and it further being understood that (ii) any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a reduction or forgiveness in any principal or rate of interest of any Loan, L/C Borrowing, fee or other amount payable hereunder or under any other Loan Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" in any manner that would alter the pro rata sharing of payments or other amounts required thereby, without the written consent of each Lender directly and adversely affected thereby; *provided* that modifications to <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" to the extent necessary in connection with (w) any buy back of Term Loans by Holdings or the Borrower pursuant to <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, (x) any Refinancing Amendment or amendment in respect of Replacement <u>Term</u> Loans, (y) any Incremental Amendment or (z) any Extension Amendment, in each case, shall only require approval (to the extent any such approval is otherwise required) of the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of (i) this <u>Section 10.01</u> or (ii) the definition of "Required Lenders", "Required Revolving Credit Lenders" or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents to reduce the percentage set forth therein, without the written consent of each Lender directly and adversely affected thereby (it being understood that, with the consent of the Required Lenders or Required Revolving Credit Lenders (if such consent is otherwise required), or the Administrative Agent or the Revolving Agent, as applicable (if the consent of the Required Lenders or Required Revolving Credit Lenders is not otherwise required), additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or Required Revolving Credit Lenders, as applicable, on substantially the same basis as the Term Commitments or Revolving Credit Commitments, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the aggregate value of the Guaranty without the written consent of each Lender;

*provided, further*, that, to the extent that any such amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> above is not executed by all Agents and/or all of the Lenders, the Borrower shall provide a copy of such amendment or waiver to any Agent and/or Lender which is not a party thereto; 

*provided*, *further*, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, directly and adversely affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) [reserved]; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or, with respect to the Revolving Loans, the Revolving Agent, in addition to the Lenders required above, directly and adversely affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or Revolving Agent, as applicable, under this 

------

Agreement or any other Loan Document; (iv) only the consent of the parties to the Fee Letter shall be required to amend, modify or supplement the terms thereof; (v) <u>Section 10.07(h)</u> may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; (vi) (x) no Lender consent is required to effect an Incremental Amendment, Refinancing Amendment or Extension Amendment (except as expressly provided in <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u> or in the following <u>clause (y)</u> or <u>(z)</u>, as applicable) or to effect any amendment expressly contemplated by <u>Section 6.19</u>, (y) in connection with an amendment that addresses solely a re-pricing transaction in which any Class of Term Loans is Refinanced with a replacement Class of term loans bearing (or is modified in such a manner such that the resulting term loans bear) a lower All-In Yield (which may include other customary technical amendments related thereto, including providing that such replacement term loans may have a prepayment premium in connection therewith) (a "**Permitted Repricing Amendment**"), only the consent of the Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans shall be required for such Permitted Repricing Amendment, and (z) in connection with an Extension Amendment, only the consent of the Lenders that will continue as a Lender in respect of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, subject to such Extension Amendment shall be required for such Extension Amendment; and (vii) the Letter of Credit Sublimit may be increased with only the consent of each L/C Issuer and the Revolving Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms materially and adversely affects any Defaulting Lender to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding the foregoing, no Lender consent is required for the Collateral Agent to enter into, or to effect any amendment, modification or supplement to any Intercreditor Agreement pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan Commitment, any Other Commitment, any Other Term Loan, any Other Notes, or any Permitted First Priority Refinancing Debt or any Permitted Junior Priority Refinancing Debt, for the purpose of adding the holders of such Indebtedness (or their representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, in each case as contemplated by the terms of such Intercreditor Agreement (it being understood that any such amendment or supplement may make such other changes to the applicable Intercreditor Agreement as, in the good faith determination of the Collateral Agent, are required to effectuate the foregoing and *provided* that such other changes are not adverse, in any material respect (taken as a whole), to the interests of the Lenders); *provided*, *further*, that no such Intercreditor Agreement shall amend, modify or otherwise adversely affect the rights or duties of any Agent hereunder or under any other Loan Document without the prior written consent of such Agent. 

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

------

Notwithstanding any of the foregoing, only the consent of the Required Revolving Credit Lenders (and, in the case of the issuance of a Letter of Credit, the relevant Issuing Lender<u>L/C Issuer</u>) shall be required for (i) any amendment or waiver of any condition precedent to an extension of credit (or deemed extension of credit) under the Revolving Credit Facility, (ii) any modification or amendment to the calculation or formulation of the Financial Covenant , Section 7.11 or Section 8.04, or any change to any definition related to the Financial Covenant, Section 7.11 or Section 8.04 (as such definitions are used for purposes of the Financial Covenant, Section 7.11 or Section 8.04, as applicable) or (iii) the waiver of any Default or Event of Default under the Financial Covenant.

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrowers and the Lenders providing the Replacement Term Loans (as defined below) to permit the Refinancing of all or a portion of the outstanding Term Loans of any Class ("**Refinanced Term Loans**") with one or more tranches of replacement term loans having different terms ("**Replacement Term Loans**") hereunder; *provided* that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans *plus* accrued interest, fees, expenses and premium (but nothing in this clause (a) shall limit the ability of the Borrowers to incur Incremental Term Loans of the same Class or of a different Class at the same time if such incurrence is otherwise permitted hereunder), (b) the Weighted Average Life to Maturity of Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, at the time of such Refinancing (except by virtue of amortization or prepayment of the Refinanced Term Loans prior to the time of such incurrence) and (c) such Replacement Term Loans shall otherwise constitute Credit Agreement Refinancing Indebtedness.

Notwithstanding anything to the contrary contained in this <u>Section 10.01</u>, guarantees, collateral security documents and related documents executed by the Loan Parties or the Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and the Collateral Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent and the Collateral Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel or (ii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, if at any time after the Closing Date, any Agent and the Borrower shall have jointly identified a mistake, ambiguity, obvious or technical error or any error or omission of a technical or administrative nature, in each case, in any provision of the Loan Documents, then the Administrative Agent, the Revolving Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, the Revolving Agent may waive any obligations or requirements under <u>Section 6.16</u>.

Section 10.02. <u>Notices and Other Communications; Facsimile Copies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices; Effectiveness; Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section 10.02(a)(ii)</u>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to the Borrower (or to any other Loan Party), the Administrative Agent, the Collateral Agent, the Revolving Agent or an L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for the Borrower, the Administrative Agent, the Collateral Agent, the Revolving Agent or such L/C Issuer on <u>Schedule 10.02</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>Section 10.02(a)(ii)</u> shall be effective as provided in such <u>Section 10.02(a)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Electronic Communications</u>. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, *provided* that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to <u>Article II</u> if such Lender or such L/C Issuer, as applicable, has notified each Agent that it is incapable of receiving notices under such Article by electronic communication. Any Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, *provided* that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent or the Revolving Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the "**Agent Parties**") have any liability to the Loan Parties, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or any Agent's transmission of the Borrower Materials or notices through the Platform, any other electronic platform or

------

electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith, material breach or willful misconduct of such Agent Party (or its Representatives); *provided*, *however*, that in no event shall any Person have any liability to any other Person hereunder for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages); *provided* that nothing in this sentence shall limit any Loan Party's indemnification obligations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Address, Etc.</u> Each of the Borrowers, the Agents and the L/C Issuers may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the Borrower, the Agents, the L/C Issuers. In addition, each Lender agrees to notify the Agents from time to time to ensure that the Agents has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reliance by Agents, L/C Issuers and Lenders</u>. The Agents, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Agents, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers in accordance with <u>Section 10.05</u> hereof. All telephonic notices to and other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording.

Section 10.03. <u>No Waiver; Cumulative Remedies</u>.

No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent and the Revolving Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuers; *provided*, *however*, that the foregoing shall not prohibit (a) any Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or the Revolving Agent, as applicable) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 10.09</u> (subject to the terms of <u>Section 2.13</u>) or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; *provided*, *further*, that if at any time there is no Person acting as

------

Administrative Agent, Collateral Agent or Revolving Agent hereunder and under the other Loan Documents, then (i) the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the rights otherwise ascribed to the Administrative Agent, the Collateral Agent or the Revolving Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of the preceding proviso and subject to <u>Section 2.13</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

Section 10.04. <u>Attorney Costs and Expenses</u>.

The Borrower agrees (a) to pay or reimburse the Agents, the Commitment Parties and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby, including (i) all Attorney Costs, which shall be limited to one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Commitment Parties (taken as a whole), plus, if reasonably necessary, one local counsel in each applicable jurisdiction material to the interests of the Lenders (taken as a whole), in each case except allocated costs of in-house counsel and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower, and (b) from and after the Closing Date, to pay or reimburse the Administrative Agent, the Revolving Agent, and the Collateral Agent, the L/C Issuers and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or protection of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including (i) all respective Attorney Costs, which shall be limited to Attorney Costs of one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Lenders (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction material to the interests of the Lenders (taken as a whole) and, solely in the case of an actual conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected parties) and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower. The agreements in this <u>Section 10.04</u> shall survive the termination of the Aggregate Commitments and repayment of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). All amounts due under this <u>Section 10.04</u> shall be paid within 30 days following receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail; *provided* that, with respect to the Closing Date, all amounts due under this <u>Section 10.04</u> shall be paid on the Closing Date solely to the extent invoiced to the Borrower at least three Business Days prior to the Closing Date (or such shorter period as the Borrower shall reasonably agree). If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by any Agent in its discretion following five Business Days' prior written notice to the Borrower and the other Agents. For the avoidance of doubt, this <u>Section 10.04</u> shall not apply to Taxes, except any Taxes that represent costs and expenses arising from any non-Tax claim.

------

Section 10.05. <u>Indemnification by the Borrower</u>.

The Borrower shall indemnify and hold harmless each Agent, each Agent-Related Person, each Lender and their respective controlled Affiliates and controlling Persons, and their respective officers, directors, agents, members and employees and their respective successors (collectively the "Indemnitees") from and against any and all liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and its affiliated or associated Indemniti<u>e</u>es (taken as a whole), one counsel to the Revolving Agent and the Collateral Agent and their affiliated or associated Indemniti<u>e</u> es (taken as a whole) and one counsel to all other Indemnitees (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected Indemnitees, in each case except allocated costs of in-house counsel), joint or several, of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (c) any Environmental Liability arising from any actual or alleged presence or Release of Hazardous Materials at, on, under or from any property or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, or any other Environmental Liability of the Loan Parties or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (a "Proceeding") and regardless of whether any Indemnitee is a party thereto or whether or not such Proceeding is brought by the Borrower or any other person and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee (all of the foregoing, collectively, the "Indemnified Liabilities"); *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (w) the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (x) a material breach of any obligations under any Loan Document by such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) any disputes solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under any Facility (unless such claim would otherwise be excluded pursuant to clause <u>(w)</u> above) which do not arise out of any act or omission of Holdings, the Borrower, the Sponsor or any of their Affiliates or (z) settlements effected without the Borrower's prior written consent (such consent not to be unreasonably withheld, delayed or conditioned), but if settled with the Borrower's written consent, or if there is a final judgment in any such Proceeding, the Borrower shall indemnify and hold harmless such Indemnitee to the extent and the manner set forth above. In case any Proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrower of the commencement of any such Proceeding; *provided*, *however*, that the failure so to notify the Borrower will not relieve the Borrower from any liability to such Indemnitee pursuant to this <u>Section 10.05</u>. Each applicable Indemnitee (by accepting the benefits hereof) agrees to refund and return any and all amounts paid by or on behalf of the Borrower (or any other Loan Party) to such Indemnitee, in each case, pursuant to the terms of this paragraph to the extent such Indemnitee is not entitled to the payment

------

thereof pursuant to the terms of this paragraph. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Indemnitee (or its officers, directors, employees or Affiliates), nor shall any Indemnitee, Loan Party or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); it being agreed that this sentence shall not limit the indemnification obligations of Holdings, the Borrower or any Subsidiary (including, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket expenses). In the case of an investigation, litigation or other proceeding to which the indemnity in this <u>Section 10.05</u> applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due under this <u>Section 10.05</u> shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); *provided*, *however*, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this <u>Section 10.05</u>. The agreements in this <u>Section 10.05</u> shall survive the resignation or removal of any Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). For the avoidance of doubt, this <u>Section 10.05</u> shall not apply to Taxes, except any Taxes that represent liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

To the extent that the Borrower for any reason fails to pay any amount required under this <u>Section 10.05</u> or <u>Section 10.04</u> to be paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender's Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, *provided* that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this paragraph are subject to the provisions of <u>Section 2.12(e)</u>.

Section 10.06. <u>Payments Set Aside</u>.

To the extent that any payment by or on behalf of any Borrower is made to any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such

------

recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, *plus* interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Base Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Secured Obligations and the termination of this Agreement.

Section 10.07. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Revolving Agent and each Lender (except as permitted by <u>Section 7.04</u> or <u>Section 7.05</u>) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of <u>Section 10.07(b)</u> and the proviso to this <u>Section 10.07(a)</u> (such an assignee, an "**Eligible Assignee**") and (A) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is an Affiliated Lender, <u>Section 10.07(k)</u>, (B) in the case of any Assignee that is Holdings or any of its Subsidiaries, <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, or (C) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is a Debt Fund Affiliate, <u>Section 10.07(o)</u>, (ii) by way of participation in accordance with the provisions of <u>Section 10.07(e)</u>, (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 10.07(g)</u> or (iv) to an SPC in accordance with the provisions of <u>Section 10.07(h)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void); *provided*, *however*, that notwithstanding the foregoing or anything else in this Agreement to the contrary, no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender, (ii) a natural Person or (iii) to Holdings, the Borrower or any of their respective Subsidiaries (except pursuant to or as contemplated by <u>Section 2.05(a)(v)</u>, the last paragraph of <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u>, as applicable). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 10.07(e)</u> and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>Section 10.07(b)(ii)</u> below, any Lender may at any time assign to one or more assignees (other than a Disqualified Institution unless the Borrower consents to such assignment to such entity, in which case such entity will not be considered a Disqualified Institution for the purpose of such assignment) (each, an "**Assignee**") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <u>Section 10.07(b)</u>, participations in L/C Obligations) at the time owing to it) with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower in its sole discretion; *provided* that no consent of the Borrower shall be required for an assignment (i) of all or a portion of the Term Loans to a Term Lender, (ii) all of a portion of any Revolving Credit Commitment or Revolving Loan to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) after the occurrence and during the continuance of an Event of Default under <u>Section 8.01(a)</u> or <u>Section 8.01(f)</u> (with respect to the Borrower), to any Assignee or (iv) of all or a portion of the Term Loans to an Affiliate or Approved Fund of such Lender, in each case, that is managed or advised by GSO<u>Blackstone</u> or Carlyle, as the case may be, that are part of GSO's<u>Blackstone's</u> or Carlyle's "Direct Lending" or "Credit Opportunities" lines of business and are not part of GSO's<u>Blackstone's</u> 

------

"Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations" line of business; *provided*, *further*, that with respect to an assignment of all or a portion of the Term Loans, the Borrower shall be deemed to have consented to any such assignment (other than with respect to any assignment to a Disqualified Institution or to an Affiliate or Approved Fund that are part of GSO's<u>Blackstone's</u> "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations") unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent (with respect to the Term Loans) and the Revolving Agent (with respect to the Revolving Credit Commitments); *provided* that no consent of any Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Term Lender, an Affiliate of a Term Lender or any Approved Fund thereof, (ii) of all or any portion of any Revolving Credit Commitments or Revolving Credit Exposure to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) of all or a portion of the Loans pursuant to <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u> or (iv) from an Agent to its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each L/C Issuer at the time of such assignment; provided that no consent of the L/C Issuers shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class or in the case of an assignment to an Affiliate of a Lender or any Approved Fund thereof, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 (in the case of each Revolving Loan), $1,000,000 (in the case of a Term Loan), and shall be in increments of an amount of $2,500,000 (in the case of each Revolving Loan) or $1,000,000 (in the case of Term Loans), in excess thereof unless each of the Borrower and the Administrative Agent or the Revolving Agent, as applicable, otherwise consents; provided that such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall (1) execute and deliver to the a<u>A</u>pplicable Agent an Assignment and Assumption via an electronic settlement system acceptable to such Agent or (2) if previously agreed with such Agent, manually execute and deliver to such Agent an Assignment and Assumption, together, in each case, with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the a<u>A</u>pplicable Agent and shall in no event apply to assignments between (i) GSO<u>Blackstone</u> and its Affiliates and (ii) Carlyle and its Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) other than in the case of assignments pursuant to <u>Section 10.07(l)</u>, the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent or the Revolving Agent, as applicable, an Administrative Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall execute and deliver to the Administrative Agent or the Revolving Agent, as applicable, and the Borrower the forms described in <u>Sections 3.01(d)</u> and <u>3.01(e)</u> applicable to it.

------

This <u>Section 10.07(b)</u> shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to acceptance and recording thereof by the Administrative Agent or the Revolving Agent, as applicable, pursuant to <u>Section 10.07(d)</u>, from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to <u>Section 10.07(l)</u> the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, <u>10.04</u> and <u>10.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 10.07(c)</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.07(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent and the Revolving Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Applicable Agent's Office a copy of each Assignment and Assumption, each Affiliated Lender Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower pursuant to <u>Section 10.07(l)</u> and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and the amounts due under <u>Section 2.03</u>, owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>Section 10.07(b)(ii)(B)</u> above, if applicable, and the written consent of the Administrative Agent or the Revolving Agent and, if required, the Borrower and each L/C Issuer to such assignment and any applicable tax forms, the Administrative Agent or the Revolving Agent shall (i) accept such Assignment and Assumption and (ii) promptly record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this <u>Section 10.07(d)</u>. The entries in the Register shall be conclusive, absent manifest error, and the Borrower,

------

the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, any Agent and any Lender (solely with respect to such Lender), at any reasonable time and from time to time upon reasonable prior notice. This <u>Section 10.07(d)</u> and <u>Section 2.11</u> shall be construed so that all Loans are at all times maintained in "registered form" within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations). Notwithstanding the foregoing, in no event shall the Administrative Agent or the Revolving Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent or the Revolving Agent be obligated to monitor the aggregate amount of Term Loans held by Affiliated Lenders. Notwithstanding anything to the contrary in this Agreement, the Borrowers, Holdings, the other Loan Parties and the Lenders acknowledge and agree that in no event shall the Administrative Agent or the Revolving Agent (in each case in its capacity as such) be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, neither the Administrative Agent nor the Revolving Agent shall (x) be obligated to ascertain, monitor or inquire as to whether any Lender is a Disqualified Institution or (y) have any liability with respect to any assignment or participation of Loans or Commitments, or any disclosure of confidential information, to any Disqualified Institution. Upon request by the Administrative Agent or the Revolving Agent, the Borrower shall (i) promptly (and in any case, not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>) provide to the Administrative Agent, a complete list of all Affiliated Lenders holding Term Loans or Incremental Term Loans at such time and (ii) not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Term Loans or Incremental Term Loans at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may at any time, sell participations to any Person (other than a natural person, a Defaulting Lender, the Sponsor, Holdings, any Non-Debt Fund Affiliate and, to the extent the list thereof has been made available to all Lenders, any Disqualified Institution) (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations) owing to it); *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in <u>clauses (a)</u> through <u>(h)</u> of the first proviso to <u>Section 10.01</u> that requires the affirmative vote of such Lender. Subject to <u>Section 10.07(f)</u> and a Participant's compliance with <u>Section 3.01(d)</u> and <u>(e)</u>, each Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and limitations of such Sections, including the requirements of Section 3.01(d) and (e) (it being understood that the documentation required under Section 3.01(d) and (e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.07(c)</u>. To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of <u>Section 10.09</u> as though it were a Lender; *provided* that such Participant (A) agrees to be subject to <u>Section 2.13</u> as though it were a Lender, and (B) shall not be entitled to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than its participating Lender would have been entitled

------

to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u>, <u>3.04</u> or <u>3.05</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Lender may, without the consent of any Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender; *provided* that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (other than a Disqualified Institution) identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement except, in the case of <u>Section 3.01</u>, to the extent that the grant to the SPC was made with the prior written consent of the Borrower in its sole discretion, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee (other than a Disqualified Institution) for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; *provided* that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this <u>Section 10.07</u>, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained herein, any L/C Issuer may, upon 30 days' notice to the Borrower, the Agents and the Revolving Credit Lenders, resign as an L/C Issuer; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer shall have identified a successor L/C Issuer reasonably acceptable to the Borrower and the Revolving Agent willing to accept its appointment as successor L/C Issuer; *provided*, *further*, that any such resignation shall be effective only if (x) the relevant L/C Issuer is no longer a Revolving Credit Lender upon the effectiveness of such resignation or (y) the relevant L/C Issuer has obtained the consent of the Revolving Agent and the Borrower. In the event of any such resignation of an L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving Credit Lenders willing to accept such appointment a successor L/C Issuer hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer, except as expressly provided above. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Credit Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through open market purchases on a non-pro rata basis, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to an Affiliated Lender may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of <u>Exhibit J</u> hereto (an "**Affiliated Lender Assignment and Assumption**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Affiliated Lenders (A) will not receive information provided solely to Lenders by the Administrative Agent or any Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</u>, (B) will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent and (C) will not receive advice of counsel to the Administrative Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection with each assignment pursuant to this <u>Section 10.07(k)</u>, the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to such Affiliated Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate principal amount of Term Loans (as of the date of consummation of any transaction under this <u>Section 10.07(k)</u>) held at such time by all Affiliated Lenders shall not exceed 25% of the principal amount of all Term Loans outstanding as of the date of such transaction (such percentage, the "**Affiliated Lender Cap**").

------

Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required and be delivered to the same addressee as set forth in <u>Exhibit E-2</u>.

Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or any of their Subsidiaries, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or their respective Subsidiaries, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Affiliated Lenders and any of their Subsidiaries, Holdings, the Borrower and their respective Subsidiaries, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) that the Excluded Information may not be available to the Administrative Agent or the other Lenders.

Notwithstanding anything to the contrary in the Loan Documents, any Term Loans assigned to an Affiliated Lender in accordance with this <u>Section 10.07(k)</u> or <u>Section 10.07(o)</u> may be contributed to Holdings or any of its Restricted Subsidiaries and be exchanged for debt or equity securities of the Borrower (or any of its direct or indirect parent) to the extent otherwise permitted herein, in which case Holdings, the Borrower and its Restricted Subsidiaries shall comply with <u>Sections 10.07(l)(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u> (with any references to the Borrower in such sections to be deemed to include any applicable Restricted Subsidiary) and for the avoidance of doubt any other assignment to Holdings or its Restricted Subsidiaries shall be consummated only pursuant to <u>Section 10.07(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to Holdings, the Borrower or any Restricted Subsidiary through, notwithstanding <u>Sections 2.12</u> and <u>2.13</u> or any other provision in this Agreement, open market purchase on a non-pro rata basis, in each case subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to Holdings, the Borrower or a Restricted Subsidiary may be purchased with the proceeds of any Revolving Loan;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall execute and deliver to the Administrative Agent an Affiliated Lender Assignment and Assumption substantially in the form of <u>Exhibit J</u> hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Holdings or a Restricted Subsidiary is the assignee, upon such assignment, transfer or contribution, Holdings or such Restricted Subsidiary, as applicable, shall automatically be deemed to have contributed or distributed, as applicable, the principal amount of such Term Loans, *plus* all accrued and unpaid interest thereon, to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Borrower is the assignee (including through contribution or transfers set forth in <u>clause (iii)</u> above), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, distributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation and extinguishment of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, distribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with each assignment pursuant to this <u>Section 10.07(l)</u>, the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to Holdings, the Borrower or such Restricted Subsidiary, as applicable.

Each Lender participating in any assignment pursuant to this <u>clause (l)</u> acknowledges and agrees that in connection with such assignment, (1) Holdings and its Subsidiaries then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on Holdings or any of its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of Holdings or its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrower and its Subsidiaries and Affiliates, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to <u>Section 10.07(n)</u>, any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require any Agent or any Lender to take (or refrain from taking) any such action and:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question adversely affects such Affiliated Lender in any material respect as compared to other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Additionally, the Loan Parties and Affiliated Lenders hereby agree that if a case under Title 11 of the United States Code is commenced by or against any Loan Party, such Loan Party shall seek (and the Affiliated Lenders shall consent) to provide that the vote of the Affiliated Lenders with respect to any plan of reorganization of such Loan Party shall be counted in the same proportion as all other Lenders, except that Affiliated Lenders' vote may be counted to the extent any such plan of reorganization (i) proposes to treat the Obligations held by Affiliated Lenders in a manner that is less favorable in any material respect to the Affiliated Lenders than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower, (ii) would deprive the Affiliated Lenders of their Pro Rata Share of any payments to which all Lenders are entitled or (iii) requires the consent of each Lender or each affected Lender. The Affiliated Lenders hereby irrevocably appoint each of the Administrative Agent or the Revolving Agent (such appointment being coupled with an interest) as the Affiliated Lenders' attorneys-in-fact, with full authority in the place and stead of the Affiliated Lenders and in the name of the Affiliated Lenders, from time to time in each such Agent's discretion to take any action and to execute any instrument that such Agent may deem reasonably necessary to carry out the provisions of this <u>Section 10.07(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Although Debt Fund Affiliates shall be Eligible Assignees and shall not be subject to the provisions of <u>Section 10.07(m)</u> or <u>10.07(n)</u>, any Lender may, at any time, assign all or a portion of its rights and obligations with respect to any Class of Loans or Commitments under this Agreement to a Person who is or will become, after such assignment, a Debt Fund Affiliate only through (x) Dutch auctions open to all Lenders holding such Class of Loans or Commitments on a pro rata basis in accordance with procedures of the type described in <u>Section 2.05(a)(v)</u> or (y) open market purchases on a non-pro rata basis. Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Loans held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans, Revolving Credit Commitments and Revolving Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant to <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding the foregoing, if an entire Class of Loans or Commitments is Refinanced or replaced in full with other Loans or Commitments hereunder, the Borrower shall have the option, with the consent of each of the Administrative Agent and the Revolving Agent and subject to at least three Business Days' advance notice (which notice may be rescinded if the transactions contemplated by such Refinancing Amendment are not consummated) to each Lender holding any Class of Loans or Commitments being Refinanced or replaced to consummate such Refinancing or replacement of such Class by way of assignment by purchasing each such Lender's Loans or unfunded Commitments at par, accompanied by payment of any accrued interest and fees thereon (including, if applicable, amounts

------

payable pursuant to <u>Section 3.07(e)</u>) instead of prepaying the Loans or reducing or terminating the Commitments to be Refinanced or replaced. The assigned Loans and Commitments shall be amended immediately thereafter in accordance with <u>Section 10.01</u> to reflect the terms of any such Refinancing or replacement. The assignee under any such assignment may be (but shall not be required to be) any Agent, any Lender, any arranger of the new Loans or Commitments or any other Person designated by any Agent. By receiving the purchase price, the Lenders having the replaced or Refinanced Class of Loans or Commitments shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing security interests in the Collateral.

Section 10.08. <u>Confidentiality</u>.

Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel, and other advisors (it being understood that (i) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and (ii) the a<u>A</u>pplicable Agent or Lender disclosing such information shall be responsible for the compliance of its Affiliates and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel and other advisors, with this <u>Section 10.08</u>); (b) to the extent required or requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority regulating any Lender or its Affiliates), *provided* that the a<u>A</u>pplicable Agent or such Lender, as applicable, agrees that it will make commercially reasonable efforts to notify the Borrower in advance in the event of any such disclosure by such Person (and will promptly notify the Borrower in any event) (other than at the request of a regulatory authority or pursuant to filings, submissions and any other similar documentation applicable to business development companies of the type disclosed in the Administrative Agent's Form 10-K prior to the Closing Date and required or customary to comply with SEC filing requirements) unless such notification is prohibited by law, rule or regulation; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process or required or requested by any regulatory authority having or asserting jurisdiction over such Person or its Related Parties, *provided* that the a<u>A</u>pplicable Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions at least as restrictive as those of this <u>Section 10.08</u> (or as may otherwise be reasonably acceptable to the Borrower), to (i) any pledgee referred to in <u>Section 10.07(g)</u>, (ii) any direct or indirect contractual counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (other than any Disqualified Institution or Person); or (iii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder (other than any Disqualified Institution or Person whom the Borrower has affirmatively denied to provide consent to assignment in accordance with <u>Section 10.07(b)(i)(A)</u>); (f) with the prior written consent of the Borrower; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this <u>Section 10.08</u> or other obligation of confidentiality owed to the Borrower, the Sponsor or their respective Affiliates, (ii) is or becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or any Sponsor or their respective related parties (so long as such source is not known (after due inquiry) to such Agent, such Lender, such L/C Issuer or any of their respective Affiliates to be bound by

------

confidentiality obligations to any Loan Party, the Sponsor or their respective Affiliates); (h) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (i) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of its rights hereunder or thereunder; (j) for purposes of establishing a "due diligence" defense or (k) in connection with filings, submissions and any other similar documentation required or customary to comply with SEC filing requirements. In addition, the Agents and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement, and management of this Agreement, the other Loan Documents, the Commitments and the Credit Extensions. For the purposes of this <u>Section 10.08</u>, "**Information**" means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates' directors, officers, employees, trustees, investment advisors or agents, other than any such information that is publicly available to any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this <u>Section 10.08</u> or any other confidentiality obligation owed to any Loan Party or their Affiliates. Notwithstanding anything to the contrary, this <u>Section 10.08</u> shall not terminate until the earlier of (x) payment in full of all Obligations (other than contingent obligations as to which no claim has been asserted), and (y) the Maturity Date.

Section 10.09. <u>Setoff</u>.

In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender (and any Agent, in respect of any unpaid fees, costs and expenses payable hereunder or under any of the other Loan Documents) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than escrow, payroll, petty cash, trust and tax accounts) at any time held by, and other Indebtedness at any time owing by, such Lender or such Agent to or for the credit or the account of the respective Loan Parties against any and all Secured Obligations then due and owing to such Lender or such Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Lender or such Agent shall have made demand under this Agreement or any other Loan Document; *provided* that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent or the Revolving Agent, as applicable, for further application in accordance with the provisions of <u>Section 2.17</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agents, the L/C Issuers, and the Lenders, and (y) the Defaulting Lender shall provide promptly to each Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Agents after any such set off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent and each Lender under this <u>Section 10.09</u> are in addition to other rights and remedies (including other rights of setoff) that each Agent and such Lender may have at Law.

------

Section 10.10. <u>Interest Rate Limitation</u>.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "Maximum Rate"). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 10.11. <u>Counterparts</u>.

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. 

Section 10.12. <u>Integration</u>.

This Agreement, together with the other Loan Documents and the Fee Letter, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. Subject to <u>Section 10.22</u>, in the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; *provided* that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

Section 10.13. <u>Survival of Representations and Warranties</u>.

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

Section 10.14. <u>Severability</u>.

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions; *provided*, that the Lenders shall charge no fee in connection with any such amendment. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 10.14</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Agents or the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

------

Section 10.15. <u>GOVERNING LAW</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT NOTWITHSTANDING THE FOREGOING IT IS UNDERSTOOD AND AGREED THAT (A) THE INTERPRETATION OF CLAUSE (A) OF THE DEFINITION OF "MATERIAL ADVERSE EFFECT" (AND WHETHER OR NOT A "mATERIAL aDVERSE EFFECT" UNDER CLAUSE (A) OF SUCH DEFINITION HAS OCCURRED), (B) THE ACCURACY OF ANY SPECIFIED purchase agreement representations and whether as a result of any inaccuracy thereof the initial Borrower has the right (without regard to any notice requirement but taking into account any applicable cure provisions) to terminate the initial Borrower's obligations (or to refuse to consummate the acquisition) under the purchase agreement and (c) the determination of whether the acquisition has been consummated in accordance with the terms of the PURCHASE agreement and, in any case, claims or disputes arising out of any such interpretation or determination or any aspect thereof shall, in each case, be governed by, and CONSTRUED in accordance with, the laws of the state of delaware, regardless of the laws that might otherwise govern under APPLICABLE principles of conflicts of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY (BOROUGH OF MANHATTAN) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE) IN <u>SECTION 10.02</u>. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

------

Section 10.16. <u>WAIVER OF RIGHT TO TRIAL BY JURY</u>.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.16</u>.

Section 10.17. <u>Binding Effect</u>.

This Agreement shall become effective when it shall have been executed and delivered by the Loan Parties, each Agent and each Lender and shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with <u>Section 10.07</u> (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Agents and the Lenders except as permitted by <u>Section 7.04</u>.

Section 10.18. <u>USA Patriot Act</u>.

Each Lender that is subject to the USA Patriot Act and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow such Lender or such Agent, as applicable, to identify such Loan Party in accordance with the USA Patriot Act. This notice is given in accordance with the requirements of the USA Patriot Act and is effective as to the Lenders and the Agents.

Section 10.19. <u>Judgment Currency.</u>

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent or the Revolving Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent, the Revolving Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "Judgment Currency") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "Agreement Currency"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent, the Revolving Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent, the Revolving Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender in such currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrowers (or to any other Person who may be entitled thereto under applicable Law).

------

Section 10.20. <u>No Advisory or Fiduciary Responsibility</u>.

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agents are arm's-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for each Loan Party or any of their respective Affiliates, or any other Person and (B) no Agent or Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party hereby agrees that it will not claim that any Agent or Lender has rendered advisory services of any nature or respect, or owe any fiduciary duty or similar duty to such Loan Party or its Affiliates in connection with any aspect of any transaction contemplated hereby or the process leading thereto.

Section 10.21. <u>Electronic Execution of Assignments and Certain Other Documents</u>.

The words "execute," "execution," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agents, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, no Agent is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Agent pursuant to procedures approved by it.

Section 10.22. <u>Intercreditor Agreements</u>.

Each Lender hereunder (a) acknowledges that it has received a copy of the Intercreditor Agreements, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements and (c) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Intercreditor Agreements on behalf of such Lender. The foregoing provisions are intended as an inducement to the lenders under any documentation governing other parity lien or junior lien Indebtedness permitted to be incurred hereunder to extend credit to the Loan Parties and such lenders are intended third party beneficiaries of such provisions. In the event of any conflict or inconsistency between the provisions of any Intercreditor Agreement and this Agreement, the provisions of such Intercreditor Agreement shall control.

------

Section 10.23. <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 10.24. <u>Closing Date Debt Assumptions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately after the consummation of the Acquisition, TCFI hereby assumes all of the Secured Obligations of the Initial Borrower (the "Debt Assumption").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Debt Assumption, TCFI hereby joins this Agreement as a Borrower and agrees and acknowledges that, for the benefit of the Agents and the Lenders, as evidenced by its signature below on its behalf, upon the consummation of the Debt Assumption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TCFI shall be and is a Borrower under this Agreement and the other Loan Documents with the same force and effect as if originally named therein as a "Borrower", from and after Acquisition, the effect of which shall be, without limitation, that (A) each reference to a "Borrower", "Borrowers", "Borrower Representative", "Loan Party" or "Loan Parties" in this Agreement and the other Loan Documents shall be deemed to be to, or include, it and (B) it shall be bound by all of the terms and provisions of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TCFI, as a borrower, debtor, grantor, mortgagor, pledgor, guarantor or assignor, or in any other similar capacities in which TCFI grants Liens or security interests in its assets and other property or otherwise acts as an accommodation party or guarantor, as the case may be, in any case under the Loan Documents, from and after the consummation of the Acquisition hereby (i) ratifies and confirms all of the payment, performance and observance obligations and liabilities of TCFI, whether contingent or otherwise, under the Loan Documents, and (ii) ratifies and confirms the grant of security by TCFI under the Collateral Documents and confirms and agrees that such Liens and security interests secure all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Release of Initial Borrower. Following the funding of the Loans on the Closing Date, and automatically upon consummation of the Acquisition and the Debt Assumption, the Initial Borrower is hereby automatically released from all its rights and Secured Obligations as a "Borrower" hereunder and under the other Loan Documents. Notwithstanding such release, Athena Technology Solutions Purchaser, LLC, as Holdings, will remain a Loan Party and Guarantor for all other purposes under the Loan Documents following the effectiveness of the Closing Date Acquisition and will not be released or discharged from any Secured Obligations that are applicable to Loan Parties or grants of security interests in the Collateral pursuant to the Collateral Documents), except as otherwise provided for hereunder.

------

**ARTICLE XI.** 

**<u>GUARANTY</u>**

Section 11.01. <u>The Guaranty</u>.

Each Guarantor, including each Guarantor joined hereto pursuant to a Guaranty<u>or</u> Joinder Agreement as required by the Collateral and Guarantee Requirement, hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrowers (or, in the case of each Guarantor that is also a Borrower, each other Borrower), and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the "**Guaranteed Obligations**"); *provided*, *however*, that Guaranteed Obligations consisting of obligations of any Loan Party arising under any Secured Hedge Agreement shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrowers or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event that any Guarantor is not an "eligible contract participant" as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended at the time (i) any transaction is entered into under a Secured Hedge Agreement or (ii) such Guarantor becomes a Guarantor hereunder, the Guaranteed Obligations of such Guarantor shall not include (x) in the case of <u>clause (i)</u> above, such transaction and (y) in the case of <u>clause (ii)</u> above, any transactions under Secured Hedge Agreements as of such date.

Section 11.02. <u>Obligations Unconditional</u>.

The obligations of the Guarantors under <u>Section 11.01</u> shall constitute a guaranty of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrowers under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to <u>Section 11.09</u>, any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the release of any other Guarantor pursuant to <u>Section 11.09</u>.

The Guarantors hereby expressly waive (to the fullest extent permitted by Law) diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrowers under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrowers and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

Section 11.03. <u>Reinstatement</u>.

The obligations of the Guarantors under this <u>Article XI</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

------

Section 11.04. <u>Subrogation; Subordination</u>.

Each Guarantor hereby agrees that until the payment in full in cash and satisfaction in full of all Guaranteed Obligations (other than Secured Cash Management Obligations, Secured Hedge Obligations and contingent obligations, in each case not yet due and owing, and L/C Obligations that have been Cash Collateralized or back-stopped) and the expiration and termination of the Commitments of the Lenders under this Agreement it shall subordinate any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in <u>Section 11.01</u>, whether by subrogation, contribution or otherwise, against the Borrowers or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 11.05. <u>Remedies</u>.

The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in <u>Section 8.02</u> (and shall be deemed to have become automatically due and payable in the circumstances provided in <u>Section 8.02</u>) for purposes of <u>Section 11.01</u>, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrowers) shall forthwith become due and payable by the Guarantors for purposes of <u>Section 11.01</u>.

Section 11.06. <u>Instrument for the Payment of Money</u>.

Each Guarantor hereby acknowledges that the guarantee in this <u>Article XI</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

Section 11.07. <u>Continuing Guarantee</u>.

The guarantee in this <u>Article XI</u> is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

Section 11.08. <u>General Limitation on Guaranteed Obligations</u>.

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under <u>Section 11.01</u> would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under <u>Section 11.01</u>, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the liability under this Guaranty and the right of contribution established in <u>Section 11.10</u>, but before giving effect to any other guarantee) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

------

Section 11.09. <u>Release of Guarantors</u>.

If, in compliance with the terms and provisions of the Loan Documents, (i) any Subsidiary Guarantor ceases to be a Restricted Subsidiary in a transaction permitted hereunder, (ii) unless Borrower has otherwise requested that such Excluded Subsidiary shall be or remain a Subsidiary Guarantor, any Subsidiary Guarantor becomes an Excluded Subsidiary (other than pursuant to clause (a) of the definition of Excluded Subsidiary if the primary purpose of such action is to evade the Collateral and Guarantee Requirement with no other justifiable business purpose), (iii) Borrower has notified each Agent that an Elective Guarantor shall no longer be a Guarantor or (iv) subject to <u>Section 10.01</u>, if the release of such Guarantor is approved, authorized or ratified in writing by the Required Lenders (any such Subsidiary Guarantor referred to in <u>clause (i)</u>, <u>(ii)</u>, <u>(iii)</u> or <u>(iv)</u> a "**Released Guarantor**"), such Released Guarantor shall, upon the consummation of the related transaction, change in status, request, approval, authorization or ratification be automatically released from its obligations under this Agreement (including under <u>Section 10.05</u> hereof) and the other Loan Documents, including its obligations to pledge and grant any Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of any of the Equity Interests of the Released Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrowers shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and/or the Collateral Agent shall take such actions as are necessary to effect each release described in this <u>Section 11.09</u> in accordance with the relevant provisions of the Collateral Documents; *provided*, that no such release shall occur, and no such Subsidiary Guarantor shall constitute a Released Guarantor, if (x) such Subsidiary Guarantor continues to be a guarantor in respect of any Indebtedness constituting a Junior Financing and is required to provide a Guarantee of the Secured Obligations pursuant to <u>Section 7.03(c)(A)</u> or (y) such Subsidiary Guarantor continues to constitute a Subsidiary of the Borrower and becomes an Excluded Subsidiary under clause (a) of the definition thereof unless (i) no Event of Default shall have occurred and be continuing at the time such Subsidiary Guarantor becomes an Excluded Subsidiary under clause (a) of the definition thereof and (ii) after giving Pro Forma Effect to such release and the consummation of the transaction that causes such Person to become an Excluded Subsidiary under clause (a) of the definition thereof, the Borrowers and Restricted Subsidiaries shall be deemed to have made an Investment in, or a Restricted Payment in respect of, as applicable, such Person (as if such Person were then newly acquired or formed) and such Investment or Restricted Payment is permitted hereunder at such time.

When all Commitments hereunder have terminated, and all Loans or other Obligations hereunder which are accrued and payable have been paid or satisfied (other than contingent obligations as to which no claim has been asserted), and no Letters of Credit remain outstanding (except any Letter of Credit the Outstanding Amount of which the Obligations related to which has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place), this Agreement and the Guaranty made herein, each other Loan Document and any security interest granted under any Loan Document shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such repayment pursuant to the terms of this Agreement.

Section 11.10. <u>Right of Contribution</u>.

Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor's right of contribution shall be subject to the terms and conditions of <u>Section 11.04</u>. The provisions of this <u>Section 11.10</u> shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Agents, the L/C Issuers and the Lenders, and each Subsidiary Guarantor shall remain liable to the Agents, the L/C Issuers and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

------

Section 11.11. <u>Keepwell</u>.

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (*provided*, *however*, that each Qualified ECP Guarantor shall only be liable under this <u>Section 11.11</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section 11.11</u>, or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this <u>Section 11.11</u> shall remain in full force and effect until all Commitments hereunder have terminated, and all Loans or other Guaranteed Obligations hereunder which are accrued and payable have been paid or satisfied, and no Letter of Credit remains outstanding (except any Letter of Credit the Outstanding Amount of which the Guaranteed Obligations related thereto has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place). Each Qualified ECP Guarantor intends that this <u>Section 11.11</u> constitute, and this <u>Section 11.11</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[*Remainder of Page Intentionally Left Blank*]

## Exhibit 10.5

**Exhibit 10.5** 

**<u>AMENDMENT NO. 4 TO CREDIT AGREEMENT</u>**

This AMENDMENT NO. 4 TO CREDIT AGREEMENT (this "**Amendment**") is entered into as of April 30, 2024, by and among AEVEX Holdings, LLC, a Delaware limited liability company (the "**Borrower**"), Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company ("**Holdings**"), the other Guarantors party hereto, Ankura Trust Company, LLC, as Administrative Agent (in such capacity, the "**Administrative Agent**"), PNC Bank, National Association ("**PNC**"), as Revolving Agent (in such capacity, the "**Revolving Agent**") and as Collateral Agent (in such capacity, the "**Collateral Agent**" and together with the Administrative Agent and the Collateral Agent, collectively, the "**Agents**" and each an "**Agent**") and the 2024 Incremental Term Loan Lenders (as hereinafter defined). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement (as defined below).

**<u>RECITALS</u>**

WHEREAS the Borrower, Holdings, the other Guarantors party thereto, the lenders party thereto (collectively, the "**Lenders**" and each a "**Lender**") and the Agents are parties to that certain Credit Agreement, dated as of March 18, 2020, as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, Amendment No. 2 to Credit Agreement, dated as of May 7, 2021 and Amendment No. 3 to Credit Agreement, dated as of May 15, 2023 (as so amended and as it otherwise has been amended, modified or supplemented prior to the date hereof, the "**Existing Credit Agreement**"; the Existing Credit Agreement, as modified by this Amendment and as it may be further amended, restated supplemented, amended and restated or otherwise modified, the "**Credit Agreement**"), pursuant to which, among other things, the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain loans and provide other financial accommodations to the Borrower;

WHEREAS in connection with the foregoing, the Borrower has requested that the Existing Credit Agreement be amended to, among other things, permit the incurrence of term loans in an aggregate principal amount of $55,000,000 (the "**2024 Incremental Term Loans**") pursuant to Section 2.14(d)(iii)(B)(x) of the Credit Agreement;

WHEREAS in connection with the foregoing and subject to the conditions and on the terms set forth below, the 2024 Incremental Term Loan Lenders are willing to provide the 2024 Incremental Term Loans (the "**2024 Incremental Term Loan Commitments**") subject to the satisfaction or waiver of the conditions herein;

WHEREAS the Borrower, the Lenders holding 2024 Incremental Term Loan Commitments (the "**2024 Incremental Term Loan Lenders**") and the Agents desire to modify the Existing Credit Agreement, in accordance with and subject to the terms and conditions contained herein;

WHEREAS, pursuant to Section 2.14(f) of the Existing Credit Agreement, the Borrower, the 2024 Incremental Loan Lenders and the Agents may enter into an Incremental Amendment and without the consent of any other Lender, effect such amendments to the Existing Credit Agreement as may be necessary or appropriate, in the reasonable opinion of the Agents and the Borrower, to effect the provisions of Section 2.14 of the Existing Credit Agreement, including to effect technical and corresponding modifications to the Existing Credit Agreement; and

WHEREAS, the Borrower and the Agents have made such reasonable determination that the amendments as set forth herein are necessary and appropriate to effect the provisions of Section 2.14;

------

NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Section 1. <u>A</u><u>mendments to Existing Credit Agreement; 2024 Incremental Term Loans</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain sections of the Existing Credit Agreement are hereby amended as set forth on <u>Exhibit A</u> to this Amendment. Language being inserted into the applicable section of the Existing Credit Agreement is evidenced by bold and underline formatting. Language being deleted from the applicable section of the Existing Credit Agreement is evidenced by strike-through formatting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Schedules to the Existing Credit Agreement are hereby amended by deleting Schedule 1.01A and replacing it with Schedule 1.01A attached hereto as <u>Annex A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) each 2024 Incremental Term Loan Lender hereby provides a 2024 Incremental Term Loan Commitment to the Borrower on the Amendment No. 4 Effective Date in the amount set forth across from such 2024 Incremental Term Loan Lender's name on Schedule 1.01A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each 2024 Incremental Term Loan Lender hereby agrees, severally and not jointly, to make 2024 Incremental Term Loans to the Borrower on the terms and subject to the conditions set forth herein and in the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each 2024 Incremental Term Loan Lender shall be deemed to be, and shall become, a "Term Lender" and a "Lender" for all purposes of, and subject to all the obligations of a "Term Lender" and a "Lender" under the Credit Agreement and the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the 2024 Incremental Term Loan Commitments provided by the 2024 Incremental Term Loan Lenders pursuant to this Amendment and the 2024 Incremental Term Loans made thereunder shall constitute "Term Commitments", "Commitments", "Term Loans" and "Loans", respectively, for all purposes under the Credit Agreement and the other Loan Documents and shall (x) be Loans and Obligations under the Credit Agreement and the other applicable Loan Documents, and (y) rank pari passu in right of payment and be secured by the relevant Collateral Documents, and guaranteed, on a pari passu basis with all Obligations relating to the other Loans secured by each such Collateral Document and guaranteed under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms and provisions of the 2024 Incremental Term Loan Commitments and the 2024 Incremental Term Loans are set forth in the Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) by executing this Amendment, each 2024 Incremental Term Loan Lender (x) appoints and authorizes the Agents to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto and (y) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender thereunder.

**Section 2. <u>Effectiveness of this Amendment</u>**. This Amendment shall become effective at the time (the "**Amendment No. 4 Effective Date**") when each of the conditions set forth in the following clauses has been satisfied or waived by the Administrative Agent and the 2024 Incremental Term Loan Lenders:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agents shall have received duly executed signature pages for this Amendment signed by the Borrower, Holdings, the other Guarantors, the Agents, PNC, in its capacity as Revolving Credit Lender, and the 2024 Incremental Term Loan Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agents shall have received a customary certificate of a Responsible Officer of the Borrower (A) certifying that attached thereto is a copy of the charter or certificate of formation (or the equivalent thereof) of the Borrower and all other Organization Documents of the Borrower and all amendments thereto, as in effect on the Amendment No. 4 Effective Date (*provided* that, with respect to any of the items described in this clause (A), the respective certification may instead state that there have been no changes to the relevant documents since the Closing Date or that any changes to such documents are attached, and to the extent so certified, the documents delivered on or before the Closing Date need not be redelivered hereunder), (B) attaching an incumbency certificate; *provided*, that with respect to any item in this clause (B), the respective certification may instead state that there have been no changes to the relevant incumbencies since the Closing Date; (C) attaching resolutions or other action evidencing the authority and capacity of the Borrower to execute this Amendment and perform the transactions contemplated hereby and (D) containing a certification by a Responsible Officer of the Borrower that the statements set forth in Section 3 of this Amendment are true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agents shall have received customary opinions of (A) Kirkland & Ellis LLP, as New York counsel to the Loan Parties and (B) Holland & Knight LLP, as Florida counsel to the Loan Parties, in each case, dated the Amendment No. 4 Effective Date and addressed to the Agents, PNC, in its capacity as Revolving Credit Lender, and the 2024 Incremental Term Loan Lenders, in a form reasonably satisfactory to the Agents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all costs and expenses (including legal fees and expenses) of the Agents, PNC, in its capacity as Revolving Credit Lender, and 2024 Incremental Term Loan Lenders in connection with this Amendment shall have been paid prior to or substantially currently with the Amendment No. 4 Effective Date, in each case, to the extent due (and, in the case of expenses, to the extent invoiced in reasonable detail at least one (1) Business Day prior to the Amendment No. 4 Effective Date (or such later date as the Borrower may reasonably agree)).

**Section 3. <u>Representations and Warranties</u>**. The Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Event of Default exists as of the Amendment No. 4 Effective Date or would exist after giving effect to this Amendment, including the establishment of the 2024 Incremental Term Loan Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties of the Borrower and each other Loan Party set forth in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the Amendment No. 4 Effective Date with the same effect as though made on and as of the Amendment No. 4 Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date.

**Section 4. <u>Reference to and Effect upon the Credit Agreement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Amendment No. 4 Effective Date, (i) the term "Agreement" in the Credit Agreement, and all references to the Credit Agreement in any other Loan Document

------

shall mean the Credit Agreement as modified hereby, and (ii) this Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 4 Effective Date.

**Section 5. <u>Counterparts, Etc</u>**. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. The words "execution," "signed," "signature" and words of like import in this Amendment relating to the execution and delivery of this Amendment shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or enforceability as a manually executed signature to the extent and as provided in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**Section 6. <u>Confirmation of Obligations</u>**. Each Guarantor (a) confirms its Guaranteed Obligations under the Credit Agreement, (b) confirms that the Guaranteed Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in Article XI of the Credit Agreement and (c) confirms that the Obligations under the Credit Agreement as modified hereby constitute "Guaranteed Obligations". Each party, by its execution of this Amendment, hereby confirms that the Guaranteed Obligations shall remain in full force and effect. For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security interests granted by such Loan Party in favor of the Collateral Agent for the benefit of, among others, the Lenders pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.

**Section 7. <u>Governing Law; Waiver of Trial by Jury</u>**. The governing law and waiver of trial by jury provisions set forth in Sections 10.15 and 10.16 of the Existing Credit Agreement shall apply to this Amendment, *mutatis mutandis*.

[Signature Pages to follow]

------

IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first written above.

---

| | |
|:---|:---|
| AEVEX HOLDINGS, LLC, as the Borrower | AEVEX HOLDINGS, LLC, as the Borrower |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| ATHENA TECHNOLOGY SOLUTIONS<br> PURCHASER, LLC, as a Guarantor | ATHENA TECHNOLOGY SOLUTIONS<br> PURCHASER, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| AEVEX INTERMEDIATE, LLC, as a Guarantor | AEVEX INTERMEDIATE, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| AEVEX AEROSPACE, LLC, as a Guarantor | AEVEX AEROSPACE, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| ATHENA SOLUTIONS CORPORATE HOLDINGS,<br>INC., as a Guarantor | ATHENA SOLUTIONS CORPORATE HOLDINGS,<br>INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| TRIPLE M WORLDWIDE SOLUTIONS, LLC, as a<br> Guarantor | TRIPLE M WORLDWIDE SOLUTIONS, LLC, as a<br> Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| TCFI CSG LLC, as a Guarantor | TCFI CSG LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |

---

[Signature Page to Amendment No. 4 to Credit Agreement]

------

---

| | |
|:---|:---|
| TCFI SOS LLC, as a Guarantor | TCFI SOS LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| TCFI AIRCRAFT LEASE LLC, as a Guarantor | TCFI AIRCRAFT LEASE LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| IKHANA GROUP, LLC, as a Guarantor | IKHANA GROUP, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| IKHANA AIRCRAFT HOLDINGS, LLC, as a Guarantor | IKHANA AIRCRAFT HOLDINGS, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| GEODETICS, INC., as a Guarantor | GEODETICS, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| MI GROVE LLC, as a Guarantor | MI GROVE LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| MATRIX INTERNATIONAL, INC., as a Guarantor | MATRIX INTERNATIONAL, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| MATRIX INTERNATIONAL SECURITY TRAINING INTELLIGENCE CENTER, INC., as a Guarantor | MATRIX INTERNATIONAL SECURITY TRAINING INTELLIGENCE CENTER, INC., as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |

---

[Signature Page to Amendment No. 4 to Credit Agreement]

------

---

| | |
|:---|:---|
| THE MATRIX OPERATING GROUP, INC., as a<br>Guarantor | THE MATRIX OPERATING GROUP, INC., as a<br>Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |
| SPARK AEROSPACE, LLC, as a Guarantor | SPARK AEROSPACE, LLC, as a Guarantor |
| By: | /s/ Joseph Guarino |
|  Name: | Joseph Guarino |
|  Title: | Chief Financial Officer |

---

[Signature Page to Amendment No. 4 to Credit Agreement]

------

---

| | |
|:---|:---|
| ANKURA TRUST COMPANY, LLC,<br>as Administrative Agent | ANKURA TRUST COMPANY, LLC,<br>as Administrative Agent |
| By: | /s/ Krista Gulalo |
|  Name: | Krista Gulalo |
|  Title: | Managing Director |

---

[Signature Page to Amendment No. 4 to Credit Agreement]

------

---

| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION,<br>as Collateral Agent and Revolving Agent | PNC BANK, NATIONAL ASSOCIATION,<br>as Collateral Agent and Revolving Agent |
| By: | /s/ Lauren Tayag |
|  Name: | Lauren Tayag |
|  Title: | Vice President |
| PNC BANK, NATIONAL ASSOCIATION,<br>as Revolving Credit Lender | PNC BANK, NATIONAL ASSOCIATION,<br>as Revolving Credit Lender |
| By: | /s/ Lauren Tayag |
|  Name: | Lauren Tayag |
|  Title: | Vice President |

---

[Signature Page to Amendment No. 4 to Credit Agreement]

------

---

| | |
|:---|:---|
| **GSO BARRE DES ECRINS MASTER FUND SCSP**,<br>as a Term Lender | **GSO BARRE DES ECRINS MASTER FUND SCSP**,<br>as a Term Lender |
| By: Blackstone Alternative Credit Advisors LP, its Investment Advisor | By: Blackstone Alternative Credit Advisors LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
|  Name: | Marisa J. Beeney |
|  Title: | Authorized Signatory |
| **BLACKSTONE SECURED LENDING FUND**,<br>as a Term Lender | **BLACKSTONE SECURED LENDING FUND**,<br>as a Term Lender |
| By: Blackstone Credit BDC Advisors LLC, its<br>Investment Advisor | By: Blackstone Credit BDC Advisors LLC, its<br>Investment Advisor |
| By: | /s/ Marisa J. Beeney |
|  Name: | Marisa J. Beeney |
|  Title: | Authorized Signatory |
| **GN LOAN FUND LP**,<br>as a Term Lender | **GN LOAN FUND LP**,<br>as a Term Lender |
| By: Blackstone Alternative Credit Advisors LP, its Investment Advisor | By: Blackstone Alternative Credit Advisors LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
|  Name: | Marisa J. Beeney |
|  Title: | Authorized Signatory |
| **BGSL BIG SKY FUNDING LLC**,<br>as a Term Lender | **BGSL BIG SKY FUNDING LLC**,<br>as a Term Lender |
| By: Blackstone Secured Lending Fund, its Sole Member | By: Blackstone Secured Lending Fund, its Sole Member |
| By: Blackstone Credit BDC Advisors LLC, its<br>Investment Advisor | By: Blackstone Credit BDC Advisors LLC, its<br>Investment Advisor |
| By: | /s/ Marisa J. Beeney |
|  Name: | Marisa J. Beeney |
|  Title: | Authorized Signatory |

---

[Signature Page to Amendment No. 4 to Credit Agreement]

------

---

| | |
|:---|:---|
| **BGSL JACKSON HOLE FUNDING LLC**,<br>as a Term Lender | **BGSL JACKSON HOLE FUNDING LLC**,<br>as a Term Lender |
| By: Blackstone Secured Lending Fund, its Sole Member | By: Blackstone Secured Lending Fund, its Sole Member |
| By: Blackstone Credit BDC Advisors LLC, its<br>Investment Advisor | By: Blackstone Credit BDC Advisors LLC, its<br>Investment Advisor |
| By: | /s/ Marisa J. Beeney |
|  Name: | Marisa J. Beeney |
|  Title: | Authorized Signatory |

---

[Signature Page to Amendment No. 4 to Credit Agreement]

------

<u>Exhibit A</u> 

Amended Credit Agreement

(see attached)

------

**CONFORMED THROUGH AMENDMENT** 

**NO. 3<u>4</u> TO CREDIT AGREEMENT** 

**EXECUTION VERSION** 

$29<u>3</u>5<u>0</u>,000,000

CREDIT AGREEMENT

Dated as of March 18, 2020,

and as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020,

Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, and

Amendment No. 3 to Credit Agreement, dated as of May 15, 2023<u>, and</u>

<u>Amendment No. 4 to Credit Agreement, dated as of April 30, 2024</u>

among

ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,

initially, as Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor

AEVEX HOLDINGS, LLC,

as Borrower,

THE OTHER BORROWERS AND GUARANTORS PARTY HERETO FROM TIME TO TIME,

ANKURA TRUST COMPANY, LLC,

as Administrative Agent,

PNC BANK, NATIONAL ASSOCIATION,

as Revolving Agent and Collateral Agent,

BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP

CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT

as Joint Lead Lenders

and

THE LENDERS AND L/C ISSUERS PARTY HERETO FROM TIME TO TIME

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS |  |
|  Section 1.01. | Defined Terms | 1 |
|  Section 1.02. | Other Interpretive Provisions | 74 |
|  Section 1.03. | Accounting Terms | 75 |
|  Section 1.04. | Rounding | 76 |
|  Section 1.05. | References to Agreements, Laws, Etc. | 76 |
|  Section 1.06. | Times of Day | 76 |
|  Section 1.07. | Timing of Payment or Performance | 76 |
|  Section 1.08. | Cumulative Credit Transactions | 76 |
|  Section 1.09. | Pro Forma Calculations | 76 |
|  Section 1.10. | Currency Generally | 79 |
|  Section 1.11. | Letters of Credit | 79 |
|  Section 1.12. | Certifications | 79 |
|  Section 1.13. | Rates. | 79 |
| ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS |  |
|  Section 2.01. | The Loans | 80 |
|  Section 2.02. | Borrowings, Conversions and Continuations of Loans | 82 |
|  Section 2.03. | Letters of Credit | 84 |
|  Section 2.04. | [Reserved] | 92 |
|  Section 2.05. | Prepayments | 92 |
|  Section 2.06. | Termination or Reduction of Commitments | 104 |
|  Section 2.07. | Repayment of Loans | 105 |
|  Section 2.08. | Interest | 107 |
|  Section 2.09. | Fees | 107 |
|  Section 2.10. | Computation of Interest and Fees | 109 |
|  Section 2.11. | Evidence of Indebtedness | 109 |
|  Section 2.12. | Payments Generally | 110 |
|  Section 2.13. | Sharing of Payments | 112 |
|  Section 2.14. | Incremental Credit Extensions; Increase in Revolving Credit Facility | 113 |
|  Section 2.15. | Refinancing Amendments | 120 |
|  Section 2.16. | Extension of Term Loans; Extension of Revolving Loans | 121 |
|  Section 2.17. | Defaulting Lenders | 124 |
|  Section 2.18. | Co-Borrowers; New Guarantors | 126 |
| ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY | ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY |  |
|  Section 3.01. | Taxes | 128 |
|  Section 3.02. | Illegality | 131 |
|  Section 3.03. | Benchmark Replacement | 132 |
|  Section 3.04. | Increased Cost and Reduced Return; Capital Adequacy; Term SOFR Rate Loan Reserves | 134 |
|  Section 3.05. | Funding Losses | 136 |
|  Section 3.06. | Matters Applicable to All Requests for Compensation | 136 |
|  Section 3.07. | Replacement of Lenders under Certain Circumstances | 137 |

---

i

------

---

| | | |
|:---|:---|:---|
|  Section 3.08. | Survival | 139 |
| ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS |  |
|  Section 4.01. | Conditions to Initial Credit Extension | 139 |
|  Section 4.02. | Conditions to All Credit Extensions after the Closing Date | 142 |
|  Section 4.03. | Additional Conditions to the Delayed Draw Term Loans. | 143 |
|  Section 4.04. | Additional Conditions to the 2020 Delayed Draw Term Loans. | 143 |
|  Section 4.05. | Additional Conditions to the 2021 Delayed Draw Term Loans. | 144 |
| ARTICLE V. REPRESENTATIONS AND WARRANTIES | ARTICLE V. REPRESENTATIONS AND WARRANTIES |  |
|  Section 5.01. | Existence, Qualification and Power; Compliance with Laws | 144 |
|  Section 5.02. | Authorization; No Contravention | 145 |
|  Section 5.03. | Governmental Authorization | 145 |
|  Section 5.04. | Binding Effect | 145 |
|  Section 5.05. | No Material Adverse Effect | 145 |
|  Section 5.06. | Litigation | 146 |
|  Section 5.07. | Ownership of Real Property; Liens | 146 |
|  Section 5.08. | Environmental Matters | 146 |
|  Section 5.09. | Taxes | 146 |
|  Section 5.10. | ERISA Compliance | 147 |
|  Section 5.11. | [Reserved] | 147 |
|  Section 5.12. | Margin Regulations; Investment Company Act | 147 |
|  Section 5.13. | Disclosure | 147 |
|  Section 5.14. | Labor Matters | 148 |
|  Section 5.15. | Intellectual Property; Licenses, Etc. | 148 |
|  Section 5.16. | Solvency | 148 |
|  Section 5.17. | [Reserved] | 148 |
|  Section 5.18. | USA Patriot Act; OFAC; FCPA | 148 |
|  Section 5.19. | Security Documents. | 149 |
| ARTICLE VI. AFFIRMATIVE COVENANTS | ARTICLE VI. AFFIRMATIVE COVENANTS |  |
|  Section 6.01. | Financial Statements | 150 |
|  Section 6.02. | Certificates; Other Information | 152 |
|  Section 6.03. | Notices | 153 |
|  Section 6.04. | Payment of Taxes | 153 |
|  Section 6.05. | Preservation of Existence, Etc. | 153 |
|  Section 6.06. | Maintenance of Properties | 154 |
|  Section 6.07. | Maintenance of Insurance | 154 |
|  Section 6.08. | Compliance with Laws | 155 |
|  Section 6.09. | Books and Records | 155 |
|  Section 6.10. | Inspection Rights | 155 |
|  Section 6.11. | Additional Collateral; Additional Guarantors | 155 |
|  Section 6.12. | Compliance with Environmental Laws | 157 |
|  Section 6.13. | Further Assurances; Post-Closing Obligations | 157 |
|  Section 6.14. | Designation of Subsidiaries | 158 |
|  Section 6.15. | Cash Management | 158 |
|  Section 6.16. | Use of Proceeds | 159 |
|  Section 6.17. | Lender Conference Call | 159 |

---

ii

------

---

| | | |
|:---|:---|:---|
|  Section 6.18. | Change in Nature of Business. | 159 |
|  Section 6.19. | Fiscal Year. | 159 |
| ARTICLE VII. NEGATIVE COVENANTS | ARTICLE VII. NEGATIVE COVENANTS |  |
|  Section 7.01. | Liens | 160 |
|  Section 7.02. | Investments | 164 |
|  Section 7.03. | Indebtedness | 169 |
|  Section 7.04. | Fundamental Changes | 173 |
|  Section 7.05. | Dispositions | 174 |
|  Section 7.06. | Restricted Payments | 177 |
|  Section 7.07. | [Reserved] | 181 |
|  Section 7.08. | Transactions with Affiliates | 181 |
|  Section 7.09. | Burdensome Agreements | 184 |
|  Section 7.10. | Amendments or Waivers of Organization Documents | 185 |
|  Section 7.11. | Consolidated First Lien Net Leverage Ratio | 186 |
|  Section 7.12. | [Reserved] | 186 |
|  Section 7.13. | Prepayments, Etc. of Subordinated Indebtedness | 186 |
|  Section 7.14. | Permitted Activities, Etc | 187 |
| ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES |  |
|  Section 8.01. | Events of Default | 188 |
|  Section 8.02. | Remedies Upon Event of Default | 190 |
|  Section 8.03. | Application of Funds | 191 |
|  Section 8.04. | Borrower's Right to Cure | 192 |
| ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS | ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS |  |
|  Section 9.01. | Appointment and Authority | 193 |
|  Section 9.02. | Rights as a Lender | 194 |
|  Section 9.03. | Exculpatory Provisions | 194 |
|  Section 9.04. | Reliance by Agent | 195 |
|  Section 9.05. | Delegation of Duties | 195 |
|  Section 9.06. | Removal or Resignation of an Agent | 195 |
|  Section 9.07. | Non-Reliance on Agents and Other Lenders | 196 |
|  Section 9.08. | No Other Duties, Etc. | 197 |
|  Section 9.09. | Agents May File Proofs of Claim | 197 |
|  Section 9.10. | Collateral and Guaranty Matters | 198 |
|  Section 9.11. | Secured Cash Management Agreements and Secured Hedge Agreements | 199 |
|  Section 9.12. | Withholding Tax Indemnity | 199 |
|  Section 9.13. | Erroneous Payments | 200 |
| ARTICLE X. MISCELLANEOUS | ARTICLE X. MISCELLANEOUS |  |
|  Section 10.01. | Amendments, Etc. | 202 |
|  Section 10.02. | Notices and Other Communications; Facsimile Copies | 206 |
|  Section 10.03. | No Waiver; Cumulative Remedies | 207 |
|  Section 10.04. | Attorney Costs and Expenses | 208 |
|  Section 10.05. | Indemnification by the Borrower | 209 |
|  Section 10.06. | Payments Set Aside | 211 |

---

iii

------

---

| | | |
|:---|:---|:---|
|  Section 10.07. | Successors and Assigns | 211 |
|  Section 10.08. | Confidentiality | 220 |
|  Section 10.09. | Setoff | 221 |
|  Section 10.10. | Interest Rate Limitation | 222 |
|  Section 10.11. | Counterparts | 222 |
|  Section 10.12. | Integration | 222 |
|  Section 10.13. | Survival of Representations and Warranties | 222 |
|  Section 10.14. | Severability | 223 |
|  Section 10.15. | GOVERNING LAW | 223 |
|  Section 10.16. | WAIVER OF RIGHT TO TRIAL BY JURY | 224 |
|  Section 10.17. | Binding Effect | 224 |
|  Section 10.18. | USA Patriot Act | 224 |
|  Section 10.19. | Judgment Currency. | 224 |
|  Section 10.20. | No Advisory or Fiduciary Responsibility | 225 |
|  Section 10.21. | Electronic Execution of Assignments and Certain Other Documents. | 225 |
|  Section 10.22. | Intercreditor Agreements | 226 |
|  Section 10.23. | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 226 |
|  Section 10.24. | Closing Date Debt Assumptions. | 226 |
| ARTICLE XI. GUARANTY | ARTICLE XI. GUARANTY |  |
|  Section 11.01. | The Guaranty | 227 |
|  Section 11.02. | Obligations Unconditional | 228 |
|  Section 11.03. | Reinstatement | 229 |
|  Section 11.04. | Subrogation; Subordination | 229 |
|  Section 11.05. | Remedies | 229 |
|  Section 11.06. | Instrument for the Payment of Money | 229 |
|  Section 11.07. | Continuing Guarantee | 229 |
|  Section 11.08. | General Limitation on Guaranteed Obligations | 229 |
|  Section 11.09. | Release of Guarantors | 230 |
|  Section 11.10. | Right of Contribution | 231 |
|  Section 11.11. | Keepwell | 231 |

---

iv

------

---

| | |
|:---|:---|
|  SCHEDULES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I | Guarantors |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01A | Commitments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01B | Closing Date Documents |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | Litigation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | Owned Real Property |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | Environmental Matters |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13(b) | Post-Closing Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Restricted Subsidiaries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01(b) | Existing Liens |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.02(f) | Existing Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.03(b) | Existing Indebtedness |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05(w) | Dispositions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | Affiliate Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | Burdensome Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | Agents' Offices, Certain Addresses for Notices |
|  EXHIBITS |  |
|  | *Form of* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | Committed Loan Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | [Reserved] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-1 | Term Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-2 | Revolving Credit Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D-1 | Compliance Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D-2 | Solvency Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-1 | Assignment and Assumption |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-2 | Affiliated Lender Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-3 | Acceptance and Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-4 | Discount Range Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-5 | Discount Range Prepayment Offer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-6 | Solicited Discounted Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-7 | Solicited Discounted Prepayment Offer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-8 | Specified Discount Prepayment Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-9 | Specified Discount Prepayment Response |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F | Security Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G | Intercompany Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H | United States Tax Compliance Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I | Calculation of Consolidated EBITDA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J | Affiliated Lender Assignment and Assumption |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K | Borrower Joinder Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L | Guarantor Joinder Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M | New Revolving Credit Lender Joinder and Assumption Agreement |

---

v

------

**<u>CREDIT AGREEMENT</u>**

This CREDIT AGREEMENT is entered into as of March 18, 2020, among Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company (the "**Initial Borrower**" and following the Debt Assumption (as defined below), "**Holdings**"), following consummation of the Acquisition (as defined below), AEVEX HOLDINGS, LLC, a Delaware limited liability company ("**TCFI**" and after giving effect to the Debt Assumption, the "**Borrower**" as hereinafter further defined), the other Guarantors party hereto from time to time, Carlyle Global Credit Investment Management and Blackstone Alternative Credit Advisors LP, as Joint Lead Lenders, Ankura Trust Company, LLC, as Administrative Agent, PNC Bank, National Association, as Revolving Agent and as Collateral Agent, each lender from time to time party hereto (collectively, the "**Lenders**" and, individually, a "**Lender**") and the L/C Issuers from time to time party hereto.

**<u>PRELIMINARY STATEMENTS</u>**

Pursuant to the Membership Interest Purchase Agreement, dated as of February 18, 2020 (together with the exhibits and disclosure schedules thereto, and as amended, supplemented or modified from time to time, the "**Purchase Agreement**"), by and among the Initial Borrower and TCFI Aevex Holdings LLC, a Delaware limited liability company (together with the sellers party thereto, "**Seller**"), the Investors purchased all of the issued and outstanding membership interests of TCFI (the "**Acquisition**").

Following the initial Borrowing on the Closing Date, TCFI assumed all of the Obligations of the Initial Borrower hereunder (the "**Debt Assumption**"), and became the Borrower under this Agreement.

In accordance with the foregoing, the Initial Borrower requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in <u>Section 1.01</u> below) and Revolving Loans on the Closing Date.

The proceeds of the Initial Term Loans and the Revolving Loans (limited, on the Closing Date, as set forth herein), together with the proceeds of the Equity Contributions contributed directly or indirectly to the Initial Borrower and cash on hand, were used on the Closing Date (i) to consummate the Refinancing, (ii) to fund the Acquisition, (iii) to pay the Transaction Expenses and (iv) for working capital and general corporate purposes and, after the Closing Date, in accordance with <u>Section 6.16</u>.

Immediately after consummation of the Acquisition, the Borrower became a direct, wholly owned subsidiary of Holdings.

The applicable Lenders have indicated their willingness to lend and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein.

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

**ARTICLE I.** 

**<u>DEFINITIONS AND ACCOUNTING TERMS</u>** 

Section 1.01. <u>Defined Terms</u>.

As used in this Agreement, the following terms shall have the meanings set forth below:

------

"**2020 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2020 Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(d)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A(1)</u> under the caption "2020 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the 2020 Delayed Draw Term Loan Commitments as of the Amendment No. 1 Effective Date is $45,000,000.

"**2020 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(e).

"**2020 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) December 31, 2021 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"2**020 Delayed Draw Term Loan Funding Date**" has the meaning set forth in <u>Section 2.01(d)</u>.

"**2020 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in <u>Section 2.07(d)</u>.

"**2020 Delayed Draw Term Loan Lender**" means each Lender that has a 2020 Delayed Draw Term Loan Commitment or is the holder of a 2020 Delayed Draw Term Loan.

"**2020 Delayed Draw Term Loans**" has the meaning set forth in <u>Section 2.01(d).</u>

"**2021 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2021 Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(e)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A(1)</u> under the caption "2021 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the 2021 Delayed Draw Term Loan Commitments as of the Amendment No. 2 Effective Date is $50,000,000.

"**2021 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(f).

"**2021 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) November 7, 2022 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**2021 Delayed Draw Term Loan Funding Date**" has the meaning set forth in <u>Section 2.01(e)</u>.

"**2021 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in <u>Section 2.07(e)</u>.

"**2021 Delayed Draw Term Loan Lender**" means each Lender that has a 2021 Delayed Draw Term Loan Commitment or is the holder of a 2021 Delayed Draw Term Loan.

"**2021 Delayed Draw Term Loans**" has the meaning set forth in <u>Section 2.01(e).</u>

<u>"**2024 Incremental Term Loan Commitment**" shall mean, with respect to each 2024 Incremental Term Loan Lender, the commitment of such 2024 Incremental Term Loan Lender to make 2024 Incremental Term Loans to the Borrowers on the Amendment No. 4 Effective Date. The amount of each</u> 

------

<u>Lender's 2024 Incremental Term Loan Commitment as of the Amendment No. 4 Effective Date is set forth on Annex A to Amendment No. 4. The aggregate amount of the 2024 Incremental Term Loan Commitments of all 2024 Incremental Term Loan Lenders as of the Amendment No. 4 Effective Date is $55,000,000.</u>

<u>"**2024 Incremental Term Loan Lender**" shall mean a Lender with a 2024 Incremental Term Loan Commitment.</u>

<u>"**2024 Incremental Term Loans**" shall mean Loans made pursuant to Section 1 of Amendment No. 4.</u>

"**Acceptable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acceptable Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Acceptance and Prepayment Notice**" means a notice of the Borrower's acceptance of the Acceptable Discount in substantially the form of <u>Exhibit E-3</u>.

"**Acceptance Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acquisition**" has the meaning set forth in the preliminary statements to this Agreement.

"**Additional Refinancing Lender**" means, at any time, any bank, financial institution or other institutional lender or investor (other than any such bank, financial institution or other institutional lender or investor that is a Lender at such time) that agrees to provide any portion of Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.15</u>, *provided* that each Additional Refinancing Lender shall be subject to the approval of the Borrower.

"**Additional Term Lender**" has the meaning set forth in Section 2.14(c).

"**Administrative Agent**" means Ankura, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"**Administrative Questionnaire**" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. "**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"**Affiliated Lender**" means, at any time, any Lender that is the Sponsor (including portfolio companies of the Sponsor notwithstanding the exclusion in the definition of "Sponsor") or a Non-Debt Fund Affiliate, in each case, other than Holdings, the Borrower or any of its Subsidiaries and other than any Debt Fund Affiliate.

"**Affiliated Lender Assignment and Assumption**" has the meaning set forth in <u>Section 10.07(k)(ii)</u>.

------

"**Affiliated Lender Cap**" has the meaning set forth in <u>Section 10.07(k)(v)</u>.

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates and controlling Persons, officers, directors and employees.

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent and the Revolving Agent, each an "**Agent**".

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreement**" means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"**Agreement Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**AHYDO Payment**" means any payment required to be made under the terms of Indebtedness in order to avoid the application of Section 163(e)(5) of the Code to such Indebtedness.

"**Aircraft Trust Arrangemen**t" means the contribution of the Equity Interests of a special purpose entity organized for the purpose of holding aircraft to a trust for the purposes of Federal Aviation Administration registration of such aircraft, the trustee of which is a third party engaged in the business of acting as trustee with respect to such assets in order to facilitate such registration.

"**All-In Yield**" means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, OID, upfront fees, any Base Rate (or equivalent term) "floor" then in effect or a "Term SOFR Rate" (or equivalent term) floor then in effect or otherwise, in each case incurred or payable by the Borrowers generally to all lenders of such Indebtedness; *provided* that OID and upfront fees shall be equated to interest rate assuming a four-year life to maturity; *provided*, *further*, that "All-In Yield" shall not include prepayment premiums, arrangement fees, syndication fees, ticking fees, structuring fees, amendment fees, commitment or facility fees, underwriting fees or other similar fees, payable in connection therewith regardless of whether such fees are paid to or shared in whole or in part with any Lender, or any other fees not paid generally to all Lenders ratably. In calculating the All-In Yield, if on the date of incurrence of any applicable Indebtedness (including any Incremental Term Loans), such Indebtedness includes an interest rate floor greater than the interest rate floor applicable to the Initial Term Loans, such differential shall be added to the interest rate with respect to such Indebtedness for purposes of determining whether an increase to the interest rate margin under the Initial Term Loans shall be required (if applicable), but only to the extent that an increase in the interest rate floor would cause an increase to the interest rate margin then in effect with respect to such Initial Term Loans, solely for the purpose of determining the All-In Yield applicable to such Indebtedness and, in such case for purposes of Section 2.14(e)(iii), the interest rate floor (but not the interest rate margin) applicable to such Class of Initial Term Loans shall be increased to the extent of such differential between interest rate floors.

"**Amendment No. 1**" means that certain Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.

"**Amendment No**. **1 Effective Date**" means October 28, 2020.

"**Amendment No. 1 Fee Letter**" means the Amendment No. 1 Fee Letter, dated as of the Amendment No. 1 Effective Date, among the Borrower, the Administrative Agent, the Collateral Agent and the Lenders party thereto.

------

"**Amendment No. 2**" means that certain Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.

"**Amendment No**. **2 Effective Date**" means May 7, 2021.

"**Amendment No. 2 Fee Letter**" means the Amendment No. 2 Fee Letter, dated as of the Amendment No. 2 Effective Date, among the Borrower, the Administrative Agent and the Lenders party thereto.

"**Amendment No. 3**" means that certain Amendment No. 3 to Credit Agreement, dated as of the Amendment No. 3 Effective Date, by and among the Borrower, the Guarantors, the Agents and the Lenders party thereto.

"**Amendment No**. **3 Effective Date**" means May 15, 2023.

<u>"**Amendment No. 4**" means that certain Amendment No. 4 to Credit Agreement, dated as of April 30, 2024, by and among the Borrower, Holdings, the Loan Parties, the Agents and the 2024 Incremental Term Loan Lenders.</u>

<u>"**Amendment No**. **4 Effective Date**" means April 30, 2024.</u>

<u>"**Amendment No. 4 Fee Letter**" means the Amendment No. 4 Fee Letter, dated as of the Amendment No. 4 Effective Date, among the Borrower and the 2024 Incremental Term Loan Lenders.</u>

"**Ankura**" means Ankura Trust Company, LLC.

"**Annual Financial Statements**" means the audited consolidated balance sheets and the related consolidated statements of operations, changes in stockholders' equity and cash flows of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement) (except for Triple M (as defined in the Purchase Agreement)) to the extent covered thereby for the fiscal year ended December 31, 2018.

"**Applicable Agent**" means, with respect to the Term Loans, the Administrative Agent, and with respect to the Revolving Loans, the Revolving Agent.

"**Applicable Agent's Office**" means the Administrative Agent's or the Revolving Agent's, as applicable, address as set forth on <u>Schedule 10.02</u> or such other address as the Administrative Agent or the Revolving Agent may from time to time notify the Borrower and the Lenders.

"**Applicable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Applicable ECF Percentage**" means, for any Excess Cash Flow Period, (a) 50% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is greater than 4.00 to 1.00, (b) 25% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 4.00 to 1.00 and greater than 3.50 to 1.00 and (c) 0% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with

------

 <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 3.50 to 1.00. The Consolidated First Lien Net Leverage Ratio shall be calculated on a Pro Forma Basis and shall give Pro Forma Effect to any paydown of Loans or reduction of Commitments made after year-end and prior to the date such Excess Cash Flow payment is due.

"**Applicable Rate**" means a percentage per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Initial Term Loans, Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans and<u>,</u> the 2021 Delayed Draw Term Loans <u>and the 2024 Incremental Term Loans</u>, (A) for Term SOFR Rate Loans, 6.00% per annum and (B) for Base Rate Loans, 5.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Revolving Loans, the percentage set forth below based on the Consolidated First Lien Net Leverage Ratio for the four (4) fiscal quarters ending on the last day of each fiscal quarter as demonstrated in the financial statements most recently delivered to the Revolving Agent pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u>:

---

| | | |
|:---|:---|:---|
| <u>Consolidated First</u><br> <u>Lien Net Leverage</u><br> <u>Ratio</u> | <u>Term SOFR Rate</u><br> <u>Loans</u> | <u>Base Rate Loans</u> |
| >3.50x | 4.00% | 3.00% |
| <3.50x | 3.75% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Unused Revolver Commitment Fees, 0.50% per annum.

Any increase or decrease in the Applicable Rate resulting from a change in Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Responsible Officer delivers notice to the Revolving Agent that a change to the Applicable Rate shall be effective based upon delivery of the financial statements pursuant to Section 6.01(a) or 6.01(b). Notwithstanding the foregoing, (v) the Applicable Rate in respect of any Extended Revolving Credit Commitments or any Class of Extended Term Loans or Revolving Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment, (w) the Applicable Rate in respect of any Class of Incremental Term Loans shall be the applicable percentages per annum set forth in the relevant Incremental Amendment, (x) the Applicable Rate in respect of any Class of Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement, (y) the Applicable Rate in respect of any Class of Refinancing Revolving Credit Commitments, any Class of Refinancing Revolving Loans or any Class of Refinancing Term Loans shall be the applicable percentages per annum set forth in the relevant Refinancing Amendment or other relevant agreement and (z) in the case of the Initial Term Loans, the Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans and<u>,</u> the 2021 Delayed Draw <u>Term Loans and the 2024 Incremental</u> Term Loans, the Applicable Rate shall be increased as, and to the extent, necessary to comply with the provisions of <u>Section 2.14</u>.

"**Appropriate Lender**" means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class and (b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders.

------

"**Approved Bank**" has the meaning set forth in <u>clause (c)</u> of the definition of "Cash and Cash Equivalents."

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Assignee**" has the meaning set forth in <u>Section 10.07(b)</u>.

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of <u>Exhibit E-1</u> hereto.

"**Attorney Costs**" means and includes all reasonable and documented fees, out-of-pocket expenses and disbursements of any law firm or other external legal counsel, in each case, to the extent reimbursable by the Borrower pursuant to <u>Section 10.04</u> or <u>Section 10.05</u>.

"**Attributable Indebtedness**" means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

"**Auction Agent**" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to <u>Section 2.05(a)(v)</u>; *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent).

"**Auto-Extension Letter of Credit**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 3.03</u>.

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

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

"**Base Rate**" means for any day a fluctuating rate per annum equal to the highest of (a) the Overnight Rate in effect on such day plus 0.50%, (b) the Prime Rate for such day and (c) the Term SOFR Rate for an interest period of one month on such day plus 1.00% (or, if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) so long as

------

the Term SOFR Rate is not the subject of a Benchmark Transition Event. Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs.

"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.

"**Benchmark**" means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 3.03</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Daily Simple SOFR and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 0.10% (10 basis points);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities at such time and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the related Benchmark Replacement Adjustment;

*provided* that, if the Benchmark Replacement as determined pursuant to clause (a) and (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement for purposes of clause (b) of the definition of "Benchmark Replacement," the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent, the Revolving Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of the public statement or publication of information referenced therein and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or the published component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

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

"**Benchmark Unavailability Period**" means the period (if any):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.03</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.03</u>.

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Blackstone**" means BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP and, except for the purposes of Section 10.07, its Affiliates, including any funds managed or advised by it.

"**Borrower**" and "**Borrowers**" mean (a) prior to the Debt Assumption, the Initial Borrower and (b) upon and at any time after the consummation of the Debt Assumption, the Borrower and any Subsidiary Guarantor that, after the Closing Date becomes a Borrower by executing a Borrower Joinder Agreement; *provided* that any Subsidiary that is or has become a Borrower (a "**Subsidiary Borrower**") may have its status as a Borrower terminated by a notice to the Administrative Agent and the Collateral Agent from the Borrower and such Subsidiary Borrower electing to terminate such Subsidiary's status as a Borrower, *provided further* that no such termination shall affect any obligation of such Subsidiary as a Guarantor or as a Grantor under any Loan Document.

"**Borrower Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit K</u>.

"**Borrower Materials**" has the meaning set forth in <u>Section 6.01</u>.

"**Borrower Offer of Specified Discount Prepayment**" means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to <u>Section 2.05(a)(v)(B)</u>.

"**Borrower Solicitation of Discount Range Prepayment Offers**" means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to<br> <u>Section 2.05(a)(v)(C)</u>.

------

"**Borrower Solicitation of Discounted Prepayment Offers**" means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to <u>Section 2.05(a)(v)(D)</u>.

"**Borrowing**" means a Revolving Credit Borrowing or a Term Borrowing, as the context may require.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York; *provided* that when used in connection with a Term SOFR Rate Loan, the term "Business Day" shall also exclude any day which is not a U.S. Government Securities Business Day.

"**Capital Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries.

"**Capitalized Leases**" means all leases that have been or are required to be, in accordance with GAAP (subject to <u>Section 1.03</u>), recorded as capitalized leases; *provided* that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.

"**Carlyle**" means Carlyle Global Credit Investment Management.

"**Cash and Cash Equivalents**" means any of the following types of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, Euros or any other readily tradable currency to the extent utilized in connection with the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of the United States or any member state of the European Economic Area having average maturities of not more than 24 months from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) time deposits or eurodollar time deposits with, certificates of deposit, bankers' acceptances or overnight bank deposits of, or letters of credit issued by, any commercial bank that (i) is a Lender or (ii) (A) is organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development and is a member of the Federal Reserve System, and (B) has combined capital and surplus of at least $250,000,000 or $100,000,000 in the case of any non-U.S. bank (any such bank in the foregoing <u>clauses (i)</u> or <u>(ii)</u> being an "**Approved Bank**"), in each case with maturities not exceeding 24 months from the date of acquisition thereof;

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations for underlying securities of the types described in <u>clauses (b)</u>, <u>(c)</u> and <u>(e)</u> above entered into with any Approved Bank;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments (other than in structured investment vehicles and structured financing transactions) with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any Approved Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) instruments analogous to those referred to in <u>clauses (a)</u> through <u>(i)</u> above denominated in Euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and (ii) in the case of any Foreign Subsidiary, such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments, classified in accordance with GAAP as Consolidated Current Assets of the Borrower or any Restricted Subsidiary, in money market investment programs which are registered under the Investment Company Act of 1940 or which are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character, quality and maturity described in <u>clauses (a)</u> through <u>(i)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing at least 95% of their assets in securities of the types described in <u>clauses (a)</u> through <u>(k)</u> above.

Notwithstanding the foregoing, Cash and Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (a)</u> and <u>(j)</u> above; *provided* that such amounts are converted into any currency listed in <u>clause (a)</u> or <u>(j)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

"**Cash Collateral**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Collateralize**" has the meaning set forth in <u>Section 2.17(c)</u>.

------

"**Cash Dominion Event**" means the occurrence and continuance of an Event of Default pursuant to <u>Section 8.01(a)</u> or <u>8.01(f)</u>.

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including controlled disbursement services, treasury, depository, overdraft and related liabilities, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management services or arrangements, supply chain finance services, foreign exchange facilities and any automated clearing house transfer of funds.

"**Cash Netting Amount**" means the lesser of (i) the aggregate amount of Cash and Cash Equivalents (other than Restricted Cash), in each case, included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of such date (which, for the avoidance of doubt, shall not be required to be held in a deposit account pledged to the Collateral Agent pursuant to a control agreement) and (ii) $20,000,000.

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

"**Change of Control**" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to a Qualified IPO, the Sponsor shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), but excluding (w) any underwriters in connection with such Qualified IPO, (x) any employee benefit plan of such person and its Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (y) the Sponsor and (z) any one or more direct or indirect parent companies of Holdings in which the Sponsor, directly or indirectly, owns the largest percentage of such parent company's voting Equity Interests, shall have, directly or indirectly, acquired beneficial ownership of Equity Interests representing 35% or more of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company and the Sponsor shall own, directly or indirectly, less than such person or "group" of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "change of control" (or similar event) shall occur in any document pertaining to Other Term Loans, Other Notes, Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt (or any Permitted Refinancing of any of the foregoing), in each case with an aggregate outstanding principal amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Holdings shall cease to own, directly or indirectly, 100% of the Equity Interests of TCFI.

"**Class**" (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Extended

------

Revolving Credit Commitments of a given Extension Series, Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Commitments, Delayed Draw Commitments, <u>Incremental Term Loan Commitments, 2024</u> Incremental Term Loan Commitments, Refinancing Term Commitments of a given Refinancing Series or Commitments in respect of Replacement Term Loans and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans, <u>2024 Incremental Term Loans,</u> Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans. Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans, <u>2024 Incremental Term Loans,</u> Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the Borrower, be construed to be in different Classes; *provided* that any Incremental Term Loans effected as a Term Loan Increase to any existing Class of Term Loans and such existing Class of Term Loans shall in all events be part of the same Class.

"**Closing Date**" means March 18, 2020.

"**Code**" means the U.S. Internal Revenue Code of 1986 and the United States Treasury Department regulations promulgated thereunder, each as amended from time to time (unless as specifically provided otherwise).

"**Collateral**" means the "Collateral" as defined in the Security Agreement and all the "Collateral" or "Pledged Assets" as defined in any other Collateral Document and any other assets pledged pursuant to any Collateral Document, but in any event excluding Excluded Assets.

"**Collateral Agent**" means PNC, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent.

"**Collateral and Guarantee Requirement**" means, at any time, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Agent shall have received each Collateral Document required to be delivered (i) on the Closing Date, pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>) and (ii) at such time as may be designated therein, pursuant to the Collateral Documents or <u>Section 6.11</u> or <u>6.13</u>, subject, in each case, to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Obligations (i) of the Borrowers shall have been unconditionally guaranteed by Holdings and each Restricted Subsidiary of the Borrower (other than any other Borrower) that is then required to be a Guarantor, and (ii) of any Borrower shall have been unconditionally guaranteed by each other Borrower; *provided*, that the Borrower may, in its sole discretion, (1) designate any Excluded Subsidiary as a Guarantor and (2) cause any Guarantor that is an Excluded Subsidiary (including any Excluded Subsidiary that became a Guarantor pursuant to clause (1) hereof) to be released from its guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secured Obligations and the Guaranty shall have been secured by a first-priority security interest (subject to Liens permitted by <u>Section 7.01</u>) in (i) all of the Equity Interests

------

of the Borrowers, (ii) all of the Equity Interests of each wholly owned Material Domestic Subsidiary (other than a Domestic Subsidiary described in the following clause (iii)) directly owned by a Borrower or any Subsidiary Guarantor, (iii) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is directly owned by a Borrower or by any Subsidiary Guarantor that is a Domestic Foreign Holdco, and (iv) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is a Foreign Subsidiary directly owned by a Borrower or by any Subsidiary Guarantor, in each case other than any Excluded Pledged Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except to the extent otherwise provided hereunder, including subject to Liens permitted by <u>Section 7.01</u>, or under any Collateral Document, the Secured Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security interest may be perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making any necessary security filings with the United States Patent and Trademark Office or United States Copyright Office, in each case to the extent required in the Security Agreement) in the Collateral of any Borrower and each Guarantor (including accounts (other than Securitization Assets and any Receivables Assets), intercompany obligations, inventory, equipment, investment property, contract rights, applications and registrations of Intellectual Property filed in the United States, other general intangibles, Material Real Property and proceeds of the foregoing), in each case, (i) with the priority required by the Collateral Documents and (ii) subject to exceptions and limitations otherwise set forth in this Agreement (for the avoidance of doubt, including the limitations and exceptions set forth in <u>Section 4.01</u>) and the Collateral Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to each Material Real Property, the Collateral Agent shall have received on or before the date required to be delivered pursuant to <u>Section 6.11</u> or <u>Section 6.13</u> (after giving effect to any extension by the Collateral Agent), (i) counterparts of a Mortgage over such Material Real Property required to be delivered pursuant to <u>Section 6.11</u> or <u>6.13</u> (the "Mortgaged Properties") duly executed and delivered by the applicable Loan Party, (ii) a title insurance policy for such property available in each applicable jurisdiction (the "Mortgage Policies") insuring the Lien of each such Mortgage as a valid first-priority Lien on the property described therein, free of any other Liens except as permitted by <u>Section 7.01</u>, together with such endorsements, coinsurance and reinsurance and in such amounts as the Collateral Agent may reasonably request, (iii) a completed Life-of-Loan Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if any improvements on any Mortgaged Property are located within an area designated a "flood hazard area," evidence of such flood insurance as may be required under <u>Section 6.07</u>, (iv) ALTA surveys in form and substance reasonably acceptable to the applicable title company or such existing surveys together with no-change affidavits sufficient for the title company to remove all standard survey exceptions from the Mortgage Policies and issue the endorsements required in <u>clause (ii)</u> above, (v) copies of any existing title reports, abstracts, appraisals or environmental assessment reports in each case to the extent required under <u>Section 6.11(a)(iii)</u> and (vi) such legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged Property;

*provided*, *however*, that (i) the foregoing definition shall not require, and the Loan Documents shall not contain any requirements as to, the creation or perfection of pledges of, security interests in, Mortgages on, or the obtaining of title insurance, surveys, abstracts or appraisals or taking other actions with respect to any Excluded Assets and (ii) the Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth in this Agreement and the Collateral Documents.

------

The Collateral Agent may grant extensions of time for the perfection of security interests in, or the delivery of the Mortgages and the obtaining of title insurance and surveys with respect to, particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) or any other compliance with the timing requirements of this definition where it reasonably determines, in consultation with the Borrower, that perfection or compliance cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement, the Collateral Documents or the other Loan Documents.

No actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets of Holdings, the Borrower, or any Domestic Subsidiary located or titled outside of the United States or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the Laws of any non-U.S. jurisdiction or foreign Intellectual Property filing, search or schedule). Elective Guarantors that are Foreign Subsidiaries shall be required to grant such security interests and take such perfection steps as are customary in its jurisdiction of organization (as determined mutually in good faith by the Collateral Agent and Loan Parties).

The foregoing definition shall not (i) require control agreements or perfection by "control" with respect to any Collateral other than: (x) certificated Equity Interests of the Borrower and, to the extent constituting Collateral, its Restricted Subsidiaries, in each case to the extent possession of such certificates is a manner of perfecting a security interest therein, and (y) so long as the Revolving Credit Commitments are outstanding, control agreements over deposit accounts (other than Excluded Accounts), (ii) require the Collateral Agent to enter into any source code escrow arrangement or register any Intellectual Property or (iii) require the Borrowers or any of their respective Subsidiaries to provide any notice to obtain the consent of Governmental Authorities under the Federal Assignment of Claims Act (or any state equivalent thereof).

"**Collateral Documents**" means, collectively, the Security Agreement, the Intercreditor Agreements, the Intellectual Property Security Agreements, the Mortgages, the Security Agreement Supplements, all security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent pursuant to <u>Section 4.01(a)(iv)</u>, <u>6.11</u> or <u>6.13</u> and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

"**Committed Loan Notice**" means a written notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other or (c) a continuation of Term SOFR Rate Loans pursuant to <u>Section 2.02(a)</u>, which shall be substantially in the form of <u>Exhibit A</u> hereto or such other form as may be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), and agreed by the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), as applicable, and agreed by the Borrower), appropriately completed and signed by a Responsible Officer of the Borrower.

"**Commitment**" means a Revolving Credit Commitment, Extended Revolving Credit Commitment of a given Extension Series, Refinancing Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Delayed Draw Commitment, 2020 Delayed Draw Term Loan Commitment, 2021 Delayed Draw Term Loan Commitment, <u>2024 Incremental Term Loan Commitment,</u> Incremental Term Loan Commitment, Refinancing Term Commitment of a given Refinancing Series or a Commitment in respect of Replacement Term Loans, as the context may require.

------

"**Commitment Letter**" means the Amended and Restated Commitment Letter, dated March 13, 2020, among the Initial Borrower and the Commitment Parties, as amended, restated, supplemented or otherwise modified.

"**Commitment Parties**" means, collectively, Blackstone, Carlyle and PNC, in their respective capacities as such under the Commitment Letter.

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

"**Company Parties**" means the collective reference to Holdings and its Restricted Subsidiaries, including any Borrower, and "Company Party" means any one of them.

"**Compensation Period**" has the meaning set forth in <u>Section 2.12(c)(ii)</u>.

"**Competitor**" has the meaning set forth in the definition of "Disqualified Institution."

"**Competitor Debt Fund**" means, with respect to any Competitor or any Affiliate thereof, any diversified debt fund, investment vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is (i) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and (ii) managed, sponsored or advised by any person that is controlling, controlled by or under common control with the relevant Competitor or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Competitor (A) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated bank entity or unregulated entity with respect to decisions involving any investment in debt of the Borrower or any of its Subsidiaries or (B) has access to any information (other than information that is publicly available) relating to Holdings, the Borrower or any of their respective Subsidiaries.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit D-1</u> hereto.

"**Conforming Changes**" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate", the definition of "Business Day", the definition of "U.S. Government Securities Business Day", the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Administrative Agent (acting at the direction of the Required Lenders), the Revolving Agent and the Borrower, decide may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent and the Revolving Agent in a manner substantially consistent with market practice (or, if the Administrative Agent (acting at the direction of the Required Lenders) or the Revolving Agent decide that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent (acting at the direction of the Required Lenders) or the Revolving Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent (acting at the direction of the Required Lenders), the Revolving Agent and the Borrower decide is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents); provided that, notwithstanding anything herein to the contrary, no "Conforming Changes" shall result in any effect adverse to the Borrower on the timing or amount of payments or borrowings.

------

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

"**Consolidated Current Assets**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than Cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than (i) amounts related to current or deferred Taxes based on income, profits or capital gains (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (ii) assets held for sale, (iii) loans (permitted) to third parties, (iv) pension assets, (v) deferred bank fees, (vi) derivative financial instruments and (vii) in the event that a Securitization Financing is accounted for off-balance sheet, (x) gross accounts receivable comprising Securitization Assets sold pursuant to such Securitization Financing less (y) collection against the amount sold pursuant to <u>clause (x)</u>.

"**Consolidated Current Liabilities**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) the current portion of interest expense, (c) accruals for current or deferred Taxes based on income or profits (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (d) accruals of any costs or expenses related to restructuring reserves, (e) deferred revenue, (f) any Revolving Credit Exposure or Revolving Loans, (g) the current portion of pension liabilities, (h) liabilities in respect of funds of third parties on deposit with the Borrower or its Restricted Subsidiaries and (i) any assumed professional liability risks.

"**Consolidated EBITDA**" means, for any period, Consolidated Net Income for such period, *plus*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without duplication and, except with respect to <u>clauses (v)</u> (to the extent of the first parenthetical in such clause), <u>(vii)(B)</u>, <u>(viii)</u>, <u>(x)</u>, <u>(xi)</u> and <u>(xiv)</u> below, to the extent deducted (and not added back) or excluded in arriving at such Consolidated Net Income, the sum of the following amounts for such period with respect to the Borrower and its Restricted Subsidiaries and including, the portion of such item attributable to any Equity Interest of the Loan Parties or Subsidiaries of Loan Parties in such non wholly-owned Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) total interest expense determined in accordance with GAAP (including (whether or not classified as interest expense under GAAP), to the extent deducted and not added back in computing Consolidated Net Income, (A) amortization of OID resulting from the issuance of Indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or, any fee or expense paid to any agent in connection with its services hereunder, and any other bank, administrative agency or trustee, or financing fees, (C) non-cash interest payments, (D) the interest component of Capitalized Leases, (E) net payments, if any, pursuant to interest Swap Contracts with respect to Indebtedness, (F) amortization of deferred financing fees, debt issuance costs, commissions and fees, (G) the interest component of any pension or other post-employment benefit expense, and (H) commissions, discounts, yield and other fees (including related interest expenses) related to any Qualified Securitization Financing or any Receivables Facility) and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the

------

purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication, provision for Taxes based on income, profits or capital gains of the Borrower and the Restricted Subsidiaries, including, without limitation, federal, state, foreign, local, franchise and similar Taxes and other local, franchise, state, real estate and property Taxes and foreign withholding Taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax examinations, and any Tax distributions made pursuant to this Agreement (including <u>Section 7.06(h)(iii)</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) depreciation and amortization (including amortization or write-off of (A) intangible assets and non-cash organization costs, (B) deferred financing fees, debt issuance costs, commissions, fees and expenses, bridge, commitment and other financing fees, discounts, yield and other fees and charges (including interest expense related to any Securitization Financing or any Receivables Facility), (C) unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, (D) capitalized software expenditures or costs, capitalized customer acquisition costs and incentive payments and capitalized conversion costs and contract acquisition costs, and (E) favorable or unfavorable lease assets or liabilities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) non-cash charges, expenses, write-downs or losses, including, without limitation, any non-cash expense relating to the vesting of warrants, impairment charges, the revaluation of inventory or other inventory adjustments or the impact of purchase accounting or recapitalization accounting (including deferred revenue which would reasonably have been included in determining Consolidated Net Income for such period, but for the application of purchase accounting rules) (*provided* that if any such non-cash charges, expenses, write-downs or losses represent an accrual or reserve for potential cash items in any future period, (i) the Borrower may determine not to add back such non-cash item in the current period or (ii) to the extent the Borrower determines to add back such non-cash item in the current period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) retention, recruiting, relocation, stay and signing bonuses (including payments made to employees or others who are subject to non-compete agreements) and expenses, stock option and other equity-based compensation expenses, severance costs, transaction fees and expenses and management, monitoring, consulting and advisory fees and expenses and other consulting fees, indemnities and expenses, any one time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or a public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) integration costs, transition costs, consolidation, opening and closing costs for offices and facilities, curtailments or modifications to pension and post-retirement employee benefits (including pension buyout costs), decommissioning or reconfiguration of fixed assets for alternative uses, costs in connection with future lease commitments, costs incurred in connection with any strategic initiatives, costs incurred in connection with acquisitions and investments (whether or not consummated) and intellectual property

------

development after the Closing Date, other business optimization expenses (including costs, technology upgrades and expenses relating to business optimization programs and new systems design and initiatives and implementation costs), project start-up costs and costs incurred with the implementation of a new contract (provided, such costs incurred with the implementation of a new contract added back pursuant to this clause (vii) shall not exceed $2,500,000 for any Test Period) and other restructuring charges, carve-out related items, accruals or reserves (including restructuring costs related to acquisitions and investments whether or not incurred before or after the Closing Date, retention charges, systems establishment costs and excess pension charges) and (B) without duplication of amounts added back pursuant to clause (xiv) below the amount of "run rate" cost savings, operating expense reductions, other operating improvements and synergies projected by the Borrower in good faith to be realized in connection with the Transactions, any Specified Transaction or the implementation of an operational initiative or operational change before or after the Closing Date (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions, which are factually supportable and reasonably anticipated to result from actions taken or expected to be taken in the good faith judgment of the Borrower, within 18 months after the consummation of the Transactions, the Specified Transaction or the implementation of an initiative or operational change (including commencement of activities constituting a business or the termination or discontinuance of activities constituting such business), as applicable, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies (and a Responsible Officer of the Borrower shall certify, solely in his or her capacity as a Responsible Officer, that such cost savings, operating expense reductions, other operating improvements and synergies satisfy the foregoing requirements); *provided* no cost savings, operating expense reductions and synergies shall be added pursuant to this <u>clause (vii)(B)</u> to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, for such period; *provided*, *further* that such costs, charges, expenses or losses pursuant to <u>clause (vii)(A)</u>, together with the pro forma cost savings, operating expense reductions, other operating improvements and synergies pursuant to <u>clause (vii)(B)</u> and <u>Section 1.09(c)</u>, shall not exceed 25% of Consolidated EBITDA for any Test Period (determined after giving effect to all such amounts that would be added back pursuant to this <u>clause (vii)</u> and <u>Section 1.09</u>, and after giving effect to all other applicable adjustments as if there were no such 25% limitation); *provided*, that the amount of any such items that would be permitted to be included in financial statements prepared in accordance with Regulation S-X shall not be subject to such 25% limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) adjustments in connection with the Transactions, including those adjustments of the type set forth in the Sponsor model delivered to the Commitment Parties prior to the Closing Date and the quality of earnings report provided by third party financial advisors and/or consultants retained by the Borrower and delivered to the Commitment Parties prior to the Closing Date, and other adjustments (including *pro forma* adjustments) identified in writing and agreed to by Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other accruals, payments, fees and expenses (including rationalization, legal, tax, structuring and other costs and expenses), or any amortization thereof, related to the Transactions (including all Transaction Expenses), acquisitions, Investments, joint ventures, Restricted Payments, Dispositions, issuances or registrations (actual or proposed)

------

of Indebtedness or Equity Interests or repayment of debt, Qualified IPO, Refinancing or recapitalization transactions or amendment or other modification of any debt instrument, in each case, including any such transaction consummated on or prior to the Closing Date and any such transaction attempted but not completed (including, for the avoidance of doubt, the effects of expensing all transaction related expenses in accordance with Accounting Standards Codification Topic No. 805, Business Combinations),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the extent received and not already included in Consolidated Net Income, proceeds of business interruption insurance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>paragraph (b)</u> below for any previous period and not added back,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash increase in expenses (A) resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods including changes in capitalization of variances) or other inventory adjustments, or (B) due to purchase accounting or recapitalization accounting adjustments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the amount of any expense or reduction of Consolidated Net Income consisting of Restricted Subsidiary income attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) adjustments (including pro forma adjustments) of a type set forth in any quality of earnings or due diligence report (prepared by an independent accounting firm or consulting firm of regionally or nationally recognized standing) delivered to the Administrative Agent in connection with any acquisition or investment after the Closing Date and (B) adjustments (including *pro forma* adjustments) consistent with Regulation S-X,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the amount of (A) management, consulting, monitoring and advisory fees (including termination and exit fees) and related expenses and indemnities paid or accrued to the Investors in accordance with the Investor Management Agreement and the Ultimate Parent LLC Agreement, (B) payments or accruals by the Borrower or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are permitted by <u>Section 7.08</u> and (C) indemnification payments and accruals, fees and expenses paid to directors of the Borrower or its direct or indirect parent entities, in each case to the extent otherwise permitted to be paid under <u>Section 7.08</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Equity Funded Employee Plan Costs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any net loss from disposed, abandoned or discontinued operations or product lines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount of loss or discount on sales of Securitization Assets to a Securitization Subsidiary in connection with a Securitization Financing or losses or discounts on sales of receivables and related assets in connection with any Receivables Facility,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) costs to support implementation of operational and reporting systems and technology initiatives in an amount not to exceed $5,000,000 in the aggregate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the non-cash portion of straight line rent expense,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) earn-out obligations with respect to any Permitted Acquisitions or other investment and paid or accrued during the applicable period to the extent such earn-out obligations are deducted from the calculation of such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the amount of business development, research and development, and customer development costs and expenses and strategic growth investments and reorganization costs and expenses;

*minus* (b) without duplication and to the extent included in arriving at such Consolidated Net Income, (i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period), and excluding the accrual of revenue in the ordinary course, including accrual for deferred revenue, (ii) any net gain from disposed, abandoned or discontinued operations or product lines and (iii) the amount of any minority interest income consisting of Restricted Subsidiary losses attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary.

Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, Consolidated EBITDA for such fiscal quarter shall be $7,303,894.77, $8,339,237.36, $7,954,634.35 and $7,902,425.85, respectively, in each case as may be subject to addbacks and adjustments (without duplication) pursuant to <u>clauses (vii)(B)</u>, <u>(viii</u>), <u>(xiv</u>) and <u>Section 1.09(c)</u> for the applicable Test Period (but only with respect to actions taken or expected to be taken or events having occurred after the Closing Date). For the avoidance of doubt, Consolidated EBITDA shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated First Lien Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of any Indebtedness described in <u>clause (a)</u> of the definition of "Consolidated Total Net Debt" outstanding on such date that is secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary that is pari passu with or senior to the Liens securing the Secured Obligations, but excluding any such Indebtedness that is subordinated in right of payment to the Secured Obligations, *minus* (b) the Cash Netting Amount; *provided* that Consolidated First Lien Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated First Lien Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated First Lien Net Debt.

"**Consolidated First Lien Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

------

"**Consolidated Net Income**" means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; *provided*, *however*, that, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any after-tax effect of extraordinary, non-recurring or unusual items (including gains, losses or charges and all fees and expenses relating thereto) for such period shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application to the extent included in Consolidated Net Income shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) accruals and reserves that are established or adjusted within 18 months after the Closing Date that are so required to be established or adjusted as a result of the Transactions (or within 18 months after the closing of any acquisition or Investment that are so required to be established or adjusted as a result of such acquisition of Investment) in accordance with GAAP or changes as a result of adoption or modification of accounting policies in accordance with GAAP shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any net after-tax effect of gains or losses (*less* all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person, in each case other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the net income (loss) for such period of any Person that is (I) not a Subsidiary of the Borrower, (II) an Unrestricted Subsidiary, or (III) accounted for by the equity method of accounting shall be excluded; *provided* that (i) Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in Cash and Cash Equivalents (or to the extent subsequently converted into Cash and Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period and (ii) the net income (loss) of any Unrestricted Subsidiary that has been designated as a Restricted Subsidiary in such period shall be included to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any impairment charge or asset or asset value write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, goodwill, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP or SEC guidelines, and the amortization of intangibles arising pursuant to GAAP or SEC guidelines shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any (i) equity or phantom equity based non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs or any other equity-based compensation, (ii) cash charges associated with the rollover, acceleration or payout of Equity Interests by managers, officers, directors, consultants or employees of the Borrower, any Restricted Subsidiary or any of the Borrower's direct or indirect parents, (iii) income (loss) attributable to deferred compensation plans or trusts, shall be excluded, and (iv) any cash charge for such period relating to payments made to option holders or holders of profits interests of any direct or indirect parent entity in connection with, or as a result of, any distributions being made to its equityholders or its direct or indirect parent entities, which payments are being made to compensate such option holders or holders of profits interests as though they were equityholders as of the date of, and entitled to share in, such distribution,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions, including, in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually paid-for or reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for such amount to be paid-for, indemnified or reimbursed and only to the extent that such amount is in fact paid-for, indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365-day period), shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent covered by insurance and actually paid for or reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be paid for or reimbursed by the insurer and only to the extent that such amount is in fact paid for or reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so paid for or reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, any Permitted Acquisition or other Investment, or the release of any valuation allowance related to such item, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any non-cash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation or Accounting Standards Codification Topic No. 505-50, Equity-Based Payments to Non-Employees, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) non-cash gains, losses, income and expenses resulting from the valuation of any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at fair value required by the applicable standard under GAAP and related interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries or such Person's assets are acquired by the Borrower or any of its Restricted Subsidiaries shall be excluded (except to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (x) currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain (i) resulting from Swap Contracts for currency exchange risk and (ii) resulting from intercompany indebtedness) and (y) all other foreign currency translation gains or losses to the extent such gains or losses are non-cash items, shall in each case be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any adjustments resulting from the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging and International Accounting Standard No. 39 and their respective related pronouncements and interpretations shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any income (loss) for such period attributable to the early extinguishment of (i) Indebtedness, (ii) obligations under any Swap Contracts or (iii) other derivative instruments shall in each case be excluded, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) solely for the purpose of determining Excess Cash Flow, the income of any Restricted Subsidiary of the Borrower that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such income is not at the time permitted by operation of the terms of its charter or any Laws applicable to such Restricted Subsidiary (which has not been waived) shall be excluded, except (solely to the extent permitted to be paid) to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Restricted Subsidiaries that are Guarantors by such Person during such period.

There shall be excluded from Consolidated Net Income for any period the purchase accounting or recapitalization accounting effects of adjustments in component amounts required or permitted by GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, credit balances and debt line items thereof) and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition constituting an Investment permitted under this Agreement consummated after the Closing Date or any acquisition or other Investment consummated prior to the Closing Date, or the amortization or write-off of any amounts thereof. For the avoidance of doubt, Consolidated Net Income shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated Total Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting or recapitalization accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement) consisting of funded Indebtedness for borrowed money, purchase money Indebtedness and Attributable Indebtedness, *minus* (b) the Cash Netting Amount; *provided* that Consolidated Total Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood that obligations (i) under Swap Contracts, Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated Total Net Debt.

"**Consolidated Total Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Working Capital**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Consolidated Current Assets at such date of determination *minus* Consolidated Current Liabilities at such date of determination; *provided* that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Consolidated Current Assets or Consolidated Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent, (b) the effects of purchase accounting or recapitalization accounting or (c) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under Swap Contracts.

------

"**Contract Consideration**" has the meaning set forth in the definition of "Excess Cash Flow."

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

"**Control**" has the meaning set forth in the definition of "Affiliate."

"**Copyrights**" means (a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO.

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

"**CoVant**" means CoVant Management II, Inc. and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Credit Agreement Refinancing Indebtedness**" means (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness of the Borrowers, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or Refinance, in whole or part, any Class of existing Term Loans or the existing Revolving Loans (or unused Revolving Credit Commitments), or any then-existing Credit Agreement Refinancing Indebtedness (the "**Refinanced Debt**"); *provided* that with respect to each of the foregoing <u>clauses (a)</u> through <u>(d)</u>, (i) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of such Refinanced Debt, such Indebtedness shall have a maturity no earlier, and a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt (if any) that remains outstanding; (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt *plus* an amount equal to the aggregate unused commitments cancelled in connection therewith, *plus* accrued interest, fees, premiums (if any) and penalties thereon and fees and expenses associated with the Refinancing; *provided* that nothing in this clause (ii) shall limit the ability of the Borrowers to incur additional Indebtedness concurrently as part of the issuance or incurrence of such Indebtedness so long as such additional Indebtedness is otherwise permitted pursuant to the terms of this Agreement, (iii) such Indebtedness (other than revolving loans or commitments with respect thereto) shall not have the benefit of a financial maintenance covenant unless (x) the Term Loans hereunder or the commitments being Refinanced, as applicable, have the benefit of such financial maintenance covenant on the same terms, (y) the Term Loans hereunder or the commitments being Refinanced, as applicable, shall have in the future been provided with the benefit of a financial maintenance covenant, in which case such Credit Agreement Refinancing Indebtedness issued after such future date may be provided with the benefit of the same financial maintenance covenant on the same terms or (z) such financial maintenance covenant is only applicable after the Latest Maturity Date applicable to the Term Loans hereunder, (iv) the All-In Yield with respect to such Credit Agreement Refinancing Indebtedness shall be determined by the Borrowers and the lenders or purchasers providing such Credit Agreement Refinancing Indebtedness, (v) except as provided for in preceding <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, optional prepayment or redemption terms shall be determined by the Borrower and the other terms and conditions of such Indebtedness shall reflect market terms and conditions (as reasonably determined by the Borrower)

------

at the time of incurrence or issuance of such Credit Agreement Refinancing Indebtedness, (vi) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, and all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid substantially simultaneously with the issuance, incurrence or obtaining of such Credit Agreement Refinancing Indebtedness (or in any event not later than one Business Day following the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained), (vii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (viii) to the extent secured, such Indebtedness is not secured by property or assets of the Loan Parties other than the Collateral except to the extent permitted by any Intercreditor Agreement.

"**Credit Extension**" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"**Credit Spread Adjustment**" means 0.10% (10 basis points).

"**Cumulative Credit**" means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Retained Excess Cash Flow Amount, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cumulative amount of Cash and Cash Equivalent proceeds from (i) the sale of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) which proceeds have been contributed as common equity to the capital of the Borrower and (ii) the Qualified Equity Interests of the Borrower (or Equity Interests of any direct or indirect parent of the Borrower) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) issued upon conversion of Indebtedness or Disqualified Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower owed to a Person other than a Loan Party or a Restricted Subsidiary of a Loan Party, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 100% of the aggregate amount of contributions to the common capital of the Borrower (other than from the Borrower or a Restricted Subsidiary) or the net proceeds of the issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent) (other than to the Borrower or a Restricted Subsidiary) contributed to the Borrower, received in Cash and Cash Equivalents after the Closing Date (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower in Cash and Cash Equivalents from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale, transfer or other disposition (other than to the Borrower or any such Restricted Subsidiary) of the Equity Interests or any assets of an Unrestricted Subsidiary or any joint venture or minority Investments, or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend or other distribution by an Unrestricted Subsidiary or received in respect of any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any interest, returns of principal, repayments and similar payments by such Unrestricted Subsidiary or received in respect of any joint venture minority Investments;

*plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", in the event any Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys any of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, the fair market value (as reasonably determined by the Borrower) of the Investments of the Borrower and the Restricted Subsidiaries made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by the Borrower or any Restricted Subsidiary in respect of any Investments made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by any Loan Party in respect of any Investments pursuant to <u>Section 7.02</u> (other than pursuant to <u>Sections 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(f)</u>, <u>(j)</u>, <u>(t)</u>, <u>(u)</u> and <u>(v))</u>; *provided*, that in no case shall such amount exceed the amount of any Investment made using internally generated cash flow or the Cumulative Credit pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [reserved], *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the proceeds and the fair market value (as reasonably determined by the Borrower) of marketable securities or other property contributed to the Borrower or a Restricted Subsidiary or contributed to the capital of Holdings and further contributed to the Borrower or a Restricted Subsidiary since the Closing Date from any Person other than the Borrower or a Restricted Subsidiary, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an amount equal to Declined Proceeds, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any amount of the Cumulative Credit used to make Investments pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> after the Closing Date and prior to such time (net of any Return in respect of any Investment that the Borrower elects to be treated as a deduction pursuant to the definition of "Investment"), *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any amount of the Cumulative Credit used to pay dividends or make distributions or other Restricted Payments pursuant to <u>Section 7.06(f)(A)</u> or <u>7.06(g)(y)</u> after the Closing Date and prior to such time, *minus*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any amount of the Cumulative Credit used to make payments or distributions in respect of Junior Financings pursuant to <u>Section 7.13</u> after the Closing Date and prior to such time.<u>, *minus*</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(o) $45,000,000.</u>

"**Cure Amount**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Cure Expiration Date**" has the meaning set forth in <u>Section 8.04(a)</u>.

"**Daily Simple SOFR**" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent and the Revolving Agent (and consented to by Borrower) in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for business loans; provided, that, in any event, Daily Simple SOFR shall not be less than the Floor; provided further that if the Administrative Agent, the Revolving Agent and the Borrower determine that any such convention is not administratively feasible for the Administrative Agent or the Revolving Agent, then the Administrative Agent, the Revolving Agent and the Borrower may agree to establish another convention in their respective reasonable discretion.

"**Debt Assumption**" has the meaning set forth in the introductory paragraph to this Agreement

"**Debt Fund Affiliate**" means any Affiliate of Holdings or the Sponsor (other than a natural person) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of or in addition to their duties to Holdings or the Sponsor.

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

"**Declined Proceeds**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Default**" means any event or condition that constitutes an Event of Default under <u>Section 8.01</u> or that, with the giving of any notice, the passage of time, or both, in each case, as set forth in this Agreement, without cure or waiver hereunder, would be an Event of Default under <u>Section 8.01</u>.

"**Default Rate**" means an interest rate equal to (a) the Base Rate *plus* (b) the Applicable Rate, if any, applicable to Base Rate Loans *plus* (c) 2.0% per annum; *provided* that with respect to a Term SOFR Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan *plus* 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

"**Defaulting Lender**" means, subject to <u>Section 2.17(b)</u>, any Lender whose act or failure to act, whether directly or indirectly, causes it to meet any part of the definition of Lender Default.

"**Delayed Draw Commitment**" means, as to each Term Lender, its obligation to make a Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(c)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Delayed Draw Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party

------

hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Delayed Draw Commitments as of the Closing Date is $30,000,000.

"**Delayed Draw Funding Date**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Installment Payment Date**" has the meaning set forth in <u>Section 2.07(c)</u>.

"**Delayed Draw Lender**" means each Lender that has a Delayed Draw Commitment or is the holder of a Delayed Draw Term Loan.

"**Delayed Draw Term Loan**" has the meaning set forth in <u>Section 2.01(c)</u>.

"**Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(d).

"**Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) March 18, 2022 and (b) the date on which the Delayed Draw Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**Discount Prepayment Accepting Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(2)</u>.

"**Discount Range**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Prepayment Notice**" means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(C)</u> substantially in the form of <u>Exhibit E-4</u>.

"**Discount Range Prepayment Offer**" means the irrevocable written offer by a Lender, substantially in the form of <u>Exhibit E-5</u>, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

"**Discount Range Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Discount Range Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Discounted Prepayment Determination Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Discounted Prepayment Effective Date**" means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with <u>Section 2.05(a)(v)(B)(1)</u>, <u>2.05(a)(v)(C)(1)</u> or <u>2.05(a)(v)(D)(1)</u>, respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"**Discounted Term Loan Prepayment**" has the meaning set forth in <u>Section 2.05(a)(v)(A)</u>.

------

"**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance of Equity Interests (other than directors' qualifying shares or other shares required by applicable Law) in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) solely at the discretion of the issuer), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), (b) is redeemable at the option of the holder thereof (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date at the time of issuance of such Equity Interests; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because such Equity Interests may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death or disability.

"**Disqualified Institution**" means (a) those financial institutions, lenders and other Persons previously specified in writing by the Borrower or the Sponsors to the Commitment Parties on or prior to February 18, 2020, (b) competitors of the Borrower and its Subsidiaries, as identified by the Borrower by written notice to the Administrative Agent and the Revolving Agent from time to time (each such Person, a "**Competitor**"), and (c) in the cases of <u>clause (a)</u> or <u>(b)</u>, Affiliates thereof (other than, in the case of <u>clause (b)</u>, any Competitor Debt Fund) that are either (i) identified as specified in such <u>clause (a)</u> (it being understood and agreed that affiliates of the financial institutions, lenders and other Persons identified in clause (a) shall be included if identified after February 18, 2020) or <u>(b)</u> or (ii) clearly identifiable on the basis of such Affiliates' names; it being understood and agreed that the identification of any Person as a Disqualified Institution after the Closing Date shall not apply to retroactively disqualify any Person that has previously acquired an assignment or participation interest in any Loan or Commitment so long as such Person was not a Disqualified Institution at the time of such assignment or participation. The list of Disqualified Institutions shall be posted to the Platform, it being understood that the Borrower may update such list from time to time with respect to Disqualified Institutions to the extent provided for above, and the Administrative Agent shall post such updated schedule to the Platform promptly following its receipt thereof, with such updates effective solely upon the posting thereof to the Platform.

------

"**Dollar**" and "**$**" mean lawful money of the United States.

"**Dollar Amount**" means (i) with respect to any L/C Obligation (or any risk participation therein), the amount thereof and (ii) with respect to any Revolving Loan, the amount thereof.

"**Domestic Foreign Holdco**" means any Domestic Subsidiary (i) substantially all of the assets of which consist of Equity Interests or Indebtedness (and Cash and Cash Equivalents or Indebtedness related thereto) of one or more Foreign Subsidiaries or (ii) that is treated as a disregarded entity or partnership for U.S. federal income tax purposes and substantially all of the assets of which are Equity Interests of one or more Foreign Subsidiaries.

"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

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

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

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

"**Elective Guarantor**" has the meaning set forth in the definition of "Guarantors."

"**Eligible Assignee**" has the meaning set forth in <u>Section 10.07(a)(i)</u>.

"**Enforcement Qualifications**" has the meaning set forth in <u>Section 5.04</u>.

"**Environment**" means air, surface water, groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any applicable Law relating to the prevention of pollution or the protection of the Environment or natural resources, or the protection of human health and safety as it relates to the exposure to Hazardous Materials, including any applicable provisions of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 *et seq.*, the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 *et seq.*, the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 *et seq.*, the Clean Water Act, 33 U.S.C. § 1251 *et seq.*, the Clean Air Act, 42 U.S.C. § 7401 *et seq.*, the Toxic Substances Control Act, 15 U.S.C. § 2601 *et seq.*, the Occupational Safety and Health Act, 29 U.S.C. § 651 *et seq.* (as it relates to exposure to Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 *et seq.*, and all analogous state or local statutes, and the regulations promulgated pursuant thereto.

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of the Loan Parties or any Restricted Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the

------

generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any legally binding contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

"**Equity Contribution**" means the contribution by the Sponsor and the Investors in cash directly or indirectly to the Initial Borrower in the form of common equity or other Equity Interests that does not constitute Disqualified Equity Interests, in an aggregate amount, when taken together with all "rollover" equity, will constitute an aggregate amount of not less than 60.0% of the sum of (i) the aggregate principal amount of the Term Loans hereunder funded on the Closing Date *plus* (ii) all "rollover" equity *plus* (iii) the Equity Contribution *minus* the aggregate amount of cash on hand of the Borrower and its Subsidiaries on the Closing Date immediately following the consummation of the Transactions; *provided* that the Sponsor shall directly or indirectly own at least 50.1% of the voting Equity Interests of the Borrower immediately following the consummation of the Transactions.

"**Equity Funded Employee Plan Costs**" means cash costs or expenses, incurred pursuant to any management equity plan or stock option plan or any other equity-based management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower (other than amounts designated as Excluded Contributions, any amount designated as a Cure Amount or any amount used in the Cumulative Credit).

"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities); *provided*, that any instrument evidencing Indebtedness convertible or exchangeable for Equity Interests shall not be deemed to be Equity Interests unless and until such instrument is so converted or exchanged.

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

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) that is under common control with a Loan Party or any Restricted Subsidiary within the meaning of Section 414(b) or (c) of the Code or Section 4001 of ERISA (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Section 4245 of ERISA) or in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (d) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under

------

Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for, and that could reasonably be expected to result in, the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived; (h) a failure by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate to make a required contribution to a Multiemployer Plan; (i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to a Loan Party or any Restricted Subsidiary; or (j) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate.

"**Erroneous Payment**" has the meaning assigned to it in Section 9.13(a).

"**Erroneous Payment Deficiency Assignment**" has the meaning assigned to it in Section 9.13(d).

"**Erroneous Payment Impacted Class**" has the meaning assigned to it in Section 9.13(d).

"**Erroneous Payment Return Deficiency**" has the meaning assigned to it in Section 9.13(d).

"**Erroneous Payment Subrogation Rights**" has the meaning assigned to it in Section 9.13(d).

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

"**Euros**" means lawful currency of the European Union.

"**Event of Default**" has the meaning set forth in <u>Section 8.01</u>.

"**Excess Cash Flow**" means, for any Excess Cash Flow Period, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such decreases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries completed during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period (other than sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses deducted from Consolidated Net Income for such Excess Cash Flow Period in respect of expenditures made during any prior Excess Cash Flow Period for which a deduction from Excess Cash Flow was made for a future period in such prior Excess Cash Flow Period pursuant to <u>clause (b)(xi)</u>, <u>(xii)</u>, <u>(xv)</u> or <u>(xvi)</u> below, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash income or gain (actually received in cash) excluded from the calculation of Consolidated Net Income for such Excess Cash Flow Period pursuant to the definition thereof; *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income, and cash charges included in <u>clauses (a)</u> through <u>(q)</u> of the definition of "Consolidated Net Income",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Capital Expenditures or acquisitions of or expenses incurred to develop intellectual property to the extent not expensed or accrued for such Excess Cash Flow Period, to the extent that such Capital Expenditures or acquisitions or development expenses were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent not financed through the incurrence of long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the aggregate amount of all principal payments of Indebtedness of the Borrower or its Restricted Subsidiaries (including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of any scheduled repayment of Term Loans, Other Term Loans, Other Notes, Permitted Ratio Debt and any other Indebtedness, (C) any mandatory prepayment of Term Loans pursuant to <u>Section 2.05(b)(ii)</u>, Other Term Loans, Other Notes, Permitted Ratio Debt or any other Indebtedness, in each case to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase and (D) payments of earn-outs or sellers notes or notes converted from an earn-out, but excluding (x) other prepayments, redemptions or repurchases (including debt buybacks) of Term Loans, Other Notes, Other Term Loans and other Indebtedness constituting Pari Passu Secured Obligations (other than prepayments referred to in <u>clause (C)</u> above) and (y) all prepayments in respect of any revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such increases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash payments by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness to the extent such payments are not

------

expensed for such Excess Cash Flow Period or are not deducted in calculating Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Investments and acquisitions made in cash during such Excess Cash Flow Period pursuant to <u>Section 7.02</u> (other than <u>Section 7.02(a), (c)</u>, <u>(e)</u>, or <u>(h)</u>) to the extent that such Investments and acquisitions were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of Restricted Payments paid during such Excess Cash Flow Period pursuant to <u>Section 7.06</u> (other than pursuant to <u>Sections 7.06(a)(i)</u>, <u>7.06(b)</u>, <u>7.06(d)</u> (except to the extent relating to a transaction permitted under <u>Section 7.04</u>), <u>7.06(e)</u>, <u>7.06(m)</u> (to the extent relating to any other clause of <u>Section 7.06</u> referred to in the first parenthetical in this clause (viii)) and <u>7.06(n)</u>), in each case, to the extent such Restricted Payments were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries in cash for such Excess Cash Flow Period (including expenditures for the payment of financing fees and including retention, recruiting, relocation, severance, signing bonuses and similar expenses) to the extent that such expenditures are not expensed for such Excess Cash Flow Period (and were not expensed in a prior Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period that are required to be made in connection with any prepayment of Indebtedness to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow for prior Excess Cash Flow Periods, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries committed (pursuant to binding contracts or executed letters of intent entered into) or budgeted (the "*Contract Consideration*") prior to or during such Excess Cash Flow Period, or after the end of such Excess Cash Flow Period and prior to the date of such Excess Cash Flow payment for such Excess Cash Flow Period, relating to Permitted Acquisitions, Investments (other than Investments made pursuant to <u>Section 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(h)</u> or <u>(r)(ii)</u>), Capital Expenditures or acquisitions or development of intellectual property (to the extent not expensed) to be consummated or made, *plus* any restructuring cash expenses, pension payments or tax contingency payments that have been added to Excess Cash Flow pursuant to <u>clause (a)(ii)</u> above required to be made, in each case for the Excess Cash Flow Period of four consecutive fiscal quarters of the Borrower following the end of such Excess Cash Flow Period; *provided* that to the extent the aggregate amount actually utilized to finance such acquisitions, Investments, Capital Expenditures or acquisitions or development of intellectual property during such Excess Cash Flow Period of four consecutive fiscal quarters is less than the Contract Consideration or to the extent such aggregate amount is financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the amount of such shortfall or so financed shall be added to the calculation of Excess Cash Flow at the end of such Excess Cash Flow Period of four consecutive fiscal quarters,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of cash taxes (including penalties, interest or tax reserves and Tax Distributions) paid or payable for such Excess Cash Flow Period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Contracts for such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any payment of cash to be amortized or expensed over a future Excess Cash Flow Period and recorded as a long-term asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) reimbursable or insured expenses incurred for such Excess Cash Flow Period to the extent that such reimbursement has not yet been received and to the extent not deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cash expenditures for costs and expenses (including retention, recruiting, relocation, stay and signing bonuses and expenses) in connection with the Transactions (including all Transaction Expenses), acquisitions, Investments, Restricted Payments, dispositions and the issuance of equity interests or Indebtedness, repayment of debt, issuance of equity securities, Qualified IPO, Refinancing transactions or amendments or other modifications of any debt instrument (including, in each case, any such transaction consummated on the Closing Date and any such transaction undertaking but not completed), in each case, to the extent not deducted in arriving at such Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries;

*provided* that, at the option of the Borrower, all such payments (i) made after the applicable Excess Cash Flow Period and prior to the applicable due date of such Excess Cash Flow payment may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period or (ii) committed or budgeted to be made after the applicable Excess Cash Flow Period may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period. 

Notwithstanding anything in the definition of any term used in the definition of "Excess Cash Flow" to the contrary, all components of Excess Cash Flow shall be computed for the Borrower and its Restricted Subsidiaries on a consolidated basis.

"**Excess Cash Flow Period**" means each fiscal year of the Borrower, commencing with the fiscal year ending on or about December 31, 2021.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Excluded Account**" means (a) any bank account of a Loan Party that is solely a payroll, trust, employee benefit, fiduciary or tax withholding account, (b) any bank account of a Loan Party at a bank other than the Revolving Agent containing an average daily balance less than $2,500,000 over three consecutive Business Days (all such bank accounts not to contain an average daily balance greater than $5,000,000 over three consecutive Business Days), (c) zero balance deposit accounts which are linked to a deposit account of a Loan Party which is either subject to a control agreement or maintained with Revolving

------

Agent, (d) any deposit account with cash deposited solely as required in connection with a Lien permitted pursuant to <u>Sections 7.01(b)—(ss)</u>, and (e) any other deposit account or securities account as the Collateral Agent may reasonably agree.

"**Excluded Assets**" means (i) any fee owned real property (other than Material Real Properties) and any leasehold rights and interests in real property (including any obligation to obtain landlord waivers, non-disturbance agreements, estoppels, bailee waivers, warehouseman waivers and collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, (iii) commercial tort claims where the amount of damages claimed by the applicable Loan Party is less than $2,500,000 individually and $5,000,000 in the aggregate, (iv) governmental licenses, state or local franchises, charters and authorizations and any other property and assets to the extent that the Collateral Agent may not validly possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any Governmental Authority or agency) or the pledge of, or creation of a security interest in any asset, which would require governmental, regulatory or third party consent, approval, license or authorization (including compliance with the Federal Assignment of Claims Act or similar statute which, for the avoidance of doubt, shall not be required hereunder or under any other Loan Document), except to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition, (v) any lease, license, permit or agreement or any property subject to such agreement or arrangement to the extent that a grant of a security interest therein, (A) is prohibited or restricted by applicable Law other than to the extent such prohibition or restriction is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition or restriction or (B) to the extent and for so long as it would violate or invalidate the terms of such lease, license, permit or agreement (in each case, after giving effect to the relevant provisions of the UCC or other applicable Laws) or would give rise to a termination right of a third party (other than Holdings, the Borrower, or any Restricted Subsidiary) thereunder, require consent of a third party (other than Holdings, the Borrower or any Restricted Subsidiary) thereunder or permit any third party to amend any rights, benefits or obligations of any Loan Party in respect of such asset or otherwise require any Loan Party or any Subsidiary of any Loan Party to take any action that is adverse to its interests (except to the extent such provision is overridden by the UCC or other applicable Laws), in each case, (a) excluding any such agreement that relates to Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt and (b) only to the extent that such limitation on such pledge or security interest is not otherwise prohibited pursuant to <u>Section 7.09</u>, (vi) (A) Margin Stock, (B) Equity Interests in, and property and assets of, any Person other than wholly owned Restricted Subsidiaries and (C) Equity Interests in, and property and assets of, Excluded Pledged Subsidiaries and Immaterial Subsidiaries (in the case of Immaterial Subsidiaries, except as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement), (vii) any property subject to a Lien permitted by <u>Section 7.01(b)</u>, <u>(u)</u>, <u>(w)</u> or <u>(aa)</u> (to the extent relating to a Lien originally incurred pursuant to <u>Section 7.01(b)</u>, <u>(u)</u> or <u>(w)</u>), (viii) the creation or perfection of pledges of, or security interests in, any property or assets that could reasonably be expected to result in adverse tax consequences or adverse regulatory consequences to Holdings, the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower and notified to Collateral Agent, (ix) letter of credit rights, except to the extent constituting support obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement), (x) any intent-to-use trademark or service mark application prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto and acceptance thereof by the United States Patent and Trademark Office, (xi) particular assets if and for so long as, if reasonably agreed by Blackstone (so long as it holds a majority of the Term Loans) and the Borrower, and otherwise, the Collateral Agent and the Borrower, the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance, surveys, abstracts or appraisals in respect of such assets exceed the practical benefits to be obtained by the Lenders therefrom, (xii) (a) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of each Domestic Foreign Holdco, (b) Equity

------

Interests in excess of 65% of the issued and outstanding voting Equity Interests of, any Foreign Subsidiary and (c) any assets of any such Subsidiary referred to in clauses (xii)(a) or (xii)(b) (including Equity Interests of any Subsidiary of such Subsidiary), (xiii) Securitization Assets (or interests therein) sold to any Securitization Subsidiary or otherwise pledged, factored, transferred or sold in connection with a Qualified Securitization Financing including any supply chain financing arrangements or "reverse factoring" and similar programs which any Loan Party enters into at the request of a customer, (xiv) Receivables Assets sold or otherwise pledged or transferred in connection with a Receivables Facility, (xv) any intellectual property registered in any non-U.S. jurisdiction (and any foreign intellectual property filing, search or schedule), (xvi) any assets acquired in connection with a Permitted Acquisition or other permitted Investment subject to Liens permitted by <u>Section 7.01</u> and which are subject to contractual arrangements in connection with such Liens prohibiting a Lien securing the Secured Obligations to the extent permitted by <u>Section 7.09</u> (*provided* that, except with respect to Liens permitted by <u>Section 7.01(bb)</u>, such Liens and contractual arrangements were not created in anticipation or contemplation of such Permitted Acquisition or Investment and were in place on the date of such Permitted Acquisition or Investment), and (xvii) the Equity Interests or assets of GeoOpsis Software Services Private Limited; *provided*, *however*, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u> (unless such Proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u>).

"**Excluded Contribution**" means the amount of cash capital contributions to the Borrower or net cash proceeds from the sale or issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent of Holdings) actually received by the Borrower (other than the Equity Contributions or any amount designated as a Cure Amount, used for Equity Funded Employee Plan Costs or included for purposes of determining the Cumulative Credit) and designated by the Borrower to the Administrative Agent as an Excluded Contribution on the date such capital contributions are made or such Equity Interests are sold or issued. As of any date of determination, the amount of the Excluded Contribution shall be the aggregate amount of such contributions and proceeds less such amounts used pursuant to <u>Sections 7.02(v)</u>, <u>7.06(l)</u>, and <u>7.13(a)(vi)</u>.

"**Excluded Information**" has the meaning set forth in <u>Section 2.05(a)(v)(F)</u>.

"**Excluded Pledged Subsidiary**" means (a) any Subsidiary for which the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations existing on the Closing Date (or, in the case of any Subsidiary acquired or formed after the Closing Date, Contractual Obligations in existence at the time of acquisition or formation (including in any Indebtedness assumed in connection therewith) but not any Contractual Obligations in contemplation thereof for the purpose of avoiding the obligation to pledge such Equity Interests entered into the Collateral and Guarantee Requirements (including any Indebtedness financing such acquisition or formation)) or for which governmental (including regulatory) consent, approval, license or authorization would be required unless such consent, approval, license or authorization has been obtained, (b) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower, in consultation with the Required Lenders, the burden or cost or other consequences (including any adverse tax consequences) of the pledge of its Equity Interests shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (c) any not-for-profit Subsidiaries, (d) broker-dealer subsidiaries, (e) captive insurance companies, (f) Unrestricted Subsidiaries, and (g) any special purpose vehicle (or similar entity), including any Securitization Subsidiary only to the extent that the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations, including any Contractual Obligation incurred in connection with a Qualified Securitization Financing.

"**Excluded Subsidiary**" means (a) any Subsidiary that is not a wholly owned Domestic Subsidiary of a Borrower or a Guarantor, (b) any Subsidiary that is prohibited or restricted by applicable Law or by Contractual Obligations existing on the Closing Date, so long as any such Contractual Obligation was not

------

incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations, from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or would result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents, (c) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower and the Required Lenders, the burden or cost of providing the Guaranty outweighs the benefits to be obtained by the Lenders therefrom, (d) any not-for-profit Subsidiaries, (e) any Unrestricted Subsidiaries, (f) any special purpose vehicle (or similar entity), including any Securitization Subsidiary, (g) any direct or indirect Domestic Subsidiary that is a Domestic Foreign Holdco, (h) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary or a Domestic Foreign Holdco, (i) captive insurance Subsidiaries, (j) Immaterial Subsidiaries, (k) without limiting <u>clause (b)</u> above, any Restricted Subsidiary acquired by the Borrower or any of its Restricted Subsidiaries after the Closing Date that, at the time of the relevant acquisition, is an obligor in respect of Indebtedness that is permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable Indebtedness prohibits such Restricted Subsidiary from providing a guaranty so long as such restriction existed at the time such subsidiary was formed or acquired and (l) any Subsidiary formed or acquired after the Closing Date pursuant to a Permitted Acquisition or other permitted Investment that is prohibited or restricted by applicable Law or by Contractual Obligations in existence at the time of acquisition (so long as such contractual prohibition existed at the time such Subsidiary was formed or acquired and was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations) from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or could reasonably be expected to result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents.

"**Excluded Swap Obligation**" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason not to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation but for such Guarantor's failure to constitute an "eligible contract participant" at such time.

"**Excluded Taxes**" means the following Taxes imposed on or with respect to a Recipient or required to be deducted or withheld from any payment to a Recipient: (i) any Taxes imposed on or measured by net income, however denominated, franchise Taxes, and branch profits Taxes, in each case that are imposed by a jurisdiction as a result of such Recipient being organized in or having its principal office or applicable lending office in such jurisdiction (or any political subdivision thereof), or that are Other Connection Taxes, (ii) any Taxes attributable to the failure of such Agent or Lender to comply with <u>Section 3.01(d)</u> or <u>Section 3.10(e)</u>, (iii) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under <u>Section 3.07(a)</u>), any U.S. withholding Tax that is in effect and would apply to amounts payable hereunder at such time the Lender becomes a party to this Agreement, or designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Borrower or any Guarantor with respect to such withholding Tax pursuant to <u>Section 3.01</u>, and (iv) any withholding Taxes imposed under FATCA.

"**Existing Term Loan Tranche**" has the meaning set forth in <u>Section 2.16(a)</u>.

------

"**Extended Revolving Credit Commitments**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Extending Revolving Credit Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extended Revolving Loans**" means one or more Classes of Revolving Loans that result from an Extension Amendment.

"**Extended Term Loans**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Extending Term Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension**" means the establishment of an Extension Series by amending a Loan pursuant to the terms of <u>Section 2.16</u> and the applicable Extension Amendment.

"**Extension Amendment**" has the meaning set forth in <u>Section 2.16(d)</u>.

"**Extension Election**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension Offer**" has the meaning set forth in <u>Section 2.13</u>.

"**Extension Request**" means any Term Loan Extension Request or a Revolver Extension Request, as the case may be.

"**Extension Series**" means any Term Loan Extension Series or a Revolver Extension Series, as the case may be.

"**Facility**" means the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit Commitments, a given Refinancing Series of Refinancing Revolving Loans, any Term Facility, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans or a given Refinancing Series of Refinancing Term Loans, as the context may require.

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities implementing the foregoing.

"**FCPA**" has the meaning set forth in <u>Section 5.18(c)</u>.

"**Fee Letter**" means the Amended and Restated Fee Letter, dated as of March 13, 2020, among the Initial Borrower and the Commitment Parties.

"**Financial Covenant**" has the meaning given in Section 7.11.

"**FIRREA**" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

"**Flood Insurance Laws**" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994

------

as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

"**Floor**" means the benchmark rate floor, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Term SOFR or Daily Simple SOFR, which as the date of this Agreement is 1.00% per annum.

"**Foreign Casualty Event**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Disposition**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

"**Foreign Subsidiary**" means any direct or indirect Restricted Subsidiary of the Borrower which is not a Domestic Subsidiary.

"**Foreign Subsidiary Excess Cash Flow**" has the meaning set forth in <u>Section 2.05(b)(v)</u>.

"**Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

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

"**GAAP**" means generally accepted accounting principles in the United States of America, as in effect from time to time; *provided*, *however*, that, subject to <u>Section 1.03</u>, if the Borrower notifies the Administrative Agent and the Revolving Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof (including through conforming changes made consistent with IFRS) on the operation of such provision (or if the Administrative Agent and the Revolving Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (including through conforming changes made consistent with IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

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

"**Granting Lender**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**Guarantee**" means, as to any Person, without duplication, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness by another Person (the "**primary obligor**") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or

------

level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

"**Guaranteed Obligations**" has the meaning set forth in <u>Section 11.01</u>.

"**Guarantor Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit L</u>.

"**Guarantors**" means (i) in the case of the Secured Obligations of the Borrowers, Holdings and each Restricted Subsidiary of the Borrower that is a Material Domestic Subsidiary (other than a Borrower or an Excluded Subsidiary unless such Excluded Subsidiary is then an Elective Guarantor) including, on the Closing Date, those listed on <u>Schedule I</u> hereto and any Material Domestic Subsidiary that shall have become a Guarantor pursuant to <u>Section 6.11</u> and (ii) in the case of the Secured Obligations of any Borrower each other Borrower. For avoidance of doubt, the Borrower in its sole discretion may (x) designate any Restricted Subsidiary that is not required to be a Guarantor (such a Restricted Subsidiary, an "<u>Elective Guarantor</u>") to Guarantee the Secured Obligations by causing such Restricted Subsidiary to execute this Agreement on the Closing Date or a Guarantor Joinder Agreement or (y) cause any Guarantor that is not then required to be a Guarantor (including any Elective Guarantor that became a Guarantor pursuant to <u>clause (x)</u> above) to be released from its Guaranty.

"**Guaranty**" means, collectively, the guaranty of the Secured Obligations by the Guarantors pursuant to this Agreement.

"**Hazardous Materials**" means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, or toxic mold, that are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law based on their dangerous or deleterious properties.

"**Holdings**" has the meaning set forth in the introductory paragraph to this Agreement; *provided* that Parent or any direct or indirect parent company of Holdings that becomes a Guarantor in accordance with <u>Section 7.14(xi)</u> as a result of merging, amalgamating or consolidating with or into Holdings or as a result of executing a Guaranty shall be deemed to be "Holdings" for purposes hereunder and under the Loan Documents.

"**Honor Date**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Identified Participating Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

"**Identified Qualifying Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**IFRS**" means international accounting standards as promulgated by the International Accounting Standards Board.

"**Immaterial Subsidiary**" means any Subsidiary which is not a Material Subsidiary.

------

"**Increasing Revolving Credit Lender**" has the meaning set forth in <u>Section 2.14(h)</u>.

"**Incremental Amendment**" has the meaning set forth in <u>Section 2.14(f)</u>.

"**Incremental Facility Closing Date**" has the meaning set forth in <u>Section 2.14(d)</u>.

"**Incremental Request**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Loan Commitments**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Incremental Term Lender**" has the meaning set forth in <u>Section 2.14(c)</u>.

"**Incremental Term Loan**" has the meaning set forth in <u>Section 2.14(b)</u>.

"**Indebtedness**" means, as to any Person at a particular time, without duplication, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all such obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not otherwise included above, all Guarantees of such Person in respect of Indebtedness described in <u>clauses (a)</u> through <u>(g)</u> in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner, except to the extent such Person's liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of Holdings and its Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions or terms) and made in the ordinary course of business and (C) exclude (i) trade liabilities and accounts and accrued expenses payable in the ordinary course of business, (ii) any purchase price adjustment or earn-out

------

obligation until such obligation is not paid after becoming due and payable and not subject to a good faith dispute, (iii) accruals for payroll, obligations under employment arrangements and other liabilities accrued in the ordinary course of business, (iv) deferred compensation payable to officers, directors or employees of such Person or any of its Subsidiaries, (v) deferred rent, deferred revenue and deferred taxes, in each case, in the ordinary course of business and (vi) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of <u>clause (g)</u> shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

"**Indemnified Liabilities**" has the meaning set forth in <u>Section 10.05</u>.

"**Indemnified Taxes**" means, with respect to any Recipient, (a) all Taxes imposed on or required to be withheld or deducted from or with respect to payments under the Loan Documents other than Excluded Taxes, and (b) to the extent not otherwise described in (a), Other Taxes.

**"Indemnitees" has the meaning set forth in <u>Section 10.05</u>.** 

"**Independent Financial Advisor**" means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates.

**"Information" has the meaning set forth in <u>Section 10.08</u>.** 

"**Initial Borrower**" has the meaning set forth in the preliminary statements to this Agreement.

"**Initial Revolving Borrowing**" means one or more borrowings of Revolving Loans on the Closing Date in an amount not to exceed the aggregate amounts specified or referred to in the definition of "Permitted Initial Revolving Credit Borrowing Purposes"; *provided*, that, without limitation, Letters of Credit may be issued on the Closing Date to back-stop or replace letters of credit, guarantees and performance or similar bonds outstanding on the Closing Date (including deemed issuances of Letters of Credit under this Agreement resulting from existing issuers of letters of credit outstanding on the Closing Date agreeing to become L/C Issuers under this Agreement).

"**Initial Term Commitment**" means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to <u>Section 2.01(a)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Initial Term Commitments as of the Closing Date is $145,000,000.

"**Initial Term Loans**" means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to <u>Section 2.01(a)</u>.

"**Intellectual Property**" means all intellectual property of every kind and nature, including inventions, designs, Internet Domain Names, Patents, Copyrights, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all additions and improvements to the foregoing, and renewals and extensions thereof.

------

"**Intellectual Property Security Agreement**" has the meaning set forth in the Security Agreement.

"**Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit G</u>.

"**Intercreditor Agreements**" means, collectively, (i) any Junior Intercreditor Agreement and (ii) any Parity Intercreditor Agreement, or (iii) any other intercreditor agreement or subordination agreement or written arrangement permitted by this Agreement, in each case to the extent then in effect.

"**Interest Payment Date**" means, (a) as to any Term SOFR Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided* that if any Interest Period for a Term SOFR Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made.

"**Interest Period**" means, as to each Term SOFR Rate Loan, the period commencing on the date such Term SOFR Rate Loan is disbursed or converted to or continued as a Term SOFR Rate Loan and ending on the date one, three or six months thereafter or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, twelve months thereafter, or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, less than one month thereafter, in each case as selected by the Borrower in its Committed Loan Notice; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the applicable Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with the funding of a Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan, the Borrower may elect that the Interest Period applicable to such Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan match the Interest Period then in effect for any other Term Loans.

"**Interim Financial Statements**" means the unaudited consolidated balance sheet of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement), as of December 31, 2019 and related statement of income for the twelve (12) month period then ended.

"**Internet Domain Names**" means the rights of Internet domain name registrants in Internet domain names.

"**Investment**" means, as to any Person, any acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the

------

Borrower and its Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions, including by way of merger) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment, less any Returns in respect of such Investment; *provided*, that in lieu of treating any Return as a deduction to the amount of any applicable Investment, the Borrower may instead elect that such Return be used to increase <u>clause (e)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of the definition of "Cumulative Credit".

"**Investor Management Agreement**" means a management services agreement or similar agreement among the Investors or certain of the management companies associated with the Investors or its advisors, if applicable, and one or more Loan Parties (and/or any of their direct or indirect parent companies).

"**Investors**" means the Sponsor, CoVant, certain other investors designated by the Sponsor and any managers, officers, directors, consultants or employees of Borrower and its Restricted Subsidiaries.

"**IP License**" means any written agreement, now or hereafter in effect, granting to any Person any right to Intellectual Property, and all rights of any Person under any such agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof.

"**IPO Reorganization Transaction**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries in connection with and reasonably related to consummating a Qualified IPO, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**ISP**" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

"**Joint Venture Investment Basket Amount**" has the meaning set forth in <u>Section 7.02(o)</u>.

"**Judgment Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**Junior Financing**" has the meaning set forth in <u>Section 7.13(a)</u>.

"**Junior Financing Documentation**" means any documentation governing any Junior Financing.

------

"**Junior Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Indebtedness permitted by this Agreement to be secured by the Collateral on a junior basis, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Latest Maturity Date**" means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Extended Revolving Credit Commitments, Refinancing Revolving Credit Commitments, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loan, 2021 Delayed Draw Term Loan, <u>2024 Incremental Term Loans,</u> Extended Term Loans, Incremental Term Loans, Refinancing Term Loans, Replacement Term Loans and Refinancing Term Commitments, in each case as extended in accordance with this Agreement from time to time.

"**Laws**" means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"**LCT Election**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**LCT Test Date**" has the meaning set forth in <u>Section 1.09(f)</u>.

"**L/C Advance**" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement. All L/C Advances shall be denominated in Dollars.

"**L/C Borrowing**" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars.

"**L/C Credit Extension**" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof (other than pursuant to the terms of an Auto-Extension Letter of Credit), or the increase of the amount thereof.

"**L/C Issuer**" means PNC (or its designee), and each other Revolving Credit Lender that becomes an L/C Issuer in accordance with <u>Section 2.03(k)</u> or <u>10.07(j)</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"**L/C Obligations**" means, as at any date of determination, without duplication, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.11</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"**Lender**" has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes an L/C Issuer, and its respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender."

------

"**Lender Default**" means (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or participations in Letters of Credit when required hereunder, which refusal or failure is not cured within one Business Day after the date of such refusal or failure; (ii) the failure of any Lender to pay over to any Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute; (iii) the notification by a Lender to the Borrower or any Agent that such Lender does not intend or expect to comply with any of its funding obligations hereunder or a public statement by a Lender to that effect with respect to such Lender's funding obligations hereunder; (iv) the failure by a Lender to confirm in a manner reasonably satisfactory to the Administrative Agent and/or the Revolving Agent that such Lender will comply with such Lender's obligations hereunder; (v) the admission in writing by a Distressed Person that it is insolvent or such Distressed Person becoming subject to a Lender-Related Distress Event or (vi) such Lender has, or has a parent company that has, become the subject of a Bail-In Action.

"**Lender-Related Distress Event**" means, with respect to any Lender, that such Lender or any Person that directly or indirectly controls such Lender (each, a "**Distressed Person**"), as the case may be, is or becomes subject to a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt or such Distressed Person becomes the subject of a Bail-In Action; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Equity Interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership or acquisition does not result in or provide such person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

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

"**Letter of Credit**" means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; *provided*, *however*, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. Letters of Credit shall be issued in Dollars.

"**Letter of Credit Application**" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.

"**Letter of Credit Expiration Date**" means the day that is five Business days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

"**Letter of Credit Sublimit**" means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

------

"**Lien**" means any mortgage, pledge, hypothecation, collateral assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). For the avoidance of doubt, "Lien" shall be deemed to not include any license or other contractual obligation relating to any IP License.

"**Limited Condition Transaction**" means any (i) Permitted Acquisition or other permitted Investment in any assets, business or Person, in each case the consummation of which is not conditioned on the availability of, or on obtaining, third party financing, (ii) repurchase, repayment or prepayment of Indebtedness or the repurchase or redemption (directly or indirectly) of any preferred Equity Interests that requires irrevocable notice in advance thereof or (iii) Restricted Payments, but solely to the extent such Restricted Payments are made in order to consummate a transaction separately subject to clause (i) or (ii) hereof.

"**Limited Originator Recourse**" means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Financing, in each case, solely to the extent required to satisfy Standard Securitization Undertakings.

"**Loan**" means an extension of credit under <u>Article II</u> by a Lender to a Borrower in the form of a Term Loan or a Revolving Loan (including any Initial Term Loans, any Delayed Draw Term Loans, any 2020 Delayed Draw Term Loans, any 2021 Delayed Draw Term Loans, any<u>2024 Incremental Term Loans, any</u> Incremental Term Loans, any Extended Term Loans and any extensions of credit under any Extended Revolving Credit Commitment, any Refinancing Term Loans and any extensions of credit under any Refinancing Revolving Credit Commitment and any Replacement Term Loans).

"**Loan Documents**" means, collectively, the following (in each case together with all amendments, modifications, supplements, renewals, extensions, restatements, substitutions and replacements thereto and thereof): (i) this Agreement (including the Schedules hereto), (ii) the Notes, (iii) the Collateral Documents, (iv) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (v) each Letter of Credit Application, (vi) each Intercreditor Agreement, (vii) any Borrower Joinder Agreement or Guarantor Joinder Agreement, (viii) the Fee Letter, (ix) the Amendment No. 1 Fee Letter, (x) the Amendment No. 2 Fee Letter, (xi) <u>the Amendment No. 4 Fee Letter, (xii)</u> each Compliance Certificate, and (xii<u>i</u>) each other agreement, document or instrument that the Borrower and any Agent (or the Required Lenders) designate in writing as a Loan Document.

"**Loan Parties**" means, collectively, the Borrowers and each Guarantor.

"**Management Stockholders**" means the current or former members of management of Holdings, the Borrower or any of its Subsidiaries who are investors in Holdings or any direct or indirect parent thereof.

"**Margin Stock**" shall have the meaning assigned to such term in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto.

"**Master Agreement**" shall have the meaning set forth in the definition of "Swap Contract."

"**Material Adverse Effect**" means (a) on the Closing Date, a Material Adverse Effect (as defined in the Purchase Agreement) or (b) after the Closing Date, a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the ability of the Borrowers and the Guarantors (taken as a whole) to perform their

------

material payment obligations under any Loan Document to which the Borrowers or any of the Loan Parties is a party; or (iii) the material rights and remedies (taken as a whole) of the Agents under the Loan Documents, taken as a whole, including the legality, validity, binding effect or enforceability of the Loan Documents.

"**Material Domestic Subsidiary**" means, at any date of determination, each of the Borrower's Domestic Subsidiaries that are Restricted Subsidiaries whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 5.00% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries that are Restricted Subsidiaries but are not Guarantors solely because their individual contribution to such Trailing Four Quarter Consolidated EBITDA does not meet the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 10.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Domestic Subsidiaries as "Material Domestic Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of <u>Section 6.11</u> applicable to such Subsidiary.

"**Material Foreign Subsidiary**" means, at any date of determination, each of the Borrower's Foreign Subsidiaries that are Restricted Subsidiaries and whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 7.50% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Foreign Subsidiaries that are Restricted Subsidiaries not meeting the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 15.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Foreign Subsidiaries as "Material Foreign Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of the definition of "Collateral and Guarantee Requirement" with respect to each such designated Foreign Subsidiary.

"**Material Non-Public Information**" means (a) if Holdings or the Borrower is a public reporting company, material non-public information with respect to Holdings or its Subsidiaries, or the respective securities of any of the foregoing, and (b) if Holdings or the Borrower is not a public reporting company, information that is (i) of a type that would not be publicly available if Holdings or the Borrower were a public reporting company, (ii) material with respect to Holdings or its Subsidiaries or any of their respective securities for purposes of United States Federal and state securities laws and (iii) not of a type that would be customarily publicly disclosed in connection with any issuance by Holdings or any of its Subsidiaries of debt or equity securities issued pursuant to a public offering, a Rule 144A offering or other private placement where assisted by a placement agent.

"**Material Real Property**" means any fee-owned real property located in the United States that is owned by any Loan Party and that has a fair market value in excess of $2,000,000 (on the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably estimated by the Borrower in good faith); *provided* that any Real Property subject to a mortgage, deed of trust, deed to secure debt or other equivalent real estate security document that creates or evidences a Lien on such Real Property that is permitted under Section 7.01 in respect of Indebtedness that is permitted under Section 7.02 shall be deemed not to be a "Material Real Property" for so long as such Real Property remains encumbered by such lien.

------

"**Material Subsidiary**" means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

"**Maturity Date**" means (i) with respect to the Initial Term Loans<u>, 2024 Incremental Term Loans</u> and any Delayed Draws Term Loans, March 18, 2026; (ii) with respect to the Revolving Credit Facility, March 18, 2026; (iii) with respect to any tranche of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Amendment, (iv) with respect to any Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment, (v) with respect to any Refinancing Term Loans or Refinancing Revolving Credit Commitments, the final maturity date as specified in the applicable Refinancing Amendment, and (vi) with respect to any Replacement Term Loans, the final maturity date as specified in the applicable agreement; *provided* that, in each case, if such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day.

"**Maximum Revolving Credit Amount**" means $25,000,000, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

"**Maximum Rate**" has the meaning set forth in <u>Section 10.10</u>.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

"**Mortgage Policies**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgaged Properties**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgages**" means collectively, the deeds of trust, trust deeds, hypothecations and mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent, and any other mortgages executed and delivered pursuant to <u>Sections 6.11</u> and <u>6.13</u>, in each case, as the same may from time to time be amended, restated, supplemented or otherwise modified.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions.

"**Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the cash proceeds actually received by the Borrower or any of the Restricted Subsidiaries (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and when received) from any Disposition or Casualty Event, net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees and expenses actually incurred in

------

connection therewith, (ii) the principal amount of any Indebtedness that is secured by a Lien (other than a Lien subordinated to the Liens securing the Secured Obligations) on the asset subject to such Disposition or Casualty Event and that is required to be repaid or prepaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), together with any applicable premium, penalty, interest and breakage costs, (iii) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (iii)</u>) attributable to minority interests, (iv) Taxes or Tax Distributions paid or reasonably estimated to be payable or, without duplication, permitted to be paid as a result thereof, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to <u>clause (i)</u> above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and other liabilities or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction) and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (provided that to the extent that any amounts are released from such escrow to the Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, net of all Taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower shall be disregarded.

"**New Revolving Credit Lender**" has the meaning set forth in Section 2.14(h).

"**Non-Consenting Lender**" has the meaning set forth in <u>Section 3.07(d)</u>.

"**Non-Debt Fund Affiliate**" means any Affiliate of Holdings, including Holdings or any of its Subsidiaries, but excluding (a) any Debt Fund Affiliate and (b) any natural person.

"**Non-Defaulting Lender**" means, at any time, a Lender that is not a Defaulting Lender.

"**Non-extension Notice Date**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

"**Note**" means a Term Note or a Revolving Credit Note as the context may require.

"**Notice of Intent to Cure**" has the meaning set forth in <u>Section 8.04</u>.

"**Obligations**" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any

------

proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender may elect to pay or advance on behalf of such Loan Party in accordance with the terms of the Loan Documents; provided, that in no event shall "Obligations" include any Secured Cash Management Obligations or Secured Hedge Obligations; provided, further, that Obligations of any Guarantor shall not include any Excluded Swap Obligations solely of such Guarantor.

"**OFAC**" has the meaning set forth in <u>Section 5.18(b)</u>.

"**Offered Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Offered Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**OID**" means original issue discount.

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

"**Other Applicable Indebtedness**" means Permitted First Priority Refinancing Debt, Other Term Loans, Other Notes, Permitted Ratio Debt, other Indebtedness constituting Pari Passu Secured Obligations or, in each case, the Permitted Refinancing of any such Indebtedness.

"**Other Commitments**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

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

"**Other Notes**" has the meaning set forth in <u>Section 2.14(a)(iii)</u>.

"**Other Taxes**" has the meaning set forth in <u>Section 3.01(b)</u>.

"**Other Term Loans**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

"**Outstanding Amount**" means (a) with respect to the Term Loans and/or the Revolving Loans on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans and Revolving Loans (including any refinancing of outstanding unpaid

------

drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing), as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding Dollar Amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

"**Overnight Rate**" means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Term SOFR borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent or the Revolving Agent, as applicable, for the purpose of displaying such rate) (an "Alternate Source"); provided, that if such day is not a Business Day, the Overnight Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative Agent or the Revolving Agent, as applicable, at such time (which determination shall be conclusive absent manifest error). If the Overnight Rate as determined as set forth above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Rate without notice to the Borrower.

"**Pari Passu Secured Obligations**" means any Indebtedness of the Loan Parties secured on a *pari passu* basis (including any obligations subject to a Parity Intercreditor Agreement) with the Secured Obligations.

"**Parity Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Pari Passu Secured Obligations, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

"**Participant**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participant Register**" has the meaning set forth in <u>Section 10.07(e)</u>.

"**Participating Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Patents**" means (a) all letters patent of the United States, all registrations and recordings thereof, and all applications for letters patent of the United States, including registrations, recordings and pending applications in the USPTO; and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein.

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years if liability to a Loan Party or Restricted Subsidiary remains.

------

"**Perfection Certificate**" means a certificate substantially in the form of Exhibit II to the Security Agreement or any other form reasonably approved by the Administrative Agent or the Collateral Agent and agreed by the Borrower, as the same shall be supplemented from time to time.

"**Periodic Term SOFR Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Permitted Acquisition**" has the meaning set forth in <u>Section 7.02(i)</u>.

"**Permitted First Priority Refinancing Debt**" means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of senior secured loans or notes; *provided* that (i) such Indebtedness is designated as "additional first lien debt" (or comparable term) under any Intercreditor Agreement and is not secured by any property or assets of Holdings, the Borrower or any Subsidiary other than the Collateral except to the extent permitted by any Intercreditor Agreement, (ii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date of any Term Loan outstanding at the time such Indebtedness is incurred or issued, such Indebtedness does not mature prior to the date that is the Latest Maturity Date of, or have a Weighted Average Life to Maturity less than the Weighted Average Life to Maturity of, any Term Loan outstanding at the time such Indebtedness is incurred or issued. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Initial Revolving Credit Borrowing Purposes**" means one or more Borrowings of Revolving Loans (i) to fund a portion of the Transactions (including purchase price adjustments, working capital adjustments in accordance with the Purchase Agreement and Transaction Expenses), (ii) for general corporate purposes and for working capital needs, and (iii) to replace, backstop or cash collateralize existing letters of credit, guarantees and performance or similar bonds; <u>provided</u> that amounts available under <u>clause (i)</u> shall not in the aggregate exceed $7,500,000 and amounts available under clause (i) and (ii) shall not in the aggregate be less than $5,000,000 nor more than $7,500,000.

"**Permitted Junior Priority Refinancing Debt**" means secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of junior lien secured notes or junior lien secured loans; *provided* that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of any Loan Party other than the Collateral except to the extent permitted by any Junior Intercreditor Agreement, (ii) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of "Credit Agreement Refinancing Indebtedness" and (iii) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Other Debt Conditions**" means that such applicable Indebtedness (i) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except (x) customary asset sale or change of control or similar event provisions that provide for the prior repayment in full of the Loans and all other Secured Obligations, (y) AHYDO Payments and (z) to the extent constituting Permitted Junior Priority Refinancing Debt, mandatory repayments or prepayments (or offers to prepay or repurchase) that

------

are customarily available in junior secured loan facilities or note issuances), in each case prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) to the extent secured, is not secured by property or assets of any Loan Party other than the Collateral except as permitted by any Intercreditor Agreement.

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary (including any such Indebtedness incurred to finance any Permitted Acquisition or other similar Investment permitted hereunder), *provided* that immediately after giving Pro Forma Effect thereto and to the use of the proceeds thereof, (i) either (A) no Event of Default shall be continuing or result therefrom or (B) in the case of Indebtedness incurred or issued in order to finance a Permitted Acquisition or permitted Investment made pursuant to a legally binding commitment, (x) no Event of Default shall exist on the date that the Borrower or the applicable Restricted Subsidiary enters into such binding agreement and (y) no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist at the time of such incurrence or issuance or would result from such incurrence or issuance; *provided*, that this clause (i) shall not apply if the Indebtedness being incurred is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities, (ii) the aggregate principal amount of such Indebtedness incurred following the Closing Date shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 2.14(d)(iii)(A)</u> *plus* (B) such additional amount that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Initial Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (in the case of any Permitted Ratio Debt consisting of revolving Indebtedness, such ratio determined only at the time the relevant commitment is established and assuming any such revolving facility established in connection therewith is fully drawn and without netting the cash proceeds of such Indebtedness); *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness, *plus* (C) an amount equal to (1) the sum, without duplication, of all (x) voluntary prepayments, debt buybacks, open market purchases and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> and (y) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long-term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u>) *minus* (2) the aggregate principal amount of Incremental Term Loans, Other Term Loans and Other Notes incurred in reliance on <u>Section 2.14(d)(iii)(C)</u>, (iii) (A) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured by the Collateral on a pari passu basis with the Initial Term Loans and the Revolving Loans, such Indebtedness does not mature prior to the Latest Maturity Date at the time such Indebtedness is incurred and (B) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured (other than as described in <u>clause (iii)(A)</u> hereof) or is unsecured, such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred and (iv) any such

------

Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to <u>Section 7.03(g)</u>, does not exceed in the aggregate at any time outstanding the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined at the time of incurrence (it being understood that (x) amounts under clause (ii)(B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A) or (ii)(C), and amounts under clause (ii)(C) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A), (y) Indebtedness may be incurred under clauses (ii)(A) and (ii)(B), (ii)(B) and (ii)(C) or (ii)(A), (ii)(B) and (ii)(C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (ii)(B) and then calculating the incurrence under clause (ii)(A) and/or (ii)(C) and, for the avoidance of doubt, any such incurrence under clause (ii)(A) and/or (ii)(C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (ii)(B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (ii)(A) or (ii)(C) as incurred pursuant to clause (ii)(B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (ii)(A) or (ii)(C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)). With respect to any Permitted Ratio Debt (other than Indebtedness consisting of a revolving credit facility) that is pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Permitted Ratio Debt shall not be greater than the All-In Yield then applicable to the Initial Term Loans plus 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and<u>,</u> 2021 Delayed Draw <u>Term Loans and 2024 Incremental</u> Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and<u>,</u> 2021 Delayed Draw <u>Term Loans and 2024 Incremental</u> Term Loans to equal the All-In Yield applicable to such Permitted Ratio Debt, minus 50 basis points per annum.

"**Permitted Refinancing**" means, with respect to any Person, any Refinancing of any Indebtedness of such Person; *provided* that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced except by an amount equal to unpaid accrued interest and premium thereon *plus* other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in connection with such Refinancing and by an amount equal to any existing commitments unutilized thereunder, (b) except with respect to (x) a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Sections 7.03(e)</u>, <u>(g)(i), (u)</u>, or <u>(dd)</u> (y) a Permitted Refinancing in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of the Indebtedness being refinanced, the Indebtedness resulting from such Refinancing shall not mature prior to the maturity date of, or have a shorter Weighted Average Life to Maturity than, the Indebtedness being Refinanced, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to (x) <u>Section 7.03(e)</u> or <u>7.03(g)(i)</u> or <u>7.03(dd)</u> or (y) <u>Section 7.03(s)</u>, <u>7.03(t), 7.03(u)</u> or <u>7.03(z)</u> (in each case of this clause <u>(y)</u>, solely to the extent such Refinanced Debt is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities), at the time of such Refinancing, no Event of Default shall have occurred and be continuing and (d) if such Indebtedness being Refinanced is subordinated in right of payment to the Secured Obligations, the Indebtedness resulting from such Refinancing is subordinated in right of payment to the Secured Obligations on terms not materially more favorable, taken as a whole (as reasonably determined by the Borrower) to the lenders providing such Refinancing (except, in each case, for such other terms and conditions that are (A) applied to the Refinanced Debt at the time of incurrence of the Credit Agreement Refinancing Indebtedness (so that the Lenders also receive the benefit of such provisions), (B) applicable only to periods after the Latest Maturity Date of the Refinanced Debt existing

------

at the time of such Refinancing, (C) market terms and conditions for such type of Indebtedness at the time of incurrence or issuance of such Refinancing or (D) otherwise reasonably acceptable to the Required Lenders), and the Indebtedness resulting from such Refinancing is incurred by one or more Persons who is an obligor of the Indebtedness being Refinanced and/or a Borrower or Guarantor of the Secured Obligations. For the avoidance of doubt, if such Permitted Refinancing is secured by the Collateral, it shall be subject to a Junior Intercreditor Agreement and/or a Parity Intercreditor Agreement, as applicable.

"**Permitted Reorganization"** means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries related to Tax planning and re-organization, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**Permitted Repricing Amendment**" has the meaning set forth in <u>Section 10.01</u>.

"**Permitted Unsecured Refinancing Debt**" means unsecured Indebtedness (including any unsecured Registered Equivalent Notes) incurred by a Borrower or any Loan Party in the form of one or more series of senior unsecured notes or loans; *provided* that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Fund, account, Governmental Authority or other entity.

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA), other than a Multiemployer Plan, established or maintained by any Loan Party or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"**Platform**" has the meaning set forth in <u>Section 6.01(d)</u>.

"**Pledged Debt**" has the meaning set forth in the Security Agreement.

"**Pledged Equity**" has the meaning set forth in the Security Agreement.

"**PNC**" means PNC Bank, National Association, a national banking association, and its successors and assigns.

"**Prime Rate**" means the rate set by the Administrative Agent or the Revolving Agent, as applicable, in effect at its principal office in New York City based upon various factors including the Administrative Agent's or the Revolving Agent's, as applicable, costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Administrative Agent or the Revolving Agent, as applicable, shall take effect at the opening of business on the day specified in the public announcement of such change.

"**Proceeding**" has the meaning set forth in <u>Section 10.05</u>.

"**Proceeds**" has the meaning set forth in the Security Agreement.

------

"**Protective Advances**" has the meaning set forth in <u>Section 2.01(b)(ii)</u>.

"**Pro Forma Basis**" and "**Pro Forma Effect**" means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with <u>Section 1.09</u>.

"**Pro Forma Compliance**" means, with respect to the covenant in <u>Section 7.11</u>, compliance on a Pro Forma Basis with such covenant in accordance with <u>Section 1.09</u>.

"**Pro Rata Share**" means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; *provided* that, in the case of the Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

"**Projections**" has the meaning set forth in <u>Section 6.01(c)</u>.

"**Purchase Agreement**" has the meaning set forth in the preliminary statements to this Agreement.

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests.

"**Qualified IPO**" means any transaction whereby, or upon the consummation of which, any direct or indirect parent of the Borrower's common Equity Interests are offered or sold (whether through an initial primary public offering or a merger with and into a special purpose acquisition company or other Person that has consummated (or will consummate) an initial primary public offering) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act (or to the equivalent registration documents filed with the equivalent authority in the applicable foreign jurisdiction).

"**Qualified Securitization Financing**" means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary; (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value; and (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms, in each case, as determined by the Borrower or the applicable Restricted Subsidiary in good faith. The grant of a security interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing.

------

"**Qualifying Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Real Property**" means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures thereto.

"**Receivables Assets**" means (a) any accounts receivable owed to the Borrower or a Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed, assigned or otherwise transferred or pledged by the Borrower to a commercial bank in connection with a Receivables Facility.

"**Receivables Facility**" means an agreement between the Borrower or a Restricted Subsidiary and a commercial bank that is entered into at the request of a customer of the Borrower or a Restricted Subsidiary, pursuant to which (a) the Borrower or such Restricted Subsidiary, as applicable, agrees to sell to such commercial bank accounts receivable owing by such customer, together with Receivables Assets related thereto, at a maximum discount, for each such account receivable, not to exceed 5.0% of the face value thereof, and (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except for Securitization Repurchase Obligations) to the Borrower and such Restricted Subsidiary.

"**Recipient**" means (a) any Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

"**Refinance**" means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, refund, replace or repay, or to issue other Indebtedness, whether of the same principal amount or greater or lesser principal amount, in exchange or replacement for such Indebtedness. "**Refinanced**" and "**Refinancing**" shall have correlative meanings.

"**Refinanced Debt**" has the meaning set forth in the definition of "Credit Agreement Refinancing Indebtedness."

"**Refinanced Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Refinancing**" means the repayment, redemption, defeasance, discharge, refinancing, replacement or termination (or the furnishing of irrevocable notice for the repayment or redemption thereof) in a manner reasonably satisfactory to the Borrower of all Indebtedness, commitments to extend credit, all guarantees and security interests (if any) under that certain Credit Agreement, dated as of May 13, 2019, among TCFI AEVEX LLC, TCFI AEVEX Holdings LLC, the lenders from time to time party thereto and Bain Capital Credit, LP, as agent and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time).

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrowers, (b) the Administrative Agent, (c) the Revolving Agent, if applicable, (d) each Additional Refinancing Lender and (e) each Lender that agrees to provide any portion of Refinancing Term Loans, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans incurred pursuant thereto, in accordance with <u>Section 2.15</u>.

------

"**Refinancing Revolving Credit Commitments**" means one or more Classes of Revolving Credit Commitments hereunder that result from a Refinancing Amendment.

"**Refinancing Revolving Loans**" means one or more Classes of Revolving Loans that result from a Refinancing Amendment.

"**Refinancing Series**" means all Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans, or Refinancing Revolving Credit Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans or Refinancing Revolving Credit Commitments provided for therein are intended to be a part of any previously established Refinancing Series).

"**Refinancing Term Commitments**" means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans that result from a Refinancing Amendment.

"**Register**" has the meaning set forth in <u>Section 10.07(d)</u>.

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

"**Reinvestment Period**" has the meaning set forth in <u>Section 2.05(b)(ii)</u>.

"**Rejection Notice**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Related Parties**" means, with respect to any Person, such Person's controlled Affiliates and the partners, directors, officers, employees, agents, and other representatives of such Person and of such Person's Affiliates.

"**Release**" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating in, into, onto or through the Environment or from or through any facility, property or equipment to the Environment.

"**Released Guarantor**" has the meaning set forth in <u>Section 11.09</u>.

"**Relevant Governmental Body**" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York (including, for the avoidance of doubt, the Alternative Reference Rates Committee) or any successor thereto.

"**Relevant Public Company**" means Holdings or any direct or indirect parent thereof that is the registrant with respect to a Qualified IPO.

"**Removal Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

------

"**Replacement Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the otherwise applicable notice period has been waived by regulation or otherwise by the PBGC.

"**Request for Credit Extension**" means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Loans, a Committed Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

"**Required Lenders**" means, as of any date of determination, without duplication, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition), (b) aggregate unused Delayed Draw Commitments, 2020 Delayed Draw Term Loan Commitments, 2021 Delayed Draw Term Loan Commitments, <u>2024 Incremental Term Loan Commitments,</u> Incremental Term Loan Commitments and Refinancing Term Commitments, and (c) aggregate unused Revolving Credit Commitments; *provided* that the unused Term Commitment, Incremental Term Loan Commitment and Refinancing Term Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; *provided*, *further*, that, to the same extent set forth in <u>Section 10.07(m)</u> with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders.

"**Required Revolving Credit Lenders**" means, as of any date of determination, Revolving Credit Lenders having more than 50% of the sum of the (a) Outstanding Amount of all Revolving Loans and all L/C Obligations (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; *provided* that the aggregate unused Revolving Credit Commitments of, and the portion of the Outstanding Amount of all Revolving Loans and all L/C Obligations held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders, and (y) if there are two (2) or more unaffiliated Revolving Credit Lenders, the Required Revolving Credit Lenders shall require at least two (2) unaffiliated Revolving Credit Lenders.

"**Resignation Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

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

"**Responsible Officer**" means the chief executive officer, president, vice president, chief financial officer, chief administrative officer, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Loan Party or any other Responsible Officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party, the Administrative Agent and the Revolving Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"**Restricted Cash**" means Cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to the Borrower (other than such Cash and Cash Equivalents restricted in favor of the Facilities, which may also include Cash and Cash Equivalents securing other

------

Indebtedness that is secured by a lien on the Collateral along with the Liens securing the Facilities); *provided*, that Cash and Cash Equivalents maintained by (x) any Foreign Subsidiary that is subject to minority shareholder approval before being distributed to the Borrower or any Restricted Subsidiary (a "**Shareholder Restriction**") shall not be deemed to be "Restricted Cash" as a result of such Shareholder Restriction. or (y) any joint venture with respect to which the joint venture agreement contains a formula for distributions of cash to the Borrower or any Restricted Subsidiary shall not be deemed to be "Restricted Cash".

"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower's or a Restricted Subsidiary's stockholders, partners or members (or the equivalent Persons thereof).

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Retained Excess Cash Flow Amount**" means, at any date of determination, an amount, no less than zero in any fiscal year and determined on a cumulative basis, that is equal to the aggregate cumulative sum of Excess Cash Flow that is not required to be applied to make a payment under <u>Section 2.05(b)(i)</u> for each Excess Cash Flow Period.

"**Returns**" means, with respect to any Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a Disposition or otherwise) and other amounts received or realized in respect of such Investment.

"**Revolver Extension Request**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolver Extension Series**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolving Agent**" means PNC, in its capacity as revolving agent under any of the Loan Documents, or any successor revolving agent.

"**Revolving Credit Borrowing**" means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Term SOFR Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to <u>Section 2.01(b)(i)</u> or under any Extension Amendment or Refinancing Amendment.

"**Revolving Credit Commitment**" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrowers and (b) purchase participations in L/C Obligations in respect of Letters of Credit as such commitment may be (i) reduced from time to time pursuant to <u>Section 2.06</u> and (ii) reduced or increased from time to time pursuant to (A) assignments by or to such Revolving Credit Lender pursuant to an Assignment and Assumption, (B) an increase in the Revolving Credit Commitment pursuant to <u>Section 2.14(h)</u>, (C) a Refinancing Amendment or (D) an Extension Amendment. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $25,000,000 on the Amendment No. 1 Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement. The initial amount of each Revolving Credit Lender's Revolving Credit Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Revolving Credit Commitment" or, otherwise, in the Assignment and Assumption, New Revolving Credit Lender Joinder and Assumption Agreement,

------

Extension Amendment or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as the case may be.

"**Revolving Credit Exposure**" means, as to each Revolving Credit Lender, the sum of the amount of the Outstanding Amount of such Revolving Credit Lender's Revolving Loans and its Pro Rata Share or other applicable share provided for under this Agreement of the Dollar Amount of the L/C Obligations at such time.

"**Revolving Credit Facility**" means the Revolving Credit Commitments, each Extension Series of Extended Revolving Credit Commitments, each Refinancing Series of Refinancing Revolving Credit Commitments and the Credit Extensions made thereunder.

"**Revolving Credit Lender**" means, at any time, any Lender that has a Revolving Credit Commitment at such time or, if the Revolving Credit Commitments have terminated, Revolving Credit Exposure.

"**Revolving Credit Note**" means a promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns, in substantially the form of <u>Exhibit C-2</u> hereto, evidencing the Revolving Loans made by such Revolving Credit Lender to the Borrowers.

"**Revolving Loans**" has the meaning set forth in <u>Section 2.01(b)(i)</u>.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto.

"**Same Day Funds**" means immediately available funds.

"**Scheduled Unavailability Date**" has the meaning set forth in <u>Section 3.03</u>.

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"**Secured Cash Management Agreement**" means any agreement between the Borrower or any Restricted Subsidiary and any Secured Cash Management Provider for the provision of Cash Management Services, to the extent designated by the Borrower as a "Secured Cash Management Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Cash Management Agreement shall not create in favor of any Secured Cash Management Provider any rights in connection with the management or release of Collateral or the obligations of any Guarantor under the Loan Documents.

"**Secured Cash Management Obligations**" means all obligations owing to any Secured Cash Management Provider by the Borrower or any Restricted Subsidiary under any Secured Cash Management Agreement.

"**Secured Cash Management Provider**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Cash Management Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent), in its capacity as a party thereto and that is designated a "Secured Cash Management Provider" with respect to such Secured Cash Management Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i)

------

appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Cash Management Provider were a Lender.

"**Secured Hedge Agreement**" means any Swap Contract permitted under <u>Article VII</u> that is entered into by and between the Borrower or any Restricted Subsidiary and any Secured Hedge Bank, to the extent designated by the Borrower and such Secured Hedge Bank as a "Secured Hedge Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Hedge Agreement shall not create in favor of any Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Bank**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Hedge Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent) in its capacity as a party thereto and that is designated a "Secured Hedge Bank" with respect to such Secured Hedge Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Hedge Bank were a Lender. The designation of any Secured Hedge Bank shall not create in favor of such Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Obligations**" means all obligations owing to any Secured Hedge Bank by Holdings, the Borrower or any Restricted Subsidiary under any Secured Hedge Agreement.

"**Secured Obligations"** means, collectively, (a) the Obligations, (b) the Secured Cash Management Obligations and (c) all Secured Hedge Obligations.

"**Secured Parties**" means, collectively, the Administrative Agent, the Revolving Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Secured Cash Management Providers, the Secured Hedge Banks and each co-agent or sub-agent appointed by any Agent from time to time pursuant to <u>Section 9.05</u>.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securitization Assets**" means (a) the accounts receivable subject to a Qualified Securitization Financing and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guaranties or other obligations in respect of such accounts receivable, lockbox accounts and records with respect to such accounts receivable and any other assets customarily transferred (or in respect of which security interests are customarily granted), together with accounts receivable in a securitization financing and which in the case of <u>clause (a)</u> and <u>(b)</u> above are sold, conveyed, assigned or otherwise transferred or pledged by a borrower in connection with a Securitization Financing.

"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing or a Receivables Facility.

"**Securitization Financing**" means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries

------

may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries.

"**Securitization Repurchase Obligation**" means any obligation of a seller of Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables Facility, as applicable, to repurchase such assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

"**Securitization Subsidiary**" means a wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings or Limited Originator Recourse), (ii) is recourse to or obligates Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse or (iii) subjects any property or asset of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to Holdings, the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced by delivery to the Administrative Agent and the Revolving Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions.

"**Security Agreement**" means a security agreement substantially in the form of <u>Exhibit F</u>.

"**Security Agreement Supplement**" has the meaning set forth in the Security Agreement.

"**Seller**" has the meaning set forth in the preliminary statements to this Agreement.

"**SOFR**" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

------

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

"**Solicited Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Solicited Discounted Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solicited Discounted Prepayment Notice**" means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(D)</u> substantially in the form of <u>Exhibit E-6</u>.

"**Solicited Discounted Prepayment Offer**" means the irrevocable written offer by each Lender, substantially in the form of <u>Exhibit E-7</u>, submitted following the Administrative Agent's receipt of a Solicited Discounted Prepayment Notice.

"**Solicited Discounted Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solvent**" and "**Solvency**" mean, with respect to the Borrower on the Closing Date, after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection therewith, that on such date (i) the sum of the debt (including contingent liabilities) of the Borrower and its Subsidiaries, on a consolidated basis, does not exceed the fair value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis; (ii) the capital of the Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of the Borrower and its Subsidiaries, on a consolidated basis, contemplated as of the Closing Date; (iii) the present fair saleable value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis, is not less than the amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured in the ordinary course of business and (iv) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

"**SPC**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**Specified Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Notice**" means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant to <u>Section 2.05(a)(v)(B)</u> substantially in the form of <u>Exhibit E-8</u>.

"**Specified Discount Prepayment Response**" means the irrevocable written response by each Lender, substantially in the form of <u>Exhibit E-9</u>, to a Specified Discount Prepayment Notice.

------

"**Specified Discount Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(3)</u>.

"**Specified Representations**" means those representations and warranties made by Holdings and the Borrower (and, as applicable, each other Loan Party on the Closing Date) in <u>Sections 5.01(a)</u> and <u>(b)</u>, <u>5.02(a)</u> and <u>(b)(i)</u>, <u>5.04</u>, <u>5.12</u>, <u>5.16</u>, <u>5.18(a)(ii)</u>, <u>5.18(b)(ii)</u>, <u>5.18(c)</u> and <u>5.19</u> (subject to the proviso at the end of <u>Section 4.01(a)</u>).

"**Specified Transaction**" means any Investment that results in a Person becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition (including the commencement of activities constituting such business), or any Disposition that results in a Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Borrower, any Investment constituting an acquisition of assets constituting a business unit, line of business or division of, or all or substantially all of the Equity Interest of, another Person or any Disposition, termination or discontinuance of a business unit, line of business or division of the Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit), Restricted Payment, an increase in the Revolving Credit Commitments pursuant to <u>Section 2.14(h)</u> or Incremental Term Loan that by the terms of this Agreement requires such test to be calculated on a "Pro Forma Basis" or after giving "Pro Forma Effect."

"**Sponsor**" means any of Madison Dearborn Partners, LLC and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Standard Securitization Undertakings**" means representations, warranties, covenants, agreements and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement.

"**Submitted Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Submitted Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Subsidiary**" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity (excluding, for the avoidance of doubt, any charitable organizations, and any other Person that meets the requirements of Section 501(c)(3) of the Code) of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries (whether direct or indirect) of the Borrower.

"**Subsidiary Guarantor**" means any Guarantor other than Holdings or the Borrower in its capacity as a Guarantor.

"**Successor Company**" has the meaning set forth in <u>Section 7.04(d)</u>.

------

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

"**Swap Obligation**" means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

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

"**Target Person**" has the meaning set forth in <u>Section 7.02</u>.

"**Tax Distribution**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Tax Group**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Taxes**" means all present or future taxes, duties, levies, imposts, assessments or withholdings imposed by any Governmental Authority including interest, penalties and additions to tax.

"**Term Borrowing**" means a borrowing consisting of Term Loans of the same Type and, in the case of Term SOFR Rate Loans, having the same Interest Period, made by each of the Term Lenders pursuant to <u>Section 2.01(a)</u> or <u>Section 2.01(c)</u> or under any Incremental Amendment, Extension Amendment, Refinancing Amendment or amendment providing for Replacement Term Loans.

"**Term Commitment**" means, as to each Term Lender, its obligation to make a Term Loan to the Borrowers hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.06</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment, (iv) an Extension Amendment or (v) the incurrence of Replacement Term Loans. The initial amount of each Term Lender's Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment", "Delayed Draw Commitment", "2020 Delayed Draw Term Loan Commitment" or<u>,</u> "2021 Delayed Draw <u>Term Loan Commitment" or "2024 Incremental</u> Term Loan Commitment" or, otherwise, in the Assignment and Assumption, Incremental

------

Amendment, Extension Amendment or Refinancing Amendment or any other amendment, in each case, pursuant to which such Lender shall have assumed its Commitment, as the case may be.

"**Term Facility**" means (a) prior to the Closing Date, the Initial Term Commitments, the Delayed Draw Commitments, (b) the 2020 Delayed Draw Term Loan Commitments, (c) the 2021 Delayed Draw Term Loan Commitments and<u>,</u> (d) <u>the 2024 Incremental Term Loan Commitments and (e)</u> thereafter, each Class of Term Loans and/or Term Commitments in respect thereof.

"**Term Lender**" means, at any time, any Lender that has (a) a Term Commitment (including an Initial Term Commitment, a Delayed Draw Commitment, a 2020 Delayed Draw Term Loan Commitment, a 2021 Delayed Draw Term Loan Commitment, <u>a 2024 Incremental Term Loan Commitment,</u> an Incremental Term Loan Commitment, a Refinancing Term Commitment or a commitment to make Replacement Term Loans) or (b) a Term Loan at such time.

"**Term Loan**" means any Initial Term Loan, Delayed Draw Term Loan, 2020 Delayed Draw Term Loan, 2021 Delayed Draw Term Loan, <u>2024 Incremental Term Loan,</u> Extended Term Loan, Incremental Term Loan, Refinancing Term Loan or Replacement Term Loan, as the context may require.

"**Term Loan Extension Request**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Extension Series**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Increase**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Term Note**" means a promissory note of the Borrowers payable to any Term Lender or its registered assigns, in substantially the form of <u>Exhibit C-1</u> hereto, evidencing the aggregate Indebtedness of the Borrowers to such Term Lender resulting from the Term Loans made by such Term Lender.

"**Term SOFR**" means, for any calculation with respect to a Term SOFR Rate Loan (or a Base Rate Loan if the interest rate then in effect is determined pursuant to clause (c)(ii) of the definition thereof), the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; provided that, in any event, Term SOFR for any Interest Period shall not be less than the Floor.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent acting at the direction of the Required Lenders.

"**Term SOFR Rate**" means, for purposes of any calculation, the rate per annum equal to Term SOFR for such Term SOFR Borrowing in effect for such Interest Period plus the Credit Spread Adjustment; provided that, in any event, Term SOFR Rate for any Interest Period shall not be less than the Floor.

------

"**Term SOFR Rate Loan**" means a Loan that bears interest at a rate based on the Term SOFR Rate (which shall not include Base Rate Loans even if the interest rate then in effect is determined pursuant to clause (c)(ii) of the definition thereof). Revolving Loans that are Term SOFR Rate Loans shall be denominated in Dollars.

"**Term SOFR Reference Rate**" means the forward-looking term rate based on SOFR.

"**Test Period**" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements are available.

"**Testing Threshold**" means, as of the last day of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending June 30, 2020) the aggregate Outstanding Amount of the Revolving Loans and Letters of Credit exceeds 40% of the Revolving Credit Commitments at such time (excluding (i) solely with respect to the first four full fiscal quarters following the Closing Date, the principal amount of any Revolving Loans funded, and the face amount of any Letters of Credit issued, on the Closing Date, (ii) Letters of Credit that have been Cash Collateralized and (iii) Letters of Credit that have not been Cash Collateralized in an aggregate undrawn face amount not to exceed $5,000,000).

"**Threshold Amount**" means $12,500,000.

"**Total Outstandings**" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

"**Trademarks**" means (a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any state of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks; and (b) all goodwill connected with the use of and symbolized thereby.

"**Trailing Four Quarter Consolidated EBITDA**" means Consolidated EBITDA for the most recently ended Test Period (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>).

"**Transaction Expenses**" means any fees, premiums, expenses and other transaction costs incurred or paid by the Sponsor, Holdings, the Borrower or any of their respective Subsidiaries in connection with the Transactions (including fees and expenses reflected in the funds flow and/or sources and uses provided to the Commitment Parties and expenses in connection with hedging transactions), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"**Transactions**" means, collectively, (a) the Acquisition and other related transactions contemplated by the Purchase Agreement, (b) the Equity Contribution, (c) the funding of the Initial Term Loan and the Initial Revolving Borrowing and the execution and delivery of Loan Documents to be entered into on the Closing Date, (d) the Refinancing, and (e) the payment of Transaction Expenses.

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan or a Term SOFR Rate Loan.

"**UK Financial Institution**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from

------

time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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

"**Ultimate Parent**" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company.

"**Ultimate Parent LLC Agreement**" means the amended and restated limited liability company agreement of the Ultimate Parent in effect on the Closing Date.

"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Uniform Commercial Code**" or "**UCC**" means (i) the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or (ii) the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. References in this Agreement and the other Loan Documents to specific sections of the Uniform Commercial Code are based on the Uniform Commercial Code as in effect in the State of New York on the Closing Date. In the event such Uniform Commercial Code is amended or another Uniform Commercial Code described in <u>clause (ii)</u> is applicable, such section reference shall be deemed to be references to the comparable section in such amended or other Uniform Commercial Code.

"**United States**" and "**U.S.**" mean the United States of America.

"**United States Tax Compliance Certificate**" has the meaning set forth in <u>Section 3.01(d)(ii)(C)</u> and is in substantially the form of <u>Exhibit H</u> hereto.

"**Unreimbursed Amount**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Unrestricted Subsidiary**" means any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 6.14</u> subsequent to the Closing Date and each Securitization Subsidiary.

"**Unused Revolver Commitment Fee**" has the meaning set forth in Section 2.09(a).

"**U.S. Government Securities Business Day**" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding

------

principal amount of such Indebtedness; *provided* that AHYDO payments and the effects of any reductions in scheduled amortization or other scheduled payments as a result of any prior prepayment of the applicable Indebtedness shall be disregarded.

"**wholly owned**" means, with respect to any Person at any date, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned, controlled or held by such Person and/or by one or more Affiliates of such Person.

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

Section 1.02. <u>Other Interpretive Provisions</u>.

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The word "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining compliance with any Section of <u>Article VII</u> at any time (including within any defined terms used in such section and including <u>Section 2.14</u>), in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, Contractual Obligation or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions permitted pursuant to any clause of such Sections, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses as determined by the Borrower in its sole discretion at such time (or at any later time from time to time, as determined by the Borrower in its sole discretion at such time and thereafter may be re-divided and/or re-classified by the Borrower in any manner not prohibited by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All references to "knowledge" of any Loan Party or a Restricted Subsidiary means the actual knowledge of a Responsible Officer of such Loan Party or Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The words "asset" and "property" shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All references to any Person shall be constructed to include such Person's successors and assigns (subject to any restriction on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All references to "in the ordinary course of business" of the Borrower or any Subsidiary thereof means (i) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of the Borrower or such Subsidiary, as applicable, (ii) customary and usual in the industry or industries of the Borrower and its Subsidiaries in the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable, or (iii) generally consistent with the past or current practice of the Borrower or such Subsidiary, as applicable, or any similarly situated businesses of the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.

Section 1.03. <u>Accounting Terms</u>.

All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. Notwithstanding any other provision contained herein, (a) any lease (or similar arrangement conveying the right to use) that is treated as an operating lease for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update ("<u>ASU</u>") shall not be treated as Indebtedness, Attributable Indebtedness or as a Capitalized Lease and shall continue to be treated as an operating lease (and any future lease or similar arrangement conveying the right to use), that would be treated as an operating lease for purposes of GAAP without giving effect to the implementation of ASC 842 shall be treated as an operating lease), in each case for purposes of Indebtedness under this Agreement, notwithstanding such change in GAAP after the issuance of such ASU and (b) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or effect).

------

Section 1.04. <u>Rounding</u>.

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

Section 1.05. <u>References to Agreements, Laws, Etc.</u>

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other Contractual Obligations shall be deemed to include all subsequent amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications thereto, but only to the extent that such amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications are not prohibited by the Loan Documents or by the Intercreditor Agreements; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. Any term or section reference herein or in the other Loan Documents which refers to a defined term or section reference in any Organization Document, agreement, Contractual Obligation or Law shall be deemed to be a cross-reference to the same or comparable defined term or section reference, as applicable, in any such amendment, Refinancing, restatement, renewal, restructuring, extension, supplement or other modification to such Organization Document, agreement, Contractual Obligation or any such consolidation, amendment, replacement, supplement or interpretation of such Law.

Section 1.06. <u>Times of Day</u>.

Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

Section 1.07. <u>Timing of Payment or Performance</u>.

Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day.

Section 1.08. <u>Cumulative Credit Transactions</u>.

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.09. <u>Pro Forma Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Consolidated Total Net Leverage Ratio and the Consolidated First Lien Net Leverage Ratio, shall be calculated in the manner prescribed by this <u>Section 1.09</u>; *provided* that notwithstanding anything to the

------

contrary in <u>Section 1.09(b)</u>, <u>(c)</u> or <u>(d)</u>, when calculating the Consolidated First Lien Net Leverage Ratio for purposes of determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with the covenant pursuant to <u>Section 7.11</u>, the events described in this <u>Section 1.09</u> that occurred subsequent to the end of the applicable Test Period shall not be given *pro forma* effect. In addition, whenever a financial ratio or test is to be calculated on a *pro forma* basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which internal financial statements of the Borrower are available (as determined in good faith by the Borrower); *provided* that, the provisions of this sentence shall not apply for purposes of calculating the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable ECF Percentage" and determining actual compliance with <u>Section 7.11</u> (other than for the purpose of determining *pro forma* compliance with <u>Section 7.11</u>), each of which shall be based on the financial statements delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u>, as applicable, for the relevant Test Period, subject to the adjustments contemplated by the parenthetical in clause (ii) of the proviso to the first sentence of this <u>Section 1.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating any financial ratio or test, or basket that is based on a percentage of Consolidated EBITDA, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to <u>Section 1.09(d)</u> (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit)) that have been made (i) during the applicable Test Period and (ii) if applicable as described in <u>Section 1.09(a)</u>, subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a *pro forma* basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this <u>Section 1.09</u>, then such financial ratio or test shall be calculated to give *pro forma* effect thereto in accordance with this <u>Section 1.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever *pro forma* effect is to be given to the Transactions, a Specified Transaction or the implementation of an operational initiative or operational change, the *pro forma* calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and include, for the avoidance of doubt, the amount of "run-rate" cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies projected by the Borrower in good faith to be realized as a result of specified actions taken, committed to be taken or expected to be taken (calculated on a *pro forma* basis as though such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies were realized during the entirety of such period) and "run-rate" means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements) net of the amount of actual benefits realized during such period from such actions, and any such adjustments shall be included in the initial *pro forma* calculations of such financial ratios or tests and during any subsequent Test Period in which the effects thereof are expected to be realized relating to the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change; *provided* that (A) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable in the good faith judgment of the Borrower, (B) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies are factually supportable and reasonably anticipated to result from the actions taken or expected to be taken in the good faith judgment of the Borrower within 18 months after the date of the

------

Transactions, such Specified Transaction or such implementation of an operational initiative or operational change, (C) no amounts shall be added pursuant to this <u>Section 1.09(c)</u> to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, with respect to such period; and (D) any increase in Consolidated EBITDA as a result of cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies pursuant to this <u>Section 1.09(c)</u> shall be subject to the limitation set forth in the last proviso to <u>clause (vii)</u> of the definition of Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, amortization, retirement or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility or line of credit unless accompanied by a permanent commitment reduction), (i) during the applicable Test Period or (ii) subject to <u>Section 1.09(a)</u> subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving *pro forma* effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time prior to the first applicable test date under <u>Section 7.11</u>, any provision requiring the *pro forma* compliance with <u>Section 7.11</u> shall be made assuming that compliance with the Consolidated First Lien Net Leverage Ratio set forth in <u>Section 7.11</u> for the first Test Period set forth in <u>Section 7.11</u> is required with respect to the most recent Test Period prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) In connection with the calculation of the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, for purposes of calculating any basket that is subject to a financial ratio or test under this Agreement, no effect (pro forma or otherwise) shall be given to amounts incurred or transactions entered into or consummated on the same date (or on a subsequent date which otherwise requires Pro Forma Effect to be given to such amounts incurred, or transactions entered into or consummated pursuant to any fixed dollar basket or basket based on Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, testing availability under any basket provided for in this Agreement or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom or requiring the accuracy of representations and warranties) in connection with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio and determination or measurement of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant or accuracy of representations and warranties shall, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the "**LCT Test Date**") and if, after such ratios and other provisions are measured or determined on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied

------

with on such date; *provided* that, if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, (x) if any of such ratios or baskets are exceeded as a result of fluctuations in such ratio or basket (including due to fluctuations in Consolidated EBITDA of the Borrower or the target of any Limited Condition Transaction or any incurrence of Indebtedness, disposition or Restricted Payment at or prior to the consummation of the relevant Limited Condition Transaction) or any Default or Event of Default has occurred and is continuing or any such representation or warranty in any Loan Document is not correct on the date of such Limited Condition Transaction, such ratios, baskets and other provisions will not be deemed to have been exceeded or failed to have been complied with as a result of such circumstance solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder and (y) such ratios, baskets and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio (excluding, for the avoidance of doubt, any ratio contained in <u>Section 7.11</u> (other than Pro Forma Compliance)) or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction or is otherwise revoked or withdrawn by the Borrower, any such ratio or basket shall be calculated (and tested) on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

Section 1.10. <u>Currency Generally</u>.

For purposes of determining compliance with <u>Section 7.01</u>, <u>7.02</u>, <u>7.03</u>, <u>7.05</u>, <u>7.06</u> or <u>7.13</u> with respect to any transaction consummated in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such transaction is consummated (so long as such transaction, at the time consummated, was permitted hereunder).

Section 1.11. <u>Letters of Credit</u>.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of the undrawn face amount of such Letter of Credit in effect at such time; *provided*, *however*, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Amount of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

Section 1.12. <u>Certifications</u>.

All certifications to be made hereunder by an officer or representative of a Loan Party shall be made by such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party's behalf and not in such Person's individual capacity.

Section 1.13. <u>Rates</u>.

------

The Administrative Agent and the Revolving Agent do not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, the Term SOFR Reference Rate, or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and the Revolving Agent and their affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent and the Revolving Agent may select information sources or services in its reasonable discretion (each, a "Rate Selection Source or Service") to ascertain Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. Notwithstanding the foregoing and for the avoidance of doubt, the Borrower shall retain any and all rights it may have against the Administrative Agent and the Revolving Agent for any liability for direct damages (as opposed to special, punitive, incidental or consequential damages) arising solely out of the gross negligence or willful misconduct of the Administrative Agent and the Revolving Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction, in applying the Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case as set forth on a Rate Selection Source or Service, to the Obligations as required by this Agreement.

**ARTICLE II.** 

**<u>THE COMMITMENTS AND CREDIT EXTENSIONS</u>** 

Section 2.01. <u>The Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Term Lender severally agrees to make to the Initial Borrower on the Closing Date one or more Term Borrowings of Initial Term Loans denominated in Dollars in an aggregate amount not to exceed at any time outstanding the amount of such Term Lender's Initial Term Commitment. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid may not be re-borrowed. Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Credit Borrowings*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions expressly set forth herein, each Revolving Credit Lender severally agrees to make Revolving Loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan, together with any loans made pursuant to an Extended Revolving Credit Commitment and Refinancing Revolving Loans, a "**Revolving Loan**") from time to time, on any Business Day during the period from the Closing Date until the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment; *provided* that after giving effect to any Revolving Credit Borrowing, such Revolving Credit Lender's Revolving Credit Exposure shall not exceed such Revolving Credit Lender's Revolving Credit Commitment. Within the limits of each Lender's

------

Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section 2.01(b)</u>, prepay under <u>Section 2.05</u>, and re-borrow under this <u>Section 2.01(b)</u> in each case without premium or penalty (subject to <u>Section 3.05</u>). Revolving Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Revolving Agent is hereby authorized by each Loan Party, at any time in the Revolving Agent's sole discretion, regardless of (A) the existence of a Default or an Event of Default, (B) whether any of the other applicable conditions precedent set forth in <u>Section 4.02</u> have not been satisfied or the commitment of Revolving Credit Lenders to make Revolving Loans hereunder has been terminated for any reason, or (C) any other contrary provision of this Agreement, to make Revolving Loans for the account of the Borrower in an aggregate amount at any time outstanding not to exceed the Maximum Revolving Credit Amount, to which the Revolving Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, the repayment of the Secured Obligations, or (3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement (the "**Protective Advances**"). The Revolving Credit Lenders shall be obligated to fund such Protective Advances and effect a settlement with the Revolving Agent therefor upon demand of the Revolving Agent in accordance with their respective Revolving Credit Commitments to the extent that after giving effect to any such Protective Advances, the Outstanding Amount of Revolving Loans plus the Outstanding Amount of the L/C Obligations do not exceed the Maximum Revolving Credit Amount. To the extent any Protective Advances are not actually funded by the other Revolving Credit Lenders as provided for in this <u>Section 2.01(b)(ii)</u>, any such Protective Advances funded by the Revolving Agent shall be deemed to be Revolving Loans made by and owing to the Revolving Agent, and the Revolving Agent shall be entitled to all rights (including accrual of interest) and remedies of a Revolving Credit Lender under this Agreement and the Loan Documents with respect to such Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Delayed Draw Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Closing Date until the Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Delayed Draw Commitment. Amounts borrowed under this <u>Section 2.01(c)</u> and repaid or prepaid may not be re-borrowed. The Delayed Draw Term Loans shall be funded on or prior to the Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**Delayed Draw Funding Date**"). Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2020 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**2020 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 1 Effective Date until the 2020 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2020 Delayed Draw Term Loan Commitment. Amounts borrowed under this <u>Section 2.01(d)</u> and repaid or prepaid may not be re-borrowed. The 2020 Delayed Draw Term Loans shall be funded on or prior to the 2020 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2020 Delayed Draw Term Loan Funding Date**"). 2020 Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2021 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2021 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**2021 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 2 Effective Date until the 2021 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2021 Delayed Draw Term Loan Commitment. Amounts borrowed under this <u>Section 2.01(e)</u> and repaid or prepaid may not be re-borrowed. The 2021 Delayed Draw Term Loans shall be funded on or prior to the 2021 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2021 Delayed Draw Term Loan Funding Date**"). 2021 Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

Section 2.02. <u>Borrowings, Conversions and Continuations of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Term SOFR Rate Loans shall be made upon the Borrower's notice to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans), which may be given by telephone in the case of Revolving Loans. Each such notice must be received by the Applicable Agent not later than 11:00 a.m., (i) three Business Days prior to the requested date of any Initial Term Borrowing or any Revolving Credit Borrowing, in each case, for a Borrowing of Term SOFR Rate Loans or any continuation of Term SOFR Rate Loans or any conversion of Base Rate Loans to Term SOFR Rate Loans, (ii) prior to 2:00 p.m. on the requested date of any Initial Term Borrowing of Base Rate Loans or Revolving Credit Borrowing of Base Rate Loans and (iii) twelve (12) Business Days prior to the requested date of any Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loans; *provided* that the notice referred to in <u>clause (1)</u> above may be delivered no later than one Business Day prior to the Closing Date in the case of the initial Credit Extensions. Each telephonic notice by the Borrower permitted pursuant to this <u>Section 2.02(a)</u> must be confirmed promptly by delivery (including via email) to the Revolving Agent (in the case of Revolving Loans) of a written Committed Loan Notice (and will not be effective until so confirmed), appropriately completed and signed by a Responsible Officer of the Borrower. Except as otherwise provided in <u>Section 2.14</u>, each Borrowing of, conversion to or continuation of Term SOFR Rate Loans shall be in a minimum principal amount of $1,000,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loan, $2,500,000), or a whole multiple of $500,000, in excess thereof. Except as provided herein, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $100,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loans, $2,500,000) or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Loans from one Type to the other or a continuation of Term SOFR Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) wire instructions of the account(s) to which funds are to be disbursed (it being understood, for the avoidance of doubt, that the amount to be disbursed to any particular account may be less than the minimum or multiple limitations set forth above so long as the aggregate amount to be disbursed to all such accounts pursuant to such Borrowing meets such minimums and multiples). If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Rate Loans.

------

If the Borrower requests a Borrowing of, conversion to, or continuation of Term SOFR Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify each Appropriate Lender of the amount (and currency) of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans, in each case as described in <u>Section 2.02(a)</u>. In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans)in Same Day Funds, through its relevant Lending Office, at the Applicable Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) by wire transfer of such funds in accordance with instructions provided by the Borrower to (and reasonably acceptable to) the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans); *provided* that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, <u>first</u>, to the payment in full of any such L/C Borrowing and <u>second</u>, to the Borrowers as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, a Term SOFR Rate Loan may be continued or converted only on the last day of an Interest Period for such Term SOFR Rate Loan unless the Borrowers pay the amount due, if any, under <u>Section 3.05</u> in connection therewith. During the occurrence and continuation of an Event of Default, the Required Lenders may require that no Loans may be converted to or continued as Term SOFR Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable to any Interest Period for Term SOFR Rate Loans upon determination of such interest rate. The determination of the Term SOFR Rate by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify the Borrower and the Appropriate Lenders of any change in the Prime Rate used by such Agent in determining the Base Rate promptly following the announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Loans from one Type to the other, and all continuations of Term Loans or Revolving Loans as the same Type, there shall not be more than seven Interest Periods in effect; *provided* that after the establishment of any new Class of Loans pursuant to an Incremental Amendment, a Refinancing Amendment or Extension Amendment, the number of Interest Periods otherwise permitted by this <u>Section 2.02(e)</u> shall increase by three Interest Periods for each applicable Class so established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Administrative Agent or the Revolving Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent or the Revolving Agent such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such Borrowing, the Administrative Agent or the Revolving Agent may assume that such Lender has made such Pro Rata Share or other applicable share provided for under this Agreement available to the Administrative Agent or the Revolving Agent on the date of such Borrowing in accordance with <u>Section 2.02(b)</u> above, and the Administrative Agent or the Revolving Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent or the Revolving Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent or the Revolving Agent, each of such Lender and each Borrower severally agrees to repay to the Administrative Agent or the Revolving Agent promptly after written demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent or the Revolving Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate *plus* any administrative, processing, or similar fees customarily charged by the Administrative Agent or the Revolving Agent in accordance with the foregoing. A certificate of the Administrative Agent or the Revolving Agent submitted to any Lender with respect to any amounts owing under this <u>Section 2.02(g)</u> shall be conclusive in the absence of manifest error. If any Borrower and such Lender shall pay such interest to the Administrative Agent or the Revolving Agent for the same or an overlapping period, the Administrative Agent or the Revolving Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent or the Revolving Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim any Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent or the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower and the Administrative Agent or the Revolving Agent.

Section 2.03. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Letter of Credit Commitment*. (i) Subject to the terms and conditions expressly set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this <u>Section 2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrowers (*provided* that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with <u>Section 2.03(b)</u>, and (2) to honor drafts under the Letters of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this <u>Section 2.03</u>; *provided* that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender's Revolving Credit Commitment or (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit; *provided*, *further*, that notwithstanding anything herein to the contrary, no L/C Issuer shall have any obligation to issue trade or commercial Letters of Credit without its consent. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may,

------

during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired, terminated or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any material restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any material unreimbursed loss, cost or expense which was not applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to <u>Section 2.03(b)(iii)</u>, the expiry date of such requested Letter of Credit would occur more than 12 months after the date of issuance or last renewal (or more than 180 days thereafter in the case of trade Letters of Credit), unless (1) each Revolving Credit Lender has approved of such expiration date or (2) the applicable L/C Issuer has approved of such expiration date and the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless such Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the issuance of such Letter of Credit would violate any policies of such L/C Issuer applicable to letters of credit generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such Revolving Credit Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.17(a)(iv)</u>) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to amend, extend or renew any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. Notwithstanding anything herein to the contrary, the expiry date of any Letter of Credit denominated in a currency other than Dollars must be approved by the relevant L/C Issuer in its sole discretion even if it is less than 12 months after the date of issuance and any Auto-Extension Letter of Credit denominated in a currency other than Dollars shall be issued only at the relevant L/C Issuer's sole discretion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit*. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Revolving Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Revolving Agent not later than 2:00 p.m., at least two Business Days prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any drawing thereunder; (f) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (g) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will confirm with the Revolving Agent (by telephone or in writing) that the Revolving Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Revolving Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation from the Revolving Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or its applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement times the stated amount of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower so requests in any applicable Letter of Credit Application with respect to any standby Letter of Credit, the relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); *provided* that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer to prevent any such extension at least once in each 12-month period (commencing with the date of issuance of such Letter of Credit and in no event extending beyond the Letter of Credit Expiration Date unless Cash Collateralized or back-stopped in a manner reasonably acceptable to the Revolving Agent and the applicable L/C Issuer) by giving prior notice to the beneficiary thereof not later than a day (the "**Non-extension Notice Date**") in each such 12-month period to be mutually agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; *provided* that the relevant L/C Issuer shall not permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of <u>Section 2.03(a)(ii)</u> or otherwise), or (B) it has received notice (which may be by telephone or in

------

writing) on or before the day that is seven Business Days before the Non-extension Notice Date from the Revolving Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in <u>Section 4.02</u> is not then satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the Borrower and the Revolving Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Drawings and Reimbursements; Funding of Participations*. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Revolving Agent thereof. With respect to any payment by an L/C Issuer under a Letter of Credit, the Borrowers shall reimburse such L/C Issuer through the Revolving Agent in accordance with the preceding sentence not later than (x) 2:00 p.m. on the first Business Day immediately following delivery of written notice to the Borrower of such payment if such written notice is delivered on or prior to 9:00 a.m. and (y) otherwise, not later than 2:00 p.m. on the second Business Day immediately following delivery of written notice to the Borrower of such payment (any such date of reimbursement, an "**Honor Date**"); *provided* that if such reimbursement is not made on the date of drawing, the Borrowers shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans (without duplication of interest payable on L/C Borrowings). The relevant L/C Issuer shall notify the Borrower in writing of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If the Borrowers fail to so reimburse such L/C Issuer by such time, the Revolving Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the "**Unreimbursed Amount**"), and the amount of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in <u>Section 4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Revolving Agent pursuant to this <u>Section 2.03(c)(i)</u> may be given by telephone if immediately confirmed in writing; *provided* that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender (including any Revolving Credit Lender acting as an L/C Issuer) shall upon any notice pursuant to <u>Section 2.03(c)(i)</u> make funds available to the Revolving Agent for the account of the relevant L/C Issuer in Dollars at the Applicable Agent's Office for Dollar-denominated payments in an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Revolving Agent, whereupon, subject to the provisions of <u>Section 2.03(c)(iii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Revolving Agent shall remit the funds so received to the relevant L/C Issuer in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in <u>Section 4.02</u> cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on written demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender's payment to the Revolving Agent for the account of the relevant L/C Issuer pursuant to <u>Section 2.03(c)(ii)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this <u>Section 2.03</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Revolving Credit Lender funds its Revolving Loan or L/C Advance pursuant to this <u>Section 2.03(c)</u> to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement of such amount shall be solely for the account of the relevant L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section 2.03(c)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Loans pursuant to this <u>Section 2.03(c)</u> is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Revolving Agent for the account of the relevant L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this <u>Section 2.03(c)</u> by the time specified in <u>Section 2.03(c)(ii)</u>, such L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Revolving Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Revolving Agent) with respect to any amounts owing under this <u>Section 2.03(c)(vi)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*. (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender's L/C Advance in respect of such payment in accordance with <u>Section 2.03(c)</u>, the Revolving Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Revolving Agent), the Revolving Agent will distribute to such Revolving Credit Lender its Pro Rata Share or other applicable share provided for under this Agreement thereof in Dollars (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender's L/C Advance was outstanding) in the Dollar Amount received by the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Revolving Agent for the account of an L/C Issuer pursuant to <u>Section 2.03(c)(i)</u> is required to be returned under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Revolving Agent for the account of such L/C Issuer its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Revolving Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Revolving Credit Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Obligations Absolute*. The obligation of the Borrowers to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party (other than payment in cash or performance in full);

*provided* that the foregoing in <u>clauses (i)</u> through <u>(vii)</u> shall not excuse any L/C Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are waived by the Borrowers to the extent permitted by applicable Law) suffered by the Borrowers that are caused by such L/C Issuer's (or its Related Parties') gross negligence, bad faith, material breach or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Role of L/C Issuers*. Each Revolving Credit Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person

------

executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; *provided* that this assumption is not intended to, and shall not, preclude the Borrowers from pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in <u>clauses (i)</u> through <u>(vi)</u> of <u>Section 2.03(e)</u>; *provided* that anything in such clauses to the contrary notwithstanding, each Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or gross negligence or such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in each case as determined in a final and non-appealable judgment by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cash Collateral*. (i) If, as of the Letter of Credit Expiration Date, any Letter of Credit issued to the Borrowers may for any reason remain outstanding and partially or wholly undrawn, (ii) if any Event of Default occurs and is continuing and the Required Revolving Credit Lenders, as applicable, require the Borrowers to Cash Collateralize the L/C Obligations pursuant to <u>Section 8.02</u> or (iii) if an Event of Default set forth under <u>Section 8.01(f)</u> occurs and is continuing, the Borrowers shall Cash Collateralize the then Outstanding Amount of all of its L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m. on (x) in the case of the immediately preceding <u>clauses (i)</u> through <u>(iii)</u>, the next Business Day following the Business Day that the Borrower receives written notice thereof, and (y) in the case of the immediately preceding <u>clause (iii)</u>, the Business Day on which an Event of Default set forth under <u>Section 8.01(f)</u> occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. The Borrowers hereby grant to the Collateral Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Revolving Agent or another financial institution acceptable to the Agents and may be invested in readily available Cash and Cash Equivalents (for the benefit of the Borrowers). If at any time the Revolving Agent determines that any funds held as Cash Collateral are expressly subject to any right or claim of any Person other than the Revolving Agent or Collateral Agent (on behalf of the Secured Parties) or nonconsensual liens permitted under <u>Section 7.01</u> or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, promptly following written demand by the Revolving Agent, pay to the Revolving Agent, as additional funds to be deposited and held in the deposit accounts at the Revolving Agent as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that

------

the Revolving Agent reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrowers. To the extent any Event of Default giving rise to the requirement to Cash Collateralize any Letter of Credit pursuant to this <u>Section 2.03(g)</u> is cured or otherwise waived by the Required Revolving Credit Lenders, then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such Letter of Credit shall be promptly refunded to the Borrowers. If at any time the Revolving Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person other than the Revolving Agent or the Collateral Agent as herein provided or Liens described above, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrowers or the relevant Defaulting Lender will, promptly following written demand by the Revolving Agent, pay or provide to the Revolving Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Letter of Credit Fees*. The Borrowers shall pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to the Applicable Rate with respect to Term SOFR Rate Loans, times the daily maximum amount then available to be drawn under such Letter of Credit (whether or not such maximum Dollar Amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit); *provided* that (x) if any portion of a Defaulting Lender's Pro Rata Share of any Letter of Credit is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders pursuant to <u>Section 2.17</u>, then the Borrowers shall not be required to pay a Letter of Credit fee to such Defaulting Lender with respect to such portion of such Defaulting Lender's Pro Rata Share so long as it is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders, but such Letter of Credit fee shall instead be retained by the Borrowers to the extent the applicable Letter of Credit is Cash Collateralized and/or payable to such other Revolving Credit Lenders to the extent reallocated to such other Revolving Credit Lenders in accordance with their Pro Rata Share of such reallocated amount, and (y) if any portion of a Defaulting Lender's Pro Rata Share is not Cash Collateralized or reallocated pursuant to <u>Section 2.17</u>, then the Letter of Credit fee with respect to such Defaulting Lender's Pro Rata Share shall be payable to the applicable L/C Issuer until such Pro Rata Share is Cash Collateralized or reallocated or such Revolving Credit Lender ceases to be a Defaulting Lender. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter of Credit fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. If there is any change in the Applicable Rate with respect to Term SOFR Rate Loans, during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate with respect to Term SOFR Rate Loans, separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers*. The Borrowers shall pay directly to each L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it for the account of the Borrowers (whether for the benefit of the Borrower or its Subsidiaries) equal to 0.25% per annum (or such other lower amount as may be mutually agreed by the Borrower and the applicable L/C Issuer) of the maximum Dollar Amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit) or such lesser fee as may be agreed with such L/C Issuer. Such fronting fees shall be computed on a quarterly basis in

------

arrears. Such fronting fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued for the account of the Borrower (whether for the benefit of the Borrower or its Subsidiaries) the customary and reasonable issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within 30 days of demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Conflict with Letter of Credit Application*. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Addition of an L/C Issuer*. A Revolving Credit Lender reasonably acceptable to the Borrower and the Revolving Agent may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Revolving Agent and such Revolving Credit Lender. The Revolving Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Letter of Credit Reporting*. On a monthly basis, each L/C Issuer shall deliver to the Revolving Agent a complete list of outstanding Letters of Credit issued by such L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Letters of Credit Issued for Subsidiaries*. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the L/C Issuers hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers' business derives substantial benefits from the businesses of such Subsidiaries.

Section 2.04. <u>[Reserved]</u>.

Section 2.05. <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. (i) The Borrowers may, upon written notice to the Applicable Agent by the Borrower, at any time or from time to time voluntarily prepay any Class or Classes of Term Loans and Revolving Loans of any Class or Classes in whole or in part without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>); *provided* that (1) such notice must be received by the Applicable Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Term SOFR Rate Loans and (B) on the requested date of prepayment of Base Rate Loans; (2) any prepayment of Term SOFR Rate Loans shall be in a minimum principal amount of $1,000,000, or a whole multiple of $500,000 in excess thereof and (3) any prepayment of Base Rate Loans shall be in a minimum principal amount of $100,000, or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Applicable Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. If such notice is given by the Borrower, unless rescinded, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Loan

------

(other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, any notice of prepayment under <u>Section 2.05(a)(i)</u> may be conditional, extendable or revocable if such prepayment is conditioned upon a Refinancing of all or any portion of the applicable Class or occurrence of another event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Voluntary prepayments of any Class of Term Loans permitted hereunder shall be applied to the remaining scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner determined at the discretion of the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in any Loan Document to the contrary, in addition to the terms set forth in <u>Sections 2.05(a)(i)</u> and <u>10.07</u>, so long as no Event of Default has occurred and is continuing, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdings or any of its Subsidiaries may purchase such outstanding Loans and contribute such Loans to the Borrower (which shall be automatically cancelled)) without premium or penalty on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the "**Discounted Term Loan Prepayment**"), in each case made in accordance with this <u>Section 2.05(a)(v)</u> and without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) Any Company Party may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with five Business Days' notice in the form of a Specified Discount Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the "**Specified Discount Prepayment Amount**") with respect to each applicable tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the "**Specified Discount**") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(B)</u>), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Specified Discount Prepayment Response Date**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount and, if so (such accepting Lender, a "**Discount Prepayment Accepting Lender**"), the amount and the tranches of such Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(B)</u> to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Term Loans specified in such Lender's Specified Discount Prepayment Response given pursuant to <u>clause (2)</u> above; *provided* that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "**Specified Discount Proration**"). The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) Any Company Party may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Discount Range Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "**Discount Range Prepayment Amount**"), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "**Discount** 

------

 **Range**") of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(C)</u>), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded pursuant to <u>clause (iii)</u> above, each such solicitation by a Company Party shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Discount Range Prepayment Response Date**"). Each Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "**Submitted Discount**") at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender's Term Loans (the "**Submitted Amount**") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this <u>Section 2.05(a)(v)(C)</u>. The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "**Applicable Discount**") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following <u>clause (3)</u>) at the Applicable Discount (each such Term Lender, a "**Participating Lender**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender's Discount Range Prepayment Offer at the Applicable Discount; *provided* that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount

------

exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "**Identified Participating Lenders**") shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Discount Range Proration**"). The Auction Agent shall promptly, and in any case within five Business Days following the Discount Range Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (1) Any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Solicited Discounted Prepayment Notice (or such later notice specified therein); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate amount of the Term Loans (the "**Solicited Discounted Prepayment Amount**") and the tranche or tranches of Term Loans the applicable Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(D)</u>), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Term Lenders (the "**Solicited Discounted Prepayment Response Date**"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date and (z) specify both a discount to par (the "**Offered Discount**") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans (the "**Offered Amount**") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Company Party (the "**Acceptable Discount**"), if any. If the Company Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the fifth Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this <u>clause (2)</u> (the "**Acceptance Date**"), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within five Business Days after receipt of an Acceptance and Prepayment Notice (the "**Discounted Prepayment Determination Date**"), the Auction Agent will determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the "**Acceptable Prepayment Amount**") to be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this <u>Section 2.05(a)(v)(D)</u>. If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a "**Qualifying Lender**"). The Company Party will prepay outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(D)</u> to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; *provided* that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "**Identified Qualifying Lenders**") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Solicited Discount Proration**"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment

------

Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the tranches to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) In connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If any Term Loan is prepaid in accordance with <u>Sections 2.05(a)(v)(B)</u> through <u>2.05(a)(v)(D)</u> above, a Company Party shall prepay such Term Loans on the Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Applicable Agent's Office in immediately available funds not later than 11:00 a.m. on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans being prepaid as directed by the Borrower (and absent such direction, in direct order of maturity). The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)</u> shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this <u>Section 2.05(a)(v)</u>, each Lender participating in any prepayment described in this <u>Section 2.05(a)(v)</u> acknowledges and agrees that in connection therewith, (1) the Borrower or any Company Party then may have, and later may come into possession of, information regarding the Borrowers, the Sponsor, their respective affiliates not known to such Lender and that may be material to a decision by such Lender to participate in such prepayment (including Material Non-Public Information) ("**Excluded Information**"), (2) such Lender has independently, and without reliance on the Borrowers, any of their Subsidiaries, the Administrative Agent or any of their respective Affiliates, made its own analysis and determination to participate in such prepayment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrowers, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information and all parties to the relevant transactions shall render customary "big boy" disclaimer letters, (4) none of the Borrowers, their Subsidiaries, the Administrative Agent or any of their respective Affiliates shall have

------

any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrowers, their Subsidiaries, the Administrative Agent and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information, and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this <u>Section 2.05(a)(v)</u>, established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each of the Company Parties and the Term Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties under this <u>Section 2.05(a)(v)</u> by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this <u>Section 2.05(a)(v)</u> as well as activities of the Auction Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable, pursuant to this <u>Section 2.05(a)(v)</u> shall not constitute a Default or Event of Default under <u>Section 8.01</u> or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five Business Days after financial statements have been delivered pursuant to <u>Section 6.01(a)</u> and the related Compliance Certificate has been delivered pursuant to <u>Section 6.02(a)</u> (commencing with the fiscal year ending December 31, 2021), subject to <u>Section 2.05(b)(v)</u>, the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the Excess Cash Flow Period covered by such financial statements *minus*, without duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such Excess Cash Flow Period, (B) the sum of (1) all voluntary prepayments of Term Loans made during such Excess Cash Flow Period pursuant to <u>Section 2.05(a)(v)</u>, in an amount equal to the discounted amount actually paid in cash in respect of the principal amount of such Term Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (2) all other optional redemptions or voluntary prepayments of Term Loans and any other Pari Passu Secured Obligations, during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (3) all voluntary prepayments of Revolving Loans, Extended Revolving Loans and Refinancing Revolving Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, to the extent the Revolving Credit Commitments, Extended Revolving Credit Commitments, and/or Refinancing Revolving Credit Commitments, as the case may be, are permanently reduced by the

------

amount of such payments and (4) the amount equal to all payments in cash paid by the Borrowers or any Subsidiary in connection with the buyback of Loans pursuant to <u>Section 10.07(l)</u>, in the case of each of the immediately preceding <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u>, to the extent such prepayments are not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness) of the Borrower and its Restricted Subsidiaries; *provided* that, to the extent any deduction is made pursuant to the foregoing <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u> after year-end and prior to when such Excess Cash Flow prepayment is due, such prepayment shall not be deducted with respect to the Excess Cash Flow prepayment for the succeeding Excess Cash Flow Period; *provided*, *however*, the Borrowers shall not be obligated to make any prepayment otherwise required by this <u>Section 2.05(b)(i)</u> unless and until the aggregate amount of such prepayment for such Excess Cash Flow Period exceeds $1,000,000 for such Excess Cash Flow Period (and only amounts in excess of $1,000,000 for such Excess Cash Flow Period shall be required to be prepaid); *provided further* that if at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Excess Cash Flow, then the Borrowers may apply such Excess Cash Flow on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Excess Cash Flow allocated to the Other Applicable Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(i)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If (1) the Borrower or any Restricted Subsidiary of the Borrower Disposes of any property or assets pursuant to <u>Sections 7.05(j)</u>, <u>(k)</u> or <u>(m)</u> (solely to the extent set forth in the proviso thereof)), or (2) any Casualty Event occurs, which results in the receipt by the Borrower or any Restricted Subsidiary of Net Proceeds, subject to <u>Section 2.05(b)(vi)</u>, the Borrowers shall cause to be prepaid on or prior to the date which is 10 Business Days after the date of the receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds (or if the Borrower or any Restricted Subsidiary intends to reinvest such Net Proceeds within the Reinvestment Period or has entered into a binding commitment or binding letter of intent prior to the last day of the Reinvestment Period to reinvest, the last day of such Reinvestment Period), an aggregate principal amount of Term Loans in an amount equal to 100% of all such Net Proceeds; *provided* that, if the Borrower or its Restricted Subsidiaries use any portion of such proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets used or useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition permitted hereunder (or any subsequent investment made in a Person, division or line of business previously acquired) capital expenditure or capitalized software expenditures, in each case within 12 months of such receipt (or credited against any such usage consummated no more than 18 months prior to the applicable disposition), such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 12 months of such receipt, so used or contractually committed to be so used (or so credited with respect to any prior usage) (it being understood that if any portion of such proceeds are not so used within such 12-month period but within such 12-month period are contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used (or so credited with respect to any prior usage) within 18 months of such receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso (such period, the "**Reinvestment Period**")); *provided*, *further*, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless (y) such Net Proceeds, after giving effect to the reinvestment rights

------

set forth herein, exceeds $2,500,000 and (z) the aggregate Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $5,000,000 in any fiscal year (and thereafter only Net Proceeds in excess of such individual and annual amounts shall constitute Net Proceeds under this <u>clause (ii)</u>). If at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Net Proceeds of such Disposition or Casualty Event, then the Borrowers may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(ii)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (A) not permitted to be incurred or issued pursuant to <u>Section 7.03</u> or (B) that is intended to constitute Replacement Term Loans or Credit Agreement Refinancing Indebtedness in respect of any Class of Terms Loans, Revolving Loans or Revolving Credit Commitments, the Borrowers shall cause to be prepaid an aggregate principal amount of such Term Loans (or, in the case of Credit Agreement Refinancing Indebtedness in respect of Revolving Loans or Revolving Credit Commitments, prepay such Revolving Loans and terminate such Revolving Credit Commitments) in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Proceeds plus any additional premium (if any) owing pursuant to <u>Section 2.05(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If for any reason the aggregate Outstanding Amount of Revolving Loans and L/C Obligations at any time exceeds the aggregate Revolving Credit Commitments then in effect, the Borrowers shall within two Business Days after receipt of written notice from the Revolving Agent or becoming aware of such excess prepay the Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; *provided* that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.05(b)(iv)</u> unless, after the prepayment in full of the Revolving Loans, such aggregate Outstanding Amount exceeds the aggregate Revolving Credit Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any Excess Cash Flow attributable to Foreign Subsidiaries ("**Foreign Subsidiary Excess Cash Flow**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the portion of such Foreign Subsidiary Excess Cash Flow that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any Foreign Subsidiary Excess Cash Flow could reasonably be expected to result in a tax liability (including any withholding tax) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de

------

minimis amount (as determined in good faith by the Borrower), the Borrower or any Subsidiary (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), an amount equal to such Foreign Subsidiary Excess Cash Flow that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>; *provided* that (A) for purposes of this <u>Section 2.05</u>, Excess Cash Flow shall be deemed allocable to each Foreign Subsidiary, with respect to any Excess Cash Flow Period, in an amount equal to (i) the Consolidated EBITDA of such Foreign Subsidiary for such Excess Cash Flow Period, *divided* by (ii) the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period (it being understood and agreed for the avoidance of doubt that such allocation shall exclude any reduction from interest and principal payments in respect of the Obligations) and (B) the Borrower and its Restricted Subsidiaries shall be entitled to reduce Excess Cash Flow owed to the Lenders pursuant to <u>Section 2.05(b)(i)</u> in respect of any Excess Cash Flow Period by the aggregate amount of Excess Cash Flow attributable to Foreign Subsidiaries subject to the limitations and restrictions described above in this <u>Section 2.05(b)(v)</u> for such Excess Cash Flow Period. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary ("**Foreign Disposition**") or the Net Proceeds of any Casualty Event incurred by a Foreign Subsidiary ("**Foreign Casualty Event**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the Net Proceeds that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Disposition or Foreign Casualty Event could reasonably be expected to result in a tax liability (including any withholding tax)(other than a de minimis tax liability) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower) (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), the Borrower or any Restricted Subsidiary with respect to such Net Proceeds, an amount equal to such Net Proceeds that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as otherwise provided in any Refinancing Amendment, Extension Amendment or any Incremental Amendment or as otherwise provided herein, (A) each prepayment of Term Loans pursuant to this <u>Section 2.05(b)</u> shall be applied ratably to each Class of Term Loans then outstanding; *provided* that (x) any prepayment of Term Loans with the Net Proceeds of Credit

------

Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt and (y) any prepayment of Term Loans with the Net Cash Proceeds of Replacement Term Loans shall be applied solely to each applicable Class of Refinanced Term Loans; (B) with respect to each Class of Term Loans, each prepayment pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> shall be applied to the scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner directed by the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity) and (C) each such prepayment shall be paid to the Lenders of each Class in accordance with their respective Pro Rata Shares of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made by the Borrowers pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> not later than 11:00 a.m. at least three Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the aggregate amount of such prepayment required to be made by the Borrowers. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower's prepayment notice and of such Appropriate Lender's Pro Rata Share of the prepayment. Each Term Lender may reject all (but not less than all) of its Pro Rata Share of any mandatory prepayment (such declined amounts, the "**Declined Proceeds**") of Term Loans required to be made pursuant to <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section 2.05(b)</u> by providing written notice (each, a "**Rejection Notice**") to the Administrative Agent no later than 5:00 p.m. one Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment; *provided*, *however*, in no event may the proceeds of any Credit Agreement Refinancing Indebtedness be rejected. If a Term Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be retained by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest, Funding Losses, Etc*. All prepayments under this <u>Section 2.05</u> shall be without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>) and accompanied by all accrued interest thereon (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments), together with, in the case of any such prepayment of a Term SOFR Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Term SOFR Rate Loan pursuant to <u>Section 3.05</u>. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Call Protection*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any prepayment of all or any portion of the Initial Term Loans or the Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of the Initial Term Loans or the Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs prior to the first anniversary of the Closing Date, (y) 1.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date and (z) 0.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the second anniversary of the Closing Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any prepayment of all or any portion of the 2020 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of 2020 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 1 Effective Date, (y) 1.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 1 Effective Date and prior to the second anniversary of the Amendment No. 1 Effective Date and (z) 0.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 1 Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any prepayment of all or any portion of the 2021 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of 2021 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 2 Effective Date, (y) 1.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 2 Effective Date and prior to the second anniversary of the Amendment No. 2 Effective Date and (z) 0.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 2 Effective Date.

Notwithstanding any of the other provisions of this <u>Section 2.05</u>, so long as no Event of Default shall have occurred and be continuing, if any prepayment of Term SOFR Rate Loans is required to be made under this <u>Section 2.05</u>, prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this <u>Section 2.05</u> in respect of any such Term SOFR Rate Loan prior to the last day of the Interest Period therefor, the Borrowers may, in their sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such Interest Period into a deposit account of the Borrower maintained with the Revolving Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with this <u>Section 2.05</u>. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this <u>Section 2.05</u>. Such deposit shall be deemed to be a prepayment of such Loans by the Borrowers for all purposes under this Agreement.

------

Section 2.06. <u>Termination or Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. The Borrowers may, upon written notice to the Administrative Agent or the Revolving Agent, as applicable, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent or the Revolving Agent, as applicable, three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,500,000, or any whole multiple of $500,000 in excess thereof or, if less, the entire amount thereof, (iii) if, after giving effect to any reduction of the Revolving Credit Commitments or the Letter of Credit Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess and (iv) any termination or permanent reduction of any Revolving Credit Commitments pursuant to this <u>Section 2.06(a)</u> shall be applied as directed by the Borrowers, including as to any Class of Extended Revolving Credit Commitments or existing Revolving Credit Commitments (including any Refinancing Revolving Credit Commitments). Except as provided above, the amount of any such Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Borrowers. Notwithstanding the foregoing, any notice of termination of any Commitments may be conditional, extendable or revocable if such termination would result from a Refinancing of all or any portion of the applicable Class or occurrence of any other event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. The Initial Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by such Term Lender on the Closing Date. The Delayed Draw Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (u) the Delayed Draw Term Loan Commitment Termination Date and (v) the funding of the Delayed Draw Term Loans in an amount equal to the aggregate Delayed Draw Commitment. The 2020 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (w) the 2020 Delayed Draw Term Loan Commitment Termination Date and (x) the funding of the 2020 Delayed Draw Term Loans in an amount equal to the aggregate 2020 Delayed Draw Term Loan Commitment. The 2021 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (y) the 2021 Delayed Draw Term Loan Commitment Termination Date and (z) the funding of the 2021 Delayed Draw Term Loans in an amount equal to the aggregate 2021 Delayed Draw Term Loan Commitment. The Revolving Credit Commitments of each Revolving Credit Lender shall automatically and permanently terminate on the Maturity Date. <u>The 2024 Incremental Term Loans of each 2024 Incremental Term Loan Lender shall be automatically and permanently reduced to $0 upon the funding of the 2024 Incremental Term Loans to be made by such 2024 Incremental Term Loan Lender on the Amendment No. 4 Effective Date.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Application of Commitment Reductions; Payment of Fees*. The Revolving Agent will promptly notify the Revolving Credit Lenders of any termination or reduction of the Revolving Credit Commitments under this <u>Section 2.06</u>. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Revolving Credit Lender's Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced (other than the termination of the Revolving Credit Commitment of any Revolving Credit Lender as provided in <u>Section 3.07</u>). All Unused Revolver Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitments shall be paid to the Revolving Agent, for the benefit of the Revolving Credit Lenders, on the effective date of such termination.

Section 2.07. <u>Repayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2020, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be

------

reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Loans*. The Borrowers shall repay to the Revolving Agent for the ratable account of the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Loans under the Revolving Credit Facility outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable Delayed Draw Funding Date of such Delayed Draw Term Loans (each such day, a "**Delayed Draw Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2020 Delayed Draw Term Loan Funding Date of such 2020 Delayed Draw Term Loans (each such day, a "**2020 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2020 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2020 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2020 Delayed Draw Term Loans, the aggregate principal amount of all 2020 Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2021 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2021 Delayed Draw Term Loan Funding Date of such 2021 Delayed Draw Term Loans (each such day, a "**2021 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2021 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2021 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2021 Delayed Draw Term Loans, the aggregate principal amount of all 2021 Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f) *2024 Incremental Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2024, an aggregate principal amount equal to 0.25% of the</u> 

------

<u>aggregate principal amount of all 2024 Incremental Term Loans outstanding on the Amendment No. 4 Effective Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05 or Section 10.07 to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2024 Incremental Term Loans, the aggregate principal amount of all 2024 Incremental Term Loans outstanding on such date.</u>

Section 2.08. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 2.08(b)</u>, (i) each Term SOFR Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Term SOFR Rate for such Interest Period *plus* the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate *plus* the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default under <u>Section 8.01(a)</u> (with respect to principal, interest or fees) or non-payment after acceleration pursuant to <u>Section 8.01(f)</u>, the Borrowers shall pay interest on past due amounts (after giving effect to any applicable grace period) owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; *provided* that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon written demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

Section 2.09. <u>Fees</u>.

In addition to certain fees described in <u>Sections 2.03(h)</u> and <u>(i)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Unused Revolver Commitment Fee*. The Borrowers agree to pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, an unused commitment fee (the "Unused Revolver Commitment Fee") in an amount equal to the Applicable Rate (as set forth in clause (c) of such definition) *times* the actual daily amount by which the aggregate amount of the Revolving Credit Commitments exceeds the sum of the Outstanding Amount of Revolving Loans and the Outstanding Amount of L/C Obligations for each calendar quarter or portion thereof; *provided* that any Unused Revolver Commitment Fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Revolver Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Unused Revolver Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Unused Revolver Commitment Fee shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date for the Revolving Credit Facility. The Unused Revolver Commitment Fee shall be calculated quarterly in arrears. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Fees*. The Borrowers shall pay to the Agents and the Commitment Parties such fees as shall have been separately agreed upon in writing (including pursuant to the Commitment Letter and the Fee Letter) in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrowers and the applicable Agent or Commitment Party). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each Delayed Draw Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the Delayed Draw Commitments exceeds the sum of the Outstanding Amount of Delayed Draw Term Loans; *provided* that any Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Delayed Draw Term Loan Commitment Fee on the Delayed Draw Commitments shall accrue commencing on the ninetieth (90th) day following the Closing Date and at all times thereafter until the Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Closing Date, and on the Delayed Draw Term Loan Commitment Termination Date. The Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2020 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2020 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2020 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2020 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2020 Delayed Draw Term Loans; *provided* that any 2020 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2020 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2020 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2020 Delayed Draw Term Loan Commitment Fee on the 2020 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 1 Effective Date and at all times thereafter until the 2020 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 1 Effective Date, and on the 2020 Delayed Draw Term Loan Commitment Termination Date. The 2020 Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *2021 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2021 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2021 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2021 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2021 Delayed Draw Term Loans; *provided* that any 2021 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2021 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2021 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2021 Delayed Draw Term Loan Commitment Fee on the 2021 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 2 Effective Date and at all times thereafter until the 2021 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 2 Effective Date, and on the 2021 Delayed Draw Term Loan Commitment Termination Date. The 2021 Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(e)</u> shall be calculated quarterly in arrears. 

Section 2.10. <u>Computation of Interest and Fees</u>.

All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Term SOFR Rate) shall be made on the basis of a year of 365 days, or 366 days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; *provided* that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.12(a)</u>, bear interest for one day. Each determination by the Administrative Agent or the Revolving Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 2.11. <u>Evidence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent or the Revolving Agent, as applicable, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrowers, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent or the Revolving Agent, as applicable, and each Lender shall be *prima facie* evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, in respect of such matters, the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent or the Revolving Agent, as applicable, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent or the Revolving Agent, as applicable) a Note payable to such Lender, which shall evidence such Lender's Loans in addition to such

------

accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section 2.11(a)</u>, each Appropriate Lender, the Revolving Agent and the Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Revolving Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Revolving Agent or the Administrative Agent, as applicable, and the accounts and records of any Lender in respect of such matters, the accounts and records of the Revolving Agent or the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entries made in good faith by the Administrative Agent and the Revolving Agent in the Register pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, and by each Lender in its account or accounts pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, shall be *prima facie* evidence of the amount of principal and interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent, the Revolving Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement and the other Loan Documents.

Section 2.12. <u>Payments Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided by <u>Section 3.01</u>, all payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense (other than payment in full), recoupment or setoff. All payments by the Borrowers hereunder shall be made to the Administrative Agent or the Revolving Agent, as applicable, for the account of the respective Lenders to which such payment is owed, at the Applicable Agent's Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Without limiting the generality of the foregoing, the Administrative Agent or the Revolving Agent, as applicable, may require that any payments due under this Agreement be made in the United States. The Administrative Agent or the Revolving Agent, as applicable, will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share provided for under this Agreement) of such payment in like funds as received by wire transfer to such Lender's applicable Lending Office. All payments received by the Administrative Agent or the Revolving Agent, as applicable, after 2:00 p.m. on any Business Day shall in each case be deemed received on the next succeeding Business Day (or, in the Administrative Agent's or the Revolving Agent's, as applicable, sole discretion, on the same Business Day) and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, if any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; *provided* that, if such extension would cause payment of interest on or principal of Term SOFR Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower or any Lender has notified the Administrative Agent or the Revolving Agent, as applicable, prior to the date any payment is required to be made by it to the Administrative Agent or the Revolving Agent, as applicable, hereunder, that a Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent or the Revolving Agent, as applicable, may assume that such Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto.

------

If and to the extent that such payment was not in fact made to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrowers failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent or the Revolving Agent, as applicable, the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to such Lender to the date such amount is repaid to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds at the applicable Overnight Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent or the Revolving Agent, as applicable, the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to the Borrowers to the date such amount is recovered by the Administrative Agent or the Revolving Agent, as applicable, (the "**Compensation Period**") at a rate per annum equal to the applicable Overnight Rate from time to time in effect. When such Lender makes payment to the Administrative Agent or the Revolving Agent, as applicable, (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender's Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent's or the Revolving Agent's, as applicable, demand therefor, the Administrative Agent or the Revolving Agent, as applicable, may make a demand therefor upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent or the Revolving Agent, as applicable, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent, the Revolving Agent or the Borrowers may have against any Lender as a result of any default by such Lender hereunder.

A written notice (including documentation reasonably supporting such request) of the Administrative Agent or the Revolving Agent, as applicable, to any Lender or the Borrowers with respect to any amount owing under this <u>Section 2.12(c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent or the Revolving Agent, as applicable, funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrowers by the Administrative Agent or the Revolving Agent, as applicable, because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent or the Revolving Agent, as applicable, shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever any payment received by the Administrative Agent or the Revolving Agent, as applicable, under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent or the Revolving Agent, as applicable, and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent or the Revolving Agent, as applicable, and applied by the Administrative Agent or the Revolving Agent, as applicable, and the Lenders in the order of priority set forth in <u>Section 8.03</u>. If the Administrative Agent or the Revolving Agent, as applicable, receives funds for application to the Secured Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent or the Revolving Agent, as applicable, may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender's Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Secured Obligations then owing to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amounts to be applied to the prepayment of Loans in connection with any mandatory prepayments by the Borrowers of the Term Loans pursuant to <u>Section 2.05(b)</u> shall be applied, as applicable, on a pro rata basis to the then outstanding Class of Term Loans being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or, after giving effect to the last paragraph of <u>Section 2.05</u>, Term SOFR Rate Loans; *provided* that if no Lenders exercise the right to waive a given mandatory prepayment of the Term Loans pursuant to <u>Section 2.05(b)(viii)</u>, then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to reduce outstanding Base Rate Loans. Any amounts remaining after each such application shall be applied to prepay Term SOFR Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to <u>Section 3.05</u>.

Section 2.13. <u>Sharing of Payments</u>.

If, other than as provided elsewhere herein, any Lender shall obtain payment in respect of any principal or interest on account of the Loans made by it, or the participations in L/C Obligations held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent or the Revolving Agent, as applicable, of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such sub-participations in the participations in L/C Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of any principal or interest on such Loans or such participations, as the case may be, pro rata with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For the avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers or application of funds pursuant to and in accordance with the

------

express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder, (C) transactions in connection with an open market purchase or Dutch Auction contemplated hereunder, (D) in connection with a transaction pursuant to an Extension Amendment, Refinancing Amendment or Incremental Amendment or amendment in connection with Replacement Term Loans contemplated hereunder, (E) the application of Cash Collateral as provided herein (including the application of funds arising from the existence of a Defaulting Lender) or (F) non-pro rata payments and repayments permitted pursuant to <u>Section 2.16(b)</u>. The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this <u>Section 2.13</u> may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participations. The Administrative Agent and the Revolving Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section 2.13</u> and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section 2.13</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

Notwithstanding anything to the contrary contained in this <u>Section 2.13</u> or elsewhere in this Agreement, the Borrowers may extend the final maturity of Term Loans and/or Revolving Credit Commitments in connection with an Extension that is permitted under <u>Section 2.16</u> (each, an "**Extension Offer**") without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (i) shall constitute a payment or prepayment of any Term Loans or Revolving Loans, as applicable, for purposes of this <u>Section 2.13</u> or (ii) shall reduce the amount of any scheduled amortization payment due under <u>Section 2.07(a)</u>, except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement. Furthermore, the Borrowers may take all actions contemplated by <u>Section 2.16</u> in connection with any Extension (including modifying pricing, amortization and repayments or prepayments), and in each case such actions shall be permitted, and the differing payments contemplated therein shall be permitted without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement.

Section 2.14. <u>Incremental Credit Extensions; Increase in Revolving Credit Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Incremental Term Loan Commitments*. The Borrowers may at any time or from time to time after the Closing Date, by notice to the Administrative Agent and the Revolving Agent, as applicable (an "**Incremental Request**"), request (i) one or more new commitments which may be in the same Facility as any outstanding Term Loans (a "**Term Loan Increase**") or a new Class of term loans (including any delayed draw term loans) (collectively with any Term Loan Increase, the "**Incremental Term Loan Commitments**") in each case, under this Agreement, (ii) one or more new term loans (including any delayed draw term loans) in a separate facility from the Facilities and either unsecured or secured on a pari passu basis or a junior lien basis to the Facilities (the "**Other Commitments**" and the loans in respect thereof, the "**Other Term Loans**"), which shall be documented under another credit agreement, and/or (iii) one or more series of pari passu secured, junior lien secured or unsecured notes (the "**Other Notes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incremental Term Loans*. Any Incremental Term Loans to the extent effected through the establishment of one or more new delayed draw commitments or new Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Term Loans for all purposes of

------

this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Loan Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction (or waiver) of the terms and conditions in this <u>Section 2.14</u>, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrowers (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Loan Commitment and (ii) each Incremental Term Lender shall become a Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loans made pursuant thereto. For the avoidance of doubt, Incremental Term Loans having identical terms to any of the other Term Loans (other than OID and/or upfront fees) may be treated as the same Class as any of such Term Loans for all purposes herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Request*. Each Incremental Request from the Borrowers pursuant to this <u>Section 2.14</u> shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans, Other Term Loans or Other Notes. Incremental Term Loans, Other Term Loans and extensions of credit in respect of Other Notes will first be offered to the then-existing Term Lenders with respect to the Incremental Term Loans on a pro rata basis (but each existing Lender will not have an obligation to make any Incremental Term Loan Commitment or Other Commitment, or to extend credit in respect of any Other Term Loans or Other Notes) and, to the extent such existing Term Lenders have not agreed or declined to provide such Incremental Term Loan within five (5) Business Days following such offer on the terms specified by the Borrower or arranger of such Incremental Term Loan, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Term Lenders) (any such other bank or other financial institution that is not an Existing Lender being called an "**Additional Term Lender**") (each such existing Lender or Additional Term Lender providing such Incremental Term Loans, Other Term Loans or Other Notes an "**Incremental Term Lender**," and, collectively, the "**Incremental Term Lenders**"); *provided* that any Affiliated Lender providing an Incremental Term Loan Commitment shall be subject to the same restrictions set forth in <u>Section 10.07(k)</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Initial Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effectiveness of Incremental Amendment*. The obtaining of Other Commitments, the making of Other Term Loans, the incurrence of Indebtedness in respect of Other Notes, the effectiveness of any Incremental Amendment, and the Incremental Term Loan Commitments thereunder, shall be subject to the satisfaction on the date of such Incremental Amendment (or, in the case of Other Commitments, Other Term Loans and Other Notes, on the date of the extension of such commitments or the incurrence or issuance of such Other Term Loans or Other Notes, as applicable) (the "**Incremental Facility Closing Date**") of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Incremental Term Loan Commitments, no Event of Default shall exist after giving effect to such Incremental Term Loan Commitments (or, in the case of Incremental Term Loan Commitments incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Incremental Term Loan Commitments become effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Incremental Term Loan Commitment shall be in an aggregate principal amount that is not less than $2,500,000 and shall be in an increment of $500,000 (*provided* that such amount may be less than $2,500,000 or $500,000, as applicable, if such amount represents all remaining availability under the limit set forth in <u>clause (iii)</u> below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of the Incremental Term Loans, the Other Term Loans and the Other Notes shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of

------

Indebtedness incurred pursuant to clause (ii)(A) of the definition of "Permitted Ratio Debt" *plus* (B) such additional amount of Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (assuming for purposes of each of these calculations that any increase to the Revolving Credit Facility in accordance with Section 2.14(h) established on the same date as such Incremental Term Loan Commitment is drawn), after giving effect to any such incurrence or issuance and any transaction consummated in connection therewith on a Pro Forma Basis, and, in each case, with respect to any Incremental Term Loan Commitment established at such time, assuming a borrowing of the maximum amount of Incremental Term Loans, Other Term Loans and Other Notes available thereunder (*provided* that, at the option of the Borrower, any unfunded Incremental Term Loan Commitments may be tested on the date such Incremental Loans are incurred in lieu of testing on the date of establishment), and excluding the cash proceeds of any such Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes for the purposes of netting; *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness; *plus* (C) an amount equal to (x) the sum, without duplication, of all (i) voluntary prepayments and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt" and (ii) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt", (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt") *minus* (y) the aggregate principal amount of the aggregate principal amount of all Indebtedness incurred in reliance on clause (ii)(C) of the definition of "Permitted Ratio Debt" (it being understood that (x) amounts under clause (B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (A) or (C), and amounts under clause (C) shall be deemed to have been used prior to utilization of amounts under clause (A), (y) Indebtedness may be incurred under clauses (A) and (B), (B) and (C) or (A), (B) and (C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (B) above and then calculating the incurrence under clause (A) and/or (C) and, for the avoidance of doubt, any such incurrence under clause (A) and/or (C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (A) or (C) as incurred pursuant to clause (B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (A) or (C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Required Terms*. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Loan Commitments of any Class, and of the Other Term Loans and the Other Notes, except as otherwise set forth herein, shall be as agreed between the Borrowers and the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments, Other Term Loans or Other Notes, as applicable; *provided* that , except with respect to AHYDO Payments, in no event will any Incremental Term Loans or Other Term Loans be permitted to be mandatorily prepaid prior to the repayment in full of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and<u>,</u> 2021 Delayed Draw <u>Term Loans and 2024 Incremental</u> Term Loans, unless accompanied by at least a ratable payment of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and<u>,</u> 2021 Delayed Draw Term <u>Loans and 2024 Incremental Term</u> Loans (and, for the avoidance of doubt, any Incremental Amendment may provide that the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments or such Other Notes, as applicable, shall receive a less than ratable payment). In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans, Other Term Loans and Other Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) with respect to Incremental Term Loans, Other Term Loans and Other Notes that are intended to be secured on a pari passu basis, such Incremental Term Loans, Other Term Loans and Other Notes shall (w) either constitute (I) Pari Passu Secured Obligations and be subject to either the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement or (II) "additional first lien debt" (or a comparable term) (as defined in any Junior Intercreditor Agreement) and be subject to a Junior Intercreditor Agreement, (x) shall not at any time be guaranteed by any Subsidiaries other than the Restricted Subsidiaries that are Guarantors, (y) to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment or other definitive documentation therefor, and (z) shall be junior in right of payment to the Revolving Credit Facility to the extent set forth in such agreement among the Lenders or the applicable Intercreditor Agreement; and (2) with respect to Other Term Loans and Other Notes that are unsecured or secured on a junior lien basis, shall not at any time be guaranteed by any Subsidiaries other than the Subsidiaries that are Guarantors and, to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and shall not be entitled to participate in any mandatory prepayments of Term Loans hereunder other than to the same extent such participation is customarily available in junior secured loan facilities or note issuances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date, shall not mature earlier than the Latest Maturity Date of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except (x) in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date or (y) as may be required to achieve fungibility with any then-existing Term Loans to the extent intended to be fungible by the Borrowers and the Administrative Agent, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of then-existing Term Loans;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other than with respect to Other Term Loans and Other Notes, shall have an Applicable Rate, and subject to <u>clauses (e)(i)(B)</u> and <u>(e)(i)(C)</u> above and <u>clause (e)(iii)</u> below, amortization determined by the Borrowers and the applicable Incremental Term Lenders or other Additional Term Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the amortization of Other Term Loans and Other Notes (subject to <u>clauses (B)</u> and <u>(C)</u> above) shall be determined by the Borrowers and the lenders or purchasers providing such Other Term Loans and Other Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Incremental Term Loans may be in the form of delayed draw term loans and, to the extent incurred pursuant to clause (d)(iii)(B) above, shall, unless the Borrower otherwise elects, be subject to the applicable incurrence test at funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to <u>Section 2.14(e)(i)(C)</u>, the amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans of each Class, and to each series of Other Term Loans and Other Notes, shall be determined by the Borrowers and the applicable Incremental Term Lenders and shall be set forth in each applicable Incremental Amendment and in the definitive documentation governing such Indebtedness; *provided*, *however*, that, with respect to any Incremental Term Loans, Other Term Loans or Other Notes made under Incremental Term Loan Commitments that are pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes as applicable, shall not be greater than the All-In Yield then applicable to the Initial Term Loans *plus* 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and<u>,</u> 2021 Delayed Draw <u>Term Loans and 2024 Incremental</u> Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and<u>,</u> 2021 Delayed Draw Term <u>Loans and 2024 Incremental Term</u> Loans to equal the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes, as applicable, *minus* 50 basis points per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Incremental Amendment*. Commitments in respect of Incremental Term Loans shall become Commitments under this Agreement pursuant to an amendment (an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Incremental Term Lender providing such Commitments, the Administrative Agent and the Collateral Agent (and the Administrative Agent shall execute such Incremental Amendment so long as the conditions to such Incremental Term Loan Commitment in this Section 2.14 are satisfied), and as a condition precedent to each Incremental Amendment, each Incremental Term Lender shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date (or another equivalent agreement that establishes the senior priority in right of payment of the Revolving Loans to such Incremental Term Loans). The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this <u>Section 2.14</u>. The Borrowers will use the proceeds of the Incremental Term Loans as determined by the Borrowers and the Lenders providing such Incremental Term Loans. No Lender shall be obligated to provide any Incremental Term Loans unless it so agrees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Increase in Revolving Credit Facility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, at any time, request that the Maximum Revolving Credit Amount and the Revolving Credit Commitments be increased by (1) one or more of the current Revolving Credit Lenders increasing their Revolving Credit Commitment (any current Revolving Credit Lender which elects to increase its Revolving Credit Commitment shall be referred to as an "<u>Increasing Revolving Credit Lender</u>") or (2) one or more new financial institutions (each a "<u>New Revolving Credit Lender</u>") joining this Agreement and providing a Revolving Credit Commitment hereunder, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no current Revolving Credit Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Revolving Credit Lender shall be in the sole discretion of such current Revolving Credit Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such increase will first be offered to the then-existing Revolving Credit Lenders on a pro rata basis (but no existing Revolving Credit Lender will have an obligation to make any such increase) and, any increase in the Maximum Revolving Credit Amount to the extent such existing Revolving Credit Lenders have not agreed or declined to provide such increase within five (5) Business Days following the receipt of notice of the date of the proposed increase, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Revolving Credit Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) after giving effect to such increase, the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments shall not exceed $30,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Borrowers may not request an increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments under this <u>Section 2.14(h)</u> more than four (4) times prior to the Maturity Date, and no single such increase shall be for an amount less than $2,500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Borrowers shall deliver to Revolving Agent on or before the effective date of such increase the following documents, in each case in form and substance satisfactory to Revolving Agent: (A) a certificate dated as of the effective date of such increase certifying that (i) the increase in the Revolving Credit Commitment has been approved by the board of directors of each Borrower, (ii) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective), and (iii) all of the representations and warranties made by each Borrower herein are true and complete in all respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date), and (B) such other agreements, instruments and information (including supplements or modifications to this Agreement and/or the Loan Documents executed by Borrowers) as Revolving Agent reasonably deems necessary in order to document the increase in the Maximum Revolving

------

Credit Amount and the aggregate Revolving Credit Commitments and to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents in light of such increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Borrowers shall execute and deliver (A) to each Increasing Revolving Credit Lender a replacement Revolving Credit Note reflecting the new amount of such Increasing Revolving Credit Lender's Revolving Credit Commitment Amount after giving effect to the increase (and the prior Revolving Credit Note issued to such Increasing Revolving Credit Lender shall be returned to the Borrower and canceled) and (B) to each New Revolving Credit Lender a Revolving Credit Note reflecting the amount of such New Revolving Credit Lender's Revolving Credit Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to the extent required by <u>Section 10.07</u>, any New Revolving Credit Lender shall be subject to the approval of Revolving Agent and each L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) each Increasing Revolving Credit Lender shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement, signed by it and each Borrower and delivered to Revolving Agent on or before the effective date of such increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) each New Revolving Credit Lender shall execute a lender joinder and assumption agreement in substantially the form of Exhibit M hereto pursuant to which such New Revolving Credit Lender shall join and become a party to this Agreement and the Loan Documents with a Revolving Credit Commitment as set forth in such joinder and assumption agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the effective date of such increase: (i) the Revolving Credit Commitment of each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall be recalculated such that each such Revolving Credit Lender's Revolving Credit Commitment is equal to (x) the Revolving Credit Commitment of such Revolving Credit Lender <u>divided by</u> (y) the aggregate of the Revolving Credit Commitments of all Revolving Credit Lenders; (ii) each Revolving Credit Lender shall participate in any new Revolving Loans made on or after such date in accordance with its Revolving Credit Commitment after giving effect to the increase in the aggregate Revolving Credit Commitments and recalculation of the Revolving Credit Commitment contemplated by this <u>Section 2.14(h)</u>; and (iii) each reference to the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments herein and in any of the Loan Documents shall be deemed amended to mean the amount of the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments as so increased pursuant to this <u>Section 2.14(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the effective date of such increase, each Increasing Revolving Credit Lender shall be deemed to have purchased an additional/increased participation in, and each New Revolving Credit Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder in an amount equal to such Revolving Credit Lender's Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above) of the L/C Obligations of each such Letter of Credit (as in effect from time to time). As necessary to effectuate the foregoing, each existing Revolving Credit Lender that is not an Increasing Revolving Credit Lender shall be deemed to have sold to each applicable Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as necessary, a portion of such existing Revolving Credit Lender's participations in such outstanding Letters of Credit and drawings such that, after giving effect to all such purchases and sales, each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) in accordance with their respective Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the effective date of such increase, Borrowers shall pay all costs and expenses incurred by each Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as applicable, and Revolving Agent (including, without limitation, the reasonable fees and expenses of counsel to Revolving Agent) in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Revolving Agent, Borrowers, such Increasing Revolving Credit Lender and/or such New Revolving Credit Lender in connection with, such increase (including all fees for any supplemental or additional public filings of any Loan Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Revolving Agent and Revolving Credit Lenders hereunder and under the Loan Documents in light of such increase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section 2.14</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.15. <u>Refinancing Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On one or more occasions after the Closing Date, the Borrowers may obtain, from any Lender or any Additional Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans or all (but not less than all) of the Revolving Loans and unused Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this <u>Section 2.15(a)</u> will be deemed to include any then outstanding Refinancing Term Loans or Incremental Term Loans), in the form of Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans pursuant to a Refinancing Amendment; *provided* that notwithstanding anything to the contrary in this <u>Section 2.15</u> or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect to Refinancing Revolving Credit Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be repaid (with respect to existing Revolving Loans) or replaced (with respect to existing Revolving Credit Commitments) in full, (2) subject to the provisions of <u>Section 2.03(m)</u> to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Credit Commitments with a longer maturity date, all Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Credit Commitments (and except as provided in <u>Section 2.03(m)</u>, without giving effect to changes thereto on an earlier maturity date with respect to Letters of Credit theretofore incurred or issued), (3) assignments and participations of Refinancing Revolving Credit Commitments and Refinancing Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Loans and (4) each Additional Refinancing Lender that is or becomes a Lender under this Agreement shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date and all Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans shall be junior in right of payment to the Revolving Credit Facility to the extent set forth in such agreement among Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, receipt by the Administrative Agent or the Revolving Agent, as applicable of (i) customary legal opinions consistent with those delivered on the Closing Date (other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each issuance of Credit Agreement Refinancing Indebtedness under <u>Section 2.15(a)</u> shall be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and the fourth paragraph of <u>Section 10.01</u> and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.15</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Refinancing Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This <u>Section 2.15</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.16. <u>Extension of Term Loans; Extension of Revolving Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Extension of Term Loans*. The Borrowers may at any time and from time to time request that all or a portion of the Term Loans of a given Class (each, an "**Existing Term Loan Tranche**") be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended, "**Extended Term Loans**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a "**Term Loan Extension Request**") setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) (except as to interest rates, fees, amortization, final maturity date, AHYDO Payments, optional prepayments and redemptions, premium, required prepayment dates and participation in prepayments, which shall be determined by the Borrowers and the Extending Term Lenders and set forth in the relevant Term Loan Extension Request), be substantially identical to, or (taken as a whole) not materially more favorable (as reasonably determined by the Borrowers) to the Extending Term Lenders than those applicable to the Existing Term Loan Tranche subject to such Term Loan Extension Request (except if the existing Lenders receive the benefit of such favorable terms or for covenants or other provisions applicable only to periods after the Latest Maturity Date), including: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; *provided*, *however*, that at no time shall there be Classes of Term Loans hereunder (including Refinancing Term Loans and Extended Term Loans) which have more than five different Maturity Dates; (ii) the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments with respect to the Extended Term Loans (whether in the form of interest rate margin, upfront fees, OID or otherwise) may be different than the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments for the Term Loans of such Existing Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the

------

Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Term Loans); and (iv) Extended Term Loans may have call protection as may be agreed by the Borrowers and the Lenders thereof; *provided*, *however*, that (A) in no event shall the final maturity date of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Term Loans hereunder, (B) the Weighted Average Life to Maturity of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of the applicable Existing Term Loan Tranche, (C) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect), (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing and (E) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans amended pursuant to any Term Loan Extension Request shall be designated a series (each, a "**Term Loan Extension Series**") of Extended Term Loans for all purposes of this Agreement; *provided* that any Extended Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each Term Loan Extension Series of Extended Term Loans incurred under this <u>Section 2.16</u> shall be in an aggregate principal amount that is not less than $10,000,000 (or, if less, the entire principal amount of the Indebtedness being extended pursuant to this <u>Section 2.16(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Extension of Revolving Credit Commitments*. The Borrowers may at any time and from time to time request that the Revolving Credit Commitments be amended to extend the Maturity Date with respect thereto (as so extended, "**Extended Revolving Credit Commitments**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Revolving Agent (who shall provide a copy of such notice to each of the Revolving Credit Lenders) (each, a "**Revolver Extension Request**") setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Revolving Credit Lender (including as to the proposed interest rates and fees payable) and offered pro rata to each Revolving Credit Lender and (y) the Extended Revolving Credit Commitment extended pursuant to a Revolver Extension Request, and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be) with such other terms as determined by the Borrower and the Extending Revolving Credit Lender agreeing to extend their Revolving Credit Commitment and the Extension Amendment may provide for other covenants (as determined by the Borrowers and Revolving Credit Lenders); and (ii) all borrowings under the Revolving Credit Facility and all repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstandings), (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments and (III) repayments made in connection with a permanent repayment and termination of non-extended Revolving Credit Commitments); *provided*, *further*, that (A) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, (B) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect) and (C) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a "**Revolver Extension Series**") of Extended Revolving Credit Commitments for all purposes of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Extension Request*. The Borrowers shall provide the applicable Extension Request at least five Business Days prior to the date on which the applicable existing Lenders are requested to respond (or such shorter period as agreed by the Administrative Agent or the Revolving Agent, as applicable), and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, in each case acting reasonably to accomplish the purposes of this <u>Section 2.16</u>. Subject to <u>Section 3.07</u>, no Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Extended Term Loans or any of its Revolving Credit Commitments amended into Extended Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an "**Extending Term Lender**") wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extended Term Loans and any Revolving Credit Lender (each, an "**Extending Revolving Credit Lender**") wishing to have its Revolving Credit Commitments subject to such Extension Request amended into Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent or the Revolving Agent, as applicable (each, an "**Extension Election**") on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, which it has elected to request be amended into Extended Term Loans or Extended Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent or the Revolving Agent, as applicable). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, in respect of which applicable Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extended Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent or the Revolving Agent, as applicable, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Extension Amendment*. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an amendment (each, an "**Extension Amendment**") to this Agreement among the Borrowers, the Administrative Agent or the Revolving Agent, as applicable, and each Extending Term Lender or Extending Revolving Credit Lender, as applicable, providing an Extended Term Loan or Extended Revolving Credit Commitment, as applicable, thereunder, which shall be consistent with the provisions set forth in <u>Section 2.16(a)</u> or <u>2.16(b)</u> above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Extension Amendment shall be, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, subject to receipt by the Administrative Agent or the Revolving Agent, as applicable, of (i) customary legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable, and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. The Administrative Agent or the Revolving Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled repayments set forth in <u>Section 2.07</u> with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a

------

reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to <u>Section 2.07</u>), (iii) modify the prepayments set forth in <u>Section 2.05</u> to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.16</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Extension Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No conversion or extension of Loans or Commitments pursuant to any Extension in accordance with this <u>Section 2.16</u> shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. This <u>Section 2.16</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.17. <u>Defaulting Lenders</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Revolving Agent, as applicable, for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent or the Revolving Agent, as applicable, as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent or the Revolving Agent, as applicable, hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuers hereunder; <u>third</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, or requested by the applicable L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; <u>fourth</u>, as the Borrowers may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent or the Revolving Agent, as applicable; <u>fifth</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to be held in a non-interest bearing deposit account and released in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this Agreement and (y) be held as Cash Collateral for funding obligations of such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 2.03</u>; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the applicable L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the

------

Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.17(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees; Default Interest</u>. That Defaulting Lender (x) shall not be entitled to receive any Unused Revolver Commitment Fee, Delayed Draw Term Loan Commitment Fee, 2020 Delayed Draw Term Loan Commitment Fee or 2021 Delayed Draw Term Loan Commitment Fee pursuant to <u>Section 2.09(a), (d), (e)</u> or <u>(f)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender), (y) shall not be entitled to receive any interest at the Default Rate pursuant to <u>Section 2.08(b)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such interest that otherwise would have been required to have been paid to that Defaulting Lender) and (z) shall be limited in its right to receive Letter of Credit Fees as provided in <u>Section 2.03(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Pro Rata Share to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.03</u>, the "Pro Rata Share" of each Non- Defaulting Lender's Revolving Loans and L/C Obligations shall automatically be computed without giving effect to the Commitment of that Defaulting Lender; *provided* that (i) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that Non-Defaulting Lender *minus* (2) the aggregate Outstanding Amount of the Loans of that Lender and (ii) each reallocation shall be given effect only to the extent it does not cause the Revolving Credit Exposure of the applicable Lender to exceed its Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Defaulting Lender Cure*. If the Borrowers, the Revolving Agent and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Revolving Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Revolving Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to <u>Section 2.17(a)(iv)</u>), whereupon that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees, or interest at the Default Rate pursuant to <u>Section 2.08(b)</u>, accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; *provided*, *further*, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time that there shall exist a Defaulting Lender, promptly upon the written request of the Revolving Agent (with respect to any or all Fronting Exposure) or the L/C Issuer (solely with respect to such Person's Fronting Exposure at such time), the Borrowers shall deliver to the Revolving Agent Cash Collateral in an amount sufficient to cover all such Fronting Exposure that has not been reallocated pursuant to <u>Section 2.17(a)(iv)</u> (after giving effect to any Cash Collateral provided by the Defaulting Lender). For purposes hereof, "**Cash Collateralize**" means to pledge and deposit with or deliver to the Revolving Agent, for the benefit of the relevant L/C Issuer and the Appropriate Lenders, as collateral for the L/C Obligations, Cash and Cash Equivalents (if reasonably acceptable to the Revolving Agent and the relevant L/C Issuer) or deposit account balances ("**Cash Collateral**") pursuant to documentation in form and substance reasonably satisfactory to the Revolving Agent and the relevant L/C Issuer (which documents are hereby consented to by the Appropriate Lenders) in an amount equal to 100% of such L/C Obligations or such lesser amount as the Revolving Agent may agree in its sole discretion. Derivatives of such term have corresponding meanings.

Section 2.18. <u>Co-Borrowers; New Guarantors</u>.

To the extent additional Restricted Subsidiaries are designated as "Borrowers" or "Guarantors" after the Closing Date pursuant to the terms of <u>Section 2.18(g)</u> below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower and each Guarantor accepts joint and several liability hereunder in consideration of the financial accommodations to be provided by the Administrative Agent or the Revolving Agent, as applicable, the Lenders and the L/C Issuers under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and Guarantor and in consideration of the undertakings of each Borrower and Guarantor to accept joint and several liability for the obligations of each Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower and each Guarantor shall be jointly and severally liable for the Secured Obligations with each Borrower and with each Guarantor, regardless of which Borrower actually receives the Loans hereunder or the amount of the Secured Obligations received or the manner in which the Administrative Agent or the Revolving Agent, as applicable, or any Lender accounts for the Secured Obligations on its books and records. Each Borrower's obligations with respect to Loans made to it, and each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder, with respect to Loans or L/C Obligations made to and other Secured Obligations owing by the Borrowers and Guarantors hereunder, shall be separate and distinct obligations, but all such obligations shall be primary obligations of each Borrower and Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower and Guarantor hereunder with respect to Loans made to, Letters of Credit issued on behalf of, and other Secured Obligations owing by the Borrowers and Guarantors hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (A) the validity or enforceability, avoidance or subordination of the obligations of any other Borrower or any Guarantor or of any promissory note or other document evidencing all or any part of the Secured Obligations of any other Borrower or any Guarantor, (B) the absence of any attempt to collect the Secured Obligations from any other Borrower, or Guarantor, any other guarantor, or any other security therefor, or the absence of any other action to enforce the same, (C) the waiver, consent, extension, forbearance or granting of any indulgence by any Agent or any Lender with respect to any provision of any instrument evidencing the obligations of any other Borrower or Guarantor, or any part thereof, or any other agreement now or hereafter executed by any other Borrower or any Guarantor and delivered to any Agent or any Lender, (D) the failure by any Agent or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the obligations of any other Borrower or any Guarantor, (E) any Agent's or any Lender's election, in any proceeding instituted under the Bankruptcy Code, of the application of Section

------

1111(b)(2) of the Bankruptcy Code of the United States, (F) any borrowing or grant of a security interest by any other Borrower or any Guarantor, as Debtor In Possession under Section 364 of the Bankruptcy Code of the United States, (G) the disallowance of all or any portion of any Agent's or any Lender's claim(s) for the repayment of the obligations of any other Borrower or any Guarantor under Section 502 of the Bankruptcy Code of the United States, or (H) any other circumstances which might constitute a legal or equitable discharge or defense of any other Borrower or any Guarantor. With respect to each Borrower's and each Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder with respect to Loans made to the Borrowers hereunder, such Borrower and Guarantor waives, until the Secured Obligations shall have been paid in full and this Agreement and the other Loan Documents shall have been terminated, any right to enforce any right of subrogation or any remedy which any Agent or any Lender now has or may hereafter have against such Borrower, any other Borrower or any Guarantor, and any benefit of, and any right to participate in, any security or collateral given to any Agent or any Lender to secure payment of the Secured Obligations or any other liability of any Borrower or any Guarantor to any Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuation of any Event of Default, the Agents and the Lenders may proceed directly and at once, without notice, against any Borrower or Guarantor to collect and recover the full amount, or any portion of the Secured Obligations, without first proceeding against any other Borrower, any Guarantor or any other Person, or against any security or collateral for the Secured Obligations. Each Borrower and Guarantor consents and agrees that the Agents and the Lenders shall be under no obligation to marshal any assets in favor of such Borrower, any other Borrower or any Guarantor or against or in payment of any or all of the Secured Obligations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Borrower or Guarantor hereunder would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability hereunder, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Borrower, any Loan Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After the Closing Date, TCFI may, at any time and from time to time, designate any Restricted Subsidiary that is a Domestic Subsidiary as a Borrower or a Guarantor by delivery to the Administrative Agent and the Revolving Agent of a Borrower Joinder Agreement or Guarantor Joinder Agreement executed by such Subsidiary and TCFI, together with other documentation and other information with respect to such additional Borrower or Guarantor required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act requested by any Agent or any Lender (and to the extent not theretofore delivered on the Closing Date or otherwise), and upon such delivery and satisfaction, such Subsidiary shall for all purposes of this Agreement and the other Loan Documents be a Borrower or Guarantor and a party to this Agreement. As soon as practicable upon receipt of a Borrower Joinder Agreement or Guarantor Joinder Agreement, as applicable, the Administrative Agent or the Revolving Agent, as applicable, shall furnish a copy thereof to each Appropriate Lender.

**ARTICLE III.** 

**<u>TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</u>** 

Section 3.01. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section 3.01</u>, any and all payments made by or on account of a Borrower (the term Borrower under <u>Article III</u> being deemed to include any Subsidiary for whose account a Letter of Credit is issued) or Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes. If a Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to any Recipient, (i) if the Tax in question is an Indemnified Tax or Other Tax, the sum payable by a Borrower or any Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this <u>Section 3.01</u>), each such Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall be entitled to make such deductions or withholdings, (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment (or, if receipts or evidence are not available within 30 days, as soon as practicable thereafter), if a Borrower or any Guarantor is the applicable withholding agent, it shall furnish to such Recipient (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay, or timely reimburse any Agent or any Lender at its option with respect to, any and all present or future stamp, court or documentary Taxes and any other excise, property, intangible or mortgage recording Taxes, imposed by any Governmental Authority, which arise from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document excluding, in each case, any such Tax imposed as a result of a Recipient's Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (other than as a result of an assignment or participation that is requested or required in writing by the Borrower pursuant to <u>Section 3.07</u>) (all Taxes described in this <u>Section 3.01(b)</u> being hereinafter referred to as "**Other Taxes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication of any obligation under <u>Section 3.01(a)</u> or <u>(b)</u>, each Borrower and each Guarantor agree to indemnify each Recipient for (i) the full amount of Indemnified Taxes and Other Taxes payable by such Recipient and (ii) any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the Governmental Authority;

------

 *provided* that any Recipient seeking indemnification pursuant to this <u>Section 3.01(c)</u> provides the Borrower the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to the Borrower. A certificate as to the amount of such payment or liability prepared in good faith and delivered by such Recipient (or by an Agent on behalf of such Recipient), accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Recipient shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by Law or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Recipient to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Recipient under the Loan Documents. Each such Recipient shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly and on or before the date such documentation expires, becomes obsolete or inaccurate to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other provision of this <u>Section 3.01(d)</u>, a Recipient shall not be required to deliver any form or other documentation pursuant to this <u>Section 3.01(d)</u> that would in such Recipient's reasonable judgment subject such Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Recipient. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the reasonably request of the Borrower or the Administrative Agent) two properly completed and duly signed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from federal backup withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A) a certificate substantially in the form of <u>Exhibit H-1</u> hereto that such Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of the Borrower within the meaning

------

of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (any such certificate in Exhibit H, a "**United States Tax Compliance Certificate**") and (B) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or has sold a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, Form W-8BEN, Form W-8BEN-E, a United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-3</u> or <u>H-4</u>, Form W-9 or any other required information from each beneficial owner, as applicable (*provided* that, if the Lender is a partnership and one or more beneficial owners of such Lender are claiming the portfolio interest exemption, the United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-2</u> may be provided by such Lender on behalf of such beneficial owner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Agent that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-9, certifying that such Agent is exempt from federal backup withholding. Each Agent that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI or Form W-8BEN-E with respect to payments received by it as a beneficial owner and, two executed copies of Internal Revenue Service Form W-8IMY (together with accompanying documentation) with respect to payments received by it on behalf of others, certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a United States person with respect to such payments (and the Borrower and such Agent agree to so treat such Agent as a United States person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a payment made to a Recipient under any Loan Document would be subject to withholding tax imposed under FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Laws and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Recipient has or has not

------

complied with such Person's obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section 3.01(e)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Recipient claiming any additional amounts payable pursuant to this <u>Section 3.01</u> shall use its reasonable efforts to mitigate or reduce the additional amounts payable, which reasonable efforts may include a change in the jurisdiction of its Lending Office or assignment of its rights and obligations hereunder to another of its offices, branches, or affiliates (or any other measures reasonably requested by the Borrower) if such a change or other measures would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole determination of such Recipient, result in any unreimbursed cost or expense or be otherwise disadvantageous to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund in respect of any Taxes as to which indemnification or additional amounts have been paid to it by a Loan Party pursuant to this <u>Section 3.01</u>, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by the Loan Party under this <u>Section 3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Recipient, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund net of any Taxes payable by any Agent or Lender on such interest); *provided* that the Loan Parties, upon the request of the Recipient, agree promptly to return such refund (*plus* any penalties, interest or other charges imposed by the relevant taxing authority) to such Recipient in the event such Recipient is required to repay such refund to the relevant taxing authority; *provided, further,* that in no event will any Recipient be required to pay any amount to a Loan Party pursuant to this paragraph (g) the payment of which would place such Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>Section 3.01(g)</u> shall not be construed to require any Recipient to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other Person.

Section 3.02. <u>Illegality</u>.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Term SOFR Rate Loans, or to determine or charge interest rates based upon the Term SOFR Rate, in each case after the Closing Date, then, on written notice thereof by such Lender to the Borrower, the Administrative Agent and the Revolving Agent, if applicable, any obligation of such Lender to make or continue Term SOFR Rate Loans or to convert Base Rate Loans to Term SOFR Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower , and the Revolving Agent, if applicable, that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall promptly, following written demand from such Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable, prepay or, if applicable, and such Loans are denominated in Dollars, convert all applicable Term SOFR Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term SOFR Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Term SOFR Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under <u>Section 3.05</u>. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

------

Section 3.03. <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this <u>Section 3.03</u>, if, on or prior to the first day of any Interest Period for any Term SOFR Rate Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent and Revolving Agent determine (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof (including, without limitation, because Term SOFR is not available or published on a current basis), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Required Lenders or Required Revolving Credit Lenders, as applicable, determine that for any reason in connection with any request for a Term SOFR Rate Loan or a conversion thereto or a continuation thereof that Term SOFR for any requested Interest Period does not adequately and fairly reflect the cost to such Lenders of making and maintaining such Loan, and the Required Lenders or Required Revolving Credit Lenders, as applicable, have provided notice of such determination to the Administrative Agent and Revolving Agent,

then, in each case, the Administrative Agent and Revolving Agent will promptly so notify the Borrower and each Lender.

Upon notice thereof by the Administrative Agent and Revolving Agent to the Borrower, (x) any obligation of the Lenders to make or maintain Term SOFR Rate Loans, and any right of the Borrower to continue Term SOFR Rate Loans or to convert Base Rate Loans to Term SOFR Rate Loans, shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Term SOFR Rate component of the Base Rate, the utilization of the Term SOFR Rate component in determining the Base Rate shall be suspended, in each case (to the extent of the affected Term SOFR Rate Loans or affected Interest Periods) until the Administrative Agent (acting at the direction of the Required Lenders) and Revolving Agent revoke such notice. Upon receipt of such notice, (i) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of Term SOFR Rate Loans (to the extent of the affected Term SOFR Rate Loans or affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans in the amount specified therein and (ii) any outstanding affected Term SOFR Rate Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted. Subject to this <u>Section 3.03</u>, if the Applicable Agent determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof on any given day, the interest rate on Base Rate Loans shall be determined by the Applicable Agent without reference to clause (c) of the definition of "Base Rate" until the Applicable Agent revokes such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Benchmark Replacement.</u> Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent (acting at the direction of the Required Lenders), the Revolving Agent, and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement (and the Lenders hereby (A) authorize and direct the Administrative Agent and Revolving Agent to execute and deliver any such amendment and (B) acknowledge and agree that the Administrative Agent and Revolving Agent shall be entitled to all of the exculpations, protections and indemnifications provided for in this Agreement in favor of the Administrative Agent and the Revolving Agent in executing and delivering any such amendment in which the Required Lenders are a signatory thereto). Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day

------

after the Administrative Agent and the Revolving Agent have posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent and the Revolving Agent have not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders and Required Revolving Credit Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <u>Section 3.03</u> will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benchmark Replacement Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent (acting at the direction of the Required Lenders) and the Revolving Agent will have the right to make Conforming Changes from time to time, in consultation with the Borrower, and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document (and the Lenders hereby (A) authorize and direct the Administrative Agent and the Revolving Agent to make any Conforming Changes (in accordance with the definition thereof) and to execute and deliver any amendments or modifications implementing such Conforming Changes, and (B) acknowledge and agree that the Administrative Agent and the Revolving Agent shall be entitled to all of the exculpations, protections and indemnifications provided for in this Agreement in favor of the Administrative Agent and the Revolving Agent in implementing such Conforming Changes and/or executing and delivering any such amendment or modification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent or the Revolving Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent and the Revolving Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to this <u>Section 3.03(d)</u> and (iv) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent (acting at the direction of the Required Lenders) and the Revolving Agent, pursuant to this <u>Section 3.03</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from the Lenders, except as expressly required pursuant to this <u>Section 3.03</u>.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Borrower may revoke any pending request for a Term SOFR Borrowing of, conversion to or continuation of Term SOFR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans and (ii) any outstanding affected Term SOFR Rate Loans will be deemed to have been converted to Base Rate Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent and the Revolving Agent shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the Term SOFR Rate (or any other applicable benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of (except as directed by the Required Lenders or Required Revolving Credit Lenders, as applicable), any termination date relating to the Term SOFR Rate, (ii) to select determine or designate any alternative rate, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any other modifier to any alternative rate or (iv) to determine whether or what alternative rate changes are necessary or advisable, if any, in connection with any of the foregoing. The Administrative Agent and the Revolving Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the Term SOFR Rate (or any other applicable benchmark) and absence of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of the Required Lenders or Required Revolving Credit Lenders, as applicable, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. The Administrative Agent and the Revolving Agent do not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to any alternate replacement index to the Term SOFR Rate, including without limitation, whether the composition or characteristics of any such alternate replacement index to the Term SOFR Rate will be similar to, or produce the same value or economic equivalence of, the Term SOFR Rate or have the same volume or liquidity as did the Term SOFR Rate prior to its discontinuance or unavailability.

Section 3.04. <u>Increased Cost and Reduced Return; Capital Adequacy; Term SOFR Rate Loan Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender reasonably determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each case after the Closing Date, or such Lender's compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Term SOFR Rate Loans or (as the case may be) issuing or participating in Letters of Credit, a reduction in the amount received or receivable by such Lender in connection with any of the foregoing, or subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (excluding for purposes of this <u>Section 3.04(a)</u> any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes, (ii) any Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, (iii) Connection Income Taxes or (iv) reserve requirements contemplated by <u>Section 3.04(c)</u>) and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining the Term SOFR Rate Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of any sum received or receivable by such Lender, then from time to time within 15 Business Days after written demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the

------

Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender reasonably determines that the introduction of any Law regarding capital adequacy or liquidity requirements or any change therein or in the interpretation thereof, in each case after the Closing Date, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender's obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender's desired return on capital), then from time to time promptly following written demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction within 15 Business Days after receipt of such demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent not otherwise included in the determination of the Term SOFR Rate, each Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Term SOFR funds or deposits, additional interest on the unpaid principal amount of each applicable Term SOFR Rate Loan of such Borrower equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of any Term SOFR Rate Loans of such Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest is payable on such Loan; *provided* that such Borrower shall have received at least 15 Business Days' prior written notice (with a copy to the Administrative Agent and the Revolving Agent, if applicable) of such additional interest or cost from such Lender. If a Lender fails to give notice 15 Business Days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable 15 Business Days from receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section 3.04</u> shall not constitute a waiver of such Lender's right to demand such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender requests compensation under this <u>Section 3.04</u>, then such Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan or Letter of Credit affected by such event or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates; *provided* that such efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; *provided*, *further*, that nothing in this <u>Section 3.04(e)</u> shall affect or postpone any of the Secured Obligations of the Borrowers or the rights of such Lender pursuant to <u>Section 3.04(a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u>.

------

Section 3.05. <u>Funding Losses</u>.

Promptly following written demand of any Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (excluding loss of profits) actually incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Term SOFR Rate Loan of such Borrower on a day other than the last day of the Interest Period for such Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Term SOFR Rate Loan of such Borrower on the date or in the amount notified by such Borrower;

including, in the case of clauses <u>(a)</u> and <u>(b)</u>, any loss or expense (excluding loss of profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

Section 3.06. <u>Matters Applicable to All Requests for Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Recipient claiming compensation under this <u>Article III</u> shall deliver a certificate to the Borrower (with a copy to the Administrative Agent and the Revolving Agent, if applicable) setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Recipient may use any reasonable and customary averaging and attribution methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Recipient's claim for compensation under <u>Section 3.01</u>, <u>3.02</u>, <u>3.03</u>, <u>3.04</u> or <u>3.05</u>, the Borrowers shall not be required to compensate such Recipient for any amount incurred if such Lender notifies the Borrower of the event that gives rise to such claim more than 180 days after such event; *provided*, that if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Recipient requests compensation by the Borrowers under <u>Section 3.04</u>, the Borrowers may, by notice to such Recipient (with a copy to the Administrative Agent and the Revolving Agent, if applicable), suspend the obligation of such Recipient to make or continue from one Interest Period to another applicable Term SOFR Rate Loan, or, if applicable, to convert Base Rate Loans into Term SOFR Rate Loan, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of <u>Section 3.06(c)</u> shall be applicable); *provided* that such suspension shall not affect the right of such Recipient to receive the compensation so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the obligation of any Lender to make or continue any Term SOFR Rate Loan, or to convert Base Rate Loans into Term SOFR Rate Loans shall be suspended pursuant to <u>Section 3.06(b)</u> hereof, such Lender's applicable Term SOFR Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day(s) of the then current Interest Period(s) for such Term SOFR Rate Loans (or, in the case of an immediate conversion required by <u>Section 3.02</u>, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to such conversion no longer exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such Lender's Term SOFR Rate Loans have been so converted, all payments and prepayments of principal that would otherwise be applied to such Lender's applicable Term SOFR Rate Loans shall be applied instead to its Base Rate Loans; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Term SOFR Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted into Term SOFR Rate Loans shall remain as Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender gives notice to the Borrowers (with a copy to the Administrative Agent and the Revolving Agent, if applicable) that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to the conversion of any of such Lender's Term SOFR Rate Loans pursuant to this <u>Section 3.06</u> no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Term SOFR Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such Lender's Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Term SOFR Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Term SOFR Rate Loans under such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments for the applicable Facility.

Section 3.07. <u>Replacement of Lenders under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time (i) any Borrower becomes obligated to pay additional amounts or indemnity payments described in <u>Section 3.01</u> or <u>3.04</u> as a result of any condition described in such Sections or any Lender ceases to make any Term SOFR Rate Loans as a result of any condition described in <u>Section 3.02</u> or <u>3.04</u> or requires any Borrower to pay additional amounts as a result thereof, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender (including by virtue of such Lender refusing to make an Extension Election pursuant to <u>Section 2.16</u>, a Refinancing Amendment pursuant to <u>Section 2.15</u> or a Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan pursuant to <u>Section 10.01</u>), then the Borrower may, on written notice to the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to <u>Section 10.07(b)</u> (so long as the assignment fee is paid in such instance) all of its rights and obligations under this Agreement (which, in the case of <u>clause (iii)</u>, shall only apply in respect of any applicable Facility to which the consent, waiver or amendment in question relates and not to any other Facility hereunder) to one or more Eligible Assignees; *provided* that neither the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; *provided*, *further*, that (A) in the case of any such assignment resulting from a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents, (y) terminate the Commitment of such Lender or L/C Issuer, as the case may be, and/or (z) in the case of such Lender (other than an L/C Issuer), repay all Obligations of the Borrowers due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of an L/C Issuer, repay all Obligations of the Borrowers owing to such L/C Issuer relating to the Loans and participations held by such L/C Issuer as of such termination date and cancel or back-stop on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; *provided* that (I) in the case of any such termination of the Revolving Credit Commitment of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders after giving effect hereto) to cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and (II) such termination shall be in respect of any applicable facility (and not all Facilities hereunder).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender being replaced pursuant to <u>Section 3.07(a)</u> above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's applicable Commitment and outstanding Loans and participations in L/C Obligations in respect thereof, and (ii) deliver any Notes evidencing such Loans to the Borrowers or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans). Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitment and outstanding Loans and participations in L/C Obligations, (B) all obligations of the Borrowers owing to the assigning Lender relating to the Loans, Commitments and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Lender does not execute and deliver to the Administrative Agent and the Revolving Agent, if applicable, a duly executed Assignment and Assumption reflecting such replacement within five Business Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to such Lender, then such Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Lender. Notwithstanding the foregoing, in addition if a Non-Consenting Lender is being replaced in connection with any Extension Amendment, Refinancing Amendment, Permitted Repricing Amendment or amendment effecting a Replacement Term Loan, the Borrower shall have the option, with the consent of the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and subject to advance notice (which notice may be rescinded if the Refinancing or replacement transaction contemplated in such notice is not consummated) to such Non-Consenting Lenders, in lieu of execution of an Assignment and Assumption as otherwise provided for in this clause (b), effect such assignment by purchasing any such Non-Consenting Lender's Loans (which shall be automatically cancelled upon consummation of such acquisition) and unfunded Commitments at par plus any amount required to be paid pursuant to <u>Section 2.05(d)</u> (solely for failure to consent to a Repricing Transaction) (allocated among the applicable Lenders in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon (and, if applicable, any amounts payable pursuant to clause (e) of this Section). By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained above, any Revolving Credit Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder, unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a back-stop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or Cash Collateral) have been made in respect of such outstanding Letters of Credit and the Lender that acts as the Revolving Agent may not be replaced hereunder except in accordance with the terms of <u>Section 9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that (i) the Borrower or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan, (ii) the consent, waiver or amendment in question requires the agreement of each affected Lender or each Lender of a Class in accordance with the terms of <u>Section 10.01</u> or each directly and adversely affected Lender and (iii) the Required Lenders (or, in lieu of the

------

Required Lenders, in the case of a consent, waiver or amendment involving all of a directly and adversely affected Class of Lenders (including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan), at least 50.1% (in dollar amount) of such Class (in lieu of any requirement to obtain the consent of the Required Lenders)) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> above the Borrower shall pay to such replaced Lender the prepayment premium required to be paid pursuant to <u>Section 2.05(d)</u> only if applicable at the time replaced in respect of the aggregate principal amount of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans held by such replaced Lender immediately prior to such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This <u>Section 3.07</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 3.08. <u>Survival</u>.

Each party's obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments and repayment of all other Secured Obligations hereunder.

**ARTICLE IV.** 

**<u>CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</u>** 

Section 4.01. <u>Conditions to Initial Credit Extension</u>.

The obligation of each Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction (or waiver) of the following conditions precedent, except as otherwise agreed between the Borrower and the Commitment Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent's receipt of the following, each of which shall be original, pdf or facsimile copies or delivered by other electronic method (followed promptly by originals) unless otherwise specified, properly executed by a Responsible Officer of the signing Loan Party, and in customary form and substance and consistent with the provisions of the Commitment Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Committed Loan Notice in accordance with the requirements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) counterparts of this Agreement executed by Holdings, the Borrower and each of the Subsidiary Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Revolving Credit Note executed by the Borrowers in favor of each Revolving Credit Lender and a Term Note executed by the Borrowers in favor of each Term Lender that has requested a Term Note at least three Business Days in advance of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Collateral Document and each other document set forth in <u>Schedule 1.01B</u> required to be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party party thereto, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if required pursuant to the terms of the relevant Collateral Documents, certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments, if any, evidencing the Pledged Debt indorsed in blank; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of good standing (to the extent such concept exists in the relevant jurisdiction) from the applicable secretary of state of the state of organization of each Loan Party, certificates of resolutions or other corporate or limited liability company action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) opinions from (A) Kirkland & Ellis LLP, New York counsel to the Loan Parties, (B) Holland & Knight LLP, North Carolina and Florida counsel to the Loan Parties and (C) Ballard Spahr LLP, Maryland counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (immediately after giving effect to the Transactions) substantially in the form attached hereto as <u>Exhibit D-2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate stating that the conditions set forth in Section 4.01 (b), and (g) (in the case of clause (g), as to the Specified Representations) have been satisfied.

*provided* that each of the requirements set forth in <u>clause (iv)</u> above, including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement (except to the extent that the provision of a guarantee from TCFI or any of its Subsidiaries and/or the creation or perfection of a Lien on the Collateral cannot be provided (other than a Lien on such Collateral that may be perfected solely (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates or other certificates, if any, of the Equity Interests of the Borrower to the extent (i) possession of such stock certificates or other certificates perfects a security interest therein and (ii) other than in the case of stock certificates or other equity certificates representing Equity Interests of the Borrower (after giving effect to the Acquisition), such stock certificates or other certificates have been received from the Seller after the Borrower's use of commercially reasonable efforts to receive such documents and instruments)) shall not constitute conditions precedent to any Credit Extension on the Closing Date after the Borrower's use of commercially reasonable efforts to provide such items on or prior to the Closing Date or without undue burden or expense if the Borrower agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within five (5) Business Days with regards to a guarantee from TCFI or its Subsidiaries, and, in all other cases 90 days after the Closing Date (subject to extensions approved by the Required Lenders in their reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to or substantially concurrently with the initial Borrowing on the Closing Date, the Initial Borrower shall have received the Equity Contribution (to the extent not otherwise applied to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Substantially concurrently with the initial Borrowing on the Closing Date, the Refinancing shall have been consummated and all security interests and guarantees in connection therewith shall have been terminated and released. Substantially concurrently with the initial Borrowing on the Closing Date,

------

the Acquisition shall be consummated in all material respects in accordance with the terms of the Purchase Agreement, without giving effect to any other amendments or modifications to the provisions thereof or express waivers or consents thereto by the Borrower that, in each case, are materially adverse to the interests of the Lenders without the consent of the Lenders, such consent not to be unreasonably withheld, conditioned or delayed (it being understood and agreed that (i) any of the following decreases in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders (x) decreases pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement, as in effect on the date hereof (y) decreases of less than twenty percent (20%) in the aggregate and (z) decreases to the extent they are applied first, to reduce the Equity Contribution to a percentage not less than the minimum percentage set forth in the definition of "Equity Contribution" and second, to reduce the amount of the Initial Term Commitments and the Equity Contribution on a pro rata basis, (ii) any increase in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders so long as funded with proceeds of common equity or preferred equity that does not constitute Disqualified Equity Interests, the Initial Revolving Borrowing or cash on hand at TCFI and its Subsidiaries and (iii) any adverse modification to the definition of "Material Adverse Effect" (as defined therein) without the prior written consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned) shall be deemed to be materially adverse to the interests of the Commitment Parties); provided that in each case the Commitment Parties shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within 3 business days of receipt of written notice of such modification, amendment, consent or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of the Purchase Agreement, there shall not have been any "Material Adverse Effect" (as defined in the Purchase Agreement as of February 18, 2020).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) So long as requested at least ten (10) business days prior to the Closing Date, (x) each Agent and each Lender shall have received, at least three (3) business days prior to the Closing Date, all documentation and other information with respect to Borrowers and the Guarantors that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and (y) each Loan Party shall deliver, at least three (3) business days prior to the Closing Date, to each Agent and each Commitment Party a Beneficial Ownership Certification, in form and substance reasonably requested by such Commitment Party, duly authorized, executed and delivered by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All fees and expenses required to be paid hereunder and invoiced at least three Business Days before the Closing Date shall have been paid (or shall be paid substantially contemporaneously with the initial fundings under the Facilities) from the proceeds of the initial fundings under the Facilities, including fees pursuant to the Commitment Letter and the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Specified Representations shall be true and correct in all material respects (or, in the case of any such representation or warranty that is already qualified by or subject to a "Material Adverse Effect" or similar term or qualification, in all respects) on and as of the Closing Date; *provided* that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; *provided, further*, that any references to Material Adverse Effect in the Specified Representations shall be deemed to be references to "Material Adverse Effect" (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The representations and warranties made by or with respect to TCFI in the Purchase Agreement that are material to the interests of the Lenders shall be true and correct in all material respects, but only to the extent that the Borrower or its applicable affiliates have the right (determined without regard to any notice provisions but taking into account any applicable cure provisions) to terminate their obligations under the Purchase Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties (such representations and warranties, the "<u>Specified Purchase Agreement Representations</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent and the Revolving Agent shall have received the Annual Financial Statements and the Interim Financial Statements.

Without limiting the generality of the provisions of <u>Section 9.03(b)</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement or accepts an assignment of Loans or Commitments on or after the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent or the Revolving Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 4.02. <u>Conditions to All Credit Extensions after the Closing Date</u>.

The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to satisfaction or waiver of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of each Loan Party set forth in <u>Article V</u> and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; <u>provided</u>, that in the case of a Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, the condition in this Section 4.02(a) shall be limited to the Specified Representations being true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such Specified Representations expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom (or, in the case of any Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Delayed Draw Term Loans, such 2020 Delayed Draw Term Loans or such 2021 Delayed Draw Term Loans are actually funded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent or the Revolving Agent, as applicable, and, if applicable, the relevant L/C Issuers shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) submitted by any Borrower after the Closing Date shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension (or on the LCT Test Date, if applicable).

Notwithstanding anything in this <u>Section 4.02</u> to the contrary, (i) the effectiveness of any Incremental Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.14(d)</u> and

------

to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Incremental Amendment, (ii) the effectiveness of any Refinancing Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.15(b)</u> and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment, (iii) the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.16(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Extension Amendment and (iv) the effectiveness of any amendment with respect to Replacement Term Loans shall be subject only to the conditions precedent set forth in <u>Section 4.02(a)</u>, the absence of any Event of Default and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment.

Section 4.03. <u>Additional Conditions to the Delayed Draw Term Loans</u>.

The obligation of each Delayed Draw Lender to honor any Request for Credit Extension that is a Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such Delayed Draw Term Loans being requested to be borrowed on any Delayed Draw Funding Date, together with the original principal amount of any Delayed Draw Term Loans previously funded, shall not exceed the Delayed Draw Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.00 to 1.00 for any Delayed Draw Term Loan incurred during the first full four Fiscal Quarters after the Closing Date and 4.50 to 1.00 on any date of incurrence thereafter.

Section 4.04. <u>Additional Conditions to the 2020 Delayed Draw Term Loans</u>.

The obligation of each 2020 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2020 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such 2020 Delayed Draw Term Loans being requested to be borrowed on any 2020 Delayed Draw Term Loan Funding Date, together with the original principal amount of any 2020 Delayed Draw Term Loans previously funded, shall not exceed the 2020 Delayed Draw Term Loan Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such 2020 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such 2020 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.50 to 1.00 for any 2020 Delayed Draw Term Loan incurred on or prior to June 30, 2021, and 5.00 to 1.00 on any date of incurrence thereafter; provided that with respect to any Borrowing of the 2020 Delayed Draw Term Loans on the Amendment No. 1 Effective Date, the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) shall not exceed 5.25 to 1.00.

------

Section 4.05. <u>Additional Conditions to the 2021 Delayed Draw Term Loans</u>.

The obligation of each 2021 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2021 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such 2021 Delayed Draw Term Loans being requested to be borrowed on any 2021 Delayed Draw Term Loan Funding Date, together with the original principal amount of any 2021 Delayed Draw Term Loans previously funded, shall not exceed the 2021 Delayed Draw Term Loan Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such 2021 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such 2021 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 6.00 to 1.00 for any 2021 Delayed Draw Term Loan incurred on or prior to May 7, 2022, and 5.50 to 1.00 on any date of incurrence thereafter.

**ARTICLE V.** 

**<u>REPRESENTATIONS AND WARRANTIES</u>** 

Holdings, the Borrower and each of the Subsidiary Guarantors party hereto represent and warrant to the Agents and the Lenders at the time of each Credit Extension (to the extent required to be made for such Credit Extension pursuant to <u>Article IV</u>; *provided* that, for purposes of the initial Credit Extensions on the Closing Date, such representations and warranties shall be limited to the Specified Representations) that:

Section 5.01. <u>Existence, Qualification and Power; Compliance with Laws</u>.

Each Loan Party and each Restricted Subsidiary that is a Material Subsidiary (a) is a Person duly incorporated, organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, organization or formation to the extent such concept exists in such jurisdiction, (b) in the case of the Loan Parties, has all requisite organizational power and authority to execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case, referred to in <u>clauses (a)</u> (other than with respect to the Borrower), <u>(c)</u>, <u>(d)</u> or <u>(e)</u>, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

------

Section 5.02. <u>Authorization; No Contravention</u>.

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such Person's Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by <u>Section 7.01</u>), or require any payment to be made under) (x) any Contractual Obligation to which such Person is a party or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; except with respect to any violation, conflict, breach or contravention or payment (but not creation of Liens) referred to in <u>clauses (ii)</u> and <u>(iii)</u>, to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

Section 5.03. <u>Governmental Authorization</u>.

No material approval, consent, exemption, authorization, or other action by, notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, the perfection (if and to the extent required by the Collateral and Guarantee Requirement) or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) approval, consent, exemption, authorization, or other action by, or notice to, or filing necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (or release existing Liens) under applicable U.S. law, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in be in full force and effect pursuant to the Collateral and Guarantee Requirement), (iii) filings pursuant to the Assignment of Claims Act of 1940, as amended from time to time (31 U.S.C. § 3727 et seq.), in respect of Accounts and contracts of the Borrower and its Subsidiaries, the obligor in respect of which is the United States of America or any department, agency or instrumentality thereof or (iv) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

Section 5.04. <u>Binding Effect</u>.

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties or (iii) the effect of foreign Laws, rules and regulations as they relate to the granting of security interests in assets of, and pledges of Equity Interests in or Indebtedness owed by, Foreign Subsidiaries (<u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, the "**Enforcement Qualifications**").

Section 5.05. <u>No Material Adverse Effect</u>.

Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

------

Section 5.06. <u>Litigation</u>.

Except as set forth in <u>Schedule 5.06</u>, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues (other than actions, suits, proceedings and claims in connection with the Transactions) that have a reasonable likelihood of adverse determination and such determination either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

Section 5.07. <u>Ownership of Real Property; Liens</u>.

<u>Schedule 5.07</u> hereto sets forth all Real Property owned by the Borrower and each of its Restricted Subsidiaries as of the Closing Date (including whether or not any such Real Property constitutes a Material Real Property). The Borrower and each of its Restricted Subsidiaries has good and marketable fee simple title to, or valid leasehold interests in, or valid easements or other rights to use in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except (a) defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes, (b) Liens permitted by <u>Section 7.01</u> or (c) where the failure to have such title could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.08. <u>Environmental Matters</u>.

Except as specifically disclosed in <u>Schedule 5.08</u> or except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party is in material compliance with all Environmental Laws, which includes obtaining and maintaining all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loan Parties have not received any written notice that alleges any of them is in violation of or potentially liable under any Environmental Laws and none of the Loan Parties nor any of the Real Property is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened in writing, under any Environmental Law or to revoke or modify any Environmental Permit held by any of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities owned, operated or leased by any of the Loan Parties, or, to the knowledge of the Borrower, Real Property formerly owned, operated or leased by any Loan Party or arising out of the conduct of the Loan Parties that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup or could reasonably be expected to result in the any Loan Party incurring liability under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there are no facts, circumstances or conditions arising out of or relating to the operations of the Loan Parties or Real Property or facilities owned, operated or leased by any of the Loan Parties or, to the knowledge of the Borrower, any Real Property or facilities formerly owned, operated or leased by the Loan Parties that could reasonably be expected to result in any Loan Party incurring liability under Environmental Laws.

Section 5.09. <u>Taxes</u>.

Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Restricted Subsidiaries have timely filed all tax

------

returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, income, profits or assets, that are due and payable (including in their capacity as a withholding agent), except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. To the knowledge of the Loan Parties, there is no proposed Tax deficiency or assessment against the Loan Parties that, if made would, individually or in the aggregate, have a Material Adverse Effect.

Section 5.10. <u>ERISA Compliance</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due under Section 4007 of ERISA), including on account of an ERISA Affiliate; (iii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability, including on account of an ERISA Affiliate (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party, Restricted Subsidiary nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA; except, with respect to each of the foregoing clauses of this <u>Section 5.10(b)</u>, as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

Section 5.11. <u>[Reserved]</u>.

Section 5.12. <u>Margin Regulations; Investment Company Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation T, U or X of the Board of Governors of the United States Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Borrower, Holdings or any of their Restricted Subsidiaries is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

Section 5.13. <u>Disclosure</u>.

As of the Closing Date, no written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party on or prior to the Closing Date concerning Holdings and (to the knowledge of the Initial Borrower with respect to information of TCFI and its Subsidiaries prior to the Closing Date) the Initial Borrower and its Subsidiaries or the Transactions (other than projected financial information, *pro forma* financial information, budgets, estimates, other forward-looking statements and information of a general economic or industry nature) to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement on or prior to the Closing Date (as modified or supplemented by other information so furnished) when taken as a whole and as supplemented contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to written projected financial information and *pro* 

------

 *forma* financial information furnished by or on behalf of the Initial Borrower on or prior to the Closing Date concerning Holdings, the Borrower and its Subsidiaries or the Transactions, the Initial Borrower represents that, as of the Closing Date, such written information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was furnished, it being understood that such projected financial information and *pro forma* financial information are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries, and that actual results may vary from such forecasts and that such variations may be material and that no assurance can be given that the projected results will be realized. 

Section 5.14. <u>Labor Matters</u>.

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) within the past three (3) years, hours worked by and payment made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws dealing with such matters; and (c) within the past three (3) years, all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party.

Section 5.15. <u>Intellectual Property; Licenses, Etc.</u>

The Borrower and its Restricted Subsidiaries own, or license or possess the right to use, all Intellectual Property that is reasonably necessary for the operation of their respective businesses as currently conducted, except to the extent the failure to own, or license or possess the right to use, such Intellectual Property, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower and its Restricted Subsidiaries as currently conducted (including the use of Intellectual Property) does not infringe upon any Intellectual Property held by any Person, except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual Property owned by Borrower or its Restricted Subsidiaries, is pending or, to the knowledge of the Borrower, threatened against any Loan Party or any of the Restricted Subsidiaries (other than office actions issued in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual Property, which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect).

All registrations listed in Section II.B of the Perfection Certificate are valid and in full force and effect, except, in each case, to the extent failure to be valid or in full force and effect could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.16. <u>Solvency</u>.

On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

Section 5.17. <u>[Reserved]</u>.

Section 5.18. <u>USA Patriot Act; OFAC; FCPA</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) None of Holdings, the Borrower, any Restricted Subsidiary nor, to the knowledge of the Borrower, any director or officer of Holdings, the Borrower or any Restricted Subsidiary is the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") and (ii) the Borrower will not, directly or knowingly indirectly (x) use the proceeds of the Loans or (y) otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person, that is the subject of any U.S. sanctions administered by OFAC, or in any country that is the subject of comprehensive U.S. sanctions administered by OFAC, except to the extent licensed or otherwise approved or exempted by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No part of the proceeds of the Loans will be used by Holdings or its Subsidiaries, directly or knowingly indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>").

Section 5.19. <u>Security Documents.</u>

Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents (including the delivery to the Collateral Agent of any Pledged Debt and any Pledged Equity required to be delivered pursuant hereto or pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, a legal, valid, enforceable and perfected Lien on all right, title and interest of the respective Loan Parties in the Collateral described therein (to the extent that a Lien may be perfected by such filings and other actions) subject to the Enforcement Qualifications and Liens permitted by <u>Section 7.01</u>.

Notwithstanding anything herein (including this <u>Section 5.19</u>) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest (other than with respect to those pledges and security interests (if any) made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary) in any Equity Interests or assets of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law, (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or (C) on the Closing Date and until required pursuant to <u>Section 6.13</u> or <u>4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>), the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge or security interest to the extent not required on the Closing Date pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>).

**ARTICLE VI.** 

**<u>AFFIRMATIVE COVENANTS</u>** 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent obligations not yet due and owing) hereunder which is accrued and payable shall remain

------

unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then after the Closing Date, Holdings (solely in the case of <u>Sections 6.05</u>, <u>6.11</u> and <u>6.13</u>) and the Borrower shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u> and <u>6.03</u>) cause each of its respective Restricted Subsidiaries to:

Section 6.01. <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 150 days after the end of the fiscal year ending on December 31, 2020 and 135 days after the end of each subsequent fiscal year, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders' equity and cash flows for such fiscal year, setting forth in each case beginning with the financial statements for the fiscal year ending on December 31, 2021 in comparative form the figures for the previous fiscal year, all in reasonable detail (together with, in all cases, customary management discussion and analysis) and prepared in accordance with GAAP (except as noted therein), audited and accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Agents (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 45 days (or 60 days in the case of the fiscal quarters ending on June 30, 2020, September 30, 2020 and March 31, 2021) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower beginning with the Fiscal Quarter ending on June 30, 2020, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the fiscal year then ended, setting forth, in each case beginning with the fiscal quarter ending on March 31, 2021, in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail (together with, in all cases, beginning with the fiscal quarter ending on March 31, 2021, customary management discussion and analysis) and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP (except as noted therein), subject only to normal year-end audit adjustments and the absence of footnotes; *provided* that, any change in GAAP (or relevant pronouncements) or in the application thereof (including through conforming changes made consistent with IFRS) shall not be required to be reflected in the financial statements delivered pursuant to this <u>Section 6.01(b)</u> until after such changes are reflected in the audited financial statements most recently delivered pursuant to <u>Section 6.01(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to a Qualified IPO, deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, no later than 150 days after the end of the fiscal year ending on December 31, 2020 and within 135 days after the end of each subsequent fiscal year, a detailed consolidated budget for the following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the "**Projections**"), which

------

Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by the Borrower to be reasonable at the time such Projections were furnished, it being understood that such Projections are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies many of which are beyond the control of the Borrower and its Restricted Subsidiaries, and that actual results may vary from such Projections and that such variations may be material and that no assurance can be given that the projected results will be realized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deliver to the Administrative Agent and the Revolving Agent with each set of consolidated financial statements referred to in <u>Sections 6.01(a)</u> and <u>6.01(b)</u>, the related consolidating financial information reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which are not required to be audited and may be in footnote form only) from such consolidated financial information.

Notwithstanding the foregoing, the obligations in <u>Sections 6.01(a)</u> and <u>(b)</u> may be satisfied with respect to financial information of the Borrower and its Restricted Subsidiaries by furnishing (I) the applicable financial statements of Holdings (or any direct or indirect parent of the Borrower) or (II) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable filed with the SEC; *provided* that, with respect to <u>clauses (I)</u> and <u>(II)</u>, (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under <u>Section 6.01(a)</u>, such materials are accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Administrative Agent and the Revolving Agent (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>)).

Any financial statement required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> shall not be required to include purchase accounting or recapitalization accounting adjustments relating to the Transactions or any Permitted Acquisition or other permitted Investment to the extent it is not practicable to include them.

Documents required to be delivered pursuant to <u>Sections 6.01</u> and <u>6.02(a)</u> through <u>(d)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the website address listed on <u>Schedule 10.02</u>; or (ii) on which such documents are posted on the Borrower's behalf on IntraLinks or another relevant website, if any, to which each Lender and each Agent have access; *provided* that (i) upon written request by the Administrative Agent or the Revolving Agent, the Borrower shall deliver paper copies of such documents to such Agent for further distribution to each Appropriate Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent and the Revolving Agent of the posting of any such documents and provide to such Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Notwithstanding anything contained herein, in every instance, the Borrower shall be required to provide

------

paper copies of the Compliance Certificates required by <u>Section 6.02(a)</u> to the Administrative Agent and the Revolving Agent (which may be electronic copies delivered via electronic mail). Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Agents and maintaining its copies of such documents.

The Borrower hereby acknowledges that the Agents will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on IntraLinks or another similar electronic system (the "**Platform**").

Section 6.02. <u>Certificates; Other Information</u>.

Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings, the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent and the Revolving Agent pursuant to any other clause of this <u>Section 6.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) together with the delivery of each Compliance Certificate pursuant to <u>Section 6.02(a)</u>, (i) a description of each event, condition or circumstance during the last fiscal year covered by such Compliance Certificate requiring a mandatory prepayment under <u>Section 2.05(b)</u> (to the extent notice of such event, condition or circumstance has not been previously furnished to the Administrative Agent), (ii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate (to the extent that there have been any changes in the identity or status as a Restricted Subsidiary or Unrestricted Subsidiary of any such Subsidiaries since the Closing Date or the most recent list provided) and (iii) a list of any additional registrations of Intellectual Property constituting Collateral of all Grantors (as defined in the Security Agreement) for such fiscal year not previously disclosed to the Administrative Agent and the Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly following any request therefor, (i) such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as any Agent or any Lender through the Administrative Agent or the Revolving Agent may from time to time reasonably request and (ii) solely in connection with the designation of a new Borrower pursuant to Section 2.18(f) information and documentation reasonably requested by any Agent or any Lender through the Administrative Agent or the Revolving Agent for purposes of compliance with applicable "know your customer" requirements under the PATRIOT Act or other applicable anti-money laundering laws.

In no event shall the requirements set forth in <u>Section 6.02(d)</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade

------

secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.03. <u>Notices</u>.

Promptly after a Responsible Officer of the Borrower or any Subsidiary Guarantor has obtained knowledge thereof, notify each Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Event of Default (except to the extent the Administrative Agent or the Collateral Agent shall have previously furnished to the Borrower written notice of such Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the occurrence of an ERISA Event which could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to be adversely determined and, if so determined, could reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the occurrence of any environmental contamination or violation that could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this <u>Section 6.03</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to <u>Section 6.03(a)-(d)</u> (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. In no event shall the requirements set forth in <u>Section 6.03</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.04. <u>Payment of Taxes</u>.

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of material Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent (a) any such Tax is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (b) the failure to pay or discharge the same would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.05. <u>Preservation of Existence, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of <u>Section 6.05(a)</u> (other than with respect to the Borrower) or this <u>Section 6.05(b)</u>, to the extent (i) that failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by <u>Article VII</u>.

Section 6.06. <u>Maintenance of Properties</u>.

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect (a) all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted and (b) all of the Intellectual Property owned by it that are necessary, as reasonably determined in the Borrower's business judgment, for the operation of its business as currently conducted.

Section 6.07. <u>Maintenance of Insurance</u>.

Maintain with insurance companies that the Borrower believes (in the good faith judgment of its management) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons. The Borrower shall provide to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent: (i) not later than 10 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Collateral Agent shall reasonably agree), in the case of insurance obtained after the Closing Date), (x) evidence that adequate insurance required to be maintained under this Agreement (including without limitation, casualty and liability insurance, but excluding business interruption insurance, director and officer insurance and worker's compensation insurance and other policies as agreed by the Required Lenders in their reasonable discretion) is in full force and effect and (y) insurance certificates issued by the Loan Parties' insurance broker containing such information regarding such insurance policies as the Collateral Agent or the Required Lenders shall reasonably request and naming the Collateral Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (ii) not later than 45 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Required Lenders shall reasonably agree), in the case of casualty and liability insurance obtained after the Closing Date), loss payable endorsements that name the Collateral Agent, on behalf of the Secured Parties, as loss payee thereunder. If the improvements on any Mortgaged Property are at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then, to the extent required by applicable Flood Insurance Laws, the Borrower shall, or shall cause each Loan Party to, as promptly as reasonably practicable, (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount reasonably satisfactory to the Required Lenders and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Collateral Agent evidence of such compliance.

------

Section 6.08. <u>Compliance with Laws</u>.

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property (including, without limitation USA Patriot Act, OFAC and FCPA), except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.09. <u>Books and Records</u>.

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries may maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).

Section 6.10. <u>Inspection Rights</u>.

Permit representatives and independent contractors of each of the Administrative Agent and the Revolving Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants' customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower, it being agreed that, while the provisions of this <u>Section 6.10</u> are for the benefit of the Agents and the Lenders, only the Administrative Agent and the Revolving Agent on behalf of the Lenders may exercise rights under this <u>Section 6.10</u>; *provided* that each such Agent shall not exercise such rights more often than one time during any calendar year and such time shall be at the Borrower's expense; *provided*, *further*, that during the continuation of an Event of Default, any such Agent (or any of its respective representatives or independent contractors), on behalf of the Lenders, may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Applicable Agent shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. Notwithstanding anything to the contrary in this <u>Section 6.10</u>, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or any Contractual Obligation (not created in contemplation thereof) or (c) is subject to attorney-client or similar privilege or constitutes attorney work product.

Section 6.11. <u>Additional Collateral; Additional Guarantors</u>.

At the Borrower's expense, subject to the terms, conditions and provisions of the Collateral and Guarantee Requirement and any applicable limitation in any Collateral Document, take all action necessary or reasonably requested by the Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the formation or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary) by any Loan Party or the designation in accordance with <u>Section 6.14</u> of any existing direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary (in each case, other than an Excluded

------

Subsidiary) or any Subsidiary becoming a wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 60 days after such formation, acquisition or designation, or such longer period as the Collateral Agent may agree in writing in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Collateral Agent, other than with respect to any Excluded Assets, a Guarantor Joinder Agreement, Security Agreement Supplements, Intellectual Property Security Agreements and other security agreements and documents as reasonably requested by and in form and substance reasonably satisfactory to the Collateral Agent (consistent with the Mortgages (if any), Security Agreement, Intellectual Property Security Agreements and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated and a security interest therein may be perfected by the delivery of such certificates) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement and each direct or indirect parent of such Material Domestic Subsidiary to take whatever action (including the recording of Mortgages, the filing of UCC financing statements and delivery of stock and membership interest certificates to the extent certificated) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent a signed copy of an opinion, addressed to the Collateral Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Collateral Agent as to such matters set forth in this <u>Section 6.11(a)</u> as the Collateral Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after the written request therefor by the Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property (as determined by the Borrower (acting reasonably and in good faith)) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, any existing title reports, abstracts, appraisals or environmental assessment reports, to the extent available and in the possession or control of the Borrower; *provided*, *however*, that there shall be no obligation to deliver to the Collateral Agent any environmental assessment

------

report whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property that would constitute Collateral of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement, but not specifically covered by the preceding <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> or <u>Section 6.11(b)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than one hundred twenty (120) days after the acquisition by any Loan Party of Material Real Property as determined by the Borrower (acting reasonably and in good faith) (or such longer period as the Collateral Agent may agree in writing in its reasonable discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

Section 6.12. <u>Compliance with Environmental Laws</u>.

Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and properties; and (c) in each case to the extent the Loan Parties are required by Governmental Authorities or otherwise pursuant to Environmental Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

Section 6.13. <u>Further Assurances; Post-Closing Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly upon reasonable request by the Collateral Agent (i) correct any mutually identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement and subject in all respects to the limitations therein. If the Collateral Agent reasonably determines that it is required by applicable Law to have appraisals prepared in respect of the Real Property of any Loan Party subject to a mortgage constituting Collateral, the Borrower shall cooperate with the Collateral Agent such that the Collateral Agent is able to order appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.13(b)</u>, in each case within the time limits specified therein (or such longer period of time reasonably acceptable to the Collateral Agent and the Required Lenders).

Section 6.14. <u>Designation of Subsidiaries</u>.

The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that, immediately after such designation, no Event of Default shall have occurred and be continuing and no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Junior Financing. As of the Closing Date, the Restricted Subsidiaries are set forth on <u>Schedule 6.14</u>. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined in good faith by the Borrower of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a Return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined in good faith by the Borrower at the date of such designation. Notwithstanding anything to the contrary contained herein, in no event shall (1) any Restricted Subsidiary that holds any Equity Interests in any Restricted Subsidiary (unless such Restricted Subsidiary is included in the designation pursuant to this Section 6.14), (2) the Borrower, in each case, be designated as an Unrestricted Subsidiary or (3) immediately after giving effect to any such designation or redesignation of a Restricted Subsidiary to an Unrestricted Subsidiary, such Unrestricted Subsidiary account for more than 7.5% of Trailing Four Quarter Consolidated EBITDA or 7.5% of the fair market value of the total assets of the Borrower and its Subsidiaries, in each case as of the applicable date of designation or redesignation.

Section 6.15. <u>Cash Management</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within one hundred twenty (120) days of the Closing Date (or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall have established their primary domestic deposit accounts with the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one hundred twenty (120) days of the Closing Date or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall deliver to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, a deposit account control agreement with respect to each deposit account of the Loan Parties (other than an Excluded Account), duly authorized, executed and delivered by the applicable Loan Party, the applicable bank and the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Cash Dominion Event, the Revolving Agent shall have the sole and exclusive right to direct, and is hereby authorized to give instructions pursuant to any deposit account control agreement directing, the disposition of funds in all domestic deposit accounts of the Loan Parties (other than Excluded Accounts) either maintained with Revolving Agent and/or subject to a deposit account control agreement to the Revolving Agent at such intervals as the Revolving Agent shall elect, to a deposit account maintained by the Revolving Agent at Revolving Agent, which such funds may be applied by Revolving Agent to repay the Revolving Loans (without a corresponding reduction in the Revolving Credit Commitments) and, if permitted hereby, to Cash Collateralize outstanding Letters of Credit.

------

Section 6.16. <u>Use of Proceeds</u>.

Use the proceeds of (a) the Initial Term Loans to finance a portion of the Transactions (including working capital and/or purchase price adjustments and the payment of the Transaction Expenses, upfront fees and OID with respect to the Facilities) and for working capital and general corporate purposes, (b) the Term Loans (other than Initial Term Loans and the Delayed Draw Term Loans), Revolving Loans and the Letters of Credit issued hereunder, for general corporate purposes and working capital of the Borrower and its Subsidiaries and any other purpose not prohibited by this Agreement including Permitted Acquisitions, other Investments, Capital Expenditures and Restricted Payments; *provided* that the proceeds of the Revolving Loans made on the Closing Date shall be used as set forth in the definition of "Permitted Initial Revolving Credit Borrowing Purposes" and<u>,</u> (c) the Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans and the 2021 Delayed Draw Term Loans to (i) finance Permitted Acquisitions and other Investments not prohibited by this Agreement, including, for the avoidance of doubt, deferred consideration (including earn-outs, seller notes, holdbacks and deferred purchase price obligations) payable in connection therewith (whether funded on or after the closing of such transaction), (ii) to finance Capital Expenditures and/or purchase aircraft and related equipment, (iii) refinance Revolving Loans used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures, aircraft and related equipment, (iv) to replace cash on the balance sheet of the Loan Parties used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures and/or purchase aircraft and related equipment and (v) to pay related fees, costs and expenses in connection with any of the foregoing. <u>and (d) the 2024 Incremental Term Loans, solely for the purpose of repaying in full all indebtedness under that certain Loan Authorization Agreement, dated as of September 28, 2022, by Bank of Montreal and Athena Technology Solutions Intermediate Holdings, LLC, and for the payment of fees, costs and expenses incurred by the Borrower in connection with such repayment and in connection with the Amendment No. 4.</u>

Section 6.17. <u>Lender Conference Call</u>.

To the extent requested by the Administrative Agent, participate in a conference call (including a customary question and answer session) with the Administrative Agent and Lenders once during each Fiscal Year, in each case to be held at such time as may be agreed to by the Borrower and the Required Lenders, but in any event within 15 Business Days after the date that financial statements are required to be delivered for the relevant period pursuant to <u>Sections 6.01(a)</u> (which call may, at the option of the Borrower, be conducted with lenders under any other Indebtedness in addition to the Lenders).

Section 6.18. <u>Change in Nature of Business</u>.

From and after the Closing Date, engage only in material lines of business substantially similar as those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably related, complementary, corollary, synergistic, incidental or ancillary thereto (including related, complementary, synergistic, incidental or ancillary technologies) or reasonable extensions thereof.

Section 6.19. <u>Fiscal Year</u>.

From and after the Closing Date, maintain its fiscal year as in effect on the Closing Date; *provided*, *however*, that the Borrower may (x) align the dates of such fiscal year of any Restricted Subsidiary whose fiscal year ends on a date other than that of the Borrower and (y) upon written notice to the Administrative Agent and the Revolving Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent and the Revolving Agent, and, in the case of this <u>clause (y)</u>, the Borrower, the Administrative Agent and the Revolving Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

------

**ARTICLE VII.** 

**<u>NEGATIVE COVENANTS</u>** 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligations hereunder (other than contingent obligations as to which no claim has been asserted or any Letter of Credit remaining outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), then from and after the Closing Date, the Borrower (and, with respect to <u>Section 7.14</u> only, Holdings) shall not and shall not permit any of its Restricted Subsidiaries to:

Section 7.01. <u>Liens</u>.

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens (i) created pursuant to any Loan Document and (ii) on the Collateral securing other Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date; *provided* that any Lien securing Indebtedness in excess of (x) $1,000,000 individually or (y) $2,500,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed in <u>Schedule 7.01(b)</u>) shall only be permitted to the extent such Lien is listed on <u>Schedule 7.01(b)</u>, and any modifications, replacements, renewals, refinancings or extensions thereof, which may provide that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; *provided*, *further*, that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 7.03</u> and customary security deposits in connection therewith and (B) proceeds and products thereof and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes, assessments or governmental charges that are not overdue for a period of more than any applicable grace period related thereto or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, sub-landlords, carriers, warehousemen, mechanics, materialmen, repairmen, bailees, construction contractors or other like Liens, so long as, in each case, such Liens secure amounts not overdue for a period of more than 45 days or if more than 45 days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) pledges or deposits in the ordinary course of business in connection with, and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees incurred in the ordinary course of business with respect to, workers' compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including

------

obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges or deposits to secure the performance of bids, trade contracts, warranties, utilities, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, building codes, covenants, restrictions (including zoning restrictions), encroachments, licenses, protrusions and other similar encumbrances and minor title defects, in each case affecting Real Property and that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and any exceptions on the Mortgage Policies issued in connection with the Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens (i) securing judgments for the payment of money not constituting an Event of Default under <u>Section 8.01(h)</u>, (ii) arising out of judgments or awards against the Borrower or any of its Restricted Subsidiaries with respect to which an appeal or other proceeding for review is then being pursued and (iii) notices of *lis pendens* and associated rights related to litigation being contested in good faith by appropriate proceedings for which adequate reserves have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) leases, licenses, subleases or sublicenses (including the provision of software or the licensing of other Intellectual Property rights) and terminations thereof, in each case granted to others in the ordinary course of business which (i) do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) do not secure any Indebtedness and (iii) are permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds or assets maintained with a financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institutions general terms and conditions, and (iv) contractual rights of setoff or rights of pledge related to Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section 7.02</u>, to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under <u>Section 7.05</u>, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i) in favor of the Borrower or any Guarantor and (ii) in favor of a Restricted Subsidiary that is not a Loan Party on assets of a Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted to be incurred by such Restricted Subsidiary under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens deemed to exist in connection with Investments in repurchase agreements under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers or suppliers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) ground leases in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens to secure Indebtedness permitted under <u>Section 7.03(e)</u>; *provided* that (i) such Liens are created within 270 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time encumber property (except for replacements, additions, accessions and proceeds to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits, *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender, and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets) other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness (and related obligations) of any Restricted Subsidiary that is not a Loan Party permitted under <u>Section 7.03</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to <u>Section 6.14</u>) or otherwise assumed pursuant to <u>Section 7.03(g)</u>, in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Loan Party); *provided* that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds, products and accessions thereof and other than after-acquired property and customary security deposits in connection therewith subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the modification, replacement, renewal or extension of any Lien permitted by <u>Sections 7.01(b)</u>, <u>(u)</u> and <u>(w)</u>; *provided* that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and customary security deposits; *provided, however*, that individual financings of equipment provided by one lender may be cross-collateralized to other financing of equipment provided by such lender and (ii) the renewal, extension, restructuring or Refinancing of the obligations secured or benefited by such Liens is permitted by <u>Section 7.03</u> (to the extent constituting Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount outstanding at any time not to exceed the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens (i) securing Indebtedness incurred under <u>Section 7.03(s)</u> and (ii) solely on the assets acquired, securing Indebtedness incurred under <u>Section 7.03(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens on the Collateral (and other property and assets permitted by any Junior Intercreditor Agreement) securing obligations in respect of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing Debt and any Permitted Refinancing of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens or imperfections on property existing on the Closing Date which are immaterial;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the performance of the Borrower's or such Subsidiary's obligations under the terms of the lease for such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on (i) the Securitization Assets arising in connection with a Qualified Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens securing obligations permitted under <u>Section 7.03(q)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens on property of any Foreign Subsidiary arising mandatorily under the Laws of the jurisdiction of organization of such Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens securing Indebtedness permitted pursuant to Section 7.03(dd);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Liens securing Other Term Loans and Other Notes and Permitted Refinancings thereof incurred pursuant to <u>Section 7.03(z)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) in the case of any non-wholly owned Restricted Subsidiary or any joint venture, any put and call arrangements or restrictions on disposition related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens securing Swap Contracts so long as the value of the property securing such Swap Contracts does not exceed $4,000,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens on property subject to any sale-leaseback transaction permitted hereunder and general intangibles related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Liens consisting of contractual restrictions of the type described in the definition of "Restricted Cash" (excluding the proviso thereto) so long as such contractual restrictions are not prohibited pursuant to <u>Section 7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Liens arising by operation of law in the United States under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Liens encumbering the Equity Interests of an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Liens permitted under the Purchase Agreement to remain outstanding after the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Aircraft Trust Arrangements.

Section 7.02. <u>Investments</u>.

Make or hold any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash and Cash Equivalents when such Investment was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to, or notes received from, managers, officers, directors, consultants, advisors, service providers or employees of any Loan Party (or any direct or indirect parent thereof) or any of its Subsidiaries (i) for reasonable and customary business-related travel,

------

entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests of Holdings or any direct or indirect parent thereof or to permit the payment of Taxes with respect thereto; *provided* that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed to the Borrower in cash as common equity; *provided*, *further*, that the aggregate principal amount outstanding of any loans or advances made in cash at any time under this <u>clause (ii)</u> shall not exceed $7,500,000 and (iii) for any other purposes not described in the foregoing <u>clauses (i)</u> and <u>(ii)</u>; *provided* that the aggregate principal amount outstanding at any time under this <u>clause (iii)</u> shall not exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (other than Holdings); *provided* all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note, (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan Party in any Restricted Subsidiary that is not a Loan Party; *provided* that, to the extent such Investments made pursuant to this <u>clause (iii)</u> are not in the ordinary course of business (as determined in good faith by the Borrower), (x) no such Investments made pursuant to this <u>clause (iii)</u> in the form of intercompany loans shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) the aggregate amount of Investments made pursuant to this <u>clause (iii)</u> shall not exceed at any time outstanding the sum of (x) together with Investments pursuant to <u>Section 7.02(i)(iv)</u>, the greater of $6,000,000 and 20.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, (y) the Cumulative Credit at the time such Investment is made, and (z) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(i)</u> and <u>Section 7.02(o)</u>; *provided* that the application of any portion of the Joint Venture Investment Basket Amount pursuant to this <u>clause (z)</u> will result in a corresponding dollar-for-dollar reduction in the Joint Venture Investment Basket Amount available pursuant to <u>Section 7.02(o)</u>; *provided, further*, that if any Investment made pursuant to this <u>clause (iii)</u> is in connection with the closing of foreign facilities, including severance associated therewith, then the limitations set forth in this <u>clause (iii)</u> shall not apply; *provided, further*, if any Investment made pursuant to this <u>clause (iii)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>clause (i)</u> above and shall not be included as having been made pursuant to this <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by <u>Section 7.02(m)</u> below) consisting of transactions permitted under <u>Sections 7.01</u>, <u>7.03</u> (other than <u>7.03(c)</u> and <u>(d)</u>), <u>7.04</u> (other than <u>7.04(c)(ii)</u> or <u>(e)</u>), <u>7.05</u> (other than <u>7.05(e)</u>), <u>7.06</u> (other than <u>7.06(d)</u> or <u>(h)(iv)</u>) and <u>7.13</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing or contemplated on the Closing Date or made pursuant to legally binding written contracts in existence on the Closing Date, in each case set forth in <u>Schedule 7.02(f)</u> and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments in Swap Contracts and Cash Management Services permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promissory notes, securities and other non-cash consideration received in connection with Dispositions permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of all or substantially all the assets of a Person or division or line of business of a Person or any Equity Interests in a Person that becomes a Restricted Subsidiary (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions (including by way of merger), if immediately after giving effect thereto: (i) no Event of Default exists on the date that the Borrower or the applicable Restricted Subsidiary enters into a binding agreement with respect to such acquisition; (ii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Restricted Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, to the extent required by <u>Section 6.11</u>; (iii) the Borrowers are in compliance with <u>Section 6.18</u> (after giving effect to such acquisition); and (iv) the aggregate amount of Investments by Loan Parties pursuant to Section 7.02(i) in assets (other than Equity Interests) that are not (or do not become at the time of such acquisition) directly owned by a Loan Party together with Investments pursuant to <u>Section 7.02(c)(iii)</u> (but excluding Investments permitted pursuant to <u>Section 7.02(c)(iii)(B)(z)</u>), shall not exceed the sum of (A) the greater of $6,000,000 and 20% of Trailing Four Quarter Consolidated EBITDA *plus* (B) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(c)(iii)(z)</u> and <u>Section 7.02(o)</u> (any such acquisition, a "**Permitted Acquisition**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments made in connection with the Transactions or consisting of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances to any direct or indirect parent of the Borrower not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made to such parent in accordance with <u>Section 7.06(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u> or <u>(n)</u>, such Investment being treated for purposes of the applicable clause of <u>Section 7.06</u>, including any limitations, as if a Restricted Payment had been made pursuant to such clause in an amount equal to such Investment at the time such loan or advance is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments (including Permitted Acquisitions) in an aggregate amount outstanding pursuant to this <u>Section 7.02(n)</u> (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed (i) the sum of (A) the greater of $12,500,000 and 40.0% of Trailing Four Quarter Consolidated EBITDA, in each

------

case, determined at the time the Investment was made (in each case, net of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) *plus* (B) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make Investments shall result in a reduction in availability under <u>Section 7.06(g)(x)</u>) *plus* (C) at the election of the Borrower, the amount of repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings then permitted to be made in reliance on <u>Section 7.13(a)(v)(I)</u> (it being understood that any amount utilized under this <u>clause (C)</u> to make Investments shall result in a reduction in availability under <u>Section 7.13(a)(v)(I)</u>) *plus* (ii) the Cumulative Credit at the time such Investment is made; *provided*, that with respect to any Investment made pursuant to this <u>clause (ii)</u>, solely to the extent such Investment is made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom on the date the Borrower or any Restricted Subsidiary enters into a binding agreement with respect to such Investment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u>, at the time such Investment was made) is less than or equal to 4.25 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Investments made in respect of joint ventures, minority investments, other similar agreements, partnerships or Unrestricted Subsidiaries not to exceed in the aggregate the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, less all amounts applied pursuant to <u>Section 7.02(c)(iii)</u>(B)(z) and <u>Section 7.02(i)(iv)(B)</u>and the provisos thereto (the "**Joint Venture Investment Basket Amount**"); *provided* that if any Investment made pursuant to this <u>Section 7.02(o)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>Section 7.02(c)(i)</u> and shall not be included as having been made pursuant to this <u>Section 7.02(o)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in any Person to which the Borrower or any Restricted Subsidiary outsources operational activities or otherwise related to the outsourcing of operational activities in the ordinary course of business in an aggregate amount not to exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) advances of payroll payments to employees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors and suppliers in the ordinary course of business and (ii) Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (or any direct or indirect parent of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments of a Restricted Subsidiary acquired after the Closing Date or of a corporation merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with <u>Section 7.04</u> after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments made by a Restricted Subsidiary that is not a Loan Party (other than in Unrestricted Subsidiaries) to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary by a Loan Party permitted under this <u>Section 7.02</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; *provided*, *however*, that any such Investment in a Securitization Subsidiary is in the form of (x) a contribution of additional Securitization Assets, (y) Limited Originator Recourse or (z) loans in respect of the noncash portion of the purchase price of Securitization Assets and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing or a Receivables Facility, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments funded with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments in deposit accounts, securities accounts and commodities accounts maintained by the Borrower or such Restricted Subsidiary, so long as such accounts are used only to maintain Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments made by a Restricted Subsidiary that is not a Guarantor using cash from operations of such Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments consisting of cash earnest money deposits in connection with a Permitted Acquisition or other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Loans repurchased by the Borrower or a Restricted Subsidiary, or purchased by Holdings and contributed to the Borrower or a Restricted Subsidiary, pursuant to and in accordance with <u>Section 2.05(a)(v)</u> or <u>Section 10.07</u>, so long as such Loans are immediately cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) guarantees by the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or contracts or other obligations that do not constitute Indebtedness, in each case, which leases, contracts or other obligations and guarantees are entered into in the ordinary course of business by the Borrower or a Restricted Subsidiary or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Investments so long as (i) the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> at the time the Investment was made) is no greater than 4.00 to 1.00 and (ii) no Event of Default then exists or would result therefrom; *provided* the aggregate amount of Investments by Loan Parties pursuant to this Section 7.02(cc) in assets (other than Equity Interests) that are not (or do not become at the time of their acquisition) directly owned by a Loan Party or in Equity Interests of Persons that do not become Loan Parties shall not exceed the greater of $7,500,000 and 25% of Trailing Four Quarter Consolidated EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments made in reliance on the last paragraph of <u>Section 7.06</u> or the last paragraph of <u>Section 7.13</u>.

To the extent an Investment is permitted to be made by a Loan Party directly in any Restricted Subsidiary or any other Person who is not a Loan Party (each such person, a "**Target Person**") under any provision of this <u>Section 7.02</u>, such Investment may be made by advance, contribution or distribution by a Loan Party to a Restricted Subsidiary or Holdings, and further contemporaneously advanced or contributed to a Restricted Subsidiary for purposes of making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 7.02</u> (it being understood that such Investment must

------

satisfy the requirements of, and shall count towards any thresholds in, a provision of this <u>Section 7.02</u> as if made by the applicable Loan Party directly to the Target Person).

Section 7.03. <u>Indebtedness.</u>

Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness (including any unused commitment in respect thereof) outstanding on the Closing Date and listed in <u>Schedule 7.03(b)</u> and any Permitted Refinancing thereof; *provided* that all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to an Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; *provided* that (A) no Guarantee by any Restricted Subsidiary of any Indebtedness constituting a Junior Financing of any Loan Party shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Secured Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Secured Obligations, such Guarantee shall be subordinated to the Guarantee of the Secured Obligations on terms at least as favorable (as reasonably determined by the Borrower) to the Lenders as those contained in the subordination of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party), *provided* that, in the case of Indebtedness of a non-Loan Party owing to a Loan Party, such Indebtedness is an Investment permitted by <u>Section 7.02</u> or consists of any part of a Permitted Reorganization or IPO Reorganization Transaction; *provided further* that (x) no such Indebtedness owed to a Loan Party shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the applicable asset thereof in an aggregate amount not to exceed the greater of $3,750,000 and 12.5% of Trailing Four-Quarter Consolidated EBITDA, in each case determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding and (ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by <u>Section 7.05(m)</u> and any Permitted Refinancing of such Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Secured Hedge Obligations and other Indebtedness in respect of Swap Contracts designed to hedge against the Borrower's or any Restricted Subsidiary's exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of the Borrower or any Restricted Subsidiary (i) assumed in connection with any Permitted Acquisition or other similar Investment permitted hereunder and any Permitted Refinancing thereof; *provided* that (x) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other similar Investment permitted hereunder or any Permitted Refinancing thereof and (y) the obligors with respect to such Indebtedness are limited to the Persons acquired in such Permitted Acquisition or Investment or (ii) incurred to finance any Permitted Acquisition or Investment permitted hereunder (including earn-out obligations, Indebtedness incurred to finance the payment thereof and seller notes); *provided*, that after giving *pro forma* effect to such Permitted Acquisition or Investment permitted hereunder and the incurrence of such Indebtedness, the aggregate amount of such Indebtedness incurred pursuant to this <u>clause (ii)</u> does not exceed at any time outstanding (x) the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the applicable date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness representing deferred compensation to employees of the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former managers, officers, directors, advisors, service providers, consultants or employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions, a Permitted Acquisition, any other Investment permitted hereunder, merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price adjustments or other similar adjustments (including earn-outs and obligations in respect of transaction tax benefits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions, and Permitted Acquisitions or any other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) Secured Cash Management Obligations, (ii) other Indebtedness in respect of Cash Management Services and similar arrangements in the ordinary course of business and any Guarantees thereof, (iii) Indebtedness resulting from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and solely with respect to each incurrence pursuant to this <u>clause (iii)</u>, so long as such Indebtedness is extinguished within 10 Business Days of its incurrence, and (iv) endorsement of instruments or other payment items for deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to extent constituting Indebtedness, obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) letters of credit in an aggregate face amount at any time outstanding not to exceed the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence consisting of (i) letters of credit issued in currencies not available hereunder or (ii) documentary or commercial letters of credit not issued hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Ratio Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Credit Agreement Refinancing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this <u>Section 7.03(u)</u> and then outstanding for all such Persons taken together, does not exceed the greater of $5,250,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings and Limited Originator Recourse) to the Borrower or any of the Restricted Subsidiaries; *provided,* that the aggregate principal amount of Indebtedness at any time outstanding in connection therewith shall not exceed $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unsecured Indebtedness in an amount equal to the lesser of 100% of the net cash proceeds received by Holdings (or any direct or indirect parent thereof) since immediately after the Closing Date from the issuance or sale of Equity Interests of Holdings (or any direct or indirect parent thereof) or cash contributed to the capital of Holdings (or any direct or indirect parent thereof) (in each case, other than proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings (or any direct or indirect parent thereof) or any of its Subsidiaries) to the extent such net cash proceeds or cash have been contributed to the Borrower and have not been applied pursuant to <u>Section 7.02</u>, <u>7.06</u> or <u>7.13</u> and do not constitute Cure Amounts;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) Indebtedness in respect of Other Term Loans and Other Notes incurred or issued in accordance with <u>Section 2.14</u> and (ii) Permitted Refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness incurred by the Borrower as a result of the exchange of Term Loans assigned to the Borrower pursuant to <u>Section 10.07(k)</u>, as long as such Indebtedness would be a Permitted Refinancing of such Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) obligations in respect of Disqualified Equity Interests (x) issued to and held by the Borrower, Holdings or any Restricted Subsidiary (to the extent permitted by <u>Section 7.02</u>) or (y) in an amount not to exceed the greater of $1,200,000 and 4.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) intercompany Indebtedness incurred in connection with a Permitted Reorganization or IPO Reorganization Transaction, so long as such intercompany Indebtedness constitutes an Investment permitted pursuant to Section 7.02(j); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness in respect of aircraft or related equipment financing in an amount not to exceed $20,000,000 at any time outstanding (together with any amounts incurred under any Aircraft Trust Arrangement);

*provided, that*, (I) any such Indebtedness that constitutes Pari Passu Secured Obligations shall be subject to the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement, as applicable, (II) any such Indebtedness that is incurred pursuant to <u>Section 7.03(a)</u>, <u>Section 7.03(s)</u>, <u>Section 7.03(t), Section 7.03(u)</u>, <u>Section 7.03(z)</u> or <u>Section 7.03(aa)</u> and is secured by the Collateral on a junior basis shall be subject to a Junior Intercreditor Agreement, and (III) any such Indebtedness that constitutes Pari Passu Secured Obligations or which is secured by the Collateral on a junior basis shall be junior in right of payment to the Revolving Credit Facility to the extent set forth in such agreement among Lenders or such Intercreditor Agreement.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; *provided* that if such Indebtedness is incurred to extend, replace, refund, Refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, Refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, Refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, Refinanced, renewed or defeased, *plus* the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such Refinancing. 

Interest (including post-petition interest), the accrual of interest, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and premiums (if any), fees, expenses, charges and additional or contingent interest on obligations shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 7.03</u>. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

------

For purposes of determining compliance with this <u>Section 7.03</u>, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in <u>Sections 7.03(a)</u> through <u>7.03(dd)</u>, the Borrower shall, in its sole discretion, divide or classify or later divide or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; *provided* that all Indebtedness outstanding under the Loan Documents on the Closing Date will be deemed to be incurred in reliance on the exception in <u>Section 7.03(a)</u>.

Section 7.04. <u>Fundamental Changes</u>.

Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person (other than as part of the Transactions), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction, so long as such new jurisdiction is the United States, any state thereof, the District of Columbia or any territory thereof); *provided* that the Borrower shall be the continuing or surviving Person, or (ii) one or more other Restricted Subsidiaries; *provided* that when any Person that is a Loan Party is merging with a Restricted Subsidiary, (i) a Loan Party shall be the continuing or surviving Person or (ii) such surviving Person shall become a Loan Party and comply with <u>Sections 6.11</u> and <u>6.13</u> substantially concurrently with such transaction (except as expressly provided in such Sections);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party, (ii) any Restricted Subsidiary may liquidate or dissolve and (iii) any Restricted Subsidiary may change its legal form if, with respect to <u>clauses (ii)</u> and <u>(iii)</u>, the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; *provided* that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in accordance with <u>Sections 7.02</u> (other than <u>7.02(e)</u>) and <u>7.03</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Company**"), (A) the Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Collateral Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee shall apply to the Successor Company's obligations under the Loan Documents,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, (E) if reasonably requested by the Collateral Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, and (F) the Borrower shall have delivered to the Collateral Agent an officer's certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement and customary legal opinions reasonably satisfactory to the Collateral Agent; *provided*, *further*, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to <u>Section 7.02</u>; *provided* that (i) the continuing or surviving Person shall be a Restricted Subsidiary of the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of <u>Section 6.11</u> to the extent required pursuant to the Collateral and Guarantee Requirement or (ii) such Restricted Subsidiary would otherwise be permitted to be designated as an Unrestricted Subsidiary immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and the Restricted Subsidiaries may consummate the Acquisition, related transactions contemplated by the Purchase Agreement (and documents related thereto) and the Transactions and any Permitted Reorganization or IPO Reorganization Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to <u>Section 7.05</u> or a Restricted Payment permitted pursuant to <u>Section 7.06</u>.

Section 7.05. <u>Dispositions</u>.

Make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete, damaged, worn out, aged, used or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries, in each case determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of (i) inventory and goods held for sale in the ordinary course of business and (ii) immaterial assets and termination of leases and licenses in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Borrower or any Restricted Subsidiary; *provided* that if the transferor of such property is a Loan Party and such Disposition is not for fair market value (as reasonably determined by the Borrower), (i) the transferee thereof must be a Loan Party, (ii) such Disposition is for cash at fair market value or any promissory note or other non-cash

------

consideration received in respect thereof is an Investment permitted under <u>Section 7.02</u>, or (iii) if such transaction constitutes an Investment, such transaction is permitted under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent constituting Dispositions, transactions permitted by (i) <u>Section 7.01</u>, (ii) <u>Section 7.02</u> (other than <u>7.02(e)</u>), (iii) <u>Section 7.04</u> (other than <u>7.04(g)</u>) and (iv) <u>Section 7.06</u> (other than <u>7.06(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions to consummate the Transactions or any Dispositions constituting any part of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) leases, subleases, licenses or sublicenses (including the provision of software under an open source license or the licensing of other Intellectual Property) and terminations thereof, in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole) and (ii) Dispositions (including allowing any registrations or any applications for registration to lapse or go abandoned) of Intellectual Property (including inbound licenses) that, in Borrower's reasonable business judgment, is no longer necessary for the conduct of the business of Borrower and its Restricted Subsidiaries (taken as a whole) or that otherwise do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property; *provided* that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default has occurred and is continuing or would result therefrom), no Event of Default shall have occurred and been continuing or would result from such Disposition, (ii) with respect to any Disposition pursuant to this <u>Section 7.05(j)</u> for a purchase price in excess of the greater of $7,000,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of Cash and Cash Equivalents (in each case, free and clear of all Liens at the time received, other than Liens permitted by <u>Section 7.01</u>); *provided*, *however*, that for the purposes of this <u>clause (ii)</u>, the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower's most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Secured Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into Cash and Cash Equivalents (to the extent of the Cash and Cash Equivalents received) within 180 days following the closing of the applicable Disposition, and (C) aggregate non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $2,250,000 and 7.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition and (iii) to the extent the aggregate amount of Net Proceeds received by the Borrower or a Restricted Subsidiary from Dispositions made pursuant to this <u>Section 7.05(j)</u> in the aggregate exceeds $10,000,000 in any fiscal year, with unused amounts in any fiscal year being carried over to the next succeeding fiscal year only (*provided* that if any such amount is carried over, it will be

------

deemed used in the applicable subsequent fiscal year only after the amount available in such subsequent fiscal year has been fully used), *plus* any amount available pursuant to this <u>clause (iii)</u> in the next succeeding fiscal year only (which amount will be permanently reduced if used in the current fiscal year) subject to a maximum of $10,000,000 in any fiscal year, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions (i) of non-core assets acquired in connection with Permitted Acquisitions or other Investments or (ii) made to obtain the approval of an anti-trust authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of property pursuant to sale-leaseback transactions; *provided* that to the extent the aggregate Net Proceeds from all such Dispositions since the Closing Date exceeds $5,625,000, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the unwinding or settlement of any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Disposition of Securitization Assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any Disposition of Receivables Assets in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions of assets not constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower and any Restricted Subsidiary may (i) terminate or otherwise collapse its cost-sharing agreements with the Borrower or any Subsidiary and settle any crossing payments in connection therewith or (ii) surrender or waive contractual rights and settle or waive contractual or litigation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions set forth in <u>Schedule 7.05(w)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions in an amount not to exceed the greater of $1,500,000 and 5.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, in the aggregate in any fiscal year;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies;

Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of the sale, in accordance with the terms of the Loan Documents, of a Subsidiary Guarantor that owns such Collateral but excluding Dispositions among Loan Parties) in accordance with the terms of the Loan Documents, the security interest created in such item of Collateral under the Collateral Documents shall be automatically released and the Collateral Agent will, at the Borrower's expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents and, if applicable, the release of such Subsidiary Guarantor from its obligations under the Collateral Documents.

Section 7.06. <u>Restricted Payments</u>.

Declare or make, directly or indirectly, any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by <u>Section 7.03</u>) of such Person to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made (i) on the Closing Date to consummate the Transactions, (ii) in respect of working capital adjustments or purchase price adjustments pursuant to the Purchase Agreement, any Permitted Acquisition or other permitted Investments, (iii) in order to satisfy indemnity and other similar obligations under the Purchase Agreement, any Permitted Acquisition or other permitted Investments and (iv) to holders of Equity Interests of the Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent

------

or potential) with respect thereto, in each case, with respect to the Transactions, any Permitted Acquisition or other permitted Investments, and Restricted Payments consisting of a Permitted Reorganization or an IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent constituting Restricted Payments, the Borrower (or any direct or indirect parent thereof) and its Restricted Subsidiaries may enter into and consummate transactions permitted by any provision of <u>Section 7.02</u> (other than <u>7.02(e)</u> and <u>7.02(m)</u>), <u>7.04</u>, <u>7.05</u> (other than <u>7.05(e)(iv)</u> and <u>7.05(g)</u>) or <u>7.08</u> (other than <u>7.08(f)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchases of Equity Interests in the Borrower or any Restricted Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and each Restricted Subsidiary may (i) pay (or make Restricted Payments to allow Holdings or any other direct or indirect parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary (or of the Borrower or any other such direct or indirect parent thereof) held by any future, present or former manager, officer, director, consultant, advisor, service provider or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or (ii) make Restricted Payments in the form of distributions to allow Holdings or any direct or indirect parent of Holdings to pay principal or interest on promissory notes that were issued to any future, present or former manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) in lieu of cash payments for the repurchase, retirement or other acquisition or retirement for value of such Equity Interests held by such Persons, in each case, upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee, manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any manager, officer, director, consultant, advisor, service provider or employee of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or any of its Restricted Subsidiaries; *provided* that the aggregate amount of Restricted Payments made pursuant to this <u>Section 7.06(f)</u> together with the aggregate amount of loans and advances to Holdings made pursuant to <u>Section 7.02(m)</u> in lieu of Restricted Payments permitted by this <u>Section 7.06(f)</u> (net of proceeds received by Holdings or any direct or indirect parent of Holdings subsequent to the Closing Date in connection with resales of any Equity Interests so purchased pursuant to this <u>clause (f)</u>) shall not exceed the greater of $15,000,000 and 50.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such payment, in any calendar year (which shall decrease to the greater of $10,000,000 and 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such Restricted Payment, subsequent to the consummation of a Qualified IPO) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $25,000,000 in any calendar year (which shall decrease to $20,000,000 subsequent to the consummation of a Qualified IPO)); *provided*, *further*, that such amount in any calendar year may further be increased by an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amounts used to increase the Cumulative Credit pursuant to <u>clauses (c)</u> and <u>(d)</u> of the definition of "Cumulative Credit"; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Net Proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries less the amount of Restricted Payments previously made with the cash proceeds of such key man life insurance policies;

provided, further, that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower may make Restricted Payments in an aggregate amount not to exceed, (x) an amount equal to the greater of (1) $10,000,000 and (2) 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of such Restricted Payment, so long as no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment *plus* (y) the Cumulative Credit at the time such Restricted Payment is made; *provided*, that with respect to any Restricted Payment made pursuant to this <u>clause (y)</u>, solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.50 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower may make Restricted Payments to any direct or indirect parent of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, Transaction Expenses and any indemnification claims made by directors or officers of such parent attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) franchise Taxes and other fees, taxes and expenses required to maintain its (or any of its direct or indirect parents') corporate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) with respect to any taxable period (or portion thereof) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a "**Tax Group**"), to pay federal, foreign, state and local income or similar Taxes of such Tax Group (or any direct or indirect beneficial owners thereof) that are attributable to the taxable income of the Borrower and/or its Subsidiaries; *provided* that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower and its Subsidiaries would have been required to pay as a stand-alone consolidated, combined or similar income tax group, (B) with respect to any taxable period (or portion thereof) in which Holdings, the Borrower, and/or any of their Subsidiaries is treated as a pass-through entity for U.S. federal income purposes with respect to Ultimate Parent (or any direct or indirect parent thereof),

------

dividends and distributions by such Subsidiaries to the Borrower, by the Borrower to Holdings (or any direct or indirect parent thereof) to permit Ultimate Parent to make distributions in the amount described in Section 4.6 of the Ultimate Parent LLC Agreement, or (C) to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries and any direct or indirect parent of the Borrower that are payable as a result of the operation of Section 2.05(b)(v) and 2.05(b)(vi); *provided, further*, that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar income Taxes (any amount to be paid under this clause (iii), a "**Tax Distribution**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment that would be permitted to be made pursuant to <u>Sections 7.02</u> and <u>7.08</u> if such parent were subject to such Sections; *provided* that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or the Restricted Subsidiaries (which may be required to be Loan Parties) or (2) the merger (to the extent permitted in <u>Section 7.04</u>) of the Person formed or acquired into the Borrower or its Restricted Subsidiaries in order to consummate such Permitted Acquisition or Investment, in each case, in accordance with the requirements of <u>Section 6.11</u> and (C) such contribution shall constitute an Investment by the Borrower or the applicable Restricted Subsidiaries, as the case may be, at the date of such contribution or merger, as applicable, in an amount equal to the amount of such Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which (A) shall be used to pay customary salary, bonus, severance and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries or (B) shall be used to make payments permitted under <u>Sections 7.08(c)</u>, <u>(e)</u>, <u>(i)</u>, <u>(k)</u>, and <u>(p)</u> (assuming the Borrower or a Restricted Subsidiary were to make the payment but only to the extent such payments have not been and are not expected to be made by the Borrower or a Restricted Subsidiary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses (other than to Affiliates) related to any equity or debt offering by Holdings (or any direct or indirect parent thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payments made or expected to be made by Holdings, the Borrower or any of the Restricted Subsidiaries in respect of withholding or similar Taxes payable by or with respect to any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) and any repurchases of Equity Interests in consideration of such payments and deemed repurchases in connection with the exercise of stock options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after a Qualified IPO, (i) any Restricted Payment by the Borrower or any other direct or indirect parent of the Borrower to pay listing fees, insurance premiums and other costs and expenses attributable to being a publicly traded company which are reasonable and customary and (ii) additional Restricted Payments in an aggregate amount per annum not to exceed the greater of (A) up to 6.0% the net proceeds received by (or contributed to) the Borrower and its Restricted

------

Subsidiaries from such Qualified IPO and (B) 6.0% of the market capitalization of the Borrower (or the applicable parent entity) and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Holdings, the Borrower or any of the Restricted Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Restricted Payments in the amount of any Excluded Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Holdings, the Borrower and any Restricted Subsidiary may pay dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration, such payment would have complied with another provision of Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Restricted Payments so long as (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.00 to 1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Payments to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries' Affiliates and direct and indirect holders of Equity Interests in the Borrower that are payable as a result of any actual repatriation described in clause (i) of <u>Section 2.05(b)(v)</u> or clause (i) of <u>Section 2.05(b)(vi).</u>

For the avoidance of doubt, any dividend or distribution otherwise permitted pursuant to this <u>Section 7.06</u> may be in the form of a loan; *provided* that Indebtedness of a Loan Party or Restricted Subsidiary must be otherwise permitted by <u>Section 7.03(d)</u>.

Any basket available for Restricted Payments pursuant to this <u>Section 7.06</u> may instead be used to either (i) make a prepayment, redemption, purchase, defeasement or other payment in respect of any Junior Financing pursuant to <u>Section 7.13</u>, and such prepayment, redemption, purchase, defeasement or other payment shall not be prohibited by <u>Section 7.13</u> and any such prepayment, redemption, purchase, defeasement or other payment shall reduce the amount available under such basket set forth in this <u>Section 7.</u>06 or (ii) make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in this <u>Section 7.06</u>.

For the avoidance of doubt, this Section 7.06 shall not restrict the making of any "AHYDO catch-up payment" with respect to, and required by the terms of, any Indebtedness of any Borrower or any Restricted Subsidiary permitted to be incurred under Section 7.03 hereof.

Section 7.07. <u>[Reserved]</u>.

Section 7.08. <u>Transactions with Affiliates</u>.

Enter into any transaction of any kind with a value in excess of $2,000,000, determined at the time of such transaction with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or in connection with the Transactions and transactions constituting any Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of Equity Interests of (x) Holdings (or any direct or indirect parent thereof) or (y) any Restricted Subsidiary constituting directors' qualifying shares or other shares required by applicable Law, in each case, to any manager, officer, director, consultant or employee of Holdings or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) so long as no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> has occurred and is continuing, the payment of management and monitoring fees pursuant to an Investor Management Agreement or other arrangement with the Investors or management companies associated with the Investors or their advisors in a maximum amount for all such agreements and arrangements not to exceed 2.50% of Consolidated EBITDA of the Borrower in any fiscal year, and transaction fees to the foregoing Persons not to exceed in the aggregate 1.00% of the applicable gross transaction value; provided that, upon the occurrence and during the continuance of an Event of Default, such fees may accrue, but may not be payable in cash during such period, but all accrued fees (plus interest, if any, with respect thereto) may be payable in cash upon the cure or waiver of such Event of Default(s), (ii) indemnities and other expenses pursuant to an Investor Management Agreement or other arrangement with the foregoing Persons (including any transaction fee payable in connection with the Acquisition), and (iii) any unpaid management, monitoring, transaction fees, indemnities and expenses accrued in any prior year to the extent such fee or expense is otherwise permitted to be paid pursuant to this clause (e) in such prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted Payments permitted under <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) loans and other transactions among Holdings (or any direct or indirect parent company) and its Subsidiaries and joint ventures (to the extent any such Subsidiary that is not a Restricted Subsidiary or any such joint venture is only an Affiliate as a result of Investments by Holdings and its Restricted Subsidiaries in such Subsidiary or joint venture) to the extent otherwise permitted under this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) transactions by the Borrower and its Restricted Subsidiaries permitted under an express provision (including any exceptions thereto) of this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans, stock incentive plans and employee benefit plans and arrangements in the ordinary course of business or otherwise approved by the independent members of the board of directors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Borrower and its Restricted Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transactions pursuant to agreements, instruments or arrangements in existence on the Closing Date and set forth in <u>Schedule 7.08</u> or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) payments by the Borrower or any of its Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of the Borrower to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, but only to the extent permitted by <u>Section 7.06(h)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Investor or to any former, current or future manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, distributes or Affiliate of any of the foregoing) of the Borrower, any of its Subsidiaries or any direct or indirect parent thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower and the Restricted Subsidiaries, in the reasonable determination of the board of directors or the senior management of the Borrower, or are on terms at least as favorable (as reasonably determined by the Borrower) as might reasonably have been obtained at such time from an unaffiliated party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any payments required to be made pursuant to (i) the Purchase Agreement and (ii) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the payment of reasonable out-of-pocket costs and expenses and indemnities pursuant to the Ultimate Parent LLC Agreement as in effect on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, deliver to the Administrative Agent and the Revolving Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of <u>Section 7.08(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by Holdings and the Restricted Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted under <u>Section 7.02;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Affiliate repurchases of the Loans or Commitments to the extent permitted by <u>Section 10.07</u> and Affiliate repurchases of other obligations, including Pari Passu Secured Obligations and obligations in respect of any Junior Financing, in each case, the holding of such loans or commitments and the payments and other transactions contemplated herein in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Disposition of Securitization Assets or related assets, Investment permitted pursuant to <u>Section 7.02(v)</u> or Standard Securitization Undertakings, in each case in connection with any Qualified Securitization Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) IP Licenses in the ordinary course of business.

------

Section 7.09. <u>Burdensome Agreements</u>.

Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person that is intended to constitute Collateral for the benefit of the Lenders with respect to the Facilities and the Secured Obligations; *provided* that the foregoing <u>Sections 7.09(a)</u> and <u>(b)</u> shall not apply to Contractual Obligations which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) exist on the Closing Date and (to the extent not otherwise permitted by this <u>Section 7.09</u>) are listed in <u>Schedule 7.09</u> and (y) to the extent Contractual Obligations permitted by <u>clause (x)</u> are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or Refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or Refinancing (taken as a whole) does not materially expand the scope of such Contractual Obligation (as reasonably determined by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by <u>Section 7.03</u> and which does not apply to any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are customary restrictions (as reasonably determined by the Borrower) that arise in connection with (x) any Lien permitted by <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(i)</u>, <u>(j)(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(p)</u>, <u>(q)</u>, <u>(r)(i)</u>, <u>(r)(ii)</u>, <u>(s)</u>, <u>(u)</u>, <u>(v)</u>, <u>(w)</u>, <u>(z)</u>, <u>(aa)</u>, <u>(cc)</u>, <u>(dd)</u>, <u>(ee)</u> (to the extent such restrictions exist as of the Closing Date), <u>(gg)</u>, <u>(hh)</u>, <u>(ii)</u>, <u>(kk)</u>, <u>(ll)</u> and <u>(nn)</u> and relate to the property subject to such Lien or (y) arise in connection with any Disposition permitted by <u>Section 7.04</u> or <u>7.05</u> and relate solely to the assets or Person subject to such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under <u>Section 7.02</u> and entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under <u>Section 7.03</u> but solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds, accessions and products thereof or (ii) the property secured by such Indebtedness and the proceeds, accessions and products thereof so long as the agreements governing such Indebtedness permit the Liens securing the Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the property interest, rights or the assets subject thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to <u>Sections 7.03(b)</u>, <u>(e)</u>, <u>(g)</u>, <u>(n)(i)</u>, <u>(s)</u>, <u>(t)</u>, <u>(u)</u>, <u>(v)</u> and <u>(z)</u> and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or, in the case of <u>Section 7.03(g), (s)</u>, <u>(t)</u> or <u>(u)</u>, to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting, transfer or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) arise in connection with cash or other deposits permitted under <u>Sections 7.01</u> and <u>7.02</u> and limited to such cash or deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) comprise restrictions imposed by any agreement governing Indebtedness entered into on or after the Closing Date and permitted under <u>Section 7.03</u> that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type, so long as the Borrower shall have determined in good faith that such restrictions will not affect its obligation or ability to make any payments required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) are restrictions regarding IP Licenses granted by Holdings and its Restricted Subsidiaries of Intellectual Property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) are restrictions on cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) are restrictions and conditions under the terms of the documentation governing any Qualified Securitization Financing or a Receivables Facility that in the good faith determination of Holdings or the Borrower are necessary or advisable to effect such Qualified Securitization Financing or such Receivables Facility.

Section 7.10. <u>Amendments or Waivers of Organization Documents</u>.

Agree, or permit any Loan Party to agree, to any material amendment, restatement, supplement or other modification to, or waiver of, any of its Organization Documents after the Closing Date in a manner that is materially adverse to the Lenders, except as required by Law; *provided* that for the avoidance of doubt, any amendment, restatement, supplement or other modification to any Organization Documents for the purpose of effectuating a change of legal entity name or fictitious business name as anticipated under the Purchase Agreement in connection with the Transactions shall not be deemed materially adverse to the Lenders. 

------

Section 7.11. <u>Consolidated First Lien Net Leverage Ratio</u>.

Solely for the benefit of the Revolving Credit Lenders, with respect to the Revolving Credit Facility and solely when the Outstanding Amount of the Revolving Loans and L/C Obligations exceeds the Testing Threshold, except with the written consent of the Required Revolving Credit Lenders, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period beginning with the Test Period ending June 30, 2020, to be greater than 7.50 to 1.00 (the "**Financial Covenant**"); <u>provided</u>, that, notwithstanding the foregoing, to the extent the aggregate Revolving Credit Exposure has been reduced to an amount less than the Testing Threshold for any prior period for which a Compliance Certificate has not yet been delivered, the Financial Covenant shall not be required to be tested for any such Fiscal Quarter.

Section 7.12. <u>[Reserved]</u>.

Section 7.13. <u>Prepayments, Etc. of Subordinated Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal, interest and fees and mandatory prepayments, expense reimbursement and indemnification obligations, redemptions and related offers to prepay or repurchase and any AHYDO Payments with respect to any Junior Financing and, in connection with the amendment of any Junior Financing, the payment of fees (other than in connection with any amendment that reduces or forgives the commitments or outstanding principal amount) shall be permitted) any (A) Indebtedness subordinated in right of payment incurred under <u>Section 7.03</u>, or (B) any other Indebtedness for borrowed money of a Loan Party that is (x) subordinated in right of payment to the Secured Obligations expressly by its terms, (y) is secured by substantially the same Collateral on a junior lien basis to the Liens securing the Secured Obligations (but other than Indebtedness among the Borrower and its Restricted Subsidiaries) or (z) is unsecured and is incurred pursuant to <u>Section 7.03(s)</u>, <u>(t)</u>, <u>(y)</u> or <u>(z)</u> with a principal amount outstanding in excess of the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA (collectively, "**Junior Financing**") in excess of the Threshold Amount in each case, determined as of the date of payment, except (i) the Refinancing thereof with any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing), to the extent not required to prepay any Loans pursuant to <u>Section 2.05(b)</u>, (ii) the conversion or exchange of any Junior Financing into, or the redemption, repayment or prepayment of any Junior Financing with the proceeds of, Equity Interests of Holdings or any of its direct or indirect parents (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), (iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary, (iv) prepayments of principal of and any required premium on loans or notes pursuant to such Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof) in connection with the removal of a lender or holder pursuant to any Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof or the payment of any fees in connection with amendments thereto), (v) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed, the sum of (I) the greater of (x) $7,500,000 and (y) 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such prepayment *plus* (II) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this clause (II) to make repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings shall result in a reduction in availability under <u>Section 7.06(g)(x))</u>; *provided* that no Event of Default has occurred and is continuing or would result therefrom, (vi) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity funded with the proceeds of Excluded Contributions, *plus*, the Cumulative Credit at the time such repayment, redemption, purchase, defeasance or other payment is made; *provided* that solely to the extent such payments are made in reliance on

------

 <u>clause (b)</u> of the definition of "Cumulative Credit", no Event of Default has occurred and is continuing and the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with Section 1.09) is less than or equal to 3.75 to 1.00, (vii) repayments, redemptions, purchases, defeasances and other payments so long as (x) no Event of Default has occurred and is continuing at the time such repayment, redemption, purchases or defeasance is made and (y) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> as of the date of payment) is less than or equal to 3.25 to 1.00 and (viii) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings made in reliance on the last paragraph of <u>Section 7.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amend, modify or change in any manner materially adverse to the interests of the Lenders any term or condition of any Junior Financing Documentation in respect of any Junior Financing having an aggregate outstanding principal amount in excess of the Threshold Amount, in each case, determined as of the date of payment, without the consent of the Administrative Agent and the Revolving Agent (which consent shall not be unreasonably withheld, delayed or conditioned) other than (i) in connection with a Permitted Refinancing of such Junior Financing or (ii) in a manner not prohibited by any applicable intercreditor or subordination agreement to which the Collateral Agent is a party with respect to such Junior Financing.

Any basket available for prepayments, redemptions, purchases, defeasements or other payments in respect of any Junior Financing pursuant to <u>Section 7.13(a)</u> may instead be used make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in <u>Section 7.13(a)</u>.

Section 7.14. <u>Permitted Activities, Etc</u>.

With respect to Holdings, engage in any material operating or business activities; *provided* that Holdings may engage in the following and any activities incidental thereto shall be permitted in any event: (i) its ownership of the Equity Interests of the Borrower and activities incidental thereto, including payment of dividends and other amounts in respect of its Equity Interests, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations with respect to the Transactions, Loan Documents and any other documents governing Indebtedness permitted hereby, (iv) any public offering of its common stock or any other issuance or sale of its Equity Interests, (v) payment of any distribution to its parent company and making contributions to the capital of the Borrower, (vi) the incurrence of (a) unsecured Indebtedness that is contractually subordinated (on customary terms for such types of unsecured subordinated Indebtedness, as reasonably determined by the Administrative Agent and the Revolving Agent) to the Guarantee of the Secured Obligations by Holdings, (b) Guaranteed Obligations in respect of Indebtedness of the Borrower and its Restricted Subsidiaries permitted under <u>Section 7.03</u>, including any Permitted Refinancing thereof, and (c) Guarantees of other obligations not constituting Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries, (vii) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Borrower, (viii) holding any cash or property (but not operate any property), (ix) making of any Restricted Payments or Investments permitted hereunder, (x) providing indemnification to officers and directors, (xi) merge, amalgamate or consolidate with or into any direct or indirect parent of Holdings in connection with or in preparation for a Qualified IPO (*provided* that Holdings shall be the continuing or surviving company or such surviving company assumes Holdings' obligations under the Loan Documents), (xii) repurchases of Indebtedness including through open market purchases pursuant to <u>Section 2.05(b)</u>, (xiii) transactions in connection with a Permitted Reorganization or IPO Reorganization Transaction and (xiv) any activities incidental or reasonably related to the foregoing.

------

**ARTICLE VIII.** 

**<u>EVENTS OF DEFAULT AND REMEDIES</u>** 

Section 8.01. <u>Events of Default</u>.

Any of the following from and after the Closing Date shall constitute an event of default (an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Non-Payment*. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, (ii) within five Business Days after the same becomes due, any interest on any Loan, or (iii) within 10 Business Days after the same becomes due, any fees or other amounts payable hereunder or with respect to any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Specific Covenants*. The Borrower, any Restricted Subsidiary or, in the case of <u>Section 7.14</u>, Holdings, fails to perform or observe any term, covenant or agreement contained in any of <u>Section 6.03(a)</u> or <u>6.05(a)</u> (solely with respect to Holdings and the Borrower), <u>6.16</u> or <u>Article VII</u>; *provided* that any Event of Default arising from the failure to timely deliver a notice of Event of Default pursuant to <u>Section 6.03(a)</u> shall be deemed cured upon the delivery of the applicable notice of Event of Default or to the extent the Event of Default that is subject of such notice is otherwise cured or waived; *provided further* that the covenant in <u>Section 7.11</u> is subject to cure pursuant to <u>Section 8.04</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Defaults*. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence of such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Representations and Warranties*. (i) Any Specified Representation made by any Loan Party on the Closing Date is incorrect in any material respect when made or deemed made or (ii) any other representation, warranty or certification made or deemed made by any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made and such incorrect representation, warranty or certification shall remain incorrect for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence thereof (*provided* that such cure period shall not apply in the event such representation, warranty or certification is incapable of being cured); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Cross-Default*. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any Indebtedness having an aggregate outstanding principal amount of not less than the Threshold Amount, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any default thereunder by any Loan Party), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause (after delivery of any notice if required and after giving effect to any waiver, amendment, cure or grace period), with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; *provided* that this <u>clause (B)</u> shall

------

not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder, (ii) any Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or non-performance of obligations related thereto or (y) sole option is to elect, in each case, to convert such Indebtedness into Qualified Equity Interests and cash in lieu of fractional shares and (iii) in the case of Indebtedness which the holder thereof may elect to convert into Qualified Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected; *provided*, *further*, that any such failure described under <u>clause (A)</u> or <u>(B)</u> is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to <u>Section 8.02</u> (and any event or condition set forth under this <u>Section 8.01(e)</u> shall not, until the expiration of any applicable period or the delivery of notice by the applicable holders of such Indebtedness, constitute a Default or Event of Default for purposes of this Agreement); <u>provided</u>, <u>further</u>, a default under any financial covenant in such Indebtedness shall not constitute an Event of Default unless and until the lenders or holders with respect to such Indebtedness have actually declared all such obligations to be immediately due and payable and terminate the commitments in accordance with the agreement governing such Indebtedness and such declaration has not been rescinded by the required lenders or holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency Proceedings, Etc.* Other than with respect to any dissolutions otherwise permitted hereunder, any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or substantially all of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Reserved]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Judgments*. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by either (i) independent third-party insurance as to which the insurer does not deny coverage or (ii) another creditworthy (as reasonably determined by the Administrative Agent or Revolving Agent) indemnitor); and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Invalidity of Loan Documents*. Any material provision of the Loan Documents, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>) or as a result of acts or omissions by any Agent or any Lender or the satisfaction in full of all the Obligations (other than contingent obligations not yet due and owing and Cash Collateralized or back-stopped Letters of Credit), ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan

------

Document (other than as a result of repayment in full of the Obligations (other than in accordance with its terms) and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document (other than in accordance with its terms); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change of Control*. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collateral Documents*. Any Collateral Document after delivery thereof pursuant to <u>Section 4.01</u>, <u>6.11</u> or <u>6.13</u> shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under <u>Section 7.01</u>, (i) except to the extent that any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or results from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements or take other required actions and (ii) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *ERISA*. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material Adverse Effect could reasonably be expected to result.

Section 8.02. <u>Remedies Upon Event of Default</u>.

If any Event of Default occurs and is continuing, the Administrative Agent or the Collateral Agent, in each case, at the request of the Required Lenders (*provided* that if there are two (2) or more unaffiliated Lenders, the Required Lenders for purposes of this <u>Section 8.02</u> shall require at least two (2) unaffiliated Lenders) (or, with respect to an Event of Default under <u>Section 8.01(b)</u> due solely to the Borrower's failure to observe the covenant contained in <u>Section 7.11</u>, the Revolving Agent, solely at the request of the Required Revolving Credit Lenders (solely after the Cure Expiration Date)), shall take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower (to the extent permitted by applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

------

*provided* that upon the entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States or any Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of any Agent or any Lender. 

Section 8.03. <u>Application of Funds</u>.

After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Secured Obligations or in respect of the Collateral shall be applied by the Agents in the following order (to the fullest extent permitted by mandatory provisions of applicable Law):

<u>First</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under <u>Section 10.04</u> and amounts payable under <u>Article III</u>) payable to the Agents in their capacities as such hereunder and under the other Loan Documents;

<u>Second</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders hereunder (including Attorney Costs payable under <u>Section 10.04</u> and amounts payable under <u>Article III</u>), ratably among them in proportion to the amounts described in this clause <u>Second</u> payable to them;

<u>Third</u>, to payment of that portion of the Secured Obligations consisting of accrued and unpaid interest in respect of Protective Advances funded by the Revolving Agent hereunder;

<u>Fourth</u>, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fourth payable to them;

<u>Fifth</u>, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any breakage, termination or other payments under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause <u>Fifth</u> held by them;

<u>Sixth</u>, to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Agents and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Agents and the other Secured Parties on such date; and

<u>Last</u>, the balance, if any, after all of the Secured Obligations then earned, due and payable have been paid in full, to the Borrowers or as otherwise required by Law.

Subject to <u>Section 2.03(c)</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fifth</u> above shall be applied to satisfy drawings under such Letters of

------

Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, to the Borrowers as applicable, or as otherwise required by the Intercreditor Agreements.

Section 8.04. <u>Borrower's Right to Cure</u>.

Notwithstanding anything to the contrary contained in <u>Section 8.01</u> or <u>Section 8.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of determining whether an Event of Default under <u>Section 7.11</u> has occurred, the Borrower may on one or more occasions designate any portion of the net cash proceeds from a sale or issuance of Qualified Equity Interests of the Borrower (or any direct or indirect parent company), which proceeds are then contributed to the Borrower) or any cash contribution to the common capital of the Borrower (the "**Cure Amount**") as an increase to Consolidated EBITDA for the applicable fiscal quarter; *provided* that (A) such amounts to be designated (i) are actually received by the Borrower on or before the fifteenth Business Day after the date on which the Compliance Certificate pursuant to <u>Section 6.02(a)</u> is required to be delivered with respect to such applicable fiscal quarter (the "**Cure Expiration Date**") and (ii) do not exceed the aggregate amount necessary to cure any Event of Default under <u>Section 7.11</u> as of such date and (B) the Borrower shall have provided notice (the "**Notice of Intent to Cure**") to the Revolving Agent that such amounts are designated as a "Cure Amount" (it being understood that to the extent such notice is provided in advance of delivery of a Compliance Certificate for the applicable period, the amount of such net cash proceeds that is designated as the Cure Amount may be lower than specified in such notice to the extent that the amount necessary to cure any Event of Default under <u>Section 7.11</u> is less than the full amount of such originally designated amount). The Cure Amount used to calculate Consolidated EBITDA for one fiscal quarter shall be used and included when calculating Consolidated EBITDA for each Test Period that includes such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereby acknowledge that this <u>Section 8.04</u> may not be relied on for purposes of calculating any financial ratios other than for determining actual compliance with <u>Section 7.11</u> (and not Pro Forma Compliance with <u>Section 7.11</u> that is required by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including any *pro forma* reduction of the amount of Indebtedness and shall not be included for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under <u>Article VII</u>) with respect to the quarter with respect to which such Cure Amount was made other than the increase to Consolidated EBITDA referred to in <u>Section 8.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furtherance of <u>Section 8.04(a)</u> above, (i) upon actual receipt by the Revolving Agent of the Notice of Intent to Cure, the covenant under <u>Section 7.11</u> shall be deemed retroactively cured with the same effect as though there had been no failure to comply with the covenant under such <u>Section 7.11</u> and any Default or Event of Default under <u>Section 7.11</u> (or any notice required by <u>Section 6.03(a)</u> as a result thereof) shall be deemed not to have occurred for purposes of the Loan Documents (provided that if the Cure Expiration Date has occurred without the Cure Amount having been received and designated, such Default or Event of Default shall be deemed reinstated), and (ii) no Agent, Lender or other Secured Party may exercise any rights or remedies under <u>Section 8.02</u> (or under any other Loan Document) on the basis of any actual or purported Default or Event of Default under <u>Section 7.11</u> until and unless the Cure Expiration Date has occurred without the Cure Amount having been received and designated or the Borrower has confirmed in writing that it does not intend to provide such Cure Amount. Notwithstanding the foregoing, the Borrower shall not be able to request the making of any new Revolving Credit Borrowing or the issuance of any new Letters of Credit until receipt by the Borrower of the Cure Amount.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) In each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no cure right set forth in this <u>Section 8.04</u> is exercised and (ii) there shall be no *pro forma* reduction in Indebtedness with the Cure Amount for determining compliance with <u>Section 7.11</u> for the fiscal quarter with respect to which such Cure Amount was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There can be no more than five fiscal quarters in which the cure rights set forth in this <u>Section 8.04</u> are exercised during the term of the Facilities.

**ARTICLE IX.** 

**<u>ADMINISTRATIVE AGENT AND OTHER AGENTS</u>** 

Section 9.01. <u>Appointment and Authority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Ankura to act on its behalf as the Administrative Agent and PNC to act on its behalf as the Collateral Agent and the Revolving Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the terms hereof or thereof, together with such actions and powers as are reasonably incidental or related thereto. The provisions of this <u>Article IX</u> (other than <u>Sections 9.01</u>, <u>9.06</u>, and <u>9.10</u> through and including <u>9.12</u>) are solely for the benefit of the Administrative Agent, the Collateral Agent, the Revolving Agent the Lenders and the L/C Issuers, and no Loan Party has rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent, the Collateral Agent or Revolving Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Lenders (including in its capacities as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article X</u> (including the second paragraph of <u>Section 10.05</u>), as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Collateral Agent to (i) execute any and all documents (including releases) with respect to the Collateral (including each Intercreditor Agreement and any amendment, supplement, modification or joinder with respect thereto) and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by the Collateral Agent shall bind the Lenders and (ii) negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

------

Section 9.02. <u>Rights as a Lender</u>.

The Person serving as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, Collateral Agent or the Revolving Agent, as applicable, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent, Collateral Agent or Revolving Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder and without any duty to account therefor to the Lenders.

Section 9.03. <u>Exculpatory Provisions</u>.

The Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided* that the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable, shall not be required to take any action that, in its opinion or the opinion of its counsel, may (i) expose the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to liability or that is contrary to any Loan Document or applicable Law or (ii) be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Neither the Administrative Agent, the Collateral Agent nor the Revolving Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the Borrower, a Lender, an L/C Issuer or any other Agent; and

------

Section 9.04. <u>Reliance by Agents</u>.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, each Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received written notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension or increase of such Letter of Credit. Each Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.05. <u>Delegation of Duties</u>.

Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities as Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 9.06. <u>Removal or Resignation of an Agent</u>.

Any Agent may at any time give notice of its resignation to the other Agents, the Lenders, the L/C Issuers and the Borrower. (x) If any Agent becomes a Defaulting Lender, the Borrower may remove such Agent from such role upon 15 days' written notice to such Agent, the other Agents, the L/C Issuers and the Lenders, (y) at any time after the Closing Date, for any reason whatsoever, the Required Lenders may remove the Administrative Agent or the Collateral Agent from such role upon 15 days' written notice to such Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower, and (z) at any time after the Closing Date, for any reason whatsoever, the Required Revolving Credit Lenders may remove the Revolving Agent from such role upon 15 days' written notice to Revolving Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower (the date of any such removal, the "**Removal Effective Date**").

------

Upon receipt of any such notice of resignation (or removal pursuant to the preceding sentence), the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the right, with the consent of the Borrower (in its sole discretion) at all times other than upon the occurrence and during the continuation of an Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> (with respect to the Borrower) and other than in the case of removal of the Administrative Agent, appoint a successor. If no such successor shall have been so appointed by the Required Lenders or Required Revolving Credit Lenders and shall have accepted such appointment within 30 days after the resigning Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the resigning Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including consent of the Borrower, if applicable); *provided* that if the resigning Agent shall notify the Borrower, the other Agents, the L/C Issuers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice. The resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the resigning or removed Agent shall continue to hold such Collateral until such time as a successor Agent is appointed). Except for any indemnity payments or other amounts then owed to the resigning or removed Agent, all payments, communications and determinations provided to be made by, to or through the resigning or removed Agent shall instead be made by or to each Lender and the L/C Issuers directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as an Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning (or removed) Agent (other than any rights to indemnity payments or other amounts owed to the resigning or removed Agent as of the Resignation Effective Date or Removal Effective Date, as applicable), and the resigning (or removed) Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the resigning or removed Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article IX</u> and <u>Sections 10.04</u> and <u>10.05</u> shall continue in effect for the benefit of such resigning or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the resigning or removed Agent was acting as Administrative Agent, Collateral Agent or Revolving Agent, as applicable.

Section 9.07. <u>Non-Reliance on Agents and Other Lenders</u>.

Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Neither the Administrative Agent nor the Revolving Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or issuance of any Letter of Credit or at any time or times thereafter, and neither the Administrative Agent nor the Revolving Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

------

Section 9.08. <u>No Other Duties, Etc.</u>

Anything herein to the contrary notwithstanding, no Agent or Lender shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Revolving Agent, the Collateral Agent, a Lender or an L/C Issuer hereunder.

Section 9.09. <u>Agents May File Proofs of Claim</u>.

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agents shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Agents under <u>Sections 2.03(h)</u>, <u>2.03(i)</u>, <u>2.09</u>, <u>10.04</u> and <u>10.05</u>) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Agents and, if the Agents shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and its agents and counsel, and any other amounts due the Agents under <u>Sections 2.09</u>, <u>10.04</u> and <u>10.05</u>.

Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any L/C Issuer to authorize the Agents to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding.

The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with the Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to

------

the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).

Section 9.10. <u>Collateral and Guaranty Matters</u>.

Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from any Lender, from time to time prior to the occurrence and continuance of an Event of Default, to take any action with respect to any Collateral or Collateral Documents which may be necessary to create, perfect and maintain perfected security interests in and liens upon the Collateral granted pursuant to the Collateral Documents. Without limiting the provisions of Section 9.09, the Lenders (each including in its capacity as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuer irrevocably authorize the Collateral Agent, at its option and in its discretion (other than releases described in <u>clauses (b)</u> and <u>(d)</u> below which shall not be optional or discretionary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enter into and sign for and on behalf of the Lenders as Secured Parties the Collateral Documents (including any Intercreditor Agreements with respect to Indebtedness to the extent the Collateral Agent is otherwise contemplated herein as being a party to such Intercreditor Agreement) for the benefit of the Lenders and the other Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to automatically release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the Collateral Agent and the relevant L/C Issuers shall have been made), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, (iii) subject to <u>Section 10.01</u>, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to <u>Section 9.10(d)</u> or <u>Section 11.09</u> or (v) if the property subject to such Lien constitutes Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to release any Subsidiary Guarantor from its obligations under the Guaranty if such Guarantor becomes a Released Guarantor in accordance with <u>Section 11.09</u>;

Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section 9.10</u>. In each case

------

as specified in this <u>Section 9.10</u>, the Collateral Agent will (and each Lender irrevocably authorizes the Collateral Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.10</u>.

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

Section 9.11. <u>Secured Cash Management Agreements and Secured Hedge Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Secured Cash Management Provider and no Secured Hedge Bank that obtains the benefits of <u>Section 8.03</u>, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> to the contrary, no Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Hedge Obligations unless such Agent has received written notice of such Secured Cash Management Obligations or Secured Hedge Obligations, together with such supporting documentation as such Agent may request, from the applicable Secured Cash Management Provider or Secured Hedge Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secured Cash Management Providers and the Secured Hedge Banks hereby authorize the Collateral Agent to enter into any Intercreditor Agreement permitted under this Agreement, and any amendment, modification, supplement or joinder with respect thereto, and any such Intercreditor Agreement is binding upon the Secured Cash Management Providers and the Secured Hedge Banks.

Section 9.12. <u>Withholding Tax Indemnity</u>.

To the extent required by any applicable Laws, the Administrative Agent or the Revolving Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent or the Revolving Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent or the Revolving Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective or if any payment has been made by the Administrative Agent or the Revolving Agent to any Lender without applicable withholding tax being deducted from such payment), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent or the Revolving Agent (to the extent that the Administrative Agent or the Revolving Agent has not already been reimbursed by the Borrowers pursuant to <u>Section 3.01</u> and <u>3.04</u> and without limiting or expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Administrative Agent or the Revolving Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the

------

amount of such payment or liability delivered to any Lender by the Administrative Agent or the Revolving Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Revolving Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent or the Revolving Agent under this <u>Section 9.12</u>. The agreements in this <u>Section 9.12</u> shall survive the resignation and/or replacement of the Administrative Agent or the Revolving Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank).

Section 9.13. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Administrative Agent notifies a Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party such Lender (any such Lender, Secured Party or other recipient, a "**Payment Recipient**") that the Administrative Agent has determined in its sole reasonable discretion (whether or not after receipt of any notice under immediately succeeding <u>clause (b)</u>) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "**Erroneous Payment**") and demands the return of such Erroneous Payment (or a portion thereof) (provided that, without limiting any other rights or remedies (whether at law or in equity) the Administrative Agent may not make any such demand under this clause (a)(i) with respect to an Erroneous Payment unless such demand is made within twenty (20) Business Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient),, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than seven (7) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this <u>clause (a)</u> shall be conclusive, absent manifest error.

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

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this <u>Section 9.13(b)</u>.

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

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

------

subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender or Secured Party under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the "**Erroneous Payment Subrogation Rights**").

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations, agreements and waivers under this <u>Section 9.13</u> shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

Notwithstanding anything to the contrary herein or in any other Loan Document, other than the consent right in clause (d) above, none of Holdings or any of its Subsidiaries has acquired or incurred (or will acquire or incur) any additional rights or obligations under this <u>Section 9.13</u>.

**ARTICLE X.** 

**<u>MISCELLANEOUS</u>** 

Section 10.01. <u>Amendments, Etc.</u>

Subject to any separate agreement among the Lenders, except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders (unless specified therein)) (or by the Administrative Agent with the consent of the Required Lenders) and the applicable Loan Party, as the case may be (and with an executed copy thereof promptly delivered to the Administrative Agent if not otherwise a party thereto), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that, no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood that a waiver of any condition precedent, the waiver of any obligation of the Borrowers to pay interest at the Default Rate or the waiver of any Default, Event of Default, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such an extension or increase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise expressly provided for hereunder, including without limitation pursuant to a Refinancing Amendment or an Extension Amendment, postpone any date scheduled for any payment of principal (including final maturity), interest or fees under <u>Section 2.07</u>, <u>2.08</u> or <u>2.09</u>, respectively, without the written consent of each Lender directly and adversely affected

------

thereby (it being understood that the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any Default or Event of Default, any condition precedent, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such a postponement of any date scheduled for the payment of principal or interest and it further being understood that any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a postponement of such scheduled payment); *provided* that only the consent of the Administrative Agent and/or the Revolving Agent, as applicable, shall be required for an extension or postponement for administrative convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (iii)</u> of the second proviso to this <u>Section 10.01</u>) or any fees payable hereunder or under any other Loan Document (or extend the timing of payments of such fees) without the written consent of each Lender directly and adversely affected thereby (it being understood that (i) the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any mandatory prepayment of the Loans or mandatory reduction of any Commitments or any Default or Event of Default shall not constitute such a reduction and it further being understood that (ii) any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a reduction or forgiveness in any principal or rate of interest of any Loan, L/C Borrowing, fee or other amount payable hereunder or under any other Loan Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" in any manner that would alter the pro rata sharing of payments or other amounts required thereby, without the written consent of each Lender directly and adversely affected thereby; *provided* that modifications to <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" to the extent necessary in connection with (w) any buy back of Term Loans by Holdings or the Borrower pursuant to <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, (x) any Refinancing Amendment or amendment in respect of Replacement Term Loans, (y) any Incremental Amendment or (z) any Extension Amendment, in each case, shall only require approval (to the extent any such approval is otherwise required) of the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of (i) this <u>Section 10.01</u> or (ii) the definition of "Required Lenders", "Required Revolving Credit Lenders" or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents to reduce the percentage set forth therein, without the written consent of each Lender directly and adversely affected thereby (it being understood that, with the consent of the Required Lenders or Required Revolving Credit Lenders (if such consent is otherwise required), or the Administrative Agent or the Revolving Agent, as applicable (if the consent of the Required Lenders or Required Revolving Credit Lenders is not otherwise required), additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or Required Revolving Credit Lenders, as applicable, on substantially the same basis as the Term Commitments or Revolving Credit Commitments, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the aggregate value of the Guaranty without the written consent of each Lender;

*provided, further*, that, to the extent that any such amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> above is not executed by all Agents and/or all of the Lenders, the Borrower shall provide a copy of such amendment or waiver to any Agent and/or Lender which is not a party thereto; 

*provided*, *further*, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, directly and adversely affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) [reserved]; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or, with respect to the Revolving Loans, the Revolving Agent, in addition to the Lenders required above, directly and adversely affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or Revolving Agent, as applicable, under this Agreement or any other Loan Document; (iv) only the consent of the parties to the Fee Letter shall be required to amend, modify or supplement the terms thereof; (v) <u>Section 10.07(h)</u> may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; (vi) (x) no Lender consent is required to effect an Incremental Amendment, Refinancing Amendment or Extension Amendment (except as expressly provided in <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u> or in the following <u>clause (y)</u> or <u>(z)</u>, as applicable) or to effect any amendment expressly contemplated by <u>Section 6.19</u>, (y) in connection with an amendment that addresses solely a re-pricing transaction in which any Class of Term Loans is Refinanced with a replacement Class of term loans bearing (or is modified in such a manner such that the resulting term loans bear) a lower All-In Yield (which may include other customary technical amendments related thereto, including providing that such replacement term loans may have a prepayment premium in connection therewith) (a "**Permitted Repricing Amendment**"), only the consent of the Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans shall be required for such Permitted Repricing Amendment, and (z) in connection with an Extension Amendment, only the consent of the Lenders that will continue as a Lender in respect of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, subject to such Extension Amendment shall be required for such Extension Amendment; and (vii) the Letter of Credit Sublimit may be increased with only the consent of each L/C Issuer and the Revolving Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms materially and adversely affects any Defaulting Lender to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding the foregoing, no Lender consent is required for the Collateral Agent to enter into, or to effect any amendment, modification or supplement to any Intercreditor Agreement pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan Commitment, any Other Commitment, any Other Term Loan, any Other Notes, or any Permitted First Priority Refinancing Debt or any Permitted Junior Priority Refinancing Debt, for the purpose of adding the holders of such Indebtedness (or their representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, in each case as contemplated by the terms of such Intercreditor Agreement (it being understood that any such amendment or supplement may make such other changes to the applicable Intercreditor Agreement as, in the good faith determination of the Collateral Agent, are

------

required to effectuate the foregoing and *provided* that such other changes are not adverse, in any material respect (taken as a whole), to the interests of the Lenders); *provided*, *further*, that no such Intercreditor Agreement shall amend, modify or otherwise adversely affect the rights or duties of any Agent hereunder or under any other Loan Document without the prior written consent of such Agent.

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

Notwithstanding any of the foregoing, only the consent of the Required Revolving Credit Lenders (and, in the case of the issuance of a Letter of Credit, the relevant L/C Issuer) shall be required for (i) any amendment or waiver of any condition precedent to an extension of credit (or deemed extension of credit) under the Revolving Credit Facility, (ii) any modification or amendment to the calculation or formulation of the Financial Covenant , Section 7.11 or Section 8.04, or any change to any definition related to the Financial Covenant, Section 7.11 or Section 8.04 (as such definitions are used for purposes of the Financial Covenant, Section 7.11 or Section 8.04, as applicable) or (iii) the waiver of any Default or Event of Default under the Financial Covenant.

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrowers and the Lenders providing the Replacement Term Loans (as defined below) to permit the Refinancing of all or a portion of the outstanding Term Loans of any Class ("**Refinanced Term Loans**") with one or more tranches of replacement term loans having different terms ("**Replacement Term Loans**") hereunder; *provided* that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans *plus* accrued interest, fees, expenses and premium (but nothing in this clause (a) shall limit the ability of the Borrowers to incur Incremental Term Loans of the same Class or of a different Class at the same time if such incurrence is otherwise permitted hereunder), (b) the Weighted Average Life to Maturity of Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, at the time of such Refinancing (except by virtue of amortization or prepayment of the Refinanced Term Loans prior to the time of such incurrence) and (c) such Replacement Term Loans shall otherwise constitute Credit Agreement Refinancing Indebtedness.

Notwithstanding anything to the contrary contained in this <u>Section 10.01</u>, guarantees, collateral security documents and related documents executed by the Loan Parties or the Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and the Collateral Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent and the Collateral Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel or (ii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, if at any time after the Closing Date, any Agent and the Borrower shall have jointly identified a mistake, ambiguity, obvious or technical error or any error or omission of a technical or administrative nature, in each case, in any provision of the Loan Documents, then the Administrative Agent, the Revolving Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent

------

of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, the Revolving Agent may waive any obligations or requirements under <u>Section 6.16</u>.

Section 10.02. <u>Notices and Other Communications; Facsimile Copies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices; Effectiveness; Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section 10.02(a)(ii)</u>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to the Borrower (or to any other Loan Party), the Administrative Agent, the Collateral Agent, the Revolving Agent or an L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for the Borrower, the Administrative Agent, the Collateral Agent, the Revolving Agent or such L/C Issuer on <u>Schedule 10.02</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>Section 10.02(a)(ii)</u> shall be effective as provided in such <u>Section 10.02(a)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Electronic Communications</u>. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, *provided* that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to <u>Article II</u> if such Lender or such L/C Issuer, as applicable, has notified each Agent that it is incapable of receiving notices under such Article by electronic communication. Any Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, *provided* that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent or the Revolving Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, 

------

and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the "**Agent Parties**") have any liability to the Loan Parties, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or any Agent's transmission of the Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith, material breach or willful misconduct of such Agent Party (or its Representatives); *provided*, *however*, that in no event shall any Person have any liability to any other Person hereunder for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages); *provided* that nothing in this sentence shall limit any Loan Party's indemnification obligations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Address, Etc.</u> Each of the Borrowers, the Agents and the L/C Issuers may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the Borrower, the Agents, the L/C Issuers. In addition, each Lender agrees to notify the Agents from time to time to ensure that the Agents has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reliance by Agents, L/C Issuers and Lenders</u>. The Agents, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Agents, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers in accordance with <u>Section 10.05</u> hereof. All telephonic notices to and other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording.

Section 10.03. <u>No Waiver; Cumulative Remedies</u>.

No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

------

The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent and the Revolving Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuers; *provided*, *however*, that the foregoing shall not prohibit (a) any Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or the Revolving Agent, as applicable) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 10.09</u> (subject to the terms of <u>Section 2.13</u>) or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; *provided*, *further*, that if at any time there is no Person acting as Administrative Agent, Collateral Agent or Revolving Agent hereunder and under the other Loan Documents, then (i) the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the rights otherwise ascribed to the Administrative Agent, the Collateral Agent or the Revolving Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of the preceding proviso and subject to <u>Section 2.13</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

Section 10.04. <u>Attorney Costs and Expenses</u>.

The Borrower agrees (a) to pay or reimburse the Agents, the Commitment Parties and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby, including (i) all Attorney Costs, which shall be limited to one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Commitment Parties (taken as a whole), plus, if reasonably necessary, one local counsel in each applicable jurisdiction material to the interests of the Lenders (taken as a whole), in each case except allocated costs of in-house counsel and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower, and (b) from and after the Closing Date, to pay or reimburse the Administrative Agent, the Revolving Agent, and the Collateral Agent, the L/C Issuers and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or protection of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including (i) all respective Attorney Costs, which shall be limited to Attorney Costs of one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Lenders (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction material to the interests of the Lenders (taken as a whole) and, solely in the case of an actual conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected parties) and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower. The agreements in this <u>Section 10.04</u> shall survive the termination of the Aggregate Commitments and repayment of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped

------

by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). All amounts due under this <u>Section 10.04</u> shall be paid within 30 days following receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail; *provided* that, with respect to the Closing Date, all amounts due under this <u>Section 10.04</u> shall be paid on the Closing Date solely to the extent invoiced to the Borrower at least three Business Days prior to the Closing Date (or such shorter period as the Borrower shall reasonably agree). If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by any Agent in its discretion following five Business Days' prior written notice to the Borrower and the other Agents. For the avoidance of doubt, this <u>Section 10.04</u> shall not apply to Taxes, except any Taxes that represent costs and expenses arising from any non-Tax claim.

Section 10.05. <u>Indemnification by the Borrower</u>.

The Borrower shall indemnify and hold harmless each Agent, each Agent-Related Person, each Lender and their respective controlled Affiliates and controlling Persons, and their respective officers, directors, agents, members and employees and their respective successors (collectively the "**Indemnitees**") from and against any and all liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and its affiliated or associated Indemnitees (taken as a whole), one counsel to the Revolving Agent and the Collateral Agent and their affiliated or associated Indemnitees (taken as a whole) and one counsel to all other Indemnitees (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected Indemnitees, in each case except allocated costs of in-house counsel), joint or several, of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (c) any Environmental Liability arising from any actual or alleged presence or Release of Hazardous Materials at, on, under or from any property or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, or any other Environmental Liability of the Loan Parties or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (a "**Proceeding**") and regardless of whether any Indemnitee is a party thereto or whether or not such Proceeding is brought by the Borrower or any other person and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee (all of the foregoing, collectively, the "**Indemnified Liabilities**"); *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (w) the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (x) a material breach of any obligations under any Loan Document by such Indemnitee or of

------

any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) any disputes solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under any Facility (unless such claim would otherwise be excluded pursuant to clause <u>(w)</u> above) which do not arise out of any act or omission of Holdings, the Borrower, the Sponsor or any of their Affiliates or (z) settlements effected without the Borrower's prior written consent (such consent not to be unreasonably withheld, delayed or conditioned), but if settled with the Borrower's written consent, or if there is a final judgment in any such Proceeding, the Borrower shall indemnify and hold harmless such Indemnitee to the extent and the manner set forth above. In case any Proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrower of the commencement of any such Proceeding; *provided*, *however*, that the failure so to notify the Borrower will not relieve the Borrower from any liability to such Indemnitee pursuant to this <u>Section 10.05</u>. Each applicable Indemnitee (by accepting the benefits hereof) agrees to refund and return any and all amounts paid by or on behalf of the Borrower (or any other Loan Party) to such Indemnitee, in each case, pursuant to the terms of this paragraph to the extent such Indemnitee is not entitled to the payment thereof pursuant to the terms of this paragraph. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Indemnitee (or its officers, directors, employees or Affiliates), nor shall any Indemnitee, Loan Party or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); it being agreed that this sentence shall not limit the indemnification obligations of Holdings, the Borrower or any Subsidiary (including, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket expenses). In the case of an investigation, litigation or other proceeding to which the indemnity in this <u>Section 10.05</u> applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due under this <u>Section 10.05</u> shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); *provided*, *however*, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this <u>Section 10.05</u>. The agreements in this <u>Section 10.05</u> shall survive the resignation or removal of any Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). For the avoidance of doubt, this <u>Section 10.05</u> shall not apply to Taxes, except any Taxes that represent liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

To the extent that the Borrower for any reason fails to pay any amount required under this <u>Section 10.05</u> or <u>Section 10.04</u> to be paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such

------

sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender's Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, *provided* that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this paragraph are subject to the provisions of <u>Section 2.12(e)</u>.

Section 10.06. <u>Payments Set Aside</u>.

To the extent that any payment by or on behalf of any Borrower is made to any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, *plus* interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Base Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Secured Obligations and the termination of this Agreement.

Section 10.07. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Revolving Agent and each Lender (except as permitted by <u>Section 7.04</u> or <u>Section 7.05</u>) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of <u>Section 10.07(b)</u> and the proviso to this <u>Section 10.07(a)</u> (such an assignee, an "**Eligible Assignee**") and (A) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is an Affiliated Lender, <u>Section 10.07(k)</u>, (B) in the case of any Assignee that is Holdings or any of its Subsidiaries, <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, or (C) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is a Debt Fund Affiliate, <u>Section 10.07(o)</u>, (ii) by way of participation in accordance with the provisions of <u>Section 10.07(e)</u>, (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 10.07(g)</u> or (iv) to an SPC in accordance with the provisions of <u>Section 10.07(h)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void); *provided*, *however*, that notwithstanding the foregoing or anything else in this Agreement to the contrary, no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender, (ii) a natural Person or (iii) to Holdings, the Borrower or any of their respective Subsidiaries (except pursuant to or as contemplated by <u>Section 2.05(a)(v)</u>, the last paragraph of <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u>, as applicable). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 10.07(e)</u> and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>Section 10.07(b)(ii)</u> below, any Lender may at any time assign to one or more assignees (other than a Disqualified Institution unless the Borrower consents to such assignment to such entity, in which case such entity will not be considered a Disqualified Institution for the purpose of such assignment) (each, an "**Assignee**") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <u>Section 10.07(b)</u>, participations in L/C Obligations) at the time owing to it) with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower in its sole discretion; *provided* that no consent of the Borrower shall be required for an assignment (i) of all or a portion of the Term Loans to a Term Lender, (ii) all of a portion of any Revolving Credit Commitment or Revolving Loan to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) after the occurrence and during the continuance of an Event of Default under <u>Section 8.01(a)</u> or <u>Section 8.01(f)</u> (with respect to the Borrower), to any Assignee or (iv) of all or a portion of the Term Loans to an Affiliate or Approved Fund of such Lender, in each case, that is managed or advised by Blackstone or Carlyle, as the case may be, that are part of Blackstone's or Carlyle's "Direct Lending" or "Credit Opportunities" lines of business and are not part of Blackstone's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations" line of business; *provided*, *further*, that with respect to an assignment of all or a portion of the Term Loans, the Borrower shall be deemed to have consented to any such assignment (other than with respect to any assignment to a Disqualified Institution or to an Affiliate or Approved Fund that are part of Blackstone's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations") unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent (with respect to the Term Loans) and the Revolving Agent (with respect to the Revolving Credit Commitments); *provided* that no consent of any Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Term Lender, an Affiliate of a Term Lender or any Approved Fund thereof, (ii) of all or any portion of any Revolving Credit Commitments or Revolving Credit Exposure to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) of all or a portion of the Loans pursuant to <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u> or (iv) from an Agent to its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each L/C Issuer at the time of such assignment; provided that no consent of the L/C Issuers shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class or in the case of an assignment to an Affiliate of a Lender or any Approved Fund thereof, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 (in the case of each Revolving Loan), $1,000,000 (in the case of a Term Loan), and shall be in increments of an amount of $2,500,000 (in the case of each Revolving Loan) or $1,000,000 (in the case of Term Loans), in excess thereof unless each of the Borrower and the Administrative Agent or the Revolving Agent, as applicable, otherwise consents; provided that such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall (1) execute and deliver to the Applicable Agent an Assignment and Assumption via an electronic settlement system acceptable to such Agent or (2) if previously agreed with such Agent, manually execute and deliver to such Agent an Assignment and Assumption, together, in each case, with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Applicable Agent and shall in no event apply to assignments between (i) Blackstone and its Affiliates and (ii) Carlyle and its Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) other than in the case of assignments pursuant to <u>Section 10.07(l)</u>, the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent or the Revolving Agent, as applicable, an Administrative Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall execute and deliver to the Administrative Agent or the Revolving Agent, as applicable, and the Borrower the forms described in <u>Sections 3.01(d)</u> and <u>3.01(e)</u> applicable to it.

This <u>Section 10.07(b)</u> shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to acceptance and recording thereof by the Administrative Agent or the Revolving Agent, as applicable, pursuant to <u>Section 10.07(d)</u>, from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to <u>Section 10.07(l)</u> the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, <u>10.04</u> and <u>10.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 10.07(c)</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.07(e)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent and the Revolving Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Applicable Agent's Office a copy of each Assignment and Assumption, each Affiliated Lender Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower pursuant to <u>Section 10.07(l)</u> and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and the amounts due under <u>Section 2.03</u>, owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>Section 10.07(b)(ii)(B)</u> above, if applicable, and the written consent of the Administrative Agent or the Revolving Agent and, if required, the Borrower and each L/C Issuer to such assignment and any applicable tax forms, the Administrative Agent or the Revolving Agent shall (i) accept such Assignment and Assumption and (ii) promptly record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this <u>Section 10.07(d)</u>. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, any Agent and any Lender (solely with respect to such Lender), at any reasonable time and from time to time upon reasonable prior notice. This <u>Section 10.07(d)</u> and <u>Section 2.11</u> shall be construed so that all Loans are at all times maintained in "registered form" within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations). Notwithstanding the foregoing, in no event shall the Administrative Agent or the Revolving Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent or the Revolving Agent be obligated to monitor the aggregate amount of Term Loans held by Affiliated Lenders. Notwithstanding anything to the contrary in this Agreement, the Borrowers, Holdings, the other Loan Parties and the Lenders acknowledge and agree that in no event shall the Administrative Agent or the Revolving Agent (in each case in its capacity as such) be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, neither the Administrative Agent nor the Revolving Agent shall (x) be obligated to ascertain, monitor or inquire as to whether any Lender is a Disqualified Institution or (y) have any liability with respect to any assignment or participation of Loans or Commitments, or any disclosure of confidential information, to any Disqualified Institution. Upon request by the Administrative Agent or the Revolving Agent, the Borrower shall (i) promptly (and in any case, not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>) provide to the Administrative Agent, a complete list of all Affiliated Lenders holding Term Loans or Incremental Term Loans at such time and (ii) not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Term Loans or Incremental Term Loans at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may at any time, sell participations to any Person (other than a natural person, a Defaulting Lender, the Sponsor, Holdings, any Non-Debt Fund Affiliate and, to the extent the list thereof has been made available to all Lenders, any Disqualified Institution) (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations) owing to it); *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such

------

Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in <u>clauses (a)</u> through <u>(h)</u> of the first proviso to <u>Section 10.01</u> that requires the affirmative vote of such Lender. Subject to <u>Section 10.07(f)</u> and a Participant's compliance with <u>Section 3.01(d)</u> and <u>(e)</u>, each Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and limitations of such Sections, including the requirements of Section 3.01(d) and (e) (it being understood that the documentation required under Section 3.01(d) and (e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.07(c)</u>. To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of <u>Section 10.09</u> as though it were a Lender; *provided* that such Participant (A) agrees to be subject to <u>Section 2.13</u> as though it were a Lender, and (B) shall not be entitled to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u>, <u>3.04</u> or <u>3.05</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Lender may, without the consent of any Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender; *provided* that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (other than a Disqualified Institution) identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and the limitations of

------

such Section), but neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement except, in the case of <u>Section 3.01</u>, to the extent that the grant to the SPC was made with the prior written consent of the Borrower in its sole discretion, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee (other than a Disqualified Institution) for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; *provided* that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this <u>Section 10.07</u>, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained herein, any L/C Issuer may, upon 30 days' notice to the Borrower, the Agents and the Revolving Credit Lenders, resign as an L/C Issuer; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer shall have identified a successor L/C Issuer reasonably acceptable to the Borrower and the Revolving Agent willing to accept its appointment as successor L/C Issuer; *provided*, *further*, that any such resignation shall be effective only if (x) the relevant L/C Issuer is no longer a Revolving Credit Lender upon the effectiveness of such resignation or (y) the relevant L/C Issuer has obtained the consent of the Revolving Agent and the Borrower. In the event of any such resignation of an L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving Credit Lenders willing to accept such appointment a successor L/C Issuer hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer, except as expressly provided above. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Credit Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through open market purchases on a non-pro rata basis, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to an Affiliated Lender may be purchased with the proceeds of any Revolving Loan;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of <u>Exhibit J</u> hereto (an "**Affiliated Lender Assignment and Assumption**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Affiliated Lenders (A) will not receive information provided solely to Lenders by the Administrative Agent or any Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</u>, (B) will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent and (C) will not receive advice of counsel to the Administrative Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection with each assignment pursuant to this <u>Section 10.07(k)</u>, the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to such Affiliated Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate principal amount of Term Loans (as of the date of consummation of any transaction under this <u>Section 10.07(k)</u>) held at such time by all Affiliated Lenders shall not exceed 25% of the principal amount of all Term Loans outstanding as of the date of such transaction (such percentage, the "**Affiliated Lender Cap**").

Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required and be delivered to the same addressee as set forth in <u>Exhibit E-2</u>.

Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or any of their Subsidiaries, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or their respective Subsidiaries, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Affiliated Lenders and any of their Subsidiaries, Holdings, the Borrower and their respective Subsidiaries, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) that the Excluded Information may not be available to the Administrative Agent or the other Lenders.

Notwithstanding anything to the contrary in the Loan Documents, any Term Loans assigned to an Affiliated Lender in accordance with this <u>Section 10.07(k)</u> or <u>Section 10.07(o)</u> may be contributed to Holdings or any of its Restricted Subsidiaries and be exchanged for debt or equity securities of the Borrower (or any of its direct or indirect parent) to the extent otherwise permitted herein, in which case Holdings, the Borrower and its Restricted Subsidiaries shall comply with <u>Sections 10.07(l)(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u> (with any references to the Borrower in such sections to be deemed to include any applicable Restricted Subsidiary)

------

and for the avoidance of doubt any other assignment to Holdings or its Restricted Subsidiaries shall be consummated only pursuant to <u>Section 10.07(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to Holdings, the Borrower or any Restricted Subsidiary through, notwithstanding <u>Sections 2.12</u> and <u>2.13</u> or any other provision in this Agreement, open market purchase on a non-pro rata basis, in each case subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to Holdings, the Borrower or a Restricted Subsidiary may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall execute and deliver to the Administrative Agent an Affiliated Lender Assignment and Assumption substantially in the form of <u>Exhibit J</u> hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Holdings or a Restricted Subsidiary is the assignee, upon such assignment, transfer or contribution, Holdings or such Restricted Subsidiary, as applicable, shall automatically be deemed to have contributed or distributed, as applicable, the principal amount of such Term Loans, *plus* all accrued and unpaid interest thereon, to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Borrower is the assignee (including through contribution or transfers set forth in <u>clause (iii)</u> above), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, distributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation and extinguishment of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, distribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with each assignment pursuant to this <u>Section 10.07(l)</u>, the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to Holdings, the Borrower or such Restricted Subsidiary, as applicable.

Each Lender participating in any assignment pursuant to this <u>clause (l)</u> acknowledges and agrees that in connection with such assignment, (1) Holdings and its Subsidiaries then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on Holdings or any of its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of Holdings or its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrower and its Subsidiaries and Affiliates, the Administrative Agent and any other Agent-Related Persons,

------

under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to <u>Section 10.07(n)</u>, any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require any Agent or any Lender to take (or refrain from taking) any such action and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question adversely affects such Affiliated Lender in any material respect as compared to other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Additionally, the Loan Parties and Affiliated Lenders hereby agree that if a case under Title 11 of the United States Code is commenced by or against any Loan Party, such Loan Party shall seek (and the Affiliated Lenders shall consent) to provide that the vote of the Affiliated Lenders with respect to any plan of reorganization of such Loan Party shall be counted in the same proportion as all other Lenders, except that Affiliated Lenders' vote may be counted to the extent any such plan of reorganization (i) proposes to treat the Obligations held by Affiliated Lenders in a manner that is less favorable in any material respect to the Affiliated Lenders than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower, (ii) would deprive the Affiliated Lenders of their Pro Rata Share of any payments to which all Lenders are entitled or (iii) requires the consent of each Lender or each affected Lender. The Affiliated Lenders hereby irrevocably appoint each of the Administrative Agent or the Revolving Agent (such appointment being coupled with an interest) as the Affiliated Lenders' attorneys-in-fact, with full authority in the place and stead of the Affiliated Lenders and in the name of the Affiliated Lenders, from time to time in each such Agent's discretion to take any action and to execute any instrument that such Agent may deem reasonably necessary to carry out the provisions of this <u>Section 10.07(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Although Debt Fund Affiliates shall be Eligible Assignees and shall not be subject to the provisions of <u>Section 10.07(m)</u> or <u>10.07(n)</u>, any Lender may, at any time, assign all or a portion of its rights and obligations with respect to any Class of Loans or Commitments under this Agreement to a Person who is or will become, after such assignment, a Debt Fund Affiliate only through (x) Dutch auctions open to all Lenders holding such Class of Loans or Commitments on a pro rata basis in accordance with procedures of the type described in <u>Section 2.05(a)(v)</u> or (y) open market purchases on a non-pro rata basis. Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Loans held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans, Revolving Credit Commitments and

------

Revolving Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant to <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding the foregoing, if an entire Class of Loans or Commitments is Refinanced or replaced in full with other Loans or Commitments hereunder, the Borrower shall have the option, with the consent of each of the Administrative Agent and the Revolving Agent and subject to at least three Business Days' advance notice (which notice may be rescinded if the transactions contemplated by such Refinancing Amendment are not consummated) to each Lender holding any Class of Loans or Commitments being Refinanced or replaced to consummate such Refinancing or replacement of such Class by way of assignment by purchasing each such Lender's Loans or unfunded Commitments at par, accompanied by payment of any accrued interest and fees thereon (including, if applicable, amounts payable pursuant to <u>Section 3.07(e)</u>) instead of prepaying the Loans or reducing or terminating the Commitments to be Refinanced or replaced. The assigned Loans and Commitments shall be amended immediately thereafter in accordance with <u>Section 10.01</u> to reflect the terms of any such Refinancing or replacement. The assignee under any such assignment may be (but shall not be required to be) any Agent, any Lender, any arranger of the new Loans or Commitments or any other Person designated by any Agent. By receiving the purchase price, the Lenders having the replaced or Refinanced Class of Loans or Commitments shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing security interests in the Collateral.

Section 10.08. <u>Confidentiality</u>.

Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel, and other advisors (it being understood that (i) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and (ii) the Applicable Agent or Lender disclosing such information shall be responsible for the compliance of its Affiliates and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel and other advisors, with this <u>Section 10.08</u>); (b) to the extent required or requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority regulating any Lender or its Affiliates), *provided* that the Applicable Agent or such Lender, as applicable, agrees that it will make commercially reasonable efforts to notify the Borrower in advance in the event of any such disclosure by such Person (and will promptly notify the Borrower in any event) (other than at the request of a regulatory authority or pursuant to filings, submissions and any other similar documentation applicable to business development companies of the type disclosed in the Administrative Agent's Form 10-K prior to the Closing Date and required or customary to comply with SEC filing requirements) unless such notification is prohibited by law, rule or regulation; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process or required or requested by any regulatory authority having or asserting jurisdiction over such Person or its Related Parties, *provided* that the Applicable Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions at least as restrictive as those of this <u>Section 10.08</u> (or as may otherwise be reasonably acceptable to the Borrower), to (i) any pledgee referred to in <u>Section 10.07(g)</u>, (ii) any direct or indirect contractual counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or

------

obligations under this Agreement (other than any Disqualified Institution or Person); or (iii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder (other than any Disqualified Institution or Person whom the Borrower has affirmatively denied to provide consent to assignment in accordance with <u>Section 10.07(b)(i)(A)</u>); (f) with the prior written consent of the Borrower; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this <u>Section 10.08</u> or other obligation of confidentiality owed to the Borrower, the Sponsor or their respective Affiliates, (ii) is or becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or any Sponsor or their respective related parties (so long as such source is not known (after due inquiry) to such Agent, such Lender, such L/C Issuer or any of their respective Affiliates to be bound by confidentiality obligations to any Loan Party, the Sponsor or their respective Affiliates); (h) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (i) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of its rights hereunder or thereunder; (j) for purposes of establishing a "due diligence" defense or (k) in connection with filings, submissions and any other similar documentation required or customary to comply with SEC filing requirements. In addition, the Agents and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement, and management of this Agreement, the other Loan Documents, the Commitments and the Credit Extensions. For the purposes of this <u>Section 10.08</u>, "**Information**" means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates' directors, officers, employees, trustees, investment advisors or agents, other than any such information that is publicly available to any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this <u>Section 10.08</u> or any other confidentiality obligation owed to any Loan Party or their Affiliates. Notwithstanding anything to the contrary, this <u>Section 10.08</u> shall not terminate until the earlier of (x) payment in full of all Obligations (other than contingent obligations as to which no claim has been asserted), and (y) the Maturity Date.

Section 10.09. <u>Setoff</u>.

In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender (and any Agent, in respect of any unpaid fees, costs and expenses payable hereunder or under any of the other Loan Documents) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than escrow, payroll, petty cash, trust and tax accounts) at any time held by, and other Indebtedness at any time owing by, such Lender or such Agent to or for the credit or the account of the respective Loan Parties against any and all Secured Obligations then due and owing to such Lender or such Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Lender or such Agent shall have made demand under this Agreement or any other Loan Document; *provided* that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent or the Revolving Agent, as applicable, for further application in accordance with the provisions of <u>Section 2.17</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agents, the L/C Issuers, and the Lenders, and (y) the Defaulting Lender shall provide promptly to each Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Agents

------

after any such set off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent and each Lender under this <u>Section 10.09</u> are in addition to other rights and remedies (including other rights of setoff) that each Agent and such Lender may have at Law.

Section 10.10. <u>Interest Rate Limitation</u>.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "**Maximum Rate**"). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 10.11. <u>Counterparts</u>.

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. 

Section 10.12. <u>Integration</u>.

This Agreement, together with the other Loan Documents and the Fee Letter, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. Subject to <u>Section 10.22</u>, in the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; *provided* that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

Section 10.13. <u>Survival of Representations and Warranties</u>.

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

------

Section 10.14. <u>Severability</u>.

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions; *provided*, that the Lenders shall charge no fee in connection with any such amendment. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 10.14</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Agents or the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 10.15. <u>GOVERNING LAW</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT NOTWITHSTANDING THE FOREGOING IT IS UNDERSTOOD AND AGREED THAT (A) THE INTERPRETATION OF CLAUSE (A) OF THE DEFINITION OF "MATERIAL ADVERSE EFFECT" (AND WHETHER OR NOT A "MATERIAL ADVERSE EFFECT" UNDER CLAUSE (A) OF SUCH DEFINITION HAS OCCURRED), (B) THE ACCURACY OF ANY SPECIFIED PURCHASE AGREEMENT REPRESENTATIONS AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF THE INITIAL BORROWER HAS THE RIGHT (WITHOUT REGARD TO ANY NOTICE REQUIREMENT BUT TAKING INTO ACCOUNT ANY APPLICABLE CURE PROVISIONS) TO TERMINATE THE INITIAL BORROWER'S OBLIGATIONS (OR TO REFUSE TO CONSUMMATE THE ACQUISITION) UNDER THE PURCHASE AGREEMENT AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE PURCHASE AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY (BOROUGH OF MANHATTAN) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT

------

MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE) IN <u>SECTION 10.02</u>. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

Section 10.16. <u>WAIVER OF RIGHT TO TRIAL BY JURY</u>.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.16</u>.

Section 10.17. <u>Binding Effect</u>.

This Agreement shall become effective when it shall have been executed and delivered by the Loan Parties, each Agent and each Lender and shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with <u>Section 10.07</u> (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Agents and the Lenders except as permitted by <u>Section 7.04</u>.

Section 10.18. <u>USA Patriot Act</u>.

Each Lender that is subject to the USA Patriot Act and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow such Lender or such Agent, as applicable, to identify such Loan Party in accordance with the USA Patriot Act. This notice is given in accordance with the requirements of the USA Patriot Act and is effective as to the Lenders and the Agents.

Section 10.19. <u>Judgment Currency.</u>

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent or the Revolving Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent, the Revolving Agent or any Lender hereunder or under the other Loan

------

Documents shall, notwithstanding any judgment in a currency (the "**Judgment Currency**") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "**Agreement Currency**"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent, the Revolving Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent, the Revolving Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender in such currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrowers (or to any other Person who may be entitled thereto under applicable Law).

Section 10.20. <u>No Advisory or Fiduciary Responsibility</u>.

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agents are arm's-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for each Loan Party or any of their respective Affiliates, or any other Person and (B) no Agent or Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party hereby agrees that it will not claim that any Agent or Lender has rendered advisory services of any nature or respect, or owe any fiduciary duty or similar duty to such Loan Party or its Affiliates in connection with any aspect of any transaction contemplated hereby or the process leading thereto.

Section 10.21. <u>Electronic Execution of Assignments and Certain Other Documents</u>.

The words "execute," "execution," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agents, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, no Agent is under any obligation to agree to

------

accept electronic signatures in any form or in any format unless expressly agreed to by such Agent pursuant to procedures approved by it.

Section 10.22. <u>Intercreditor Agreements</u>.

Each Lender hereunder (a) acknowledges that it has received a copy of the Intercreditor Agreements, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements and (c) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Intercreditor Agreements on behalf of such Lender. The foregoing provisions are intended as an inducement to the lenders under any documentation governing other parity lien or junior lien Indebtedness permitted to be incurred hereunder to extend credit to the Loan Parties and such lenders are intended third party beneficiaries of such provisions. In the event of any conflict or inconsistency between the provisions of any Intercreditor Agreement and this Agreement, the provisions of such Intercreditor Agreement shall control.

Section 10.23. <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 10.24. <u>Closing Date Debt Assumptions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately after the consummation of the Acquisition, TCFI hereby assumes all of the Secured Obligations of the Initial Borrower (the "Debt Assumption").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Debt Assumption, TCFI hereby joins this Agreement as a Borrower and agrees and acknowledges that, for the benefit of the Agents and the Lenders, as evidenced by its signature below on its behalf, upon the consummation of the Debt Assumption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TCFI shall be and is a Borrower under this Agreement and the other Loan Documents with the same force and effect as if originally named therein as a "Borrower", from and after Acquisition, the effect of which shall be, without limitation, that (A) each reference to a "Borrower", "Borrowers", "Borrower Representative", "Loan Party" or "Loan Parties" in this Agreement and the other Loan Documents shall be deemed to be to, or include, it and (B) it shall be bound by all of the terms and provisions of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TCFI, as a borrower, debtor, grantor, mortgagor, pledgor, guarantor or assignor, or in any other similar capacities in which TCFI grants Liens or security interests in its assets and other property or otherwise acts as an accommodation party or guarantor, as the case may be, in any case under

------

the Loan Documents, from and after the consummation of the Acquisition hereby (i) ratifies and confirms all of the payment, performance and observance obligations and liabilities of TCFI, whether contingent or otherwise, under the Loan Documents, and (ii) ratifies and confirms the grant of security by TCFI under the Collateral Documents and confirms and agrees that such Liens and security interests secure all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Release of Initial Borrower. Following the funding of the Loans on the Closing Date, and automatically upon consummation of the Acquisition and the Debt Assumption, the Initial Borrower is hereby automatically released from all its rights and Secured Obligations as a "Borrower" hereunder and under the other Loan Documents. Notwithstanding such release, Athena Technology Solutions Purchaser, LLC, as Holdings, will remain a Loan Party and Guarantor for all other purposes under the Loan Documents following the effectiveness of the Closing Date Acquisition and will not be released or discharged from any Secured Obligations that are applicable to Loan Parties or grants of security interests in the Collateral pursuant to the Collateral Documents), except as otherwise provided for hereunder.

**ARTICLE XI.** 

**<u>GUARANTY</u>** 

Section 11.01. <u>The Guaranty</u>.

Each Guarantor, including each Guarantor joined hereto pursuant to a Guarantor Joinder Agreement as required by the Collateral and Guarantee Requirement, hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrowers (or, in the case of each Guarantor that is also a Borrower, each other Borrower), and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the "**Guaranteed Obligations**"); *provided*, *however*, that Guaranteed Obligations consisting of obligations of any Loan Party arising under any Secured Hedge Agreement shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrowers or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event that any Guarantor is not an "eligible contract participant" as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended at the time (i) any transaction is entered into under a Secured Hedge Agreement or (ii) such Guarantor becomes a Guarantor hereunder, the Guaranteed Obligations of such Guarantor shall not include (x) in the case of <u>clause (i)</u> above, such transaction and (y) in the case of <u>clause (ii)</u> above, any transactions under Secured Hedge Agreements as of such date.

------

Section 11.02. <u>Obligations Unconditional</u>.

The obligations of the Guarantors under <u>Section 11.01</u> shall constitute a guaranty of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrowers under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to <u>Section 11.09</u>, any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the release of any other Guarantor pursuant to <u>Section 11.09</u>.

The Guarantors hereby expressly waive (to the fullest extent permitted by Law) diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrowers under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrowers and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns,

------

notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

Section 11.03. <u>Reinstatement</u>.

The obligations of the Guarantors under this <u>Article XI</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

Section 11.04. <u>Subrogation; Subordination</u>.

Each Guarantor hereby agrees that until the payment in full in cash and satisfaction in full of all Guaranteed Obligations (other than Secured Cash Management Obligations, Secured Hedge Obligations and contingent obligations, in each case not yet due and owing, and L/C Obligations that have been Cash Collateralized or back-stopped) and the expiration and termination of the Commitments of the Lenders under this Agreement it shall subordinate any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in <u>Section 11.01</u>, whether by subrogation, contribution or otherwise, against the Borrowers or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 11.05. <u>Remedies</u>.

The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in <u>Section 8.02</u> (and shall be deemed to have become automatically due and payable in the circumstances provided in <u>Section 8.02</u>) for purposes of <u>Section 11.01</u>, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrowers) shall forthwith become due and payable by the Guarantors for purposes of <u>Section 11.01</u>.

Section 11.06. <u>Instrument for the Payment of Money</u>.

Each Guarantor hereby acknowledges that the guarantee in this <u>Article XI</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

Section 11.07. <u>Continuing Guarantee</u>.

The guarantee in this <u>Article XI</u> is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

Section 11.08. <u>General Limitation on Guaranteed Obligations</u>.

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under

------

 <u>Section 11.01</u> would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under <u>Section 11.01</u>, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the liability under this Guaranty and the right of contribution established in Section 11.10, but before giving effect to any other guarantee) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 11.09. <u>Release of Guarantors</u>.

If, in compliance with the terms and provisions of the Loan Documents, (i) any Subsidiary Guarantor ceases to be a Restricted Subsidiary in a transaction permitted hereunder, (ii) unless Borrower has otherwise requested that such Excluded Subsidiary shall be or remain a Subsidiary Guarantor, any Subsidiary Guarantor becomes an Excluded Subsidiary (other than pursuant to clause (a) of the definition of Excluded Subsidiary if the primary purpose of such action is to evade the Collateral and Guarantee Requirement with no other justifiable business purpose), (iii) Borrower has notified each Agent that an Elective Guarantor shall no longer be a Guarantor or (iv) subject to <u>Section 10.01</u>, if the release of such Guarantor is approved, authorized or ratified in writing by the Required Lenders (any such Subsidiary Guarantor referred to in <u>clause (i)</u>, <u>(ii)</u>, <u>(iii)</u> or <u>(iv)</u> a "**Released Guarantor**"), such Released Guarantor shall, upon the consummation of the related transaction, change in status, request, approval, authorization or ratification be automatically released from its obligations under this Agreement (including under <u>Section 10.05</u> hereof) and the other Loan Documents, including its obligations to pledge and grant any Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of any of the Equity Interests of the Released Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrowers shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and/or the Collateral Agent shall take such actions as are necessary to effect each release described in this <u>Section 11.09</u> in accordance with the relevant provisions of the Collateral Documents; *provided*, that no such release shall occur, and no such Subsidiary Guarantor shall constitute a Released Guarantor, if (x) such Subsidiary Guarantor continues to be a guarantor in respect of any Indebtedness constituting a Junior Financing and is required to provide a Guarantee of the Secured Obligations pursuant to <u>Section 7.03(c)(A)</u> or (y) such Subsidiary Guarantor continues to constitute a Subsidiary of the Borrower and becomes an Excluded Subsidiary under clause (a) of the definition thereof unless (i) no Event of Default shall have occurred and be continuing at the time such Subsidiary Guarantor becomes an Excluded Subsidiary under clause (a) of the definition thereof and (ii) after giving Pro Forma Effect to such release and the consummation of the transaction that causes such Person to become an Excluded Subsidiary under clause (a) of the definition thereof, the Borrowers and Restricted Subsidiaries shall be deemed to have made an Investment in, or a Restricted Payment in respect of, as applicable, such Person (as if such Person were then newly acquired or formed) and such Investment or Restricted Payment is permitted hereunder at such time.

When all Commitments hereunder have terminated, and all Loans or other Obligations hereunder which are accrued and payable have been paid or satisfied (other than contingent obligations as to which no claim has been asserted), and no Letters of Credit remain outstanding (except any Letter of Credit the Outstanding Amount of which the Obligations related to which has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place), this Agreement and the Guaranty made herein, each other Loan Document and any security interest granted under any Loan Document shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such repayment pursuant to the terms of this Agreement.

------

Section 11.10. <u>Right of Contribution</u>.

Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor's right of contribution shall be subject to the terms and conditions of <u>Section 11.04</u>. The provisions of this <u>Section 11.10</u> shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Agents, the L/C Issuers and the Lenders, and each Subsidiary Guarantor shall remain liable to the Agents, the L/C Issuers and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

Section 11.11. <u>Keepwell</u>.

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (*provided*, *however*, that each Qualified ECP Guarantor shall only be liable under this <u>Section 11.11</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section 11.11</u>, or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this <u>Section 11.11</u> shall remain in full force and effect until all Commitments hereunder have terminated, and all Loans or other Guaranteed Obligations hereunder which are accrued and payable have been paid or satisfied, and no Letter of Credit remains outstanding (except any Letter of Credit the Outstanding Amount of which the Guaranteed Obligations related thereto has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place). Each Qualified ECP Guarantor intends that this <u>Section 11.11</u> constitute, and this <u>Section 11.11</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[*Remainder of Page Intentionally Left Blank*]

## Exhibit 10.6

**Exhibit 10.6** 

**<u>AMENDMENT NO. 5 TO CREDIT AGREEMENT</u>**

This AMENDMENT NO. 5 TO CREDIT AGREEMENT (this "**Amendment**") is entered into as of September 15, 2025, by and among AEVEX Holdings, LLC, a Delaware limited liability company (the "**Borrower**"), Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company ("**Holdings**"), the other Guarantors party hereto, Ankura Trust Company, LLC, as Administrative Agent (in such capacity, the "**Administrative Agent**"), PNC Bank, National Association ("**PNC**"), as Revolving Agent (in such capacity, the "**Revolving Agent**") and as Collateral Agent (in such capacity, the "**Collateral Agent**" and together with the Administrative Agent and the Collateral Agent, collectively, the "**Agents**" and each an "**Agent**") and each of the Lenders party hereto (which constitutes all of the Lenders as of the date hereof immediately prior to giving effect to this Amendment). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement (as defined below).

**<u>RECITALS</u>**

WHEREAS the Borrower, Holdings, the other Guarantors party thereto, the lenders party thereto (collectively, the "**Lenders**" and each a "**Lender**") and the Agents are parties to that certain Credit Agreement, dated as of March 18, 2020, as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, Amendment No. 3 to Credit Agreement, dated as of May 15, 2023 and Amendment No. 4 to Credit Agreement, dated as of April 30, 2024 (as so amended and as it otherwise has been amended, modified or supplemented prior to the date hereof, the "**Existing Credit Agreement**"; the Existing Credit Agreement, as modified by this Amendment and as it may be further amended, restated supplemented, amended and restated or otherwise modified, the "**Credit Agreement**"), pursuant to which, among other things, the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain loans and provide other financial accommodations to the Borrower;

WHEREAS in connection with the foregoing, the Borrower has requested that the Existing Credit Agreement be amended to, among other things, extend the Maturity Date for the Initial Term Loans, 2024 Incremental Term Loans, Delayed Draws Term Loans and the Revolving Credit Facility;

WHEREAS in connection with the foregoing and subject to the conditions and on the terms set forth below, each of the Lenders hereto are willing to extend the Maturity Date and make the other amendments set forth herein subject to the satisfaction or waiver of the conditions herein; and

WHEREAS the Borrower, the Lenders hereto and the Agents desire to modify the Existing Credit Agreement, in accordance with and subject to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Section 1. <u>A</u><u>mendments to Existing Credit Agreement</u>**. Certain sections of the Existing Credit Agreement are hereby amended as set forth on <u>Exhibit A</u> to this Amendment. Language being inserted into the applicable section of the Existing Credit Agreement is evidenced by bold and underline formatting. Language being deleted from the applicable section of the Existing Credit Agreement is evidenced by strike-through formatting.

------

**Section 2. <u>Effectiveness of this Amendment</u>**. This Amendment shall become effective at the time (the "**Amendment No. 5 Effective Date**") when each of the conditions set forth in the following clauses has been satisfied or waived by the Agents and the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agents shall have received duly executed signature pages for this Amendment signed by the Borrower, Holdings, the other Guarantors, the Agents, PNC, in its capacity as Revolving Credit Lender, and each of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agents shall have received a customary certificate of a Responsible Officer of the Borrower (A) certifying that attached thereto is a copy of the charter or certificate of formation (or the equivalent thereof) of the Borrower and all other Organization Documents of the Borrower and all amendments thereto, as in effect on the Amendment No. 5 Effective Date (*provided* that, with respect to any of the items described in this clause (A), the respective certification may instead state that there have been no changes to the relevant documents since the Closing Date or that any changes to such documents are attached, and to the extent so certified, the documents delivered on or before the Closing Date need not be redelivered hereunder), (B) attaching an incumbency certificate; *provided*, that with respect to any item in this clause (B), the respective certification may instead state that there have been no changes to the relevant incumbencies since the Closing Date; (C) attaching resolutions or other action evidencing the authority and capacity of the Borrower to execute this Amendment and perform the transactions contemplated hereby and (D) containing a certification by a Responsible Officer of the Borrower that the statements set forth in Section 3 of this Amendment are true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agents shall have received customary opinions of (A) Kirkland & Ellis LLP, as New York counsel to the Loan Parties and (B) Holland & Knight LLP, as Florida counsel to the Loan Parties, in each case, dated as of the Amendment No. 5 Effective Date and addressed to the Agents and to the Lenders party hereto, in a form reasonably satisfactory to the Agents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all costs and expenses (including legal fees and expenses) of the Agents, PNC, in its capacity as Revolving Credit Lender, Blackstone and Carlyle in connection with this Amendment shall have been paid prior to or substantially currently with the Amendment No. 5 Effective Date, in each case, to the extent due (and, in the case of expenses, to the extent invoiced in reasonable detail at least one (1) Business Day prior to the Amendment No. 5 Effective Date (or such later date as the Borrower may reasonably agree)).

**Section 3. <u>Representations and Warranties</u>**. The Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Event of Default exists as of the Amendment No. 5 Effective Date or would exist after giving effect to this Amendment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties of the Borrower and each other Loan Party set forth in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the Amendment No. 5 Effective Date with the same effect as though made on and as of the Amendment No. 5 Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date.

------

**Section 4. <u>Reference to and Effect upon the Credit Agreement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Amendment No. 5 Effective Date, (i) the term "Agreement" in the Credit Agreement, and all references to the Credit Agreement in any other Loan Document shall mean the Credit Agreement as modified hereby, and (ii) this Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 5 Effective Date.

**Section 5. <u>Counterparts, Etc</u>**. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. The words "execution," "signed," "signature" and words of like import in this Amendment relating to the execution and delivery of this Amendment shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or enforceability as a manually executed signature to the extent and as provided in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**Section 6. <u>Confirmation of Obligations</u>**. Each Guarantor (a) confirms its Guaranteed Obligations under the Credit Agreement, (b) confirms that the Guaranteed Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in Article XI of the Credit Agreement and (c) confirms that the Obligations under the Credit Agreement as modified hereby constitute "Guaranteed Obligations". Each party, by its execution of this Amendment, hereby confirms that the Guaranteed Obligations shall remain in full force and effect. For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security interests granted by such Loan Party in favor of the Collateral Agent for the benefit of, among others, the Lenders pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.

**Section 7. <u>Governing Law; Waiver of Trial by Jury</u>**. The governing law and waiver of trial by jury provisions set forth in Sections 10.15 and 10.16 of the Existing Credit Agreement shall apply to this Amendment, *mutatis mutandis*.

**Section 8. Direction to the Administrative Agent**. The Lenders party hereto, constituting the Required Lenders, hereby (a) authorize and direct the Administrative Agent to execute and deliver this Amendment and (b) acknowledge and agree that (i) the direction in this <u>Section</u> <u>8</u> constitutes a direction from the Required Lenders under the provisions of Article IX of the Credit Agreement and (ii) Sections 9.03 and 9.04 of the Credit Agreement shall apply to any and all actions taken by the Administrative Agent in accordance with such directions.

------

IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first written above.

---

| | |
|:---|:---|
| AEVEX HOLDINGS, LLC, as the Borrower | AEVEX HOLDINGS, LLC, as the Borrower |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Administrative Officer | Title: Chief Administrative Officer |
| ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC, as a Guarantor | ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Administrative Officer | Title: Chief Administrative Officer |
| AEVEX INTERMEDIATE, LLC, as a Guarantor | AEVEX INTERMEDIATE, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Administrative Officer | Title: Chief Administrative Officer |
| AEVEX AEROSPACE, LLC, as a Guarantor | AEVEX AEROSPACE, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Administrative Officer | Title: Chief Administrative Officer |
| ATHENA SOLUTIONS CORPORATE HOLDINGS, INC., as a Guarantor | ATHENA SOLUTIONS CORPORATE HOLDINGS, INC., as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Administrative Officer | Title: Chief Administrative Officer |
| TRIPLE M WORLDWIDE SOLUTIONS, LLC, as a Guarantor | TRIPLE M WORLDWIDE SOLUTIONS, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Administrative Officer | Title: Chief Administrative Officer |
| TCFI CSG LLC, as a Guarantor | TCFI CSG LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: Edward Lake | Name: Edward Lake |
| Title: Chief Administrative Officer | Title: Chief Administrative Officer |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
| TCFI SOS LLC, as a Guarantor | TCFI SOS LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| TCFI AIRCRAFT LEASE LLC, as a Guarantor | TCFI AIRCRAFT LEASE LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| IKHANA GROUP, LLC, as a Guarantor | IKHANA GROUP, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| IKHANA AIRCRAFT HOLDINGS, LLC, as a Guarantor | IKHANA AIRCRAFT HOLDINGS, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| GEODETICS, INC., as a Guarantor | GEODETICS, INC., as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| MATRIX INTERNATIONAL, INC., as a Guarantor | MATRIX INTERNATIONAL, INC., as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| MATRIX INTERNATIONAL SECURITY TRAINING INTELLIGENCE CENTER, INC., as a Guarantor | MATRIX INTERNATIONAL SECURITY TRAINING INTELLIGENCE CENTER, INC., as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| THE MATRIX OPERATING GROUP, INC., as a Guarantor | THE MATRIX OPERATING GROUP, INC., as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
| SPARK AEROSPACE, LLC, as a Guarantor | SPARK AEROSPACE, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |
| VETH RESEARCH ASSOCIATES, LLC, as a Guarantor | VETH RESEARCH ASSOCIATES, LLC, as a Guarantor |
| By: | /s/ Edward Lake |
| Name: | Edward Lake |
| Title: | Chief Administrative Officer |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
| ANKURA TRUST COMPANY, LLC, as Administrative Agent | ANKURA TRUST COMPANY, LLC, as Administrative Agent |
| By: | /s/ Krista Gulalo |
| Name: | Krista Gulalo |
| Title: | Managing Director |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
| PNC BANK, NATIONAL ASSOCIATION, as Collateral Agent and Revolving Agent | PNC BANK, NATIONAL ASSOCIATION, as Collateral Agent and Revolving Agent |
| By: | /s/ Michele C. Linder |
| Name: | Michele C. Linder |
| Title: | Vice President |
| PNC BANK, NATIONAL ASSOCIATION, as Revolving Credit Lender | PNC BANK, NATIONAL ASSOCIATION, as Revolving Credit Lender |
| By: | /s/ Michele C. Linder |
| Name: | Michele C. Linder |
| Title: | Vice President |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
| **GSO BARRE DES ECRINS MASTER FUND SCSP,**<br> as a Term Lender | **GSO BARRE DES ECRINS MASTER FUND SCSP,**<br> as a Term Lender |
| By: Blackstone Alternative Credit Advisors LP, its Investment Advisor | By: Blackstone Alternative Credit Advisors LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| **BLACKSTONE SECURED LENDING FUND,**<br> as a Term Lender | **BLACKSTONE SECURED LENDING FUND,**<br> as a Term Lender |
| By: Blackstone Private Credit Strategies LLC, as Investment Advisor | By: Blackstone Private Credit Strategies LLC, as Investment Advisor |
| By: Blackstone Credit BDC Advisors LLC, as Sub-Investment Advisor | By: Blackstone Credit BDC Advisors LLC, as Sub-Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| **BXSL CLO 2024-1 LLC,**<br> as a Term Lender | **BXSL CLO 2024-1 LLC,**<br> as a Term Lender |
| By: Blackstone Secured Lending Fund, as Collateral Manager | By: Blackstone Secured Lending Fund, as Collateral Manager |
| By: Blackstone Private Credit Strategies LLC, as Investment Advisor | By: Blackstone Private Credit Strategies LLC, as Investment Advisor |
| By: Blackstone Credit BDC Advisors LLC, as Sub-Investment Advisor" | By: Blackstone Credit BDC Advisors LLC, as Sub-Investment Advisor" |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
| **GN LOAN FUND LP,**<br> as a Term Lender | **GN LOAN FUND LP,**<br> as a Term Lender |
| By: Blackstone Alternative Credit Advisors LP, its Investment Advisor | By: Blackstone Alternative Credit Advisors LP, its Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |
| **BGSL BIG SKY FUNDING LLC,**<br> as a Term Lender | **BGSL BIG SKY FUNDING LLC,**<br> as a Term Lender |
| By: Blackstone Secured Lending Fund, as Sole Member | By: Blackstone Secured Lending Fund, as Sole Member |
| By: Blackstone Private Credit Strategies LLC, as Investment Advisor | By: Blackstone Private Credit Strategies LLC, as Investment Advisor |
| By: Blackstone Credit BDC Advisors LLC, as Sub-Investment Advisor | By: Blackstone Credit BDC Advisors LLC, as Sub-Investment Advisor |
| By: | /s/ Marisa J. Beeney |
| Name: | Marisa J. Beeney |
| Title: | Authorized Signatory |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
|  **CARLYLE DIRECT LENDING CLO 2015-1R LLC,**<br> as a Term Lender | **CARLYLE DIRECT LENDING CLO 2015-1R LLC,**<br> as a Term Lender |
| By: | /s/ Miles Toben |
| Name: | Miles Toben |
| Title: | Managing Director |
|  **CARLYLE DIRECT LENDING CLO 2024-1 LLC,**<br> as a Term Lender | **CARLYLE DIRECT LENDING CLO 2024-1 LLC,**<br> as a Term Lender |
| By: | /s/ Miles Toben |
| Name: | Miles Toben |
| Title: | Managing Director |
|  **MIDDLE MARKET CREDIT FUND II SPV, LLC,**<br> as a Term Lender | **MIDDLE MARKET CREDIT FUND II SPV, LLC,**<br> as a Term Lender |
| By: | /s/ Miles Toben |
| Name: | Miles Toben |
| Title: | Managing Director |
|  **CARLYLE CREDIT SOLUTIONS SPV 2 LLC,**<br> as a Term Lender | **CARLYLE CREDIT SOLUTIONS SPV 2 LLC,**<br> as a Term Lender |
| By: | /s/ Miles Toben |
| Name: | Miles Toben |
| Title: | Managing Director |
|  **CARLYLE CREDIT SOLUTIONS SPV LLC,**<br> as a Term Lender | **CARLYLE CREDIT SOLUTIONS SPV LLC,**<br> as a Term Lender |
| By: | /s/ Miles Toben |
| Name: | Miles Toben |
| Title: | Managing Director |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

---

| | |
|:---|:---|
| **CPC V L.P., as a Term Lender** | **CPC V L.P., as a Term Lender** |
| By: CPC V GP, LLC, its general partner | By: CPC V GP, LLC, its general partner |
| By: | /s/ David Lobe |
| Name: | David Lobe |
| Title: | Vice President |
| **CPC V SPV LLC, as a Term Lender** | **CPC V SPV LLC, as a Term Lender** |
| By: | /s/ David Lobe |
| Name: | David Lobe |
| Title: | Vice President |

---

[Signature Page to Amendment No. 5 to Credit Agreement]

------

<u>Exhibit A</u> 

Amended Credit Agreement

(see attached)

------

**CONFORMED THROUGH AMENDMENT** 

**NO. 4<u>5</u> TO CREDIT AGREEMENT** 

**EXECUTION VERSION** 

$350,000,000

CREDIT AGREEMENT

Dated as of March 18, 2020,

and as amended by Amendment No. 1 to Credit Agreement, dated as of October 28, 2020,

Amendment No. 2 to Credit Agreement, dated as of May 7, 2021,

Amendment No. 3 to Credit Agreement, dated as of May 15, 2023, and

Amendment No. 4 to Credit Agreement, dated as of April 30, 2024<u>, and</u>

<u>Amendment No. 5 to Credit Agreement, dated as of September 15, 2025</u>

among

ATHENA TECHNOLOGY SOLUTIONS PURCHASER, LLC,

initially, as Initial Borrower and, following the Debt Assumption, Holdings and a Guarantor

AEVEX HOLDINGS, LLC,

as Borrower,

THE OTHER BORROWERS AND GUARANTORS PARTY HERETO FROM TIME TO TIME,

ANKURA TRUST COMPANY, LLC,

as Administrative Agent,

PNC BANK, NATIONAL ASSOCIATION,

as Revolving Agent and Collateral Agent,

BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP

CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT

as Joint Lead Lenders

and

THE LENDERS AND L/C ISSUERS PARTY HERETO FROM TIME TO TIME

------

**TABLE OF CONTENTS**

<u>Page</u> 

ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS

---

| | | |
|:---|:---|:---|
| Section 1.01. | Defined Terms | 2 |
| Section 1.02. | Other Interpretive Provisions | 73<u>5</u> |
| Section 1.03. | Accounting Terms | 75<u>7</u> |
| Section 1.04. | Rounding | 75<u>7</u> |
| Section 1.05. | References to Agreements, Laws, Etc. | 75<u>7</u> |
| Section 1.06. | Times of Day | 75<u>7</u> |
| Section 1.07. | Timing of Payment or Performance | 76<u>7</u> |
| Section 1.08. | Cumulative Credit Transactions | 76<u>8</u> |
| Section 1.09. | Pro Forma Calculations | 76<u>8</u> |
| Section 1.10. | Currency Generally | 78<u>0</u> |
| Section 1.11. | Letters of Credit | 79<u>80</u> |
| Section 1.12. | Certifications | 79<u>81</u> |
| Section 1.13. | Rates | 79<u>81</u> |

---

ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS

---

| | | |
|:---|:---|:---|
| Section 2.01. | The Loans | 80<u>1</u> |
| Section 2.02. | Borrowings, Conversions and Continuations of Loans | 81<u>3</u> |
| Section 2.03. | Letters of Credit | 84<u>5</u> |
| Section 2.04. | [Reserved] | 91<u>3</u> |
| Section 2.05. | Prepayments | 91<u>3</u> |
| Section 2.06. | Termination or Reduction of Commitments | 104<u>6</u> |
| Section 2.07. | Repayment of Loans | 105<u>7</u> |
| Section 2.08. | Interest | 106<u>8</u> |
| Section 2.09. | Fees | 106<u>8</u> |
| Section 2.10. | Computation of Interest and Fees | 118<u>0</u> |
| Section 2.11. | Evidence of Indebtedness | <u>1</u>108 |
| Section 2.12. | Payments Generally | <u>1</u>119 |
| Section 2.13. | Sharing of Payments | 111<u>3</u> |
| Section 2.14. | Incremental Credit Extensions; Increase in Revolving Credit Facility | 112<u>4</u> |
| Section 2.15. | Refinancing Amendments | 119<u>21</u> |
| Section 2.16. | Extension of Term Loans; Extension of Revolving Loans | 120<u>2</u> |
| Section 2.17. | Defaulting Lenders | 123<u>5</u> |
| Section 2.18. | Co-Borrowers; New Guarantors | 125<u>7</u> |

---

ARTICLE III. TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY

---

| | | |
|:---|:---|:---|
| Section 3.01. | Taxes | 127<u>9</u> |
| Section 3.02. | Illegality | 130<u>2</u> |
| Section 3.03. | Benchmark Replacement | 130<u>3</u> |
| Section 3.04. | Increased Cost and Reduced Return; Capital Adequacy; Term SOFR Rate Loan Reserves | 133<u>5</u> |
| Section 3.05. | Funding Losses | 134<u>7</u> |
| Section 3.06. | Matters Applicable to All Requests for Compensation | 135<u>7</u> |
| Section 3.07. | Replacement of Lenders under Certain Circumstances | 126<u>8</u> |
| Section 3.08. | Survival | 148<u>0</u> |

---

i

------

ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

---

| | | |
|:---|:---|:---|
| Section 4.01. | Conditions to Initial Credit Extension | 148<u>0</u> |
| Section 4.02. | Conditions to All Credit Extensions after the Closing Date | 141<u>3</u> |
| Section 4.03. | Additional Conditions to the Delayed Draw Term Loans. | 142<u>4</u> |
| Section 4.04. | Additional Conditions to the 2020 Delayed Draw Term Loans | 142<u>4</u> |
| Section 4.05. | Additional Conditions to the 2021 Delayed Draw Term Loans | 143<u>5</u> |

---

ARTICLE V. REPRESENTATIONS AND WARRANTIES

---

| | | |
|:---|:---|:---|
| Section 5.01. | Existence, Qualification and Power; Compliance with Laws | 143<u>5</u> |
| Section 5.02. | Authorization; No Contravention | 143<u>5</u> |
| Section 5.03. | Governmental Authorization | 144<u>6</u> |
| Section 5.04. | Binding Effect | 144<u>6</u> |
| Section 5.05. | No Material Adverse Effect | 144<u>6</u> |
| Section 5.06. | Litigation | 144<u>6</u> |
| Section 5.07. | Ownership of Real Property; Liens | 145<u>7</u> |
| Section 5.08. | Environmental Matters | 145<u>7</u> |
| Section 5.09. | Taxes | 145<u>8</u> |
| Section 5.10. | ERISA Compliance | 146<u>8</u> |
| Section 5.11. | [Reserved] | 146<u>8</u> |
| Section 5.12. | Margin Regulations; Investment Company Act | 146<u>8</u> |
| Section 5.13. | Disclosure | 146<u>8</u> |
| Section 5.14. | Labor Matters | 147<u>9</u> |
| Section 5.15. | Intellectual Property; Licenses, Etc. | 147<u>9</u> |
| Section 5.16. | Solvency | 147<u>9</u> |
| Section 5.17. | [Reserved] | 147<u>9</u> |
| Section 5.18. | USA Patriot Act; OFAC; FCPA | 157<u>0</u> |
| Section 5.19. | Security Documents | 158<u>0</u> |

---

ARTICLE VI. AFFIRMATIVE COVENANTS

---

| | | |
|:---|:---|:---|
| Section 6.01. | Financial Statements | 149<u>51</u> |
| Section 6.02. | Certificates; Other Information | 151<u>3</u> |
| Section 6.03. | Notices | 152<u>4</u> |
| Section 6.04. | Payment of Taxes | 152<u>4</u> |
| Section 6.05. | Preservation of Existence, Etc. | 152<u>4</u> |
| Section 6.06. | Maintenance of Properties | 153<u>5</u> |
| Section 6.07. | Maintenance of Insurance | 153<u>5</u> |
| Section 6.08. | Compliance with Laws | 153<u>6</u> |
| Section 6.09. | Books and Records | 154<u>6</u> |
| Section 6.10. | Inspection Rights | 154<u>6</u> |
| Section 6.11. | Additional Collateral; Additional Guarantors | 154<u>6</u> |
| Section 6.12. | Compliance with Environmental Laws | 156<u>8</u> |
| Section 6.13. | Further Assurances; Post-Closing Obligations | 156<u>8</u> |
| Section 6.14. | Designation of Subsidiaries | 157<u>9</u> |
| Section 6.15. | Cash Management | 157<u>9</u> |
| Section 6.16. | Use of Proceeds | 167<u>0</u> |
| Section 6.17. | Lender Conference Call | 168<u>0</u> |
| Section 6.18. | Change in Nature of Business | 167<u>0</u> |
| Section 6.19. | Fiscal Year | 158<u>60</u> |

---

ii

------

ARTICLE VII. NEGATIVE COVENANTS

---

| | | |
|:---|:---|:---|
| Section 7.01. | Liens | 159<u>61</u> |
| Section 7.02. | Investments | 163<u>5</u> |
| Section 7.03. | Indebtedness | 178<u>0</u> |
| Section 7.04. | Fundamental Changes | 172<u>4</u> |
| Section 7.05. | Dispositions | 173<u>5</u> |
| Section 7.06. | Restricted Payments | 176<u>8</u> |
| Section 7.07. | [Reserved] | 180<u>3</u> |
| Section 7.08. | Transactions with Affiliates | 180<u>3</u> |
| Section 7.09. | Burdensome Agreements | 183<u>5</u> |
| Section 7.10. | Amendments or Waivers of Organization Documents | 184<u>7</u> |
| Section 7.11. | Consolidated First Lien Net Leverage Ratio | 185<u>7</u> |
| Section 7.12. | [Reserved] | 185<u>7</u> |
| Section 7.13. | Prepayments, Etc. of Subordinated Indebtedness | 185<u>7</u> |
| Section 7.14. | Permitted Activities, Etc. | 186<u>8</u> |

---

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES

---

| | | |
|:---|:---|:---|
| Section 8.01. | Events of Default | 187<u>9</u> |
| Section 8.02. | Remedies Upon Event of Default | 189<u>1</u> |
| Section 8.03. | Application of Funds | 190<u>1</u> |
| Section 8.04. | Borrower's Right to Cure | 191<u>2</u> |

---

ARTICLE IX. ADMINISTRATIVE AGENT AND OTHER AGENTS

---

| | | |
|:---|:---|:---|
| Section 9.01. | Appointment and Authority | 192<u>3</u> |
| Section 9.02. | Rights as a Lender | 192<u>4</u> |
| Section 9.03. | Exculpatory Provisions | 193<u>4</u> |
| Section 9.04. | Reliance by Agents | 194<u>5</u> |
| Section 9.05. | Delegation of Duties | 194<u>6</u> |
| Section 9.06. | Removal or Resignation of an Agent | 194<u>6</u> |
| Section 9.07. | Non-Reliance on Agents and Other Lenders | 195<u>7</u> |
| Section 9.08. | No Other Duties, Etc. | 195<u>7</u> |
| Section 9.09. | Agents May File Proofs of Claim | 196<u>7</u> |
| Section 9.10. | Collateral and Guaranty Matters | 197<u>8</u> |
| Section 9.11. | Secured Cash Management Agreements and Secured Hedge Agreements | 198<u>9</u> |
| Section 9.12. | Withholding Tax Indemnity | 198<u>200</u> |
| Section 9.13. | Erroneous Payments | 199<u>200</u> |

---

ARTICLE X. MISCELLANEOUS

---

| | | |
|:---|:---|:---|
| Section 10.01. | Amendments, Etc. | 201<u>3</u> |
| Section 10.02. | Notices and Other Communications; Facsimile Copies | 205<u>7</u> |
| Section 10.03. | No Waiver; Cumulative Remedies | 206<u>9</u> |
| Section 10.04. | Attorney Costs and Expenses | 207<u>9</u> |
| Section 10.05. | Indemnification by the Borrower | 2<u>1</u>08 |
| Section 10.06. | Payments Set Aside | 210<u>2</u> |

---

iii

------

---

| | | |
|:---|:---|:---|
| Section 10.07. | Successors and Assigns | 210<u>2</u> |
| Section 10.08. | Confidentiality | <u>2</u>219 |
| Section 10.09. | Setoff | 220<u>2</u> |
| Section 10.10. | Interest Rate Limitation | 221<u>3</u> |
| Section 10.11. | Counterparts | 221<u>3</u> |
| Section 10.12. | Integration | 221<u>3</u> |
| Section 10.13. | Survival of Representations and Warranties | 221<u>3</u> |
| Section 10.14. | Severability | 222<u>4</u> |
| Section 10.15. | GOVERNING LAW | 222<u>4</u> |
| Section 10.16. | WAIVER OF RIGHT TO TRIAL BY JURY | 223<u>5</u> |
| Section 10.17. | Binding Effect | 223<u>5</u> |
| Section 10.18. | USA Patriot Act | 223<u>5</u> |
| Section 10.19. | Judgment Currency | 223<u>6</u> |
| Section 10.20. | No Advisory or Fiduciary Responsibility | 224<u>6</u> |
| Section 10.21. | Electronic Execution of Assignments and Certain Other Documents. | 224<u>6</u> |
| Section 10.22. | Intercreditor Agreements | 225<u>7</u> |
| Section 10.23. | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 225<u>7</u> |
| Section 10.24. | Closing Date Debt Assumptions | 225<u>7</u> |

---

ARTICLE XI. GUARANTY

---

| | | |
|:---|:---|:---|
| Section 11.01. | The Guaranty | 226<u>8</u> |
| Section 11.02. | Obligations Unconditional | 226<u>9</u> |
| Section 11.03. | Reinstatement | 228<u>30</u> |
| Section 11.04. | Subrogation; Subordination | 228<u>30</u> |
| Section 11.05. | Remedies | 228<u>30</u> |
| Section 11.06. | Instrument for the Payment of Money | 228<u>30</u> |
| Section 11.07. | Continuing Guarantee | 228<u>30</u> |
| Section 11.08. | General Limitation on Guaranteed Obligations | 228<u>31</u> |
| Section 11.09. | Release of Guarantors | 229<u>31</u> |
| Section 11.10. | Right of Contribution | 230<u>2</u> |
| Section 11.11. | Keepwell | 230<u>2</u> |

---

iv

------

---

| | |
|:---|:---|
| SCHEDULES | SCHEDULES |
| I | Guarantors |
| 1.01A | Commitments |
| 1.01B | Closing Date Documents |
| 5.06 | Litigation |
| 5.07 | Owned Real Property |
| 5.08 | Environmental Matters |
| 6.13(b) | Post-Closing Obligations |
| 6.14 | Restricted Subsidiaries |
| 7.01(b) | Existing Liens |
| 7.02(f) | Existing Investments |
| 7.03(b) | Existing Indebtedness |
| 7.05(w) | Dispositions |
| 7.08 | Affiliate Transactions |
| 7.09 | Burdensome Agreements |
| 10.02 | Agents' Offices, Certain Addresses for Notices |
| EXHIBITS | EXHIBITS |
|  | *Form of* |
| A | Committed Loan Notice |
| B | [Reserved] |
| C-1 | Term Note |
| C-2 | Revolving Credit Note |
| D-1 | Compliance Certificate |
| D-2 | Solvency Certificate |
| E-1 | Assignment and Assumption |
| E-2 | Affiliated Lender Notice |
| E-3 | Acceptance and Prepayment Notice |
| E-4 | Discount Range Prepayment Notice |
| E-5 | Discount Range Prepayment Offer |
| E-6 | Solicited Discounted Prepayment Notice |
| E-7 | Solicited Discounted Prepayment Offer |
| E-8 | Specified Discount Prepayment Notice |
| E-9 | Specified Discount Prepayment Response |
| F | Security Agreement |
| G | Intercompany Note |
| H | United States Tax Compliance Certificate |
| I | Calculation of Consolidated EBITDA |
| J | Affiliated Lender Assignment and Assumption |
| K | Borrower Joinder Agreement |
| L | Guarantor Joinder Agreement |
| M | New Revolving Credit Lender Joinder and Assumption Agreement |

---

v

------

**<u>CREDIT AGREEMENT</u>**

This CREDIT AGREEMENT is entered into as of March 18, 2020, among Athena Technology Solutions Purchaser, LLC, a Delaware limited liability company (the "**Initial Borrower**" and following the Debt Assumption (as defined below), "**Holdings**"), following consummation of the Acquisition (as defined below), AEVEX HOLDINGS, LLC, a Delaware limited liability company ("**TCFI**" and after giving effect to the Debt Assumption, the "**Borrower**" as hereinafter further defined), the other Guarantors party hereto from time to time, Carlyle Global Credit Investment Management and Blackstone Alternative Credit Advisors LP, as Joint Lead Lenders, Ankura Trust Company, LLC, as Administrative Agent, PNC Bank, National Association, as Revolving Agent and as Collateral Agent, each lender from time to time party hereto (collectively, the "**Lenders**" and, individually, a "**Lender**") and the L/C Issuers from time to time party hereto.

**<u>PRELIMINARY STATEMENTS</u>**

Pursuant to the Membership Interest Purchase Agreement, dated as of February 18, 2020 (together with the exhibits and disclosure schedules thereto, and as amended, supplemented or modified from time to time, the "**Purchase Agreement**"), by and among the Initial Borrower and TCFI Aevex Holdings LLC, a Delaware limited liability company (together with the sellers party thereto, "**Seller**"), the Investors purchased all of the issued and outstanding membership interests of TCFI (the "**Acquisition**").

Following the initial Borrowing on the Closing Date, TCFI assumed all of the Obligations of the Initial Borrower hereunder (the "**Debt Assumption**"), and became the Borrower under this Agreement.

In accordance with the foregoing, the Initial Borrower requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in <u>Section 1.01</u> below) and Revolving Loans on the Closing Date.

The proceeds of the Initial Term Loans and the Revolving Loans (limited, on the Closing Date, as set forth herein), together with the proceeds of the Equity Contributions contributed directly or indirectly to the Initial Borrower and cash on hand, were used on the Closing Date (i) to consummate the Refinancing, (ii) to fund the Acquisition, (iii) to pay the Transaction Expenses and (iv) for working capital and general corporate purposes and, after the Closing Date, in accordance with <u>Section 6.16</u>.

Immediately after consummation of the Acquisition, the Borrower became a direct, wholly owned subsidiary of Holdings.

The applicable Lenders have indicated their willingness to lend and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein.

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

------

**ARTICLE I.** 

**<u>DEFINITIONS AND ACCOUNTING TERMS</u>** 

Section 1.01. <u>Defined Terms</u>.

As used in this Agreement, the following terms shall have the meanings set forth below:

"**2020 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2020 Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(d)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A(1)</u> under the caption "2020 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the 2020 Delayed Draw Term Loan Commitments as of the Amendment No. 1 Effective Date is $45,000,000.

"**2020 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(e).

"**2020 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) December 31, 2021 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**2020 Delayed Draw Term Loan Funding Date**" has the meaning set forth in <u>Section 2.01(d)</u>.

"**2020 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in <u>Section 2.07(d)</u>.

"**2020 Delayed Draw Term Loan Lender**" means each Lender that has a 2020 Delayed Draw Term Loan Commitment or is the holder of a 2020 Delayed Draw Term Loan.

"**2020 Delayed Draw Term Loans**" has the meaning set forth in <u>Section 2.01(d).</u> 

"**2021 Delayed Draw Term Loan Commitment**" means, as to each Term Lender, its obligation to make a 2021 Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(e)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A(1)</u> under the caption "2021 Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the 2021 Delayed Draw Term Loan Commitments as of the Amendment No. 2 Effective Date is $50,000,000.

"**2021 Delayed Draw Term Loan Commitment Fee**" has the meaning set forth in Section 2.09(f).

"**2021 Delayed Draw Term Loan Commitment Termination Date**" means the earlier to occur of (a) November 7, 2022 and (b) the date on which the Delayed Draw Term Loan Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

"**2021 Delayed Draw Term Loan Funding Date**" has the meaning set forth in <u>Section 2.01(e)</u>.

"**2021 Delayed Draw Term Loan Installment Payment Date**" has the meaning set forth in <u>Section 2.07(e)</u>.

"**2021 Delayed Draw Term Loan Lender**" means each Lender that has a 2021 Delayed Draw Term Loan Commitment or is the holder of a 2021 Delayed Draw Term Loan.

"**2021 Delayed Draw Term Loans**" has the meaning set forth in <u>Section 2.01(e).</u> 

"**2024 Incremental Term Loan Commitment**" shall mean, with respect to each 2024 Incremental Term Loan Lender, the commitment of such 2024 Incremental Term Loan Lender to make 2024 Incremental Term Loans to the Borrowers on the Amendment No. 4 Effective Date. The amount of each

------

Lender's 2024 Incremental Term Loan Commitment as of the Amendment No. 4 Effective Date is set forth on Annex A to Amendment No. 4. The aggregate amount of the 2024 Incremental Term Loan Commitments of all 2024 Incremental Term Loan Lenders as of the Amendment No. 4 Effective Date is $55,000,000.

"**2024 Incremental Term Loan Lender**" shall mean a Lender with a 2024 Incremental Term Loan Commitment.

"**2024 Incremental Term Loans**" shall mean Loans made pursuant to Section 1 of Amendment No. 4.

"**Acceptable Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acceptable Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Acceptance and Prepayment Notice**" means a notice of the Borrower's acceptance of the Acceptable Discount in substantially the form of <u>Exhibit E-3</u>.

"**Acceptance Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(2)</u>.

"**Acquisition**" has the meaning set forth in the preliminary statements to this Agreement.

"**Additional Refinancing Lender**" means, at any time, any bank, financial institution or other institutional lender or investor (other than any such bank, financial institution or other institutional lender or investor that is a Lender at such time) that agrees to provide any portion of Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.15</u>, *provided* that each Additional Refinancing Lender shall be subject to the approval of the Borrower.

"**Additional Term Lender**" has the meaning set forth in Section 2.14(c).

"**Administrative Agent**" means Ankura, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"**Administrative Questionnaire**" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. "**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"**Affiliated Lender**" means, at any time, any Lender that is the Sponsor (including portfolio companies of the Sponsor notwithstanding the exclusion in the definition of "Sponsor") or a Non-Debt Fund Affiliate, in each case, other than Holdings, the Borrower or any of its Subsidiaries and other than any Debt Fund Affiliate.

"**Affiliated Lender Assignment and Assumption**" has the meaning set forth in <u>Section 10.07(k)(ii)</u>.

------

"**Affiliated Lender Cap**" has the meaning set forth in <u>Section 10.07(k)(v)</u>.

"**Agent-Related Persons**" means the Agents, together with their respective Affiliates and controlling Persons, officers, directors and employees.

"**Agents**" means, collectively, the Administrative Agent, the Collateral Agent and the Revolving Agent, each an "**Agent**".

"**Aggregate Commitments**" means the Commitments of all the Lenders.

"**Agreement**" means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"**Agreement Currency**" has the meaning set forth in <u>Section 10.19</u>.

"**AHYDO Payment**" means any payment required to be made under the terms of Indebtedness in order to avoid the application of Section 163(e)(5) of the Code to such Indebtedness.

"**Aircraft Trust Arrangemen**t" means the contribution of the Equity Interests of a special purpose entity organized for the purpose of holding aircraft to a trust for the purposes of Federal Aviation Administration registration of such aircraft, the trustee of which is a third party engaged in the business of acting as trustee with respect to such assets in order to facilitate such registration.

"**All-In Yield**" means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, OID, upfront fees, any Base Rate (or equivalent term) "floor" then in effect or a "Term SOFR Rate" (or equivalent term) floor then in effect or otherwise, in each case incurred or payable by the Borrowers generally to all lenders of such Indebtedness; *provided* that OID and upfront fees shall be equated to interest rate assuming a four-year life to maturity; *provided*, *further*, that "All-In Yield" shall not include prepayment premiums, arrangement fees, syndication fees, ticking fees, structuring fees, amendment fees, commitment or facility fees, underwriting fees or other similar fees, payable in connection therewith regardless of whether such fees are paid to or shared in whole or in part with any Lender, or any other fees not paid generally to all Lenders ratably. In calculating the All-In Yield, if on the date of incurrence of any applicable Indebtedness (including any Incremental Term Loans), such Indebtedness includes an interest rate floor greater than the interest rate floor applicable to the Initial Term Loans, such differential shall be added to the interest rate with respect to such Indebtedness for purposes of determining whether an increase to the interest rate margin under the Initial Term Loans shall be required (if applicable), but only to the extent that an increase in the interest rate floor would cause an increase to the interest rate margin then in effect with respect to such Initial Term Loans, solely for the purpose of determining the All-In Yield applicable to such Indebtedness and, in such case for purposes of Section 2.14(e)(iii), the interest rate floor (but not the interest rate margin) applicable to such Class of Initial Term Loans shall be increased to the extent of such differential between interest rate floors.

"**Amendment No. 1**" means that certain Amendment No. 1 to Credit Agreement, dated as of October 28, 2020, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.

"**Amendment No**. **1 Effective Date**" means October 28, 2020.

"**Amendment No. 1 Fee Letter**" means the Amendment No. 1 Fee Letter, dated as of the Amendment No. 1 Effective Date, among the Borrower, the Administrative Agent, the Collateral Agent and the Lenders party thereto.

------

"**Amendment No. 2**" means that certain Amendment No. 2 to Credit Agreement, dated as of May 7, 2021, by and among the Borrower, Holdings, the Loan Parties, the Agents, the Lenders party thereto and the Persons party thereto.

"**Amendment No**. **2 Effective Date**" means May 7, 2021.

"**Amendment No. 2 Fee Letter**" means the Amendment No. 2 Fee Letter, dated as of the Amendment No. 2 Effective Date, among the Borrower, the Administrative Agent and the Lenders party thereto.

"**Amendment No. 3**" means that certain Amendment No. 3 to Credit Agreement, dated as of the Amendment No. 3 Effective Date, by and among the Borrower, the Guarantors, the Agents and the Lenders party thereto.

"**Amendment No**. **3 Effective Date**" means May 15, 2023.

"**Amendment No. 4**" means that certain Amendment No. 4 to Credit Agreement, dated as of April 30, 2024, by and among the Borrower, Holdings, the Loan Parties, the Agents and the 2024 Incremental Term Loan Lenders.

"**Amendment No**. **4 Effective Date**" means April 30, 2024.

"**Amendment No. 4 Fee Letter**" means the Amendment No. 4 Fee Letter, dated as of the Amendment No. 4 Effective Date, among the Borrower and the 2024 Incremental Term Loan Lenders.

<u>"**Amendment No. 5**" means that certain Amendment No. 5 to Credit Agreement, dated as of the Amendment No. 5 Effective Date, by and among the Borrower, the Guarantors, the Agents and the Lenders party thereto.</u> 

<u>"**Amendment No. 5 Effective Date**" means September 15, 2025.</u>

"**Ankura**" means Ankura Trust Company, LLC.

"**Annual Financial Statements**" means the audited consolidated balance sheets and the related consolidated statements of operations, changes in stockholders' equity and cash flows of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement) (except for Triple M (as defined in the Purchase Agreement)) to the extent covered thereby for the fiscal year ended December 31, 2018.

"**Applicable Agent**" means, with respect to the Term Loans, the Administrative Agent, and with respect to the Revolving Loans, the Revolving Agent.

"**Applicable Agent's Office**" means the Administrative Agent's or the Revolving Agent's, as applicable, address as set forth on <u>Schedule 10.02</u> or such other address as the Administrative Agent or the Revolving Agent may from time to time notify the Borrower and the Lenders.

"Applicable Discount" has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

"**Applicable ECF Percentage**" means, for any Excess Cash Flow Period, (a) 50% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the

------

applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is greater than 4.00 to 1.00, (b) 25% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 4.00 to 1.00 and greater than 3.50 to 1.00 and (c) 0% if the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> after giving effect to the prepayment required by <u>Section 2.05(b)(i)</u>) as of the last day of the applicable Test Period most recently ended prior to the date such Excess Cash Flow payment is due is less than or equal to 3.50 to 1.00. The Consolidated First Lien Net Leverage Ratio shall be calculated on a Pro Forma Basis and shall give Pro Forma Effect to any paydown of Loans or reduction of Commitments made after year-end and prior to the date such Excess Cash Flow payment is due.

"**Applicable Rate**" means a percentage per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Initial Term Loans, Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans, the 2021 Delayed Draw Term Loans and the 2024 Incremental Term Loans, (A) for Term SOFR Rate Loans, 6.00% per annum and (B) for Base Rate Loans, 5.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Revolving Loans, the percentage set forth below based on the Consolidated First Lien Net Leverage Ratio for the four (4) fiscal quarters ending on the last day of each fiscal quarter as demonstrated in the financial statements most recently delivered to the Revolving Agent pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u>:

---

| | | |
|:---|:---|:---|
| Consolidated First Lien Net Leverage Ratio | Term SOFR Rate Loans | Base Rate Loans |
| <u>></u>3.50x | 4.00% | 3.00% |
| <3.50x | 3.75% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Unused Revolver Commitment Fees, 0.50% per annum.

Any increase or decrease in the Applicable Rate resulting from a change in Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Responsible Officer delivers notice to the Revolving Agent that a change to the Applicable Rate shall be effective based upon delivery of the financial statements pursuant to Section 6.01(a) or 6.01(b). Notwithstanding the foregoing, (v) the Applicable Rate in respect of any Extended Revolving Credit Commitments or any Class of Extended Term Loans or Revolving Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment, (w) the Applicable Rate in respect of any Class of Incremental Term Loans shall be the applicable percentages per annum set forth in the relevant Incremental Amendment, (x) the Applicable Rate in respect of any Class of Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement, (y) the Applicable Rate in respect of any Class of Refinancing Revolving Credit Commitments, any Class of Refinancing Revolving Loans or any Class of Refinancing Term Loans shall be the applicable percentages per annum set forth in the relevant Refinancing Amendment or other relevant agreement and (z) in the case of the Initial Term Loans, the Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans, the 2021 Delayed Draw Term Loans and the 2024 Incremental Term Loans, the Applicable Rate shall be increased as, and to the extent, necessary to comply with the provisions of <u>Section 2.14</u>.

------

"**Appropriate Lender**" means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class and (b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders.

"**Approved Bank**" has the meaning set forth in <u>clause (c)</u> of the definition of "Cash and Cash Equivalents."

"**Approved Fund**" means, with respect to any Lender, any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Assignee**" has the meaning set forth in <u>Section 10.07(b)</u>.

"**Assignment and Assumption**" means an Assignment and Assumption substantially in the form of <u>Exhibit E-1</u> hereto.

"**Attorney Costs**" means and includes all reasonable and documented fees, out-of-pocket expenses and disbursements of any law firm or other external legal counsel, in each case, to the extent reimbursable by the Borrower pursuant to <u>Section 10.04</u> or <u>Section 10.05</u>.

"**Attributable Indebtedness**" means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

"**Auction Agent**" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to <u>Section 2.05(a)(v)</u>; *provided* that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent).

"**Auto-Extension Letter of Credit**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 3.03</u>.

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

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

------

"**Base Rate**" means for any day a fluctuating rate per annum equal to the highest of (a) the Overnight Rate in effect on such day plus 0.50%, (b) the Prime Rate for such day and (c) the Term SOFR Rate for an interest period of one month on such day plus 1.00% (or, if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) so long as the Term SOFR Rate is not the subject of a Benchmark Transition Event. Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs.

"**Base Rate Loan**" means a Loan that bears interest based on the Base Rate.

"**Benchmark**" means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 3.03</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Daily Simple SOFR and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 0.10% (10 basis points);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities at such time and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the related Benchmark Replacement Adjustment;

*provided* that, if the Benchmark Replacement as determined pursuant to clause (a) and (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement for purposes of clause (b) of the definition of "Benchmark Replacement," the spread adjustment, or method for calculating or

------

determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent, the Revolving Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the
later of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of the public statement or publication of information referenced therein and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or the published component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or

------

such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

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

"**Benchmark Unavailability Period**" means the period (if any):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.03</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 3.03</u>.

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Blackstone**" means BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP and, except for the purposes of Section 10.07, its Affiliates, including any funds managed or advised by it.

"**Borrower**" and "**Borrowers**" mean (a) prior to the Debt Assumption, the Initial Borrower and (b) upon and at any time after the consummation of the Debt Assumption, the Borrower and any Subsidiary Guarantor that, after the Closing Date becomes a Borrower by executing a Borrower Joinder Agreement; *provided* that any Subsidiary that is or has become a Borrower (a "**Subsidiary Borrower**") may have its status as a Borrower terminated by a notice to the Administrative Agent and the Collateral Agent from the Borrower and such Subsidiary Borrower electing to terminate such Subsidiary's status as a Borrower, *provided further* that no such termination shall affect any obligation of such Subsidiary as a Guarantor or as a Grantor under any Loan Document.

"**Borrower Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit K</u>.

"**Borrower Materials**" has the meaning set forth in <u>Section 6.01</u>.

------

"**Borrower Offer of Specified Discount Prepayment**" means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to <u>Section 2.05(a)(v)(B)</u>.

"**Borrower Solicitation of Discount Range Prepayment Offers**" means the solicitation by any Company Party of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to <u>Section 2.05(a)(v)(C)</u>.

"**Borrower Solicitation of Discounted Prepayment Offers**" means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to <u>Section 2.05(a)(v)(D)</u>.

"**Borrowing**" means a Revolving Credit Borrowing or a Term Borrowing, as the context may require.

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York; *provided* that when used in connection with a Term SOFR Rate Loan, the term "Business Day" shall also exclude any day which is not a U.S. Government Securities Business Day.

"**Capital Expenditures**" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capitalized Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries.

"**Capitalized Leases**" means all leases that have been or are required to be, in accordance with GAAP (subject to <u>Section 1.03</u>), recorded as capitalized leases; *provided* that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.

"**Carlyle**" means Carlyle Global Credit Investment Management.

"**Cash and Cash Equivalents**" means any of the following types of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, Euros or any other readily tradable currency to the extent utilized in connection with the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of the United States or any member state of the European Economic Area having average maturities of not more than 24 months from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) time deposits or eurodollar time deposits with, certificates of deposit, bankers' acceptances or overnight bank deposits of, or letters of credit issued by, any commercial bank that (i) is a Lender or (ii) (A) is organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development or is the principal banking Subsidiary of a bank holding company organized under the Laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and Development and is a member of the Federal Reserve System, and (B) has combined capital and surplus of at least $250,000,000 or $100,000,000 in the case of any non-U.S. bank (any such bank in the foregoing <u>clauses (i)</u> or <u>(ii)</u> being an "Approved Bank"), in each case with maturities not exceeding 24 months from the date of acquisition thereof;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations for underlying securities of the types described in <u>clauses (b)</u>, <u>(c)</u> and <u>(e)</u> above entered into with any Approved Bank;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments (other than in structured investment vehicles and structured financing transactions) with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any Approved Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) instruments analogous to those referred to in <u>clauses (a)</u> through <u>(i)</u> above denominated in Euros or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and (ii) in the case of any Foreign Subsidiary, such local currencies in those countries in which such Foreign Subsidiary transacts business from time to time in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments, classified in accordance with GAAP as Consolidated Current Assets of the Borrower or any Restricted Subsidiary, in money market investment programs which are registered under the Investment Company Act of 1940 or which are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character, quality and maturity described in <u>clauses (a)</u> through <u>(i)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing at least 95% of their assets in securities of the types described in <u>clauses (a)</u> through <u>(k)</u> above.

------

Notwithstanding the foregoing, Cash and Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (a)</u> and <u>(j)</u> above; *provided* that such amounts are converted into any currency listed in <u>clause (a)</u> or <u>(j)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

"**Cash Collateral**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Collateralize**" has the meaning set forth in <u>Section 2.17(c)</u>.

"**Cash Dominion Event**" means the occurrence and continuance of an Event of Default pursuant to <u>Section 8.01(a)</u> or <u>8.01(f)</u>.

"**Cash Management Services**" means any agreement or arrangement to provide cash management services, including controlled disbursement services, treasury, depository, overdraft and related liabilities, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management services or arrangements, supply chain finance services, foreign exchange facilities and any automated clearing house transfer of funds.

"**Cash Netting Amount**" means the lesser of (i) the aggregate amount of Cash and Cash Equivalents (other than Restricted Cash), in each case, included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of such date (which, for the avoidance of doubt, shall not be required to be held in a deposit account pledged to the Collateral Agent pursuant to a control agreement) and (ii) $20,000,000.

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

"**Change of Control**" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to a Qualified IPO, the Sponsor shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Qualified IPO, any person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), but excluding (w) any underwriters in connection with such Qualified IPO, (x) any employee benefit plan of such person and its Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (y) the Sponsor and (z) any one or more direct or indirect parent companies of Holdings in which the Sponsor, directly or indirectly, owns the largest percentage of such parent company's voting Equity Interests, shall have, directly or indirectly, acquired beneficial ownership of Equity Interests representing 35% or more of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company and the Sponsor shall own, directly or indirectly, less than such person or "group" of the aggregate voting power represented by the issued and outstanding Equity Interests of the Relevant Public Company;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "change of control" (or similar event) shall occur in any document pertaining to Other Term Loans, Other Notes, Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt (or any Permitted Refinancing of any of the foregoing), in each case with an aggregate outstanding principal amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Holdings shall cease to own, directly or indirectly, 100% of the Equity Interests of TCFI.

"**Class**" (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Extended Revolving Credit Commitments of a given Extension Series, Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Commitments, Delayed Draw Commitments, Incremental Term Loan Commitments, 2024 Incremental Term Loan Commitments, Refinancing Term Commitments of a given Refinancing Series or Commitments in respect of Replacement Term Loans and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans, 2024 Incremental Term Loans, Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans. Revolving Loans, Revolving Loans under Extended Revolving Credit Commitments of a given Extension Series, Revolving Loans under Refinancing Revolving Credit Commitments of a given Refinancing Series, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans, 2024 Incremental Term Loans, Extended Term Loans of a given Extension Series, Incremental Term Loans, Refinancing Term Loans of a given Refinancing Series or Replacement Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the Borrower, be construed to be in different Classes; provided that any Incremental Term Loans effected as a Term Loan Increase to any existing Class of Term Loans and such existing Class of Term Loans shall in all events be part of the same Class.

"**Closing Date**" means March 18, 2020.

"**Code**" means the U.S. Internal Revenue Code of 1986 and the United States Treasury Department regulations promulgated thereunder, each as amended from time to time (unless as specifically provided otherwise).

"**Collateral**" means the "Collateral" as defined in the Security Agreement and all the "Collateral" or "Pledged Assets" as defined in any other Collateral Document and any other assets pledged pursuant to any Collateral Document, but in any event excluding Excluded Assets.

"**Collateral Agent**" means PNC, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent.

"**Collateral and Guarantee Requirement**" means, at any time, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Agent shall have received each Collateral Document required to be delivered (i) on the Closing Date, pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>) and (ii) at such time as may be designated therein, pursuant to the Collateral Documents or <u>Section 6.11</u> or <u>6.13</u>, subject, in each case, to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Obligations (i) of the Borrowers shall have been unconditionally guaranteed by Holdings and each Restricted Subsidiary of the Borrower (other than any other Borrower) that is then required to be a Guarantor, and (ii) of any Borrower shall have been unconditionally guaranteed by each other Borrower; *provided*, that the Borrower may, in its sole discretion, (1) designate any Excluded Subsidiary as a Guarantor and (2) cause any Guarantor that is an Excluded Subsidiary (including any Excluded Subsidiary that became a Guarantor pursuant to clause (1) hereof) to be released from its guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secured Obligations and the Guaranty shall have been secured by a first-priority security interest (subject to Liens permitted by <u>Section 7.01</u>) in (i) all of the Equity Interests of the Borrowers, (ii) all of the Equity Interests of each wholly owned Material Domestic Subsidiary (other than a Domestic Subsidiary described in the following clause (iii)) directly owned by a Borrower or any Subsidiary Guarantor, (iii) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is directly owned by a Borrower or by any Subsidiary Guarantor that is a Domestic Foreign Holdco, and (iv) 65% of the issued and outstanding voting Equity Interests and 100% of the non-voting Equity Interests of each Restricted Subsidiary that is a Foreign Subsidiary directly owned by a Borrower or by any Subsidiary Guarantor, in each case other than any Excluded Pledged Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except to the extent otherwise provided hereunder, including subject to Liens permitted by <u>Section 7.01</u>, or under any Collateral Document, the Secured Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security interest may be perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making any necessary security filings with the United States Patent and Trademark Office or United States Copyright Office, in each case to the extent required in the Security Agreement) in the Collateral of any Borrower and each Guarantor (including accounts (other than Securitization Assets and any Receivables Assets), intercompany obligations, inventory, equipment, investment property, contract rights, applications and registrations of Intellectual Property filed in the United States, other general intangibles, Material Real Property and proceeds of the foregoing), in each case, (i) with the priority required by the Collateral Documents and (ii) subject to exceptions and limitations otherwise set forth in this Agreement (for the avoidance of doubt, including the limitations and exceptions set forth in <u>Section 4.01</u>) and the Collateral Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to each Material Real Property, the Collateral Agent shall have received on or before the date required to be delivered pursuant to <u>Section 6.11</u> or <u>Section 6.13</u> (after giving effect to any extension by the Collateral Agent), (i) counterparts of a Mortgage over such Material Real Property required to be delivered pursuant to <u>Section 6.11</u> or <u>6.13</u> (the "**Mortgaged Properties**") duly executed and delivered by the applicable Loan Party, (ii) a title insurance policy for such property available in each applicable jurisdiction (the "**Mortgage Policies**") insuring the Lien of each such Mortgage as a valid first-priority Lien on the property described therein, free of any other Liens except as permitted by <u>Section 7.01</u>, together with such endorsements, coinsurance and reinsurance and in such amounts as the Collateral Agent may reasonably request, (iii) a completed Life-of-Loan Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if any improvements on any Mortgaged Property are located within an area designated a "flood hazard area," evidence of such flood insurance as may be required under <u>Section 6.07</u>, (iv) ALTA surveys in form and substance reasonably acceptable to the applicable title company or such existing surveys together with no-change affidavits sufficient for the title company to remove all standard survey exceptions from the

------

Mortgage Policies and issue the endorsements required in <u>clause (ii)</u> above, (v) copies of any existing title reports, abstracts, appraisals or environmental assessment reports in each case to the extent required under <u>Section 6.11(a)(iii)</u> and (vi) such legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged Property;

*provided*, *however*, that (i) the foregoing definition shall not require, and the Loan Documents shall not contain any requirements as to, the creation or perfection of pledges of, security interests in, Mortgages on, or the obtaining of title insurance, surveys, abstracts or appraisals or taking other actions with respect to any Excluded Assets and (ii) the Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth in this Agreement and the Collateral Documents.

The Collateral Agent may grant extensions of time for the perfection of security interests in, or the delivery of the Mortgages and the obtaining of title insurance and surveys with respect to, particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) or any other compliance with the timing requirements of this definition where it reasonably determines, in consultation with the Borrower, that perfection or compliance cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement, the Collateral Documents or the other Loan Documents.

No actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets of Holdings, the Borrower, or any Domestic Subsidiary located or titled outside of the United States or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the Laws of any non-U.S. jurisdiction or foreign Intellectual Property filing, search or schedule). Elective Guarantors that are Foreign Subsidiaries shall be required to grant such security interests and take such perfection steps as are customary in its jurisdiction of organization (as determined mutually in good faith by the Collateral Agent and Loan Parties).

The foregoing definition shall not (i) require control agreements or perfection by "control" with respect to any Collateral other than: (x) certificated Equity Interests of the Borrower and, to the extent constituting Collateral, its Restricted Subsidiaries, in each case to the extent possession of such certificates is a manner of perfecting a security interest therein, and (y) so long as the Revolving Credit Commitments are outstanding, control agreements over deposit accounts (other than Excluded Accounts), (ii) require the Collateral Agent to enter into any source code escrow arrangement or register any Intellectual Property or (iii) require the Borrowers or any of their respective Subsidiaries to provide any notice to obtain the consent of Governmental Authorities under the Federal Assignment of Claims Act (or any state equivalent thereof).

"**Collateral Documents**" means, collectively, the Security Agreement, the Intercreditor Agreements, the Intellectual Property Security Agreements, the Mortgages, the Security Agreement Supplements, all security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent pursuant to <u>Section 4.01(a)(iv)</u>, <u>6.11</u> or <u>6.13</u> and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

<u>"**Commitment**" means a Revolving Credit Commitment, Extended Revolving Credit Commitment of a given Extension Series, Refinancing Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Delayed Draw Commitment, 2020 Delayed Draw Term Loan Commitment, 2021 Delayed Draw Term Loan Commitment, 2024 Incremental Term Loan Commitment, Incremental Term Loan Commitment, Refinancing Term Commitment of a given Refinancing Series or a Commitment in respect of Replacement Term Loans, as the context may require.</u> 

------

<u>"**Commitment Letter**" means the Amended and Restated Commitment Letter, dated March 13, 2020, among the Initial Borrower and the Commitment Parties, as amended, restated, supplemented or otherwise modified.</u> 

"**Committed Loan Notice**" means a written notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other or (c) a continuation of Term SOFR Rate Loans pursuant to <u>Section 2.02(a)</u>, which shall be substantially in the form of <u>Exhibit A</u> hereto or such other form as may be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), and agreed by the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent (with respect to any Term Loans) or the Revolving Agent (with respect to any Revolving Loans), as applicable, and agreed by the Borrower), appropriately completed and signed by a Responsible Officer of the Borrower.

"**Commitment**" means a Revolving Credit Commitment, Extended Revolving Credit Commitment of a given Extension Series, Refinancing Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, Delayed Draw Commitment, 2020 Delayed Draw Term Loan Commitment, 2021 Delayed Draw Term Loan Commitment, 2024 Incremental Term Loan Commitment, Incremental Term Loan Commitment, Refinancing Term Commitment of a given Refinancing Series or a Commitment in respect of Replacement Term Loans, as the context may require.

"**Commitment Letter**" means the Amended and Restated Commitment Letter, dated March 13, 2020, among the Initial Borrower and the Commitment Parties, as amended, restated, supplemented or otherwise modified.

"**Commitment Parties**" means, collectively, Blackstone, Carlyle and PNC, in their respective capacities as such under the Commitment Letter.

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

"**Company Parties**" means the collective reference to Holdings and its Restricted Subsidiaries, including any Borrower, and "Company Party" means any one of them.

"**Compensation Period**" has the meaning set forth in <u>Section 2.12(c)(ii)</u>.

"**Competitor**" has the meaning set forth in the definition of "Disqualified Institution."

"**Competitor Debt Fund**" means, with respect to any Competitor or any Affiliate thereof, any diversified debt fund, investment vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is (i) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and (ii) managed, sponsored or advised by any person that is controlling, controlled by or under common control with the relevant Competitor or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Competitor (A) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated bank entity or unregulated entity with respect to decisions involving any investment in debt of the Borrower or any of its Subsidiaries or (B) has access to any information (other than information that is publicly available) relating to Holdings, the Borrower or any of their respective Subsidiaries.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit D-1</u> hereto.

------

"**Conforming Changes**" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate", the definition of "Business Day", the definition of "U.S. Government Securities Business Day", the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Administrative Agent (acting at the direction of the Required Lenders), the Revolving Agent and the Borrower, decide may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent and the Revolving Agent in a manner substantially consistent with market practice (or, if the Administrative Agent (acting at the direction of the Required Lenders) or the Revolving Agent decide that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent (acting at the direction of the Required Lenders) or the Revolving Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent (acting at the direction of the Required Lenders), the Revolving Agent and the Borrower decide is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents); provided that, notwithstanding anything herein to the contrary, no "Conforming Changes" shall result in any effect adverse to the Borrower on the timing or amount of payments or borrowings.

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

**"Consolidated Current Assets**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than Cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than (i) amounts related to current or deferred Taxes based on income, profits or capital gains (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (ii) assets held for sale, (iii) loans (permitted) to third parties, (iv) pension assets, (v) deferred bank fees, (vi) derivative financial instruments and (vii) in the event that a Securitization Financing is accounted for off-balance sheet, (x) gross accounts receivable comprising Securitization Assets sold pursuant to such Securitization Financing less (y) collection against the amount sold pursuant to <u>clause (x)</u>.

**"Consolidated Current Liabilities"** means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) the current portion of interest expense, (c) accruals for current or deferred Taxes based on income or profits (including, without limitation, federal, state, foreign, local, franchise and similar Taxes and foreign withholding Taxes), (d) accruals of any costs or expenses related to restructuring reserves, (e) deferred revenue, (f) any Revolving Credit Exposure or Revolving Loans, (g) the current portion of pension liabilities, (h) liabilities in respect of funds of third parties on deposit with the Borrower or its Restricted Subsidiaries and (i) any assumed professional liability risks.

"**Consolidated EBITDA**" means, for any period, Consolidated Net Income for such period, *plus*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without duplication and, except with respect to <u>clauses (v)</u> (to the extent of the first parenthetical in such clause), <u>(vii)(B)</u>, <u>(viii)</u>, <u>(x)</u>, <u>(xi)</u> and <u>(xiv)</u> below, to the extent deducted (and not added back) or excluded in arriving at such Consolidated Net Income, the sum of the following

------

amounts for such period with respect to the Borrower and its Restricted Subsidiaries and including, the portion of such item attributable to any Equity Interest of the Loan Parties or Subsidiaries of Loan Parties in such non wholly-owned Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) total interest expense determined in accordance with GAAP (including (whether or not classified as interest expense under GAAP), to the extent deducted and not added back in computing Consolidated Net Income, (A) amortization of OID resulting from the issuance of Indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or, any fee or expense paid to any agent in connection with its services hereunder, and any other bank, administrative agency or trustee, or financing fees, (C) non-cash interest payments, (D) the interest component of Capitalized Leases, (E) net payments, if any, pursuant to interest Swap Contracts with respect to Indebtedness, (F) amortization of deferred financing fees, debt issuance costs, commissions and fees, (G) the interest component of any pension or other post-employment benefit expense, and (H) commissions, discounts, yield and other fees (including related interest expenses) related to any Qualified Securitization Financing or any Receivables Facility) and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication, provision for Taxes based on income, profits or capital gains of the Borrower and the Restricted Subsidiaries, including, without limitation, federal, state, foreign, local, franchise and similar Taxes and other local, franchise, state, real estate and property Taxes and foreign withholding Taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax examinations, and any Tax distributions made pursuant to this Agreement (including <u>Section 7.06(h)(iii)</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) depreciation and amortization (including amortization or write-off of (A) intangible assets and non-cash organization costs, (B) deferred financing fees, debt issuance costs, commissions, fees and expenses, bridge, commitment and other financing fees, discounts, yield and other fees and charges (including interest expense related to any Securitization Financing or any Receivables Facility), (C) unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, (D) capitalized software expenditures or costs, capitalized customer acquisition costs and incentive payments and capitalized conversion costs and contract acquisition costs, and (E) favorable or unfavorable lease assets or liabilities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) non-cash charges, expenses, write-downs or losses, including, without limitation, any non-cash expense relating to the vesting of warrants, impairment charges, the revaluation of inventory or other inventory adjustments or the impact of purchase accounting or recapitalization accounting (including deferred revenue which would reasonably have been included in determining Consolidated Net Income for such period, but for the application of purchase accounting rules) (*provided* that if any such non-cash charges, expenses, write-downs or losses represent an accrual or reserve for potential cash items in any future period, (i) the Borrower may determine not to add back such non-cash item in the current period or (ii) to the extent the Borrower determines to add back such

------

non-cash item in the current period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) retention, recruiting, relocation, stay and signing bonuses (including payments made to employees or others who are subject to non-compete agreements) and expenses, stock option and other equity-based compensation expenses, severance costs, transaction fees and expenses and management, monitoring, consulting and advisory fees and expenses and other consulting fees, indemnities and expenses, any one time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or a public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) integration costs, transition costs, consolidation, opening and closing costs for offices and facilities, curtailments or modifications to pension and post-retirement employee benefits (including pension buyout costs), decommissioning or reconfiguration of fixed assets for alternative uses, costs in connection with future lease commitments, costs incurred in connection with any strategic initiatives, costs incurred in connection with acquisitions and investments (whether or not consummated) and intellectual property development after the Closing Date, other business optimization expenses (including costs, technology upgrades and expenses relating to business optimization programs and new systems design and initiatives and implementation costs), project start-up costs and costs incurred with the implementation of a new contract (provided, such costs incurred with the implementation of a new contract added back pursuant to this clause (vii) shall not exceed $2,500,000 for any Test Period) and other restructuring charges, carve-out related items, accruals or reserves (including restructuring costs related to acquisitions and investments whether or not incurred before or after the Closing Date, retention charges, systems establishment costs and excess pension charges) and (B) without duplication of amounts added back pursuant to clause (xiv) below the amount of "run rate" cost savings, operating expense reductions, other operating improvements and synergies <u>(other than revenue synergies)</u> projected by the Borrower in good faith to be realized in connection with the Transactions, any Specified Transaction or the implementation of an operational initiative or operational change before or after the Closing Date (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and synergies <u>(other than revenue synergies)</u> had been realized on the first day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies <u>(other than revenue synergies)</u> were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions, which are factually supportable and reasonably anticipated to result from actions taken or expected to be taken in the good faith judgment of the Borrower, within 18 months after the consummation of the Transactions, the Specified Transaction or the implementation of an initiative or operational change (including commencement of activities constituting a business or the termination or discontinuance of activities constituting such business), as applicable, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies (<u>other than revenue synergies) (</u>and a Responsible Officer of the Borrower shall certify, solely in his or her capacity as a Responsible Officer, that such cost savings, operating expense reductions, other operating improvements and synergies <u>(other than revenue synergies)</u> satisfy the foregoing requirements); *provided* no cost savings, operating expense reductions and synergies shall be added pursuant to this <u>clause (vii)(B)</u> to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, for such period; *provided*, *further* that such costs, charges, expenses or losses pursuant to clause

------

 <u>(vii)(A)</u>, together with the pro forma cost savings, operating expense reductions, other operating improvements and synergies <u>(other than revenue synergies)</u> pursuant to <u>clause (vii)(B)</u><u>, clause (xxii)</u> and <u>Section 1.09(c)</u>, shall not exceed 25% of Consolidated EBITDA for any Test Period (determined after giving effect to all such amounts that would be added back pursuant to this <u>clause (vii)</u><u>, clause (xxii)</u> and <u>Section 1.09</u><u>(c)</u>, and after giving effect to all other applicable adjustments as if there were no such 25% limitation); *provided*, that the amount of any such items that would be permitted to be included in financial statements prepared in accordance with Regulation S-X <u>as in effect prior to January 1, 2021</u> shall not be subject to such 25% limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) adjustments in connection with the Transactions, including those adjustments of the type set forth in the Sponsor model delivered to the Commitment Parties prior to the Closing Date and the quality of earnings report provided by third party financial advisors and/or consultants retained by the Borrower and delivered to the Commitment Parties prior to the Closing Date, and other adjustments (including *pro forma* adjustments) identified in writing and agreed to by Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other accruals, payments, fees and expenses (including rationalization, legal, tax, structuring and other costs and expenses), or any amortization thereof, related to the Transactions (including all Transaction Expenses), acquisitions, Investments, joint ventures, Restricted Payments, Dispositions, issuances or registrations (actual or proposed) of Indebtedness or Equity Interests or repayment of debt, Qualified IPO, Refinancing or recapitalization transactions or amendment or other modification of any debt instrument, in each case, including any such transaction consummated on or prior to the Closing Date and any such transaction attempted but not completed (including, for the avoidance of doubt, the effects of expensing all transaction related expenses in accordance with Accounting Standards Codification Topic No. 805, Business Combinations),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the extent received and not already included in Consolidated Net Income, proceeds of business interruption insurance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>paragraph (b)</u> below for any previous period and not added back,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash increase in expenses (A) resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods including changes in capitalization of variances) or other inventory adjustments, or (B) due to purchase accounting or recapitalization accounting adjustments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the amount of any expense or reduction of Consolidated Net Income consisting of Restricted Subsidiary income attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) adjustments (including pro forma adjustments) of a type set forth in any quality of earnings or due diligence report (prepared by an independent accounting firm or consulting firm of regionally or nationally recognized standing) delivered to the Administrative Agent in connection with any acquisition or investment after the Closing Date and (B) adjustments (including *pro forma* adjustments) consistent with Regulation S-X <u>as in effect prior to January 1</u>, <u>2021,</u> 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the amount of (A) management, consulting, monitoring and advisory fees (including termination and exit fees) and related expenses and indemnities paid or accrued to the Investors in accordance with the Investor Management Agreement and the Ultimate Parent LLC Agreement, (B) payments or accruals by the Borrower or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are permitted by <u>Section 7.08</u> and (C) indemnification payments and accruals, fees and expenses paid to directors of the Borrower or its direct or indirect parent entities, in each case to the extent otherwise permitted to be paid under <u>Section 7.08</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Equity Funded Employee Plan Costs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any net loss from disposed, abandoned or discontinued operations or product lines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount of loss or discount on sales of Securitization Assets to a Securitization Subsidiary in connection with a Securitization Financing or losses or discounts on sales of receivables and related assets in connection with any Receivables Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) costs to support implementation of operational and reporting systems and technology initiatives in an amount not to exceed $5,000,000 in the aggregate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the non-cash portion of straight line rent expense,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) earn-out obligations with respect to any Permitted Acquisitions or other investment and paid or accrued during the applicable period to the extent such earn-out obligations are deducted from the calculation of such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the amount of business development, research and development, and customer development costs and expenses and strategic growth investments and reorganization costs and expenses;<u>*provided* that such costs and expenses pursuant to clause (xxii), shall not exceed (1)(A) 10% of quarterly Consolidated EBITDA for the fiscal quarters ending on September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026 or (B) 10% of Consolidated EBITDA for any Test Period ending after June 30, 2026 (in each case of this clauses (1)(A) and (1)(B), determined after giving effect to all such amounts that would be added back pursuant to this clause (xxii), and after giving effect to all other applicable adjustments as if there were no such 10% limitation) or (2) together with the pro forma cost savings, operating expense reductions and synergies (other than revenue synergies) pursuant to clause (vii) and Section 1.09(c), 25% of Consolidated EBITDA for any Test Period (determined after giving effect to all such amounts that would be added back pursuant to this clause (xxii), clause (vii) and Section 1.09(c), and after giving effect to all other applicable adjustments as if there were no such 25% limitation); *provided*, that the amount of any such items that would be permitted to be included in financial statements prepared in accordance with Regulation S-X as in effect prior to January 1, 2021 shall not be subject to such 10% or 25% limitation;</u> 

------

*minus* (b) without duplication and to the extent included in arriving at such Consolidated Net Income, (i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period), and excluding the accrual of revenue in the ordinary course, including accrual for deferred revenue, (ii) any net gain from disposed, abandoned or discontinued operations or product lines and (iii) the amount of any minority interest income consisting of Restricted Subsidiary losses attributable to minority interests or non-controlling interests of third parties in any non-wholly owned Restricted Subsidiary.<u>; *provided* that any changes to the definition of Consolidated EBITDA made in connection with Amendment No. 5 shall be effective for the Test Period ending September 30, 2025 and each Test Period thereafter (and, for the avoidance of doubt, shall not apply to any adjustments prior to the Test Period ending September 30, 2025, including any such adjustments in fiscal quarters for which Consolidated EBITDA is specified below).</u> 

Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended March 31, 2019, June 30, 2019, September 30, 2019<u>24</u> and<u>,</u> December 31, 2019<u>24, March 31, 2025 and June 30, 2025</u>, Consolidated EBITDA for such fiscal quarter shall be $7<u>20</u>,3<u>4</u>03,894.77<u>13</u>, $8<u>6</u>,33<u>7</u> 9,<u>4</u>2 37.36<u>8</u>, $7<u>1</u>,954,63<u>,00</u>4.35 and $7,90<u>1</u> 2,4<u>880,2</u> 25.85, respectively, in each case as may be subject to addbacks and adjustments (without duplication) pursuant to <u>clauses (vii)(B)</u>, <u>(viii)</u>, <u>(xiv)</u> and <u>Section 1.09(c)</u> for the applicable Test Period (but only with respect to actions taken or expected to be taken or events having occurred after the Closing Date). For the avoidance of doubt, Consolidated EBITDA shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated First Lien Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of any Indebtedness described in <u>clause (a)</u> of the definition of "Consolidated Total Net Debt" outstanding on such date that is secured by a Lien on any asset or property of the Borrower or any Restricted Subsidiary that is pari passu with or senior to the Liens securing the Secured Obligations, but excluding any such Indebtedness that is subordinated in right of payment to the Secured Obligations, *minus* (b) the Cash Netting Amount; *provided* that Consolidated First Lien Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated First Lien Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood <u>(a)</u> that obligations (i) under Swap Contracts, <u>and</u> Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated First Lien Net Debt<u>, and (b) that obligations under</u> <u>any Receivables Facility and any Qualified Securitization Financing</u> <u>constitute Consolidated First Lien Net Debt</u>.

**"Consolidated First Lien Net Leverage Ratio"** means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

**"Consolidated Net Income"** means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; *provided*, *however*, that, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any after-tax effect of extraordinary, non-recurring or unusual items (including gains, losses or charges and all fees and expenses relating thereto) for such period shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application to the extent included in Consolidated Net Income shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) accruals and reserves that are established or adjusted within 18 months after the Closing Date that are so required to be established or adjusted as a result of the Transactions (or within 18 months after the closing of any acquisition or Investment that are so required to be established or adjusted as a result of such acquisition of Investment) in accordance with GAAP or changes as a result of adoption or modification of accounting policies in accordance with GAAP shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any net after-tax effect of gains or losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person, in each case other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the net income (loss) for such period of any Person that is (I) not a Subsidiary of the Borrower, (II) an Unrestricted Subsidiary, or (III) accounted for by the equity method of accounting shall be excluded; *provided* that (i) Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in Cash and Cash Equivalents (or to the extent subsequently converted into Cash and Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period and (ii) the net income (loss) of any Unrestricted Subsidiary that has been designated as a Restricted Subsidiary in such period shall be included to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any impairment charge or asset or asset value write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, goodwill, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP or SEC guidelines, and the amortization of intangibles arising pursuant to GAAP or SEC guidelines shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any (i) equity or phantom equity based non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs or any other equity-based compensation, (ii) cash charges associated with the rollover, acceleration or payout of Equity Interests by managers, officers, directors, consultants or employees of the Borrower, any Restricted Subsidiary or any of the Borrower's direct or indirect parents, (iii) income (loss) attributable to deferred compensation plans or trusts, shall be excluded, and (iv) any cash charge for such period relating to payments made to option holders or holders of profits interests of any direct or indirect parent entity in connection with, or as a result of, any distributions being made to its equityholders or its direct or indirect parent entities, which payments are being made to compensate such option holders or holders of profits interests as though they were equityholders as of the date of, and entitled to share in, such distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions, including, in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually paid-for or reimbursed, or, so long as the Borrower has made a determination that a reasonable basis exists for such amount to be paid-for, indemnified or reimbursed and only to the extent that such amount is in fact paid-for, indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365-day period), shall be excluded,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent covered by insurance and actually paid for or reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be paid for or reimbursed by the insurer and only to the extent that such amount is in fact paid for or reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so paid for or reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, any Permitted Acquisition or other Investment, or the release of any valuation allowance related to such item, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any non-cash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation or Accounting Standards Codification Topic No. 505-50, Equity-Based Payments to Non-Employees, shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) non-cash gains, losses, income and expenses resulting from the valuation of any Indebtedness or other liabilities of the Borrower or any of its Restricted Subsidiaries at fair value required by the applicable standard under GAAP and related interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries or such Person's assets are acquired by the Borrower or any of its Restricted Subsidiaries shall be excluded (except to the extent required for any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance with <u>Section 1.09</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (x) currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain (i) resulting from Swap Contracts for currency exchange risk and (ii) resulting from intercompany indebtedness) and (y) all other foreign currency translation gains or losses to the extent such gains or losses are non-cash items, shall in each case be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any adjustments resulting from the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging and International Accounting Standard No. 39 and their respective related pronouncements and interpretations shall be excluded,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any income (loss) for such period attributable to the early extinguishment of (i) Indebtedness, (ii) obligations under any Swap Contracts or (iii) other derivative instruments shall in each case be excluded, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) solely for the purpose of determining Excess Cash Flow, the income of any Restricted Subsidiary of the Borrower that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such income is not at the time permitted by operation of the terms of its charter or any Laws applicable to such

------

Restricted Subsidiary (which has not been waived) shall be excluded, except (solely to the extent permitted to be paid) to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Restricted Subsidiaries that are Guarantors by such Person during such period.

There shall be excluded from Consolidated Net Income for any period the purchase accounting or recapitalization accounting effects of adjustments in component amounts required or permitted by GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, credit balances and debt line items thereof) and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition constituting an Investment permitted under this Agreement consummated after the Closing Date or any acquisition or other Investment consummated prior to the Closing Date, or the amortization or write-off of any amounts thereof. For the avoidance of doubt, Consolidated Net Income shall be calculated, including *pro forma* adjustments, in accordance with <u>Section 1.09</u>.

"**Consolidated Total Net Debt**" means, as of any date of determination, an amount equal to (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting or recapitalization accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement) consisting of funded Indebtedness for borrowed money, purchase money Indebtedness and Attributable Indebtedness, *minus* (b) the Cash Netting Amount; *provided* that Consolidated Total Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts thereunder; *provided*, *further*, that any unreimbursed amount under commercial letters of credit shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is drawn. For the avoidance of doubt, it is understood <u>(a)</u> that obligations (i) under Swap Contracts, <u>and</u> Cash Management Services, any Receivables Facility and any Qualified Securitization Financing or (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated Total Net Debt<u>, and (b) that obligations under</u> <u>any Receivables Facility and any Qualified Securitization Financing</u> <u>constitute Consolidated Total Net Debt</u>.

"**Consolidated Total Net Leverage Ratio**" means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

"**Consolidated Working Capital**" means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Consolidated Current Assets at such date of determination *minus* Consolidated Current Liabilities at such date of determination; *provided* that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Consolidated Current Assets or Consolidated Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent, (b) the effects of purchase accounting or recapitalization accounting or (c) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under Swap Contracts.

**"Contract Consideration"** has the meaning set forth in the definition of "Excess Cash Flow."

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

------

**"Control"** has the meaning set forth in the definition of "Affiliate."

**"Copyrights"** means (a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO.

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

**"CoVant"** means CoVant Management II, Inc. and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

**"Credit Agreement Refinancing Indebtedness"** means (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness of the Borrowers, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or Refinance, in whole or part, any Class of existing Term Loans or the existing Revolving Loans (or unused Revolving Credit Commitments), or any then-existing Credit Agreement Refinancing Indebtedness (the "**Refinanced Debt**"); *provided* that with respect to each of the foregoing <u>clauses (a)</u> through <u>(d)</u>, (i) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of such Refinanced Debt, such Indebtedness shall have a maturity no earlier, and a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt (if any) that remains outstanding; (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt *plus* an amount equal to the aggregate unused commitments cancelled in connection therewith, *plus* accrued interest, fees, premiums (if any) and penalties thereon and fees and expenses associated with the Refinancing; *provided* that nothing in this clause (ii) shall limit the ability of the Borrowers to incur additional Indebtedness concurrently as part of the issuance or incurrence of such Indebtedness so long as such additional Indebtedness is otherwise permitted pursuant to the terms of this Agreement, (iii) such Indebtedness (other than revolving loans or commitments with respect thereto) shall not have the benefit of a financial maintenance covenant unless (x) the Term Loans hereunder or the commitments being Refinanced, as applicable, have the benefit of such financial maintenance covenant on the same terms, (y) the Term Loans hereunder or the commitments being Refinanced, as applicable, shall have in the future been provided with the benefit of a financial maintenance covenant, in which case such Credit Agreement Refinancing Indebtedness issued after such future date may be provided with the benefit of the same financial maintenance covenant on the same terms or (z) such financial maintenance covenant is only applicable after the Latest Maturity Date applicable to the Term Loans hereunder, (iv) the All-In Yield with respect to such Credit Agreement Refinancing Indebtedness shall be determined by the Borrowers and the lenders or purchasers providing such Credit Agreement Refinancing Indebtedness, (v) except as provided for in preceding <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, optional prepayment or redemption terms shall be determined by the Borrower and the other terms and conditions of such Indebtedness shall reflect market terms and conditions (as reasonably determined by the Borrower) at the time of incurrence or issuance of such Credit Agreement Refinancing Indebtedness, (vi) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, and all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid substantially simultaneously with the issuance, incurrence or obtaining of such Credit Agreement Refinancing Indebtedness (or in any event not later than one Business Day following the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained), (vii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (viii) to the extent secured, such Indebtedness is not secured by property or assets of the Loan Parties other than the Collateral except to the extent permitted by any Intercreditor Agreement.

------

"**Credit Extension**" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

**"Credit Spread Adjustment"** means 0.10% (10 basis points).

**"Cumulative Credit"** means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Retained Excess Cash Flow Amount, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cumulative amount of Cash and Cash Equivalent proceeds from (i) the sale of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) which proceeds have been contributed as common equity to the capital of the Borrower and (ii) the Qualified Equity Interests of the Borrower (or Equity Interests of any direct or indirect parent of the Borrower) (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>) issued upon conversion of Indebtedness or Disqualified Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower owed to a Person other than a Loan Party or a Restricted Subsidiary of a Loan Party, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 100% of the aggregate amount of contributions to the common capital of the Borrower (other than from the Borrower or a Restricted Subsidiary) or the net proceeds of the issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent) (other than to the Borrower or a Restricted Subsidiary) contributed to the Borrower, received in Cash and Cash Equivalents after the Closing Date (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary of the Borrower in Cash and Cash Equivalents from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale, transfer or other disposition (other than to the Borrower or any such Restricted Subsidiary) of the Equity Interests or any assets of an Unrestricted Subsidiary or any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend or other distribution by an Unrestricted Subsidiary or received in respect of any joint venture or minority Investments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any interest, returns of principal, repayments and similar payments by such Unrestricted Subsidiary or received in respect of any joint venture minority Investments;

------

*plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", in the event any Unrestricted Subsidiary has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys any of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, the fair market value (as reasonably determined by the Borrower) of the Investments of the Borrower and the Restricted Subsidiaries made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent not (x) included in Consolidated Net Income or (y) treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by the Borrower or any Restricted Subsidiary in respect of any Investments made pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not treated as a Return increasing the capacity to make Investments pursuant to the definition of "Investment", an amount equal to any Returns in Cash and Cash Equivalents actually received by any Loan Party in respect of any Investments pursuant to <u>Section 7.02</u> (other than pursuant to <u>Sections 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(f)</u>, <u>(j)</u>, <u>(t)</u>, <u>(u)</u> and <u>(v))</u>; *provided*, that in no case shall such amount exceed the amount of any Investment made using internally generated cash flow or the Cumulative Credit pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u>, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [reserved], *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the proceeds and the fair market value (as reasonably determined by the Borrower) of marketable securities or other property contributed to the Borrower or a Restricted Subsidiary or contributed to the capital of Holdings and further contributed to the Borrower or a Restricted Subsidiary since the Closing Date from any Person other than the Borrower or a Restricted Subsidiary, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an amount equal to Declined Proceeds, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any amount of the Cumulative Credit used to make Investments pursuant to <u>Section 7.02(c)(iii)(B)(y)</u> or <u>7.02(n)(ii)</u> after the Closing Date and prior to such time (net of any Return in respect of any Investment that the Borrower elects to be treated as a deduction pursuant to the definition of "Investment"), *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any amount of the Cumulative Credit used to pay dividends or make distributions or other Restricted Payments pursuant to <u>Section 7.06(f)(A)</u> or <u>7.06(g)(y)</u> after the Closing Date and prior to such time, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any amount of the Cumulative Credit used to make payments or distributions in respect of Junior Financings pursuant to <u>Section 7.13</u> after the Closing Date and prior to such time, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) $45,000,000.

"**Cure Amount**" has the meaning set forth in <u>Section 8.04(a)</u>.

------

**"Cure Expiration Date"** has the meaning set forth in <u>Section 8.04(a)</u>.

**"Daily Simple SOFR**" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent and the Revolving Agent (and consented to by Borrower) in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for business loans; provided, that, in any event, Daily Simple SOFR shall not be less than the Floor; provided further that if the Administrative Agent, the Revolving Agent and the Borrower determine that any such convention is not administratively feasible for the Administrative Agent or the Revolving Agent, then the Administrative Agent, the Revolving Agent and the Borrower may agree to establish another convention in their respective reasonable discretion.

**"Debt Assumption"** has the meaning set forth in the introductory paragraph to this Agreement<u>.</u>

"**Debt Fund Affiliate**" means any Affiliate of Holdings or the Sponsor (other than a natural person) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of or in addition to their duties to Holdings or the Sponsor.

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

"**Declined Proceeds**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

"**Default**" means any event or condition that constitutes an Event of Default under <u>Section 8.01</u> or that, with the giving of any notice, the passage of time, or both, in each case, as set forth in this Agreement, without cure or waiver hereunder, would be an Event of Default under <u>Section 8.01</u>.

**"Default Rate"** means an interest rate equal to (a) the Base Rate *plus* (b) the Applicable Rate, if any, applicable to Base Rate Loans *plus* (c) 2.0% per annum; *provided* that with respect to a Term SOFR Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan *plus* 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

**"Defaulting Lender"** means, subject to <u>Section 2.17(b)</u>, any Lender whose act or failure to act, whether directly or indirectly, causes it to meet any part of the definition of Lender Default.

**"Delayed Draw Commitment"** means, as to each Term Lender, its obligation to make a Delayed Draw Term Loan to the Borrower pursuant to <u>Section 2.01(c)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Delayed Draw Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Delayed Draw Commitments as of the Closing Date is $30,000,000.

**"Delayed Draw Funding Date"** has the meaning set forth in <u>Section 2.01(c)</u>.

**"Delayed Draw Installment Payment Date"** has the meaning set forth in <u>Section 2.07(c)</u>.

------

**"Delayed Draw Lender"** means each Lender that has a Delayed Draw Commitment or is the holder of a Delayed Draw Term Loan.

**"Delayed Draw Term Loan"** has the meaning set forth in <u>Section 2.01(c)</u>.

**"Delayed Draw Term Loan Commitment Fee"** has the meaning set forth in <u>Section 2.09(d)</u>.

**"Delayed Draw Term Loan Commitment Termination Date"** means the earlier to occur of (a) March 18, 2022 and (b) the date on which the Delayed Draw Commitment hereunder has been reduced to zero (including by virtue of <u>Section 2.06</u>).

**"Discount Prepayment Accepting Lender"** has the meaning set forth in <u>Section 2.05(a)(v)(B)(2)</u>.

"**Discount Range**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

**"Discount Range Prepayment Amount"** has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

**"Discount Range Prepayment Notice"** means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(C)</u> substantially in the form of <u>Exhibit E-4</u>.

**"Discount Range Prepayment Offer"** means the irrevocable written offer by a Lender, substantially in the form of <u>Exhibit E-5</u>, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

"**Discount Range Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1).</u>

"**Discount Range Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3).</u>

"**Discounted Prepayment Determination Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Discounted Prepayment Effective Date**" means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with <u>Section 2.05(a)(v)(B)(1)</u>, <u>2.05(a)(v)(C)(1)</u> or <u>2.05(a)(v)(D)(1)</u>, respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"**Discounted Term Loan Prepayment**" has the meaning set forth in <u>Section 2.05(a)(v)(A)</u>.

"**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance of Equity Interests (other than directors' qualifying shares or other shares required by applicable Law) in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

------

"**Disqualified Equity Interests**" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) solely at the discretion of the issuer), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), (b) is redeemable at the option of the holder thereof (other than (i) solely for Qualified Equity Interests and cash in lieu of fractional shares or (ii) as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event shall be subject to the prior repayment in full of the Loans and all other Secured Obligations that are accrued and payable and the termination of the Commitments and the termination of all outstanding Letters of Credit (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Latest Maturity Date at the time of issuance of such Equity Interests; *provided* that if such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because such Equity Interests may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death or disability.

"**Disqualified Institution**" means (a) those financial institutions, lenders and other Persons previously specified in writing by the Borrower or the Sponsors to the Commitment Parties on or prior to February 18, 2020, (b) competitors of the Borrower and its Subsidiaries, as identified by the Borrower by written notice to the Administrative Agent and the Revolving Agent from time to time (each such Person, a "Competitor"), and (c) in the cases of <u>clause (a)</u> or <u>(b)</u>, Affiliates thereof (other than, in the case of <u>clause (b)</u>, any Competitor Debt Fund) that are either (i) identified as specified in such <u>clause (a)</u> (it being understood and agreed that affiliates of the financial institutions, lenders and other Persons identified in clause (a) shall be included if identified after February 18, 2020) or <u>(b)</u> or (ii) clearly identifiable on the basis of such Affiliates' names; it being understood and agreed that the identification of any Person as a Disqualified Institution after the Closing Date shall not apply to retroactively disqualify any Person that has previously acquired an assignment or participation interest in any Loan or Commitment so long as such Person was not a Disqualified Institution at the time of such assignment or participation. The list of Disqualified Institutions shall be posted to the Platform, it being understood that the Borrower may update such list from time to time with respect to Disqualified Institutions to the extent provided for above, and the Administrative Agent shall post such updated schedule to the Platform promptly following its receipt thereof, with such updates effective solely upon the posting thereof to the Platform.

"**Dollar**" and "**$**" mean lawful money of the United States.

"**Dollar Amount**" means (i) with respect to any L/C Obligation (or any risk participation therein), the amount thereof and (ii) with respect to any Revolving Loan, the amount thereof.

------

**"Domestic Foreign Holdco"** means any Domestic Subsidiary (i) substantially all of the assets of which consist of Equity Interests or Indebtedness (and Cash and Cash Equivalents or Indebtedness related thereto) of one or more Foreign Subsidiaries or (ii) that is treated as a disregarded entity or partnership for U.S. federal income tax purposes and substantially all of the assets of which are Equity Interests of one or more Foreign Subsidiaries.

"**Domestic Subsidiary**" means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

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

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

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

"**Elective Guarantor**" has the meaning set forth in the definition of "Guarantors."

"**Eligible Assignee**" has the meaning set forth in <u>Section 10.07(a)(i)</u>.

"**Enforcement Qualifications**" has the meaning set forth in <u>Section 5.04</u>.

"**Environment**" means air, surface water, groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any applicable Law relating to the prevention of pollution or the protection of the Environment or natural resources, or the protection of human health and safety as it relates to the exposure to Hazardous Materials, including any applicable provisions of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 *et seq.*, the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 *et seq.*, the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 *et seq.*, the Clean Water Act, 33 U.S.C. § 1251 *et seq.*, the Clean Air Act, 42 U.S.C. § 7401 *et seq.*, the Toxic Substances Control Act, 15 U.S.C. § 2601 *et seq.*, the Occupational Safety and Health Act, 29 U.S.C. § 651 *et seq.* (as it relates to exposure to Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 *et seq.*, and all analogous state or local statutes, and the regulations promulgated pursuant thereto.

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of investigation and remediation, fines, penalties or indemnities), of the Loan Parties or any Restricted Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any legally binding contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

------

"**Equity Contribution**" means the contribution by the Sponsor and the Investors in cash directly or indirectly to the Initial Borrower in the form of common equity or other Equity Interests that does not constitute Disqualified Equity Interests, in an aggregate amount, when taken together with all "rollover" equity, will constitute an aggregate amount of not less than 60.0% of the sum of (i) the aggregate principal amount of the Term Loans hereunder funded on the Closing Date *plus* (ii) all "rollover" equity *plus* (iii) the Equity Contribution *minus* the aggregate amount of cash on hand of the Borrower and its Subsidiaries on the Closing Date immediately following the consummation of the Transactions; *provided* that the Sponsor shall directly or indirectly own at least 50.1% of the voting Equity Interests of the Borrower immediately following the consummation of the Transactions.

"**Equity Funded Employee Plan Costs**" means cash costs or expenses, incurred pursuant to any management equity plan or stock option plan or any other equity-based management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Qualified Equity Interests of the Borrower or Equity Interests of any direct or indirect parent of the Borrower (other than amounts designated as Excluded Contributions, any amount designated as a Cure Amount or any amount used in the Cumulative Credit).

"**Equity Interests**" means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities); *provided*, that any instrument evidencing Indebtedness convertible or exchangeable for Equity Interests shall not be deemed to be Equity Interests unless and until such instrument is so converted or exchanged.

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

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) that is under common control with a Loan Party or any Restricted Subsidiary within the meaning of Section 414(b) or (c) of the Code or Section 4001 of ERISA (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Section 4245 of ERISA) or in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (d) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for, and that could reasonably be expected to result in, the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived; (h) a failure by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate to make a required contribution to a Multiemployer Plan; (i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or

------

Section 406 of ERISA) which could reasonably be expected to result in liability to a Loan Party or any Restricted Subsidiary; or (j) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate.

**"Erroneous Payment**" has the meaning assigned to it in Section 9.13(a).

**"Erroneous Payment Deficiency Assignment**" has the meaning assigned to it in Section 9.13(d).

**"Erroneous Payment Impacted Class**" has the meaning assigned to it in Section 9.13(d).

**"Erroneous Payment Return Deficiency**" has the meaning assigned to it in Section 9.13(d).

**"Erroneous Payment Subrogation Rights**" has the meaning assigned to it in Section 9.13(d).

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

**"Euros**" means lawful currency of the European Union.

**"Event of Default**" has the meaning set forth in <u>Section 8.01</u>.

**"Excess Cash Flow**" means, for any Excess Cash Flow Period, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such decreases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries completed during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period (other than sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses deducted from Consolidated Net Income for such Excess Cash Flow Period in respect of expenditures made during any prior Excess Cash Flow Period for which a deduction from Excess Cash Flow was made for a future period in such prior Excess Cash Flow Period pursuant to <u>clause (b)(xi)</u>, <u>(xii)</u>, <u>(xv)</u> or <u>(xvi)</u> below, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash income or gain (actually received in cash) excluded from the calculation of Consolidated Net Income for such Excess Cash Flow Period pursuant to the definition thereof; *minus*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income, and cash charges included in <u>clauses (a)</u> through <u>(q)</u> of the definition of "Consolidated Net Income",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Capital Expenditures or acquisitions of or expenses incurred to develop intellectual property to the extent not expensed or accrued for such Excess Cash Flow Period, to the extent that such Capital Expenditures or acquisitions or development expenses were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent not financed through the incurrence of long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the aggregate amount of all principal payments of Indebtedness of the Borrower or its Restricted Subsidiaries (including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of any scheduled repayment of Term Loans, Other Term Loans, Other Notes, Permitted Ratio Debt and any other Indebtedness, (C) any mandatory prepayment of Term Loans pursuant to <u>Section 2.05(b)(ii)</u>, Other Term Loans, Other Notes, Permitted Ratio Debt or any other Indebtedness, in each case to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase and (D) payments of earn-outs or sellers notes or notes converted from an earn-out, but excluding (x) other prepayments, redemptions or repurchases (including debt buybacks) of Term Loans, Other Notes, Other Term Loans and other Indebtedness constituting Pari Passu Secured Obligations (other than prepayments referred to in <u>clause (C)</u> above) and (y) all prepayments in respect of any revolving credit facility, except to the extent there is an equivalent permanent reduction in commitments thereunder),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital and long-term accounts receivable for such Excess Cash Flow Period (other than any such increases arising from acquisitions or dispositions by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash payments by the Borrower and its Restricted Subsidiaries for such Excess Cash Flow Period in respect of long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness to the extent such payments are not expensed for such Excess Cash Flow Period or are not deducted in calculating Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted pursuant to <u>clause (xi)</u> below in prior Excess Cash Flow Periods, the amount of Investments and acquisitions made in cash during such Excess Cash Flow Period pursuant to <u>Section 7.02</u> (other than <u>Section 7.02(a), (c)</u>, <u>(e)</u>, or <u>(h)</u>) to the extent that such Investments and acquisitions were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of Restricted Payments paid during such Excess Cash Flow Period pursuant to <u>Section 7.06</u> (other than pursuant to <u>Sections 7.06(a)(i)</u>, <u>7.06(b)</u>, <u>7.06(d)</u> (except to the extent relating to a transaction permitted under <u>Section 7.04</u>), <u>7.06(e)</u>, <u>7.06(m)</u> (to the extent relating to any other clause of <u>Section 7.06</u> referred to in the first parenthetical in this clause (viii)) and <u>7.06(n)</u>), in each case, to the extent such Restricted Payments were not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Borrower and its Restricted Subsidiaries in cash for such Excess Cash Flow Period (including expenditures for the payment of financing fees and including retention, recruiting, relocation, severance, signing bonuses and similar expenses) to the extent that such expenditures are not expensed for such Excess Cash Flow Period (and were not expensed in a prior Excess Cash Flow Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such Excess Cash Flow Period that are required to be made in connection with any prepayment of Indebtedness to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow for prior Excess Cash Flow Periods, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries committed (pursuant to binding contracts or executed letters of intent entered into) or budgeted (the "**Contract Consideration**") prior to or during such Excess Cash Flow Period, or after the end of such Excess Cash Flow Period and prior to the date of such Excess Cash Flow payment for such Excess Cash Flow Period, relating to Permitted Acquisitions, Investments (other than Investments made pursuant to <u>Section 7.02(a)</u>, <u>(c)</u>, <u>(e)</u>, <u>(h)</u> or <u>(r)(ii)</u>), Capital Expenditures or acquisitions or development of intellectual property (to the extent not expensed) to be consummated or made, *plus* any restructuring cash expenses, pension payments or tax contingency payments that have been added to Excess Cash Flow pursuant to <u>clause (a)(ii)</u> above required to be made, in each case for the Excess Cash Flow Period of four consecutive fiscal quarters of the Borrower following the end of such Excess Cash Flow Period; *provided* that to the extent the aggregate amount actually utilized to finance such acquisitions, Investments, Capital Expenditures or acquisitions or development of intellectual property during such Excess Cash Flow Period of four consecutive fiscal quarters is less than the Contract Consideration or to the extent such aggregate amount is financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries, the amount of such shortfall or so financed shall be added to the calculation of Excess Cash Flow at the end of such Excess Cash Flow Period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of cash taxes (including penalties, interest or tax reserves and Tax Distributions) paid or payable for such Excess Cash Flow Period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such Excess Cash Flow Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Contracts for such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated Net Income,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any payment of cash to be amortized or expensed over a future Excess Cash Flow Period and recorded as a long-term asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) reimbursable or insured expenses incurred for such Excess Cash Flow Period to the extent that such reimbursement has not yet been received and to the extent not deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cash expenditures for costs and expenses (including retention, recruiting, relocation, stay and signing bonuses and expenses) in connection with the Transactions (including all Transaction Expenses), acquisitions, Investments, Restricted Payments, dispositions and the issuance of equity interests or Indebtedness, repayment of debt, issuance of equity securities, Qualified IPO, Refinancing transactions or amendments or other modifications of any debt instrument (including, in each case, any such transaction consummated on the Closing Date and any such transaction undertaking but not completed), in each case, to the extent not deducted in arriving at such Consolidated Net Income and to the extent not financed with the proceeds of any long-term Indebtedness of the Borrower and its Restricted Subsidiaries;

*provided* that, at the option of the Borrower, all such payments (i) made after the applicable Excess Cash Flow Period and prior to the applicable due date of such Excess Cash Flow payment may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period or (ii) committed or budgeted to be made after the applicable Excess Cash Flow Period may (without duplication of such amount deducted in any period) be deducted from Excess Cash Flow for such prior Excess Cash Flow Period. 

Notwithstanding anything in the definition of any term used in the definition of "Excess Cash Flow" to the contrary, all components of Excess Cash Flow shall be computed for the Borrower and its Restricted Subsidiaries on a consolidated basis.

"**Excess Cash Flow Period**" means each fiscal year of the Borrower, commencing with the fiscal year ending on or about December 31, 2021.

**"Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Excluded Account**" means (a) any bank account of a Loan Party that is solely a payroll, trust, employee benefit, fiduciary or tax withholding account, (b) any bank account of a Loan Party at a bank other than the Revolving Agent containing an average daily balance less than $2,500,000 over three consecutive Business Days (all such bank accounts not to contain an average daily balance greater than $5,000,000 over three consecutive Business Days), (c) zero balance deposit accounts which are linked to a deposit account of a Loan Party which is either subject to a control agreement or maintained with Revolving Agent, (d) any deposit account with cash deposited solely as required in connection with a Lien permitted pursuant to <u>Sections 7.01(b) - (ss)</u>, and (e) any other deposit account or securities account as the Collateral Agent may reasonably agree.

"**Excluded Assets**" means (i) any fee owned real property (other than Material Real Properties) and any leasehold rights and interests in real property (including any obligation to obtain landlord waivers, non-disturbance agreements, estoppels, bailee waivers, warehouseman waivers and collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, (iii) commercial tort claims where the amount of damages claimed by the applicable Loan Party is less than $2,500,000 individually and $5,000,000 in the aggregate, (iv) governmental licenses, state or local franchises, charters and authorizations and any other property and assets to the extent that the Collateral Agent may not validly

------

possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any Governmental Authority or agency) or the pledge of, or creation of a security interest in any asset, which would require governmental, regulatory or third party consent, approval, license or authorization (including compliance with the Federal Assignment of Claims Act or similar statute which, for the avoidance of doubt, shall not be required hereunder or under any other Loan Document), except to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition, (v) any lease, license, permit or agreement or any property subject to such agreement or arrangement to the extent that a grant of a security interest therein, (A) is prohibited or restricted by applicable Law other than to the extent such prohibition or restriction is rendered ineffective under the UCC or other applicable Law notwithstanding such prohibition or restriction or (B) to the extent and for so long as it would violate or invalidate the terms of such lease, license, permit or agreement (in each case, after giving effect to the relevant provisions of the UCC or other applicable Laws) or would give rise to a termination right of a third party (other than Holdings, the Borrower, or any Restricted Subsidiary) thereunder, require consent of a third party (other than Holdings, the Borrower or any Restricted Subsidiary) thereunder or permit any third party to amend any rights, benefits or obligations of any Loan Party in respect of such asset or otherwise require any Loan Party or any Subsidiary of any Loan Party to take any action that is adverse to its interests (except to the extent such provision is overridden by the UCC or other applicable Laws), in each case, (a) excluding any such agreement that relates to Credit Agreement Refinancing Indebtedness or Permitted Ratio Debt and (b) only to the extent that such limitation on such pledge or security interest is not otherwise prohibited pursuant to <u>Section 7.09</u>, (vi) (A) Margin Stock, (B) Equity Interests in, and property and assets of, any Person other than wholly owned Restricted Subsidiaries and (C) Equity Interests in, and property and assets of, Excluded Pledged Subsidiaries and Immaterial Subsidiaries (in the case of Immaterial Subsidiaries, except as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement), (vii) any property subject to a Lien permitted by <u>Section 7.01(b)</u>, <u>(u)</u>, <u>(w)</u> or <u>(aa)</u> (to the extent relating to a Lien originally incurred pursuant to <u>Section 7.01(b)</u>, <u>(u)</u> or <u>(w)</u>), (viii) the creation or perfection of pledges of, or security interests in, any property or assets that could reasonably be expected to result in adverse tax consequences or adverse regulatory consequences to Holdings, the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower and notified to Collateral Agent, (ix) letter of credit rights, except to the extent constituting support obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement), (x) any intent-to-use trademark or service mark application prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto and acceptance thereof by the United States Patent and Trademark Office, (xi) particular assets if and for so long as, if reasonably agreed by Blackstone (so long as it holds a majority of the Term Loans) and the Borrower, and otherwise, the Collateral Agent and the Borrower, the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance, surveys, abstracts or appraisals in respect of such assets exceed the practical benefits to be obtained by the Lenders therefrom, (xii) (a) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of each Domestic Foreign Holdco, (b) Equity Interests in excess of 65% of the issued and outstanding voting Equity Interests of, any Foreign Subsidiary and (c) any assets of any such Subsidiary referred to in clauses (xii)(a) or (xii)(b) (including Equity Interests of any Subsidiary of such Subsidiary), (xiii) Securitization Assets (or interests therein) sold to any Securitization Subsidiary or otherwise pledged, factored, transferred or sold in connection with a Qualified Securitization Financing including any supply chain financing arrangements or "reverse factoring" and similar programs which any Loan Party enters into at the request of a customer, (xiv) Receivables Assets sold or otherwise pledged or transferred in connection with a Receivables Facility, (xv) any intellectual property registered in any non-U.S. jurisdiction (and any foreign intellectual property filing, search or schedule), (xvi) any assets acquired in connection with a Permitted Acquisition or other permitted Investment subject to Liens permitted by <u>Section 7.01</u> and which are subject to contractual arrangements in connection with such Liens prohibiting a Lien securing the Secured Obligations to the extent permitted

------

by <u>Section 7.09</u> (*provided* that, except with respect to Liens permitted by <u>Section 7.01(bb)</u>, such Liens and contractual arrangements were not created in anticipation or contemplation of such Permitted Acquisition or Investment and were in place on the date of such Permitted Acquisition or Investment), and (xvii) the Equity Interests or assets of GeoOpsis Software Services Private Limited; *provided*, *however*, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u> (unless such Proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in <u>clauses (i)</u> through <u>(xvii)</u>).

"**Excluded Contribution**" means the amount of cash capital contributions to the Borrower or net cash proceeds from the sale or issuance of Qualified Equity Interests of Holdings (or any direct or indirect parent of Holdings) actually received by the Borrower (other than the Equity Contributions or any amount designated as a Cure Amount, used for Equity Funded Employee Plan Costs or included for purposes of determining the Cumulative Credit) and designated by the Borrower to the Administrative Agent as an Excluded Contribution on the date such capital contributions are made or such Equity Interests are sold or issued. As of any date of determination, the amount of the Excluded Contribution shall be the aggregate amount of such contributions and proceeds less such amounts used pursuant to <u>Sections 7.02(v)</u>, <u>7.06(l)</u>, and <u>7.13(a)(vi)</u>.

"**Excluded Information**" has the meaning set forth in <u>Section 2.05(a)(v)(F)</u>.

"**Excluded Pledged Subsidiary**" means (a) any Subsidiary for which the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations existing on the Closing Date (or, in the case of any Subsidiary acquired or formed after the Closing Date, Contractual Obligations in existence at the time of acquisition or formation (including in any Indebtedness assumed in connection therewith) but not any Contractual Obligations in contemplation thereof for the purpose of avoiding the obligation to pledge such Equity Interests entered into the Collateral and Guarantee Requirements (including any Indebtedness financing such acquisition or formation)) or for which governmental (including regulatory) consent, approval, license or authorization would be required unless such consent, approval, license or authorization has been obtained, (b) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower, in consultation with the Required Lenders, the burden or cost or other consequences (including any adverse tax consequences) of the pledge of its Equity Interests shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (c) any not-for-profit Subsidiaries, (d) broker-dealer subsidiaries, (e) captive insurance companies, (f) Unrestricted Subsidiaries, and (g) any special purpose vehicle (or similar entity), including any Securitization Subsidiary only to the extent that the pledge of its Equity Interests is prohibited by applicable Law or by Contractual Obligations, including any Contractual Obligation incurred in connection with a Qualified Securitization Financing.

"**Excluded Subsidiary**" means (a) any Subsidiary that is not a wholly owned Domestic Subsidiary of a Borrower or a Guarantor, (b) any Subsidiary that is prohibited or restricted by applicable Law or by Contractual Obligations existing on the Closing Date, so long as any such Contractual Obligation was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations, from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or would result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents, (c) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower and the Required Lenders, the burden or cost of providing the Guaranty outweighs the benefits to be obtained by the Lenders therefrom, (d) any not-for-profit Subsidiaries, (e) any Unrestricted Subsidiaries, (f) any special purpose vehicle (or similar entity), including any Securitization Subsidiary, (g) any direct or indirect Domestic Subsidiary that is a Domestic Foreign Holdco, (h) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary or a Domestic Foreign Holdco, (i) captive insurance Subsidiaries, (j) Immaterial Subsidiaries, (k) without limiting <u>clause (b)</u> above, any

------

Restricted Subsidiary acquired by the Borrower or any of its Restricted Subsidiaries after the Closing Date that, at the time of the relevant acquisition, is an obligor in respect of Indebtedness that is permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable Indebtedness prohibits such Restricted Subsidiary from providing a guaranty so long as such restriction existed at the time such subsidiary was formed or acquired and (l) any Subsidiary formed or acquired after the Closing Date pursuant to a Permitted Acquisition or other permitted Investment that is prohibited or restricted by applicable Law or by Contractual Obligations in existence at the time of acquisition (so long as such contractual prohibition existed at the time such Subsidiary was formed or acquired and was not incurred in contemplation thereof for the purpose of avoiding the obligation to provide a guarantee of the Secured Obligations) from guaranteeing the Secured Obligations or if guaranteeing the Secured Obligations would require governmental (including regulatory) or third party consent, approval, license or authorization or could reasonably be expected to result in adverse tax or regulatory consequences as reasonably determined by the Borrower and notified to the Agents.

"**Excluded Swap Obligation**" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason not to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation but for such Guarantor's failure to constitute an "eligible contract participant" at such time.

"**Excluded Taxes**" means the following Taxes imposed on or with respect to a Recipient or required to be deducted or withheld from any payment to a Recipient: (i) any Taxes imposed on or measured by net income, however denominated, franchise Taxes, and branch profits Taxes, in each case that are imposed by a jurisdiction as a result of such Recipient being organized in or having its principal office or applicable lending office in such jurisdiction (or any political subdivision thereof), or that are Other Connection Taxes, (ii) any Taxes attributable to the failure of such Agent or Lender to comply with <u>Section 3.01(d)</u> or <u>Section 3.</u>1<u>0</u><u>1</u><u>(e)</u>, (iii) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under <u>Section 3.07(a)</u>), any U.S. withholding Tax that is in effect and would apply to amounts payable hereunder at such time the Lender becomes a party to this Agreement, or designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Borrower or any Guarantor with respect to such withholding Tax pursuant to <u>Section 3.01</u>, and (iv) any withholding Taxes imposed under FATCA.

**"Existing Term Loan Tranche**" has the meaning set forth in <u>Section 2.16(a)</u>.

<u>"**Extended Revolving Loans**" means one or more Classes of Revolving Loans that result from an Extension Amendment.</u> 

**"Extended** Revolving Credit Commitments<u>Term Loans</u>" has the meaning set forth in <u>Section 2.16(</u>b<u>a</u> <u>)</u>.

**"Extend**ing<u>ed</u> Revolving Credit Lender<u>Commitments</u> " has the meaning set forth in <u>Section 2.16(</u>c<u>b</u><u>)</u>.

"**Extended Revolving Loans**" means one or more Classes of Revolving Loans that result from an Extension Amendment.

------

**"Extend**ed<u>ing</u> Term Loans<u>Revolving Credit Lender</u>" has the meaning set forth in <u>Section 2.16</u>(a<u>c)</u> .

**"Extending Term Lender**" has the meaning set forth in <u>Section 2.16(c)</u>.

"**Extension**" means the establishment of an Extension Series by amending a Loan pursuant to the terms of <u>Section 2.16</u> and the applicable Extension Amendment.

**"Extension Amendment**" has the meaning set forth in <u>Section 2.16(d)</u>.

**"Extension Election**" has the meaning set forth in <u>Section 2.16(c)</u>.

**"Extension Offer**" has the meaning set forth in <u>Section 2.13</u>.

**"Extension Request**" means any Term Loan Extension Request or a Revolver Extension Request, as the case may be.

**"Extension Series**" means any Term Loan Extension Series or a Revolver Extension Series, as the case may be.

**"Facility**" means the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit Commitments, a given Refinancing Series of Refinancing Revolving Loans, any Term Facility, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans or a given Refinancing Series of Refinancing Term Loans, as the context may require.

**"FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities implementing the foregoing.

**"FCPA"** has the meaning set forth in <u>Section 5.18(c)</u>.

**"Fee Letter**" means the Amended and Restated Fee Letter, dated as of March 13, 2020, among the Initial Borrower and the Commitment Parties.

**"Financial Covenant**" has the meaning given in Section 7.11.

**"FIRREA**" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

**"Flood Insurance Laws**" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

**"Floor**" means the benchmark rate floor, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Term SOFR or Daily Simple SOFR, which as the date of this Agreement is 1.00% per annum.

------

**"Foreign Casualty Event**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

**"Foreign Disposition**" has the meaning set forth in <u>Section 2.05(b)(vi)</u>.

**"Foreign Subsidiary**" means any direct or indirect Restricted Subsidiary of the Borrower which is not a Domestic Subsidiary.

**"Foreign Subsidiary Excess Cash Flow**" has the meaning set forth in <u>Section 2.05(b)(v)</u>.

**"Fronting Exposure**" means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

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

"**GAAP**" means generally accepted accounting principles in the United States of America, as in effect from time to time; *provided*, *however*, that, subject to <u>Section 1.03</u>, if the Borrower notifies the Administrative Agent and the Revolving Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof (including through conforming changes made consistent with IFRS) on the operation of such provision (or if the Administrative Agent and the Revolving Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (including through conforming changes made consistent with IFRS), then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

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

"**Granting Lender**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**Guarantee**" means, as to any Person, without duplication, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness by another Person (the "**primary obligor**") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

------

**"Guaranteed Obligations**" has the meaning set forth in <u>Section 11.01</u>.

**"Guarantor Joinder Agreement**" means a joinder agreement substantially in the form of <u>Exhibit L</u>.

"**Guarantors**" means (i) in the case of the Secured Obligations of the Borrowers, Holdings and each Restricted Subsidiary of the Borrower that is a Material Domestic Subsidiary (other than a Borrower or an Excluded Subsidiary unless such Excluded Subsidiary is then an Elective Guarantor) including, on the Closing Date, those listed on <u>Schedule I</u> hereto and any Material Domestic Subsidiary that shall have become a Guarantor pursuant to <u>Section 6.11</u> and (ii) in the case of the Secured Obligations of any Borrower each other Borrower. For avoidance of doubt, the Borrower in its sole discretion may (x) designate any Restricted Subsidiary that is not required to be a Guarantor (such a Restricted Subsidiary, an "<u>Elective Guarantor</u>") to Guarantee the Secured Obligations by causing such Restricted Subsidiary to execute this Agreement on the Closing Date or a Guarantor Joinder Agreement or (y) cause any Guarantor that is not then required to be a Guarantor (including any Elective Guarantor that became a Guarantor pursuant to <u>clause (x)</u> above) to be released from its Guaranty.

**"Guaranty**" means, collectively, the guaranty of the Secured Obligations by the Guarantors pursuant to this Agreement.

**"Hazardous Materials**" means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, or toxic mold, that are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law based on their dangerous or deleterious properties.

"**Holdings**" has the meaning set forth in the introductory paragraph to this Agreement; *provided* that Parent or any direct or indirect parent company of Holdings that becomes a Guarantor in accordance with <u>Section 7.14(xi)</u> as a result of merging, amalgamating or consolidating with or into Holdings or as a result of executing a Guaranty shall be deemed to be "Holdings" for purposes hereunder and under the Loan Documents.

"**Honor Date**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

**"Identified Participating Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(3)</u>.

**"Identified Qualifying Lenders**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

**"IFRS**" means international accounting standards as promulgated by the International Accounting Standards Board.

**"Immaterial Subsidiary**" means any Subsidiary which is not a Material Subsidiary.

**"Increasing Revolving Credit Lender**" has the meaning set forth in <u>Section 2.14(h)</u>.

**"Incremental Amendment**" has the meaning set forth in <u>Section 2.14(f)</u>.

**"Incremental Facility Closing Date**" has the meaning set forth in <u>Section 2.14(d)</u>.

------

**"Incremental Request**" has the meaning set forth in <u>Section 2.14(a)</u>.

**"Incremental Term** Loan Commitments<u>Lender</u>" has the meaning set forth in <u>Section 2.14(</u>a<u>c</u> <u>)</u>.

**"Incremental Term** Lender<u>Loan Commitments</u>" has the meaning set forth in <u>Section 2.14(</u>c<u>a</u><u>)</u>.

**"Incremental Term Loan**" has the meaning set forth in <u>Section 2.14(b)</u>.

**"Indebtedness**" means, as to any Person at a particular time, without duplication, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all such obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person in respect of Disqualified Equity Interests if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent not otherwise included above, all Guarantees of such Person in respect of Indebtedness described in <u>clauses (a)</u> through <u>(g)</u> in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner, except to the extent such Person's liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of Holdings and its Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions or terms) and made in the ordinary course of business and (C) exclude (i) trade liabilities and accounts and accrued expenses payable in the ordinary course of business, (ii) any purchase price adjustment or earn-out obligation until such obligation is not paid after becoming due and payable and not subject to a good faith dispute, (iii) accruals for payroll, obligations under employment arrangements and other liabilities accrued in the ordinary course of business, (iv) deferred compensation payable to officers, directors or employees of such Person or any of its Subsidiaries, (v) deferred rent, deferred revenue and deferred taxes, in each case, in the ordinary course of business and (vi) purchase price holdbacks in respect of a portion of the

------

purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of <u>clause (g)</u> shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

**"Indemnified Liabilities**" has the meaning set forth in <u>Section 10.05</u>.

**"Indemnified Taxes**" means, with respect to any Recipient, (a) all Taxes imposed on or required to be withheld or deducted from or with respect to payments under the Loan Documents other than Excluded Taxes, and (b) to the extent not otherwise described in (a), Other Taxes.

"**Indemnitees**" has the meaning set forth in <u>Section 10.05</u>.

**"Independent Financial Advisor**" means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates.

"**Information**" has the meaning set forth in <u>Section 10.08</u>.

**"Initial Borrower**" has the meaning set forth in the preliminary statements to this Agreement.

**"Initial Revolving Borrowing**" means one or more borrowings of Revolving Loans on the Closing Date in an amount not to exceed the aggregate amounts specified or referred to in the definition of "Permitted Initial Revolving Credit Borrowing Purposes"; *provided*, that, without limitation, Letters of Credit may be issued on the Closing Date to back-stop or replace letters of credit, guarantees and performance or similar bonds outstanding on the Closing Date (including deemed issuances of Letters of Credit under this Agreement resulting from existing issuers of letters of credit outstanding on the Closing Date agreeing to become L/C Issuers under this Agreement).

**"Initial Term Commitment**" means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to <u>Section 2.01(a)</u> in an aggregate amount not to exceed the amount set forth opposite such Lender's name in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment" or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate amount of the Initial Term Commitments as of the Closing Date is $145,000,000.

**"Initial Term Loans**" means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to <u>Section 2.01(a)</u>.

**"Intellectual Property**" means all intellectual property of every kind and nature, including inventions, designs, Internet Domain Names, Patents, Copyrights, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all additions and improvements to the foregoing, and renewals and extensions thereof.

**"Intellectual Property Security Agreement**" has the meaning set forth in the Security Agreement.

**"Intercompany Note**" means a promissory note substantially in the form of <u>Exhibit G</u>.

------

"**Intercreditor Agreements**" means, collectively, (i) any Junior Intercreditor Agreement and (ii) any Parity Intercreditor Agreement, or (iii) any other intercreditor agreement or subordination agreement or written arrangement permitted by this Agreement, in each case to the extent then in effect.

"**Interest Payment Date**" means, (a) as to any Term SOFR Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided* that if any Interest Period for a Term SOFR Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made.

"**Interest Period**" means, as to each Term SOFR Rate Loan, the period commencing on the date such Term SOFR Rate Loan is disbursed or converted to or continued as a Term SOFR Rate Loan and ending on the date one, three or six months thereafter or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, twelve months thereafter, or, to the extent agreed by the Administrative Agent, with respect to the Term Loans, or the Revolving Agent, with respect to the Revolving Loans, less than one month thereafter, in each case as selected by the Borrower in its Committed Loan Notice; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the applicable Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with the funding of a Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan, the Borrower may elect that the Interest Period applicable to such Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan match the Interest Period then in effect for any other Term Loans.

"**Interim Financial Statements**" means the unaudited consolidated balance sheet of TCFI AEVEX Holdings LLC and the Company Group (as defined in the Purchase Agreement), as of December 31, 2019 and related statement of income for the twelve (12) month period then ended.

**"Internet Domain Names**" means the rights of Internet domain name registrants in Internet domain names.

"**Investment**" means, as to any Person, any acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions, including by way of merger) of all or substantially all of the property and assets or business of another Person or assets

------

constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment, less any Returns in respect of such Investment; *provided*, that in lieu of treating any Return as a deduction to the amount of any applicable Investment, the Borrower may instead elect that such Return be used to increase <u>clause (e)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of the definition of "Cumulative Credit".

"**Investor Management Agreement**" means a management services agreement or similar agreement among the Investors or certain of the management companies associated with the Investors or its advisors, if applicable, and one or more Loan Parties (and/or any of their direct or indirect parent companies).

"**Investors**" means the Sponsor, CoVant, certain other investors designated by the Sponsor and any managers, officers, directors, consultants or employees of Borrower and its Restricted Subsidiaries.

"**IP License**" means any written agreement, now or hereafter in effect, granting to any Person any right to Intellectual Property, and all rights of any Person under any such agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof.

"**IPO Reorganization Transaction**" means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries in connection with and reasonably related to consummating a Qualified IPO, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**ISP**" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

<u>"Joint Venture Investment Basket" means Section 7.02(o).</u> 

**"Joint Venture Investment Basket Amount**" has the meaning set forth in <u>Section 7.02(o)</u>.

**"Judgment Currency**" has the meaning set forth in <u>Section 10.19</u>.

**"Junior Financing**" has the meaning set forth in <u>Section 7.13(a)</u>.

**"Junior Financing Documentation**" means any documentation governing any Junior Financing.

"**Junior Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Indebtedness permitted by this Agreement to be secured by the Collateral on a junior basis, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

------

"**Latest Maturity Date**" means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Extended Revolving Credit Commitments, Refinancing Revolving Credit Commitments, Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loan, 2021 Delayed Draw Term Loan, 2024 Incremental Term Loans, Extended Term Loans, Incremental Term Loans, Refinancing Term Loans, Replacement Term Loans and Refinancing Term Commitments, in each case as extended in accordance with this Agreement from time to time.

"**Laws**" means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"LCT Election" has the meaning set forth in <u><u>Section 1.09(f).</u></u> 

"**LCT Test Date**" has the meaning set forth in <u>Section 1.09(f).</u>

"**L/C Advance**" means, with respect to each Revolving Credit Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement. All L/C Advances shall be denominated in Dollars.

"**L/C Borrowing**" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars.

"**L/C Credit Extension**" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof (other than pursuant to the terms of an Auto-Extension Letter of Credit), or the increase of the amount thereof.

"**L/C Issuer**" means PNC (or its designee), and each other Revolving Credit Lender that becomes an L/C Issuer in accordance with <u>Section 2.03(k)</u> or <u>10.07(j)</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"**L/C Obligations**" means, as at any date of determination, without duplication, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.11</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

<u>"**LCT Election**" has the meaning set forth in Section 1.09(f).</u> 

<u>"**LCT Test Date**" has the meaning set forth in Section 1.09(f).</u> 

------

"**Lender**" has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes an L/C Issuer, and its respective successors and assigns as permitted hereunder, each of which is referred to herein as a "Lender."

"**Lender Default**" means (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or participations in Letters of Credit when required hereunder, which refusal or failure is not cured within one Business Day after the date of such refusal or failure; (ii) the failure of any Lender to pay over to any Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute; (iii) the notification by a Lender to the Borrower or any Agent that such Lender does not intend or expect to comply with any of its funding obligations hereunder or a public statement by a Lender to that effect with respect to such Lender's funding obligations hereunder; (iv) the failure by a Lender to confirm in a manner reasonably satisfactory to the Administrative Agent and/or the Revolving Agent that such Lender will comply with such Lender's obligations hereunder; (v) the admission in writing by a Distressed Person that it is insolvent or such Distressed Person becoming subject to a Lender-Related Distress Event or (vi) such Lender has, or has a parent company that has, become the subject of a Bail-In Action.

"**Lender-Related Distress Event**" means, with respect to any Lender, that such Lender or any Person that directly or indirectly controls such Lender (each, a "**Distressed Person**"), as the case may be, is or becomes subject to a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt or such Distressed Person becomes the subject of a Bail-In Action; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Equity Interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership or acquisition does not result in or provide such person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

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

"**Letter of Credit**" means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; *provided*, *however*, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. Letters of Credit shall be issued in Dollars.

"**Letter of Credit Application**" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.

"**Letter of Credit Expiration Date**" means the day that is five Business days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

------

"**Letter of Credit Sublimit**" means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

"**Lien**" means any mortgage, pledge, hypothecation, collateral assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). For the avoidance of doubt, "Lien" shall be deemed to not include any license or other contractual obligation relating to any IP License.

"**Limited Condition Transaction**" means any (i) Permitted Acquisition or other permitted Investment in any assets, business or Person, in each case the consummation of which is not conditioned on the availability of, or on obtaining, third party financing, (ii) repurchase, repayment or prepayment of Indebtedness or the repurchase or redemption (directly or indirectly) of any preferred Equity Interests that requires irrevocable notice in advance thereof or (iii) Restricted Payments, but solely to the extent such Restricted Payments are made in order to consummate a transaction separately subject to clause (i) or (ii) hereof.

"**Limited Originator Recourse**" means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Financing, in each case, solely to the extent required to satisfy Standard Securitization Undertakings.

"**Loan**" means an extension of credit under <u>Article II</u> by a Lender to a Borrower in the form of a Term Loan or a Revolving Loan (including any Initial Term Loans, any Delayed Draw Term Loans, any 2020 Delayed Draw Term Loans, any 2021 Delayed Draw Term Loans, 2024 Incremental Term Loans, any Incremental Term Loans, any Extended Term Loans and any extensions of credit under any Extended Revolving Credit Commitment, any Refinancing Term Loans and any extensions of credit under any Refinancing Revolving Credit Commitment and any Replacement Term Loans).

"**Loan Documents**" means, collectively, the following (in each case together with all amendments, modifications, supplements, renewals, extensions, restatements, substitutions and replacements thereto and thereof): (i) this Agreement (including the Schedules hereto), (ii) the Notes, (iii) the Collateral Documents, (iv) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (v) each Letter of Credit Application, (vi) each Intercreditor Agreement, (vii) any Borrower Joinder Agreement or Guarantor Joinder Agreement, (viii) the Fee Letter, (ix) the Amendment No. 1 Fee Letter, (x) the Amendment No. 2 Fee Letter, (xi) the Amendment No. 4 Fee Letter, (xii) each Compliance Certificate, and (xiii) each other agreement, document or instrument that the Borrower and any Agent (or the Required Lenders) designate in writing as a Loan Document.

**"Loan Parties**" means, collectively, the Borrowers and each Guarantor.

"**Management Stockholders**" means the current or former members of management of Holdings, the Borrower or any of its Subsidiaries who are investors in Holdings or any direct or indirect parent thereof.

"**Margin Stock**" shall have the meaning assigned to such term in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto.

**"Master Agreement**" shall have the meaning set forth in the definition of "Swap Contract."

------

"**Material Adverse Effect**" means (a) on the Closing Date, a Material Adverse Effect (as defined in the Purchase Agreement) or (b) after the Closing Date, a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the ability of the Borrowers and the Guarantors (taken as a whole) to perform their material payment obligations under any Loan Document to which the Borrowers or any of the Loan Parties is a party; or (iii) the material rights and remedies (taken as a whole) of the Agents under the Loan Documents, taken as a whole, including the legality, validity, binding effect or enforceability of the Loan Documents.

"**Material Domestic Subsidiary**" means, at any date of determination, each of the Borrower's Domestic Subsidiaries that are Restricted Subsidiaries whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 5.00% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries that are Restricted Subsidiaries but are not Guarantors solely because their individual contribution to such Trailing Four Quarter Consolidated EBITDA does not meet the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 10.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Domestic Subsidiaries as "Material Domestic Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of <u>Section 6.11</u> applicable to such Subsidiary.

"**Material Foreign Subsidiary**" means, at any date of determination, each of the Borrower's Foreign Subsidiaries that are Restricted Subsidiaries and whose contribution to the Trailing Four Quarter Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recent Test Period is equal to or greater than 7.50% of such Trailing Four Quarter Consolidated EBITDA, determined in accordance with GAAP; *provided* that if, at any time and from time to time after the Closing Date, Foreign Subsidiaries that are Restricted Subsidiaries not meeting the threshold set forth above but whose aggregate contributions to such Trailing Four Quarter Consolidated EBITDA exceed 15.00% of such Trailing Four Quarter Consolidated EBITDA, then the Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Required Lenders may agree in their reasonable discretion), (i) designate in writing to the Administrative Agent and the Collateral Agent one or more of such Foreign Subsidiaries as "Material Foreign Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of the definition of "Collateral and Guarantee Requirement" with respect to each such designated Foreign Subsidiary.

<u>"**Material IP**" means Intellectual Property that is owned by, or exclusively licensed to, any Loan Party or any Restricted Subsidiary and that is material to the business of the Loan Parties and the Restricted Subsidiaries taken as a whole,</u> <u>as determined in good faith by the Borrower</u><u>.</u>

"**Material Non-Public Information**" means (a) if Holdings or the Borrower is a public reporting company, material non-public information with respect to Holdings or its Subsidiaries, or the respective securities of any of the foregoing, and (b) if Holdings or the Borrower is not a public reporting company, information that is (i) of a type that would not be publicly available if Holdings or the Borrower were a public reporting company, (ii) material with respect to Holdings or its Subsidiaries or any of their respective securities for purposes of United States Federal and state securities laws and (iii) not of a type that would be customarily publicly disclosed in connection with any issuance by Holdings or any of its Subsidiaries of debt or equity securities issued pursuant to a public offering, a Rule 144A offering or other private placement where assisted by a placement agent.

------

"**Material Real Property**" means any fee-owned real property located in the United States that is owned by any Loan Party and that has a fair market value in excess of $2,000,000 (on the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably estimated by the Borrower in good faith); *provided* that any Real Property subject to a mortgage, deed of trust, deed to secure debt or other equivalent real estate security document that creates or evidences a Lien on such Real Property that is permitted under <u>Section 7.01</u> in respect of Indebtedness that is permitted under <u>Section 7.02</u> shall be deemed not to be a "Material Real Property" for so long as such Real Property remains encumbered by such lien.

**"Material Subsidiary**" means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

**"Maturity Date**" means (i) with respect to the Initial Term Loans, 2024 Incremental Term Loans and any Delayed Draws Term Loans, March 18, 2026<u>8</u>; (ii) with respect to the Revolving Credit Facility, March 18, 2026<u>8</u>; (iii) with respect to any tranche of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Amendment, (iv) with respect to any Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment, (v) with respect to any Refinancing Term Loans or Refinancing Revolving Credit Commitments, the final maturity date as specified in the applicable Refinancing Amendment, and (vi) with respect to any Replacement Term Loans, the final maturity date as specified in the applicable agreement; *provided* that, in each case, if such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day.

<u>"**Maximum Rate**" has the meaning set forth in Section 10.10.</u> 

**"Maximum Revolving Credit Amount**" means $25,000,000, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.

"**Maximum Rate**" has the meaning set forth in <u>Section 10.10.</u>

**"Moody's**" means Moody's Investors Service, Inc. and any successor thereto.

**"Mortgage Policies**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

**"Mortgaged Properties**" has the meaning set forth in the definition of "Collateral and Guarantee Requirement."

"**Mortgages**" means collectively, the deeds of trust, trust deeds, hypothecations and mortgages made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent, and any other mortgages executed and delivered pursuant to <u>Sections 6.11</u> and <u>6.13</u>, in each case, as the same may from time to time be amended, restated, supplemented or otherwise modified.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions.

------

**"Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the cash proceeds actually received by the Borrower or any of the Restricted Subsidiaries (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and when received) from any Disposition or Casualty Event, net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees and expenses actually incurred in connection therewith, (ii) the principal amount of any Indebtedness that is secured by a Lien (other than a Lien subordinated to the Liens securing the Secured Obligations) on the asset subject to such Disposition or Casualty Event and that is required to be repaid or prepaid in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), together with any applicable premium, penalty, interest and breakage costs, (iii) in the case of any Disposition or Casualty Event by a non-wholly owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (iii)</u>) attributable to minority interests, (iv) Taxes or Tax Distributions paid or reasonably estimated to be payable or, without duplication, permitted to be paid as a result thereof, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to <u>clause (i)</u> above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and other liabilities or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of such reduction) and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (provided that to the extent that any amounts are released from such escrow to the Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, net of all Taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower shall be disregarded.

**"New Revolving Credit Lender**" has the meaning set forth in Section 2.14(h).

**"Non-Consenting Lender**" has the meaning set forth in <u>Section 3.07(d)</u>.

**"Non-Debt Fund Affiliate**" means any Affiliate of Holdings, including Holdings or any of its Subsidiaries, but excluding (a) any Debt Fund Affiliate and (b) any natural person.

**"Non-Defaulting Lender**" means, at any time, a Lender that is not a Defaulting Lender.

**"Non-extension Notice Date**" has the meaning set forth in <u>Section 2.03(b)(iii)</u>.

------

**"Note**" means a Term Note or a Revolving Credit Note as the context may require.

**"Notice of Intent to Cure**" has the meaning set forth in <u>Section 8.04</u>.

**"Obligations**" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender may elect to pay or advance on behalf of such Loan Party in accordance with the terms of the Loan Documents; *provided*, that in no event shall "Obligations" include any Secured Cash Management Obligations or Secured Hedge Obligations; *provided*, *further*, that Obligations of any Guarantor shall not include any Excluded Swap Obligations solely of such Guarantor.

"**OFAC**" has the meaning set forth in <u>Section 5.18(b)</u>.

"**Offered Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Offered Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

**"OID**" means original issue discount.

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

**"Other Applicable Indebtedness**" means Permitted First Priority Refinancing Debt, Other Term Loans, Other Notes, Permitted Ratio Debt, other Indebtedness constituting Pari Passu Secured Obligations or, in each case, the Permitted Refinancing of any such Indebtedness.

"**Other Commitments**" has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

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

------

**"Other Notes"** has the meaning set forth in <u>Section 2.14(a)(iii)</u>.

**"Other Taxes"** has the meaning set forth in <u>Section 3.01(b)</u>.

**"Other Term Loans"** has the meaning set forth in <u>Section 2.14(a)(ii)</u>.

**"Outstanding Amount**" means (a) with respect to the Term Loans and/or the Revolving Loans on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans and Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing), as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding Dollar Amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

**"Overnight Rate**" means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Term SOFR borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent or the Revolving Agent, as applicable, for the purpose of displaying such rate) (an "Alternate Source"); provided, that if such day is not a Business Day, the Overnight Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative Agent or the Revolving Agent, as applicable, at such time (which determination shall be conclusive absent manifest error). If the Overnight Rate as determined as set forth above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Rate without notice to the Borrower.

**"Pari Passu Secured Obligations**" means any Indebtedness of the Loan Parties secured on a *pari passu* basis (including any obligations subject to a Parity Intercreditor Agreement) with the Secured Obligations.

**"Parity Intercreditor Agreement**" means an intercreditor agreement to be entered into among the Collateral Agent and one or more senior representatives for holders of Pari Passu Secured Obligations, in form and substance reasonably satisfactory to the Collateral Agent, the Required Lenders and the Borrower.

**"Participant"** has the meaning set forth in <u>Section 10.07(e)</u>.

**"Participant Register**" has the meaning set forth in <u>Section 10.07(e)</u>.

**"Participating Lender"** has the meaning set forth in <u>Section 2.05(a)(v)(C)(2)</u>.

**"Patents**" means (a) all letters patent of the United States, all registrations and recordings thereof, and all applications for letters patent of the United States, including registrations, recordings and pending applications in the USPTO; and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein.

------

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years if liability to a Loan Party or Restricted Subsidiary remains.

"**Perfection Certificate**" means a certificate substantially in the form of Exhibit II to the Security Agreement or any other form reasonably approved by the Administrative Agent or the Collateral Agent and agreed by the Borrower, as the same shall be supplemented from time to time.

"**Periodic Term SOFR Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Permitted Acquisition**" has the meaning set forth in <u>Section 7.02(i)</u>.

"**Permitted First Priority Refinancing Debt**" means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of senior secured loans or notes; *provided* that (i) such Indebtedness is designated as "additional first lien debt" (or comparable term) under any Intercreditor Agreement and is not secured by any property or assets of Holdings, the Borrower or any Subsidiary other than the Collateral except to the extent permitted by any Intercreditor Agreement, (ii) such Indebtedness is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date of any Term Loan outstanding at the time such Indebtedness is incurred or issued, such Indebtedness does not mature prior to the date that is the Latest Maturity Date of, or have a Weighted Average Life to Maturity less than the Weighted Average Life to Maturity of, any Term Loan outstanding at the time such Indebtedness is incurred or issued. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"**Permitted Initial Revolving Credit Borrowing Purposes**" means one or more Borrowings of Revolving Loans (i) to fund a portion of the Transactions (including purchase price adjustments, working capital adjustments in accordance with the Purchase Agreement and Transaction Expenses), (ii) for general corporate purposes and for working capital needs, and (iii) to replace, backstop or cash collateralize existing letters of credit, guarantees and performance or similar bonds; <u>provided</u> that amounts available under <u>clause (i)</u> shall not in the aggregate exceed $7,500,000 and amounts available under clause (i) and (ii) shall not in the aggregate be less than $5,000,000 nor more than $7,500,000.

"**Permitted Junior Priority Refinancing Debt**" means secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower or any other Loan Party in the form of one or more series of junior lien secured notes or junior lien secured loans; *provided* that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of any Loan Party other than the Collateral except to the extent permitted by any Junior Intercreditor Agreement, (ii) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Secured Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of "Credit Agreement Refinancing Indebtedness" and (iii) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

------

"**Permitted Other Debt Conditions**" means that such applicable Indebtedness (i) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except (x) customary asset sale or change of control or similar event provisions that provide for the prior repayment in full of the Loans and all other Secured Obligations, (y) AHYDO Payments and (z) to the extent constituting Permitted Junior Priority Refinancing Debt, mandatory repayments or prepayments (or offers to prepay or repurchase) that are customarily available in junior secured loan facilities or note issuances), in each case prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Subsidiary other than Guarantors and (iii) to the extent secured, is not secured by property or assets of any Loan Party other than the Collateral except as permitted by any Intercreditor Agreement.

"**Permitted Ratio Debt**" means Indebtedness of the Borrower or any Restricted Subsidiary (including any such Indebtedness incurred to finance any Permitted Acquisition or other similar Investment permitted hereunder), *provided* that immediately after giving Pro Forma Effect thereto and to the use of the proceeds thereof, (i) either (A) no Event of Default shall be continuing or result therefrom or (B) in the case of Indebtedness incurred or issued in order to finance a Permitted Acquisition or permitted Investment made pursuant to a legally binding commitment, (x) no Event of Default shall exist on the date that the Borrower or the applicable Restricted Subsidiary enters into such binding agreement and (y) no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist at the time of such incurrence or issuance or would result from such incurrence or issuance; *provided*, that this clause (i) shall not apply if the Indebtedness being incurred is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities, (ii) the aggregate principal amount of such Indebtedness incurred following the Closing Date shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 2.14(d)(iii)(A)</u> *plus* (B) such additional amount that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Initial Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (in the case of any Permitted Ratio Debt consisting of revolving Indebtedness, such ratio determined only at the time the relevant commitment is established and assuming any such revolving facility established in connection therewith is fully drawn and without netting the cash proceeds of such Indebtedness); *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness, *plus* (C) an amount equal to (1) the sum, without duplication, of all (x) voluntary prepayments, debt buybacks, open market purchases and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> and (y) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u> (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long-term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (ii)(A) above or <u>Section 2.14(d)(iii)(A)</u>) *minus* (2) the aggregate principal amount of Incremental Term Loans, Other Term Loans and Other Notes incurred in reliance on <u>Section 2.14(d)(iii)(C)</u>, (iii) (A) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity

------

date thereof, to a date that is not earlier than the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured by the Collateral on a pari passu basis with the Initial Term Loans and the Revolving Loans, such Indebtedness does not mature prior to the Latest Maturity Date at the time such Indebtedness is incurred and (B) except in the case of any such Indebtedness in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, if such Indebtedness is secured (other than as described in <u>clause (iii)(A)</u> hereof) or is unsecured, such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred and (iv) any such Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party, together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant to <u>Section 7.03(g)</u>, does not exceed in the aggregate at any time outstanding the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined at the time of incurrence (it being understood that (x) amounts under clause (ii)(B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A) or (ii)(C), and amounts under clause (ii)(C) shall be deemed to have been used prior to utilization of amounts under clause (ii)(A), (y) Indebtedness may be incurred under clauses (ii)(A) and (ii)(B), (ii)(B) and (ii)(C) or (ii)(A), (ii)(B) and (ii)(C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (ii)(B) and then calculating the incurrence under clause (ii)(A) and/or (ii)(C) and, for the avoidance of doubt, any such incurrence under clause (ii)(A) and/or (ii)(C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (ii)(B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (ii)(A) or (ii)(C) as incurred pursuant to clause (ii)(B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (ii)(A) or (ii)(C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)). With respect to any Permitted Ratio Debt (other than Indebtedness consisting of a revolving credit facility) that is pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Permitted Ratio Debt shall not be greater than the All-In Yield then applicable to the Initial Term Loans plus 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans and 2024 Incremental Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans and 2024 Incremental Term Loans to equal the All-In Yield applicable to such Permitted Ratio Debt, minus 50 basis points per annum.

**"Permitted Refinancing**" means, with respect to any Person, any Refinancing of any Indebtedness of such Person; *provided* that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced except by an amount equal to unpaid accrued interest and premium thereon *plus* other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in connection with such Refinancing and by an amount equal to any existing commitments unutilized thereunder, (b) except with respect to (x) a Permitted Refinancing in respect of Indebtedness permitted pursuant to <u>Sections 7.03(e)</u>, <u>(g)(i), (u)</u>, or <u>(dd)</u> (y) a Permitted Refinancing in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the maturity date of the Indebtedness being refinanced, the Indebtedness resulting from such Refinancing shall not mature prior to the maturity date of, or have a shorter Weighted Average Life to Maturity than, the Indebtedness being Refinanced, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to (x) <u>Section 7.03(e)</u> or <u>7.03(g)(i)</u> or <u>7.03(dd)</u> or (y) <u>Section 7.03(s)</u>, <u>7.03(t), 7.03(u)</u> or <u>7.03(z)</u> (in each case of this clause <u>(y)</u>, solely to the extent such Refinanced Debt

------

is in the form of securities (including Registered Equivalent Notes) or a bridge credit agreement intended to be refinanced with an issuance of securities), at the time of such Refinancing, no Event of Default shall have occurred and be continuing and<u>,</u> (d) if such Indebtedness being Refinanced is <u>(i)</u> subordinated in right of payment to the Secured Obligations, the Indebtedness resulting from such Refinancing is subordinated in right of payment to the Secured Obligations on terms not materially more favorable, taken as a whole (as reasonably determined by the Borrower) to the lenders providing such Refinancing (except, in each case, for such other terms and conditions that are (A) applied to the Refinanced Debt at the time of incurrence of the Credit Agreement Refinancing Indebtedness (so that the Lenders also receive the benefit of such provisions), (B) applicable only to periods after the Latest Maturity Date of the Refinanced Debt existing at the time of such Refinancing, (C) market terms and conditions for such type of Indebtedness at the time of incurrence or issuance of such Refinancing or (D) otherwise reasonably acceptable to the Required Lenders), <u>(ii) unsecured, such Refinancing remains unsecured, or (iii) secured, such Refinancing is either (x) secured to the same or lesser extent, including with respect to any subordination of Lien provisions, or (y) unsecured</u> and <u>(e)</u> the Indebtedness resulting from such Refinancing is incurred <u>only</u> by one or more Persons<u>Subsidiary</u> who is an obligor of the Indebtedness being Refinanced and/or a Borrower or Guarantor of the Secured Obligations. For the avoidance of doubt, if such Permitted Refinancing is secured by the Collateral, it shall be subject to a Junior Intercreditor Agreement and/or a Parity Intercreditor Agreement, as applicable.

"**Permitted Reorganization"** means any re-organization or other similar activities among Holdings, the Borrower and its Restricted Subsidiaries related to Tax planning and re-organization, so long as, after giving effect thereto, (a) the Loan Parties are in compliance with the Collateral and Guarantee Requirement and <u>Sections 6.11</u> and <u>6.13</u>, (b) taken as a whole, the value of the Collateral securing the Secured Obligations and the Guarantees by the Guarantors of the Secured Obligations are not materially reduced and (c) the Liens in favor of the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents are not materially impaired.

"**Permitted Repricing Amendment**" has the meaning set forth in <u>Section 10.01</u>.

"**Permitted Unsecured Refinancing Debt**" means unsecured Indebtedness (including any unsecured Registered Equivalent Notes) incurred by a Borrower or any Loan Party in the form of one or more series of senior unsecured notes or loans; *provided* that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Fund, account, Governmental Authority or other entity.

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA), other than a Multiemployer Plan, established or maintained by any Loan Party or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"**Platform**" has the meaning set forth in <u>Section 6.01(d)</u>.

"**Pledged Debt**" has the meaning set forth in the Security Agreement.

"**Pledged Equity**" has the meaning set forth in the Security Agreement.

"**PNC**" means PNC Bank, National Association, a national banking association, and its successors and assigns.

------

"**Prime Rate**" means the rate set by the Administrative Agent or the Revolving Agent, as applicable, in effect at its principal office in New York City based upon various factors including the Administrative Agent's or the Revolving Agent's, as applicable, costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Administrative Agent or the Revolving Agent, as applicable, shall take effect at the opening of business on the day specified in the public announcement of such change.

"**Proceeding**" has the meaning set forth in <u>Section 10.05.</u>

"**Proceeds**" has the meaning set forth in the Security Agreement.

"**Protective Advances**" has the meaning set forth in <u>Section</u> 2.01(b)(ii).

"**Pro Forma Basis**" and "**Pro Forma Effect**" means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with <u>Section 1.09</u>.

"**Pro Forma Compliance**" means, with respect to the covenant in <u>Section 7.11</u>, compliance on a Pro Forma Basis with such covenant in accordance with <u>Section 1.09</u>.

"**Pro Rata Share**" means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; *provided* that, in the case of the Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

<u>"**Proceeding**" has the meaning set forth in Section 10.05.</u> 

<u>"**Proceeds**" has the meaning set forth in the Security Agreement.</u> 

<u>"**Projections**</u><u>" has the meaning set forth in Section</u> <u>6.01(c).</u>

"**Projections<u>Protective Advances</u>**" has the meaning set forth in <u>Section</u> 6<u>2</u><u>.01(</u>c<u>b)(ii</u> <u>)</u>.

"**Purchase Agreement**" has the meaning set forth in the preliminary statements to this Agreement.

"**Qualified ECP Guarantor**" means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"**Qualified Equity Interests**" means any Equity Interests that are not Disqualified Equity Interests.

------

"**Qualified IPO**" means any transaction whereby, or upon the consummation of which, any direct or indirect parent of the Borrower's common Equity Interests are offered or sold (whether through an initial primary public offering or a merger with and into a special purpose acquisition company or other Person that has consummated (or will consummate) an initial primary public offering) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act (or to the equivalent registration documents filed with the equivalent authority in the applicable foreign jurisdiction).

"**Qualified Securitization Financing**" means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary; (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value; and (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms, in each case, as determined by the Borrower or the applicable Restricted Subsidiary in good faith. The grant of a security interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing.

"**Qualifying Lender**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Real Property**" means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures thereto.

"**Receivables Assets**" means (a) any accounts receivable owed to the Borrower or a Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts receivable, all records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed, assigned or otherwise transferred or pledged by the Borrower to a commercial bank in connection with a Receivables Facility.

"**Receivables Facility**" means an agreement between the Borrower or a Restricted Subsidiary and a commercial bank<u>lender</u> that is entered into at the request of a customer of the Borrower or a Restricted Subsidiary, pursuant to which (a) the Borrower or such Restricted Subsidiary, as applicable, agrees to sell to such commercial bank<u>lender</u> accounts receivable owing by such customer, together with Receivables Assets related thereto, at a maximum discount, for each such account receivable, not to exceed 5.0% of the face value thereof, and (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except for Securitization Repurchase Obligations) to the Borrower and such Restricted Subsidiary.

"**Recipient**" means (a) any Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

"**Refinance**" means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, refund, replace or repay, or to issue other Indebtedness, whether of the same principal amount or greater or lesser principal amount, in exchange or replacement for such Indebtedness. "**Refinanced**" and "**Refinancing**" shall have correlative meanings.

------

"**Refinanced Debt**" has the meaning set forth in the definition of "Credit Agreement Refinancing Indebtedness."

"**Refinanced Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Refinancing**" means the repayment, redemption, defeasance, discharge, refinancing, replacement or termination (or the furnishing of irrevocable notice for the repayment or redemption thereof) in a manner reasonably satisfactory to the Borrower of all Indebtedness, commitments to extend credit, all guarantees and security interests (if any) under that certain Credit Agreement, dated as of May 13, 2019, among TCFI AEVEX LLC, TCFI AEVEX Holdings LLC, the lenders from time to time party thereto and Bain Capital Credit, LP, as agent and the other parties thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time).

"**Refinancing Amendment**" means an amendment to this Agreement executed by each of (a) the Borrowers, (b) the Administrative Agent, (c) the Revolving Agent, if applicable, (d) each Additional Refinancing Lender and (e) each Lender that agrees to provide any portion of Refinancing Term Loans, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans incurred pursuant thereto, in accordance with <u>Section 2.15</u>.

"**Refinancing Revolving Credit Commitments**" means one or more Classes of Revolving Credit Commitments hereunder that result from a Refinancing Amendment.

"**Refinancing Revolving Loans**" means one or more Classes of Revolving Loans that result from a Refinancing Amendment.

"**Refinancing Series**" means all Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans, or Refinancing Revolving Credit Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Loans or Refinancing Revolving Credit Commitments provided for therein are intended to be a part of any previously established Refinancing Series).

"**Refinancing Term Commitments**" means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

"**Refinancing Term Loans**" means one or more Classes of Term Loans that result from a Refinancing Amendment.

**"Register"** has the meaning set forth in <u>Section 10.07(d)</u>.

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

"**Reinvestment Period**" has the meaning set forth in <u>Section 2.05(b)(ii)</u>.

"**Rejection Notice**" has the meaning set forth in <u>Section 2.05(b)(viii)</u>.

------

"**Related Parties**" means, with respect to any Person, such Person's controlled Affiliates and the partners, directors, officers, employees, agents, and other representatives of such Person and of such Person's Affiliates.

"**Release**" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating in, into, onto or through the Environment or from or through any facility, property or equipment to the Environment.

"**Released Guarantor**" has the meaning set forth in <u>Section 11.09</u>.

"**Relevant Governmental Body**" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York (including, for the avoidance of doubt, the Alternative Reference Rates Committee) or any successor thereto.

"**Relevant Public Company**" means Holdings or any direct or indirect parent thereof that is the registrant with respect to a Qualified IPO.

"**Removal Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

"**Replacement Term Loans**" has the meaning set forth in <u>Section 10.01</u>.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the otherwise applicable notice period has been waived by regulation or otherwise by the PBGC.

"**Request for Credit Extension**" means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Loans, a Committed Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

"**Required Lenders**" means, as of any date of determination, without duplication, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition), (b) aggregate unused Delayed Draw Commitments, 2020 Delayed Draw Term Loan Commitments, 2021 Delayed Draw Term Loan Commitments, 2024 Incremental Term Loan Commitments, Incremental Term Loan Commitments and Refinancing Term Commitments, and (c) aggregate unused Revolving Credit Commitments; *provided* that the unused Term Commitment, Incremental Term Loan Commitment and Refinancing Term Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; *provided*, *further*, that, to the same extent set forth in <u>Section 10.07(m)</u> with respect to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders.

**"Required Revolving Credit Lenders**" means, as of any date of determination, Revolving Credit Lenders having more than 50% of the sum of the (a) Outstanding Amount of all Revolving Loans and all L/C Obligations (with the aggregate Dollar Amount of each Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; *provided* that the aggregate unused Revolving Credit Commitments of, and the portion of the Outstanding Amount of all Revolving Loans and all L/C Obligations held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders, and (y) if there are two (2) or more unaffiliated Revolving Credit Lenders, the Required Revolving Credit Lenders shall require at least two (2) unaffiliated Revolving Credit Lenders.

------

"**Resignation Effective Date**" has the meaning set forth in <u>Section 9.06</u>.

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

"**Responsible Officer**" means the chief executive officer, president, vice president, chief financial officer, chief administrative officer, secretary or assistant secretary, treasurer or assistant treasurer, controller or other similar officer of a Loan Party or any other Responsible Officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party, the Administrative Agent and the Revolving Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"**Restricted Cash**" means Cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to the Borrower (other than such Cash and Cash Equivalents restricted in favor of the Facilities, which may also include Cash and Cash Equivalents securing other Indebtedness that is secured by a lien on the Collateral along with the Liens securing the Facilities); *provided*, that Cash and Cash Equivalents maintained by (x) any Foreign Subsidiary that is subject to minority shareholder approval before being distributed to the Borrower or any Restricted Subsidiary (a "**Shareholder Restriction**") shall not be deemed to be "Restricted Cash" as a result of such Shareholder Restriction. or (y) any joint venture with respect to which the joint venture agreement contains a formula for distributions of cash to the Borrower or any Restricted Subsidiary shall not be deemed to be "Restricted Cash".

"**Restricted Payment**" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower's or a Restricted Subsidiary's stockholders, partners or members (or the equivalent Persons thereof).

"**Restricted Subsidiary**" means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Retained Excess Cash Flow Amount**" means, at any date of determination, an amount, no less than zero in any fiscal year and determined on a cumulative basis, that is equal to the aggregate cumulative sum of Excess Cash Flow that is not required to be applied to make a payment under <u>Section 2.05(b)(i)</u> for each Excess Cash Flow Period.

"**Returns**" means, with respect to any Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a Disposition or otherwise) and other amounts received or realized in respect of such Investment.

"**Revolver Extension Request**" has the meaning set forth in <u>Section 2.16(b)</u>.

"**Revolver Extension Series**" has the meaning set forth in <u>Section 2.16(b)</u>.

------

"**Revolving Agent**" means PNC, in its capacity as revolving agent under any of the Loan Documents, or any successor revolving agent.

"**Revolving Credit Borrowing**" means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Term SOFR Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to <u>Section 2.01(b)(i)</u> or under any Extension Amendment or Refinancing Amendment.

"**Revolving Credit Commitment**" means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrowers and (b) purchase participations in L/C Obligations in respect of Letters of Credit as such commitment may be (i) reduced from time to time pursuant to <u>Section 2.06</u> and (ii) reduced or increased from time to time pursuant to (A) assignments by or to such Revolving Credit Lender pursuant to an Assignment and Assumption, (B) an increase in the Revolving Credit Commitment pursuant to <u>Section 2.14(h)</u>, (C) a Refinancing Amendment or (D) an Extension Amendment. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $25,000,000 on the Amendment No. 1 Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement. The initial amount of each Revolving Credit Lender's Revolving Credit Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Revolving Credit Commitment" or, otherwise, in the Assignment and Assumption, New Revolving Credit Lender Joinder and Assumption Agreement, Extension Amendment or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as the case may be.

"**Revolving Credit Exposure**" means, as to each Revolving Credit Lender, the sum of the amount of the Outstanding Amount of such Revolving Credit Lender's Revolving Loans and its Pro Rata Share or other applicable share provided for under this Agreement of the Dollar Amount of the L/C Obligations at such time.

"**Revolving Credit Facility**" means the Revolving Credit Commitments, each Extension Series of Extended Revolving Credit Commitments, each Refinancing Series of Refinancing Revolving Credit Commitments and the Credit Extensions made thereunder.

"**Revolving Credit Lender**" means, at any time, any Lender that has a Revolving Credit Commitment at such time or, if the Revolving Credit Commitments have terminated, Revolving Credit Exposure.

"**Revolving Credit Note**" means a promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns, in substantially the form of <u>Exhibit C-2</u> hereto, evidencing the Revolving Loans made by such Revolving Credit Lender to the Borrowers.

"**Revolving Loans**" has the meaning set forth in <u>Section 2.01(b)(i)</u>.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc., and any successor thereto.

"**Same Day Funds**" means immediately available funds.

"**Scheduled Unavailability Date**" has the meaning set forth in <u>Section 3.03</u>.

"**SEC**" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

------

"**Secured Cash Management Agreement**" means any agreement between the Borrower or any Restricted Subsidiary and any Secured Cash Management Provider for the provision of Cash Management Services, to the extent designated by the Borrower as a "Secured Cash Management Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Cash Management Agreement shall not create in favor of any Secured Cash Management Provider any rights in connection with the management or release of Collateral or the obligations of any Guarantor under the Loan Documents.

"**Secured Cash Management Obligations**" means all obligations owing to any Secured Cash Management Provider by the Borrower or any Restricted Subsidiary under any Secured Cash Management Agreement.

"**Secured Cash Management Provider**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Cash Management Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent), in its capacity as a party thereto and that is designated a "Secured Cash Management Provider" with respect to such Secured Cash Management Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Cash Management Provider were a Lender.

"**Secured Hedge Agreement**" means any Swap Contract permitted under <u>Article VII</u> that is entered into by and between the Borrower or any Restricted Subsidiary and any Secured Hedge Bank, to the extent designated by the Borrower and such Secured Hedge Bank as a "Secured Hedge Agreement" in writing to the Administrative Agent and the Collateral Agent. The designation of any Secured Hedge Agreement shall not create in favor of any Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Bank**" means any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time it enters into a Secured Hedge Agreement (regardless of whether such Person thereafter ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent) in its capacity as a party thereto and that is designated a "Secured Hedge Bank" with respect to such Secured Hedge Agreement in a writing from the Borrower to the Administrative Agent and the Collateral Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent and the Collateral Agent a letter agreement (i) appointing the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by <u>Sections 10.05</u>, <u>10.15</u> and <u>10.16</u> and <u>Article IX</u> as if such Secured Hedge Bank were a Lender. The designation of any Secured Hedge Bank shall not create in favor of such Secured Hedge Bank any rights in connection with the management or release of Collateral or of the obligations of any Guarantor under the Loan Documents.

"**Secured Hedge Obligations**" means all obligations owing to any Secured Hedge Bank by Holdings, the Borrower or any Restricted Subsidiary under any Secured Hedge Agreement.

"**Secured Obligations**" means, collectively, (a) the Obligations, (b) the Secured Cash Management Obligations and (c) all Secured Hedge Obligations.

"**Secured Parties**" means, collectively, the Administrative Agent, the Revolving Agent, the Collateral Agent, the Lenders, the L/C Issuers, the Secured Cash Management Providers, the Secured Hedge Banks and each co-agent or sub-agent appointed by any Agent from time to time pursuant to <u>Section 9.05</u>.

------

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securitization Assets**" means (a) the accounts receivable subject to a Qualified Securitization Financing and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guaranties or other obligations in respect of such accounts receivable, lockbox accounts and records with respect to such accounts receivable and any other assets customarily transferred (or in respect of which security interests are customarily granted), together with accounts receivable in a securitization financing and which in the case of <u>clause (a)</u> and <u>(b)</u> above are sold, conveyed, assigned or otherwise transferred or pledged by a borrower in connection with a Securitization Financing.

"**Securitization Fees**" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing or a Receivables Facility.

"**Securitization Financing**" means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries.

"**Securitization Repurchase Obligation**" means any obligation of a seller of Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables Facility, as applicable, to repurchase such assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

"**Securitization Subsidiary**" means a wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings or Limited Originator Recourse), (ii) is recourse to or obligates Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse or (iii) subjects any property or asset of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably

------

believes to be no less favorable to Holdings, the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of Holdings, the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced by delivery to the Administrative Agent and the Revolving Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions.

"**Security Agreement**" means a security agreement substantially in the form of <u>Exhibit F</u>.

"**Security Agreement Supplement**" has the meaning set forth in the Security Agreement.

"**Seller**" has the meaning set forth in the preliminary statements to this Agreement.

"**SOFR**" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

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

"**Solicited Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(3)</u>.

"**Solicited Discounted Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solicited Discounted Prepayment Notice**" means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to <u>Section 2.05(a)(v)(D)</u> substantially in the form of <u>Exhibit E-6</u>.

"**Solicited Discounted Prepayment Offer**" means the irrevocable written offer by each Lender, substantially in the form of <u>Exhibit E-7</u>, submitted following the Administrative Agent's receipt of a Solicited Discounted Prepayment Notice.

"**Solicited Discounted Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(D)(1)</u>.

"**Solvent**" and "**Solvency**" mean, with respect to the Borrower on the Closing Date, after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection therewith, that on such date (i) the sum of the debt (including contingent liabilities) of the Borrower and its Subsidiaries, on a consolidated basis, does not exceed the fair value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis; (ii) the capital of the Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of the Borrower and its Subsidiaries, on a consolidated basis, contemplated as of the Closing Date; (iii) the present fair saleable value (on a going concern basis) of the assets of the Borrower and its Subsidiaries, on a consolidated basis, is not less than the amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured in the ordinary course of business and (iv) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent

------

liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

"**SPC**" has the meaning set forth in <u>Section 10.07(h)</u>.

"**Specified Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Prepayment Notice**" means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant to <u>Section 2.05(a)(v)(B)</u> substantially in the form of <u>Exhibit E-8</u>.

"**Specified Discount Prepayment Response**" means the irrevocable written response by each Lender, substantially in the form of <u>Exhibit E-9</u>, to a Specified Discount Prepayment Notice.

"**Specified Discount Prepayment Response Date**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(1)</u>.

"**Specified Discount Proration**" has the meaning set forth in <u>Section 2.05(a)(v)(B)(3)</u>.

"**Specified Representations**" means those representations and warranties made by Holdings and the Borrower (and, as applicable, each other Loan Party on the Closing Date) in <u>Sections 5.01(a)</u> and <u>(b)</u>, <u>5.02(a)</u> and <u>(b)(i)</u>, <u>5.04</u>, <u>5.12</u>, <u>5.16</u>, <u>5.18(a)(ii)</u>, <u>5.18(b)(ii)</u>, <u>5.18(c)</u> and <u>5.19</u> (subject to the proviso at the end of <u>Section 4.01(a)</u>).

"**Specified Transaction**" means any Investment that results in a Person becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition (including the commencement of activities constituting such business), or any Disposition that results in a Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Borrower, any Investment constituting an acquisition of assets constituting a business unit, line of business or division of, or all or substantially all of the Equity Interest of, another Person or any Disposition, termination or discontinuance of a business unit, line of business or division of the Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit), Restricted Payment, an increase in the Revolving Credit Commitments pursuant to <u>Section 2.14(h)</u> or Incremental Term Loan that by the terms of this Agreement requires such test to be calculated on a "Pro Forma Basis" or after giving "Pro Forma Effect."

"**Sponsor**" means any of Madison Dearborn Partners, LLC and any of its Affiliates, and funds or partnerships managed or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the foregoing.

"**Standard Securitization Undertakings**" means representations, warranties, covenants, agreements and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement.

"**Submitted Amount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

------

"**Submitted Discount**" has the meaning set forth in <u>Section 2.05(a)(v)(C)(1)</u>.

"**Subsidiary**" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity (excluding, for the avoidance of doubt, any charitable organizations, and any other Person that meets the requirements of Section 501(c)(3) of the Code) of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries (whether direct or indirect) of the Borrower.

"**Subsidiary Guarantor**" means any Guarantor other than Holdings or the Borrower in its capacity as a Guarantor.

"**Successor Company**" has the meaning set forth in <u>Section 7.04(d)</u>.

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

"**Swap Obligation**" means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

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

"**Target Person**" has the meaning set forth in <u>Section 7.02</u>.

"**Tax Distribution**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Tax Group**" has the meaning set forth in <u>Section 7.06(h)(iii)</u>.

"**Taxes**" means all present or future taxes, duties, levies, imposts, assessments or withholdings imposed by any Governmental Authority including interest, penalties and additions to tax.

------

"**Term Borrowing**" means a borrowing consisting of Term Loans of the same Type and, in the case of Term SOFR Rate Loans, having the same Interest Period, made by each of the Term Lenders pursuant to <u>Section 2.01(a)</u> or <u>Section 2.01(c)</u> or under any Incremental Amendment, Extension Amendment, Refinancing Amendment or amendment providing for Replacement Term Loans.

"**Term Commitment**" means, as to each Term Lender, its obligation to make a Term Loan to the Borrowers hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.06</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing Amendment, (iv) an Extension Amendment or (v) the incurrence of Replacement Term Loans. The initial amount of each Term Lender's Commitment is set forth in <u>Schedule 1.01A</u> under the caption "Initial Term Commitment", "Delayed Draw Commitment", "2020 Delayed Draw Term Loan Commitment", "2021 Delayed Draw Term Loan Commitment" or "2024 Incremental Term Loan Commitment" or, otherwise, in the Assignment and Assumption, Incremental Amendment, Extension Amendment or Refinancing Amendment or any other amendment, in each case, pursuant to which such Lender shall have assumed its Commitment, as the case may be.

"**Term Facility**" means (a) prior to the Closing Date, the Initial Term Commitments, the Delayed Draw Commitments, (b) the 2020 Delayed Draw Term Loan Commitments, (c) the 2021 Delayed Draw Term Loan Commitments, (d) the 2024 Incremental Term Loan Commitments and (e) thereafter, each Class of Term Loans and/or Term Commitments in respect thereof.

"**Term Lender**" means, at any time, any Lender that has (a) a Term Commitment (including an Initial Term Commitment, a Delayed Draw Commitment, a 2020 Delayed Draw Term Loan Commitment, a 2021 Delayed Draw Term Loan Commitment, a 2024 Incremental Term Loan Commitment, an Incremental Term Loan Commitment, a Refinancing Term Commitment or a commitment to make Replacement Term Loans) or (b) a Term Loan at such time.

"**Term Loan**" means any Initial Term Loan, Delayed Draw Term Loan, 2020 Delayed Draw Term Loan, 2021 Delayed Draw Term Loan, 2024 Incremental Term Loan, Extended Term Loan, Incremental Term Loan, Refinancing Term Loan or Replacement Term Loan, as the context may require.

"**Term Loan Extension Request**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Extension Series**" has the meaning set forth in <u>Section 2.16(a)</u>.

"**Term Loan Increase**" has the meaning set forth in <u>Section 2.14(a)</u>.

"**Term Note**" means a promissory note of the Borrowers payable to any Term Lender or its registered assigns, in substantially the form of <u>Exhibit C-1</u> hereto, evidencing the aggregate Indebtedness of the Borrowers to such Term Lender resulting from the Term Loans made by such Term Lender.

"**Term SOFR**" means, for any calculation with respect to a Term SOFR Rate Loan (or a Base Rate Loan if the interest rate then in effect is determined pursuant to clause (c)(ii) of the definition thereof), the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term

------

SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; provided that, in any event, Term SOFR for any Interest Period shall not be less than the Floor.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent acting at the direction of the Required Lenders.

"**Term SOFR Rate**" means, for purposes of any calculation, the rate per annum equal to Term SOFR for such Term SOFR Borrowing in effect for such Interest Period plus the Credit Spread Adjustment; provided that, in any event, Term SOFR Rate for any Interest Period shall not be less than the Floor.

"**Term SOFR Rate Loan**" means a Loan that bears interest at a rate based on the Term SOFR Rate (which shall not include Base Rate Loans even if the interest rate then in effect is determined pursuant to clause (c)(ii) of the definition thereof). Revolving Loans that are Term SOFR Rate Loans shall be denominated in Dollars.

"**Term SOFR Reference Rate**" means the forward-looking term rate based on SOFR.

"**Test Period**" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination for which financial statements are available.

"**Testing Threshold**" means, as of the last day of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending June 30, 2020) the aggregate Outstanding Amount of the Revolving Loans and Letters of Credit exceeds 40% of the Revolving Credit Commitments at such time (excluding (i) solely with respect to the first four full fiscal quarters following the Closing Date, the principal amount of any Revolving Loans funded, and the face amount of any Letters of Credit issued, on the Closing Date, (ii) Letters of Credit that have been Cash Collateralized and (iii) Letters of Credit that have not been Cash Collateralized in an aggregate undrawn face amount not to exceed $5,000,000).

"**Threshold Amount**" means $12,500,000.

"**Total Outstandings**" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

"**Trademarks**" means (a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any state of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks; and (b) all goodwill connected with the use of and symbolized thereby.

"**Trailing Four Quarter Consolidated EBITDA**" means Consolidated EBITDA for the most recently ended Test Period (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>).

------

"**Transaction Expenses**" means any fees, premiums, expenses and other transaction costs incurred or paid by the Sponsor, Holdings, the Borrower or any of their respective Subsidiaries in connection with the Transactions (including fees and expenses reflected in the funds flow and/or sources and uses provided to the Commitment Parties and expenses in connection with hedging transactions), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"**Transactions**" means, collectively, (a) the Acquisition and other related transactions contemplated by the Purchase Agreement, (b) the Equity Contribution, (c) the funding of the Initial Term Loan and the Initial Revolving Borrowing and the execution and delivery of Loan Documents to be entered into on the Closing Date, (d) the Refinancing, and (e) the payment of Transaction Expenses.

"**Type**" means, with respect to a Loan, its character as a Base Rate Loan or a Term SOFR Rate Loan.

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

"**UK Resolution Authority**" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution<u>.</u>

"**Ultimate Parent**" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company.

"**Ultimate Parent LLC Agreement**" means the amended and restated limited liability company agreement of the Ultimate Parent in effect on the Closing Date.

"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Uniform Commercial Code**" or "UCC" means (i) the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or (ii) the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. References in this Agreement and the other Loan Documents to specific sections of the Uniform Commercial Code are based on the Uniform Commercial Code as in effect in the State of New York on the Closing Date. In the event such Uniform Commercial Code is amended or another Uniform Commercial Code described in <u>clause (ii)</u> is applicable, such section reference shall be deemed to be references to the comparable section in such amended or other Uniform Commercial Code.

"**United States**" and "**U.S**." mean the United States of America.

"**United States Tax Compliance Certificate**" has the meaning set forth in <u>Section 3.01(d)(ii)(C)</u> and is in substantially the form of <u>Exhibit H</u> hereto.

"**Unreimbursed Amount**" has the meaning set forth in <u>Section 2.03(c)(i)</u>.

"**Unrestricted Subsidiary**" means any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 6.14</u> subsequent to the Closing Date and each Securitization Subsidiary.

------

"**Unused Revolver Commitment Fee**" has the meaning set forth in Section 2.09(a).

"**U.S. Government Securities Business Day**" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness; *provided* that AHYDO payments and the effects of any reductions in scheduled amortization or other scheduled payments as a result of any prior prepayment of the applicable Indebtedness shall be disregarded.

"**wholly owned**" means, with respect to any Person at any date, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned, controlled or held by such Person and/or by one or more Affiliates of such Person.

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

Section 1.02. <u>Other Interpretive Provisions</u>.

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The word "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining compliance with any Section of <u>Article VII</u> at any time (including within any defined terms used in such section and including <u>Section 2.14</u>), in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, Contractual Obligation or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions permitted pursuant to any clause of such Sections, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses as determined by the Borrower in its sole discretion at such time (or at any later time from time to time, as determined by the Borrower in its sole discretion at such time and thereafter may be re-divided and/or re-classified by the Borrower in any manner not prohibited by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All references to "knowledge" of any Loan Party or a Restricted Subsidiary means the actual knowledge of a Responsible Officer of such Loan Party or Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The words "asset" and "property" shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All references to any Person shall be constructed to include such Person's successors and assigns (subject to any restriction on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All references to "in the ordinary course of business" of the Borrower or any Subsidiary thereof means (i) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of the Borrower or such Subsidiary, as applicable, (ii) customary and usual in the industry or industries of the Borrower and its Subsidiaries in the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable, or (iii) generally consistent with the past or current practice of the Borrower or such Subsidiary, as applicable, or any similarly situated businesses of the United States or any other jurisdiction in which the Borrower or any Subsidiary does business, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.

------

Section 1.03. <u>Accounting Terms</u>.

All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. Notwithstanding any other provision contained herein, (a) any lease (or similar arrangement conveying the right to use) that is treated as an operating lease for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update ("ASU") shall not be treated as Indebtedness, Attributable Indebtedness or as a Capitalized Lease and shall continue to be treated as an operating lease (and any future lease <u>(</u>or similar arrangement conveying the right to use), that would be treated as an operating lease for purposes of GAAP without giving effect to the implementation of ASC 842<u>,</u> shall be treated as an operating lease), in each case for purposes of Indebtedness under this Agreement, notwithstanding such change in GAAP after the issuance of such ASU and (b) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or effect).

Section 1.04. <u>Rounding</u>.

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

Section 1.05. <u>References to Agreements, Laws, Etc.</u>

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other Contractual Obligations shall be deemed to include all subsequent amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications thereto, but only to the extent that such amendments, Refinancings, restatements, renewals, restructurings, extensions, supplements and other modifications are not prohibited by the Loan Documents or by the Intercreditor Agreements; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. Any term or section reference herein or in the other Loan Documents which refers to a defined term or section reference in any Organization Document, agreement, Contractual Obligation or Law shall be deemed to be a cross-reference to the same or comparable defined term or section reference, as applicable, in any such amendment, Refinancing, restatement, renewal, restructuring, extension, supplement or other modification to such Organization Document, agreement, Contractual Obligation or any such consolidation, amendment, replacement, supplement or interpretation of such Law.

Section 1.06. <u>Times of Day</u>.

Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

Section 1.07. <u>Timing of Payment or Performance</u>.

Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day.

------

Section 1.08. <u>Cumulative Credit Transactions</u>.

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.09. <u>Pro Forma Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Consolidated Total Net Leverage Ratio and the Consolidated First Lien Net Leverage Ratio, shall be calculated in the manner prescribed by this <u>Section 1.09</u>; *provided* that notwithstanding anything to the contrary in <u>Section 1.09(b)</u>, <u>(c)</u> or <u>(d)</u>, when calculating the Consolidated First Lien Net Leverage Ratio for purposes of determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with the covenant pursuant to <u>Section 7.11</u>, the events described in this <u>Section 1.09</u> that occurred subsequent to the end of the applicable Test Period shall not be given *pro forma* effect. In addition, whenever a financial ratio or test is to be calculated on a *pro forma* basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which internal financial statements of the Borrower are available (as determined in good faith by the Borrower); *provided* that, the provisions of this sentence shall not apply for purposes of calculating the Consolidated First Lien Net Leverage Ratio for purposes of the definition of "Applicable ECF Percentage" and determining actual compliance with <u>Section 7.11</u> (other than for the purpose of determining *pro forma* compliance with <u>Section 7.11</u>), each of which shall be based on the financial statements delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u>, as applicable, for the relevant Test Period, subject to the adjustments contemplated by the parenthetical in clause (ii) of the proviso to the first sentence of this <u>Section 1.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating any financial ratio or test, or basket that is based on a percentage of Consolidated EBITDA, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to <u>Section 1.09(d)</u> (other than Indebtedness incurred or repaid under any revolving credit facility or line of credit)) that have been made (i) during the applicable Test Period and (ii) if applicable as described in <u>Section 1.09(a)</u>, subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a *pro forma* basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this <u>Section 1.09</u>, then such financial ratio or test shall be calculated to give *pro forma* effect thereto in accordance with this <u>Section 1.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever *pro forma* effect is to be given to the Transactions, a Specified Transaction or the implementation of an operational initiative or operational change, the *pro forma* calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and include, for the avoidance of doubt, the amount of "run-rate" cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies <u>(other than revenue synergies)</u> projected by the Borrower in good faith to be realized as a result of specified actions taken, committed to be taken or expected to be taken (calculated on a *pro forma* basis as though such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies <u>(other than revenue synergies)</u> had been realized on the first day of such period and as if such cost savings, operating expense

------

reductions, operating initiatives, other operating improvements and synergies <u>(other than revenue synergies)</u> were realized during the entirety of such period) and "run-rate" means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements) net of the amount of actual benefits realized during such period from such actions, and any such adjustments shall be included in the initial *pro forma* calculations of such financial ratios or tests and during any subsequent Test Period in which the effects thereof are expected to be realized relating to the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change; *provided* that (A) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies <u>(other than revenue synergies)</u> are factually supportable in the good faith judgment of the Borrower, (B) such cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies <u>(other than revenue synergies)</u> are factually supportable and reasonably anticipated to result from the actions taken or expected to be taken in the good faith judgment of the Borrower within 18 months after the date of the Transactions, such Specified Transaction or such implementation of an operational initiative or operational change, (C) no amounts shall be added pursuant to this <u>Section 1.09(c)</u> to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a *pro forma* adjustment or otherwise, with respect to such period; and (D) any increase in Consolidated EBITDA as a result of cost savings, operating expense reductions, operating initiatives, other operating improvements and synergies <u>(other than revenue synergies)</u> pursuant to this <u>Section 1.09(c)</u> shall be subject to the limitation set forth in the last proviso to <u>clause (vii)</u> <u>and clause (xxii)</u> of the definition of Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, amortization, retirement or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility or line of credit unless accompanied by a permanent commitment reduction), (i) during the applicable Test Period or (ii) subject to <u>Section 1.09(a)</u> subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving *pro forma* effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time prior to the first applicable test date under <u>Section 7.11</u>, any provision requiring the *pro forma* compliance with <u>Section 7.11</u> shall be made assuming that compliance with the Consolidated First Lien Net Leverage Ratio set forth in <u>Section 7.11</u> for the first Test Period set forth in <u>Section 7.11</u> is required with respect to the most recent Test Period prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) In connection with the calculation of the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, for purposes of calculating any basket that is subject to a financial ratio or test under this Agreement, no effect (pro forma or otherwise) shall be given to amounts incurred or transactions entered into or consummated on the same date (or on a subsequent date which otherwise requires Pro Forma Effect to be given to such amounts incurred, or transactions entered into or consummated pursuant to any fixed dollar basket or basket based on Consolidated EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating the Consolidated First Lien Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, as applicable, testing availability under any basket provided for in this Agreement or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom or requiring the accuracy of representations and warranties) in

------

connection with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio and determination or measurement of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant or accuracy of representations and warranties shall, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the "**LCT Test Date**") and if, after such ratios and other provisions are measured or determined on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied with on such date; *provided* that, if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, (x) if any of such ratios or baskets are exceeded as a result of fluctuations in such ratio or basket (including due to fluctuations in Consolidated EBITDA of the Borrower or the target of any Limited Condition Transaction or any incurrence of Indebtedness, disposition or Restricted Payment at or prior to the consummation of the relevant Limited Condition Transaction) or any Default or Event of Default has occurred and is continuing or any such representation or warranty in any Loan Document is not correct on the date of such Limited Condition Transaction, such ratios, baskets and other provisions will not be deemed to have been exceeded or failed to have been complied with as a result of such circumstance solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder and (y) such ratios, baskets and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio (excluding, for the avoidance of doubt, any ratio contained in <u>Section 7.11</u> (other than Pro Forma Compliance)) or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction or is otherwise revoked or withdrawn by the Borrower, any such ratio or basket shall be calculated (and tested) on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

Section 1.10. <u>Currency Generally</u>.

For purposes of determining compliance with <u>Section 7.01</u>, <u>7.02</u>, <u>7.03</u>, <u>7.05</u>, <u>7.06</u> or <u>7.13</u> with respect to any transaction consummated in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such transaction is consummated (so long as such transaction, at the time consummated, was permitted hereunder).

Section 1.11. <u>Letters of Credit</u>.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of the undrawn face amount of such Letter of Credit in effect at such time; *provided*, *however*, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Amount of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

------

Section 1.12. <u>Certifications</u>.

All certifications to be made hereunder by an officer or representative of a Loan Party shall be made by such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party's behalf and not in such Person's individual capacity.

Section 1.13. <u>Rates</u>.

The Administrative Agent and the Revolving Agent do not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, the Term SOFR Reference Rate, or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and the Revolving Agent and their affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent and the Revolving Agent may select information sources or services in its reasonable discretion (each, a "Rate Selection Source or Service") to ascertain Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. Notwithstanding the foregoing and for the avoidance of doubt, the Borrower shall retain any and all rights it may have against the Administrative Agent and the Revolving Agent for any liability for direct damages (as opposed to special, punitive, incidental or consequential damages) arising solely out of the gross negligence or willful misconduct of the Administrative Agent and the Revolving Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction, in applying the Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case as set forth on a Rate Selection Source or Service, to the Obligations as required by this Agreement.

**ARTICLE II.** 

**<u>THE COMMITMENTS AND CREDIT EXTENSIONS</u>** 

Section 2.01. <u>The Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Term Lender severally agrees to make to the Initial Borrower on the Closing Date one or more Term Borrowings of Initial Term Loans denominated in Dollars in an aggregate amount not to exceed at any time outstanding the amount of such Term Lender's Initial Term Commitment. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid may not be re-borrowed. Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Credit Borrowings*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions expressly set forth herein, each Revolving Credit Lender severally agrees to make Revolving Loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan, together with any loans made pursuant to an Extended Revolving Credit Commitment and Refinancing Revolving Loans, a "**Revolving Loan**") from time to time, on any Business Day during the period from the Closing Date until the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Revolving Credit Commitment; *provided* that after giving effect to any Revolving Credit Borrowing, such Revolving Credit Lender's Revolving Credit Exposure shall not exceed such Revolving Credit Lender's Revolving Credit Commitment. Within the limits of each Lender's Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section 2.01(b)</u>, prepay under <u>Section 2.05</u>, and re-borrow under this <u>Section 2.01(b)</u> in each case without premium or penalty (subject to <u>Section 3.05</u>). Revolving Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Revolving Agent is hereby authorized by each Loan Party, at any time in the Revolving Agent's sole discretion, regardless of (A) the existence of a Default or an Event of Default, (B) whether any of the other applicable conditions precedent set forth in <u>Section 4.02</u> have not been satisfied or the commitment of Revolving Credit Lenders to make Revolving Loans hereunder has been terminated for any reason, or (C) any other contrary provision of this Agreement, to make Revolving Loans for the account of the Borrower in an aggregate amount at any time outstanding not to exceed the Maximum Revolving Credit Amount, to which the Revolving Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, the repayment of the Secured Obligations, or (3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement (the "**Protective Advances**"). The Revolving Credit Lenders shall be obligated to fund such Protective Advances and effect a settlement with the Revolving Agent therefor upon demand of the Revolving Agent in accordance with their respective Revolving Credit Commitments to the extent that after giving effect to any such Protective Advances, the Outstanding Amount of Revolving Loans plus the Outstanding Amount of the L/C Obligations do not exceed the Maximum Revolving Credit Amount. To the extent any Protective Advances are not actually funded by the other Revolving Credit Lenders as provided for in this <u>Section 2.01(b)(ii)</u>, any such Protective Advances funded by the Revolving Agent shall be deemed to be Revolving Loans made by and owing to the Revolving Agent, and the Revolving Agent shall be entitled to all rights (including accrual of interest) and remedies of a Revolving Credit Lender under this Agreement and the Loan Documents with respect to such Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each Delayed Draw Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Closing Date until the Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's Delayed Draw Commitment. Amounts borrowed under this <u>Section 2.01(c)</u> and repaid or prepaid may not be re-borrowed. The Delayed Draw Term Loans shall be funded on or prior to the Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**Delayed Draw Funding Date**"). Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2020 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**2020 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 1 Effective Date until the 2020 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2020 Delayed Draw Term Loan Commitment. Amounts borrowed under this <u>Section 2.01(d)</u> and repaid or prepaid may not be re-borrowed. The 2020 Delayed Draw Term Loans shall be funded on or prior to the 2020 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2020 Delayed Draw Term Loan Funding Date**"). 2020 Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2021 Delayed Draw Term Borrowings*. Subject to the terms and conditions expressly set forth herein, each 2021 Delayed Draw Term Loan Lender severally agrees to make loans denominated in Dollars to the Borrowers pursuant to <u>Section 2.02</u> (each such loan a "**2021 Delayed Draw Term Loan**") from time to time, on any Business Day during the period from the Amendment No. 2 Effective Date until the 2021 Delayed Draw Term Loan Commitment Termination Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender's 2021 Delayed Draw Term Loan Commitment. Amounts borrowed under this <u>Section 2.01(e)</u> and repaid or prepaid may not be re-borrowed. The 2021 Delayed Draw Term Loans shall be funded on or prior to the 2021 Delayed Draw Term Loan Commitment Termination Date (any such draw date referred to herein as the "**2021 Delayed Draw Term Loan Funding Date**"). 2021 Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Rate Loans, as further provided herein.

Section 2.02. <u>Borrowings, Conversions and Continuations of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Term SOFR Rate Loans shall be made upon the Borrower's notice to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans), which may be given by telephone in the case of Revolving Loans. Each such notice must be received by the Applicable Agent not later than 11:00 a.m., (i) three Business Days prior to the requested date of any Initial Term Borrowing or any Revolving Credit Borrowing, in each case, for a Borrowing of Term SOFR Rate Loans or any continuation of Term SOFR Rate Loans or any conversion of Base Rate Loans to Term SOFR Rate Loans, (ii) prior to 2:00 p.m. on the requested date of any Initial Term Borrowing of Base Rate Loans or Revolving Credit Borrowing of Base Rate Loans and (iii) twelve (12) Business Days prior to the requested date of any Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loans; *provided* that the notice referred to in <u>clause (1)</u> above may be delivered no later than one Business Day prior to the Closing Date in the case of the initial Credit Extensions. Each telephonic notice by the Borrower permitted pursuant to this <u>Section 2.02(a)</u> must be confirmed promptly by delivery (including via email) to the Revolving Agent (in the case of Revolving Loans) of a written Committed Loan Notice (and will not be effective until so confirmed), appropriately completed and signed by a Responsible Officer of the Borrower. Except as otherwise provided in <u>Section 2.14</u>, each Borrowing of, conversion to or continuation of Term SOFR Rate Loans shall be in a minimum principal amount of $1,000,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loan, $2,500,000), or a whole multiple of $500,000, in excess thereof. Except as provided herein, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $100,000 (or, solely with respect to a Borrowing of Delayed Draw Term Loans, 2020 Delayed Draw Term Loans or 2021 Delayed Draw Term Loans, $2,500,000) or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Loans from one Type

------

to the other or a continuation of Term SOFR Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) wire instructions of the account(s) to which funds are to be disbursed (it being understood, for the avoidance of doubt, that the amount to be disbursed to any particular account may be less than the minimum or multiple limitations set forth above so long as the aggregate amount to be disbursed to all such accounts pursuant to such Borrowing meets such minimums and multiples). If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Term SOFR Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify each Appropriate Lender of the amount (and currency) of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans, in each case as described in <u>Section 2.02(a)</u>. In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans)in Same Day Funds, through its relevant Lending Office, at the Applicable Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) by wire transfer of such funds in accordance with instructions provided by the Borrower to (and reasonably acceptable to) the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans); *provided* that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, <u>first</u>, to the payment in full of any such L/C Borrowing and <u>second</u>, to the Borrowers as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, a Term SOFR Rate Loan may be continued or converted only on the last day of an Interest Period for such Term SOFR Rate Loan unless the Borrowers pay the amount due, if any, under <u>Section 3.05</u> in connection therewith. During the occurrence and continuation of an Event of Default, the Required Lenders may require that no Loans may be converted to or continued as Term SOFR Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable to any Interest Period for Term SOFR Rate Loans upon determination of such interest rate. The determination of the Term SOFR Rate by the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans) shall notify the Borrower and the Appropriate Lenders of any change in the Prime Rate used by such Agent in determining the Base Rate promptly following the announcement of such change.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Loans from one Type to the other, and all continuations of Term Loans or Revolving Loans as the same Type, there shall not be more than seven Interest Periods in effect; *provided* that after the establishment of any new Class of Loans pursuant to an Incremental Amendment, a Refinancing Amendment or Extension Amendment, the number of Interest Periods otherwise permitted by this <u>Section 2.02(e)</u> shall increase by three Interest Periods for each applicable Class so established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Administrative Agent or the Revolving Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent or the Revolving Agent such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such Borrowing, the Administrative Agent or the Revolving Agent may assume that such Lender has made such Pro Rata Share or other applicable share provided for under this Agreement available to the Administrative Agent or the Revolving Agent on the date of such Borrowing in accordance with <u>Section 2.02(b)</u> above, and the Administrative Agent or the Revolving Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent or the Revolving Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent or the Revolving Agent, each of such Lender and each Borrower severally agrees to repay to the Administrative Agent or the Revolving Agent promptly after written demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent or the Revolving Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate *plus* any administrative, processing, or similar fees customarily charged by the Administrative Agent or the Revolving Agent in accordance with the foregoing. A certificate of the Administrative Agent or the Revolving Agent submitted to any Lender with respect to any amounts owing under this <u>Section 2.02(g)</u> shall be conclusive in the absence of manifest error. If any Borrower and such Lender shall pay such interest to the Administrative Agent or the Revolving Agent for the same or an overlapping period, the Administrative Agent or the Revolving Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent or the Revolving Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim any Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent or the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower and the Administrative Agent or the Revolving Agent.

Section 2.03. Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Letter of Credit Commitment*. (i) Subject to the terms and conditions expressly set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this <u>Section 2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrowers (*provided* that any Letter of Credit may be for the benefit of any Subsidiary

------

of the Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with <u>Section 2.03(b)</u>, and (2) to honor drafts under the Letters of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this <u>Section 2.03</u>; *provided* that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender's Revolving Credit Commitment or (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit; *provided*, *further*, that notwithstanding anything herein to the contrary, no L/C Issuer shall have any obligation to issue trade or commercial Letters of Credit without its consent. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired, terminated or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any material restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any material unreimbursed loss, cost or expense which was not applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to <u>Section 2.03(b)(iii)</u>, the expiry date of such requested Letter of Credit would occur more than 12 months after the date of issuance or last renewal (or more than 180 days thereafter in the case of trade Letters of Credit), unless (1) each Revolving Credit Lender has approved of such expiration date or (2) the applicable L/C Issuer has approved of such expiration date and the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless such Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably satisfactory to such L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the issuance of such Letter of Credit would violate any policies of such L/C Issuer applicable to letters of credit generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such Revolving Credit Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.17(a)(iv)</u>) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to amend, extend or renew any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. Notwithstanding anything herein to the contrary, the expiry date of any Letter of Credit denominated in a currency other than Dollars must be approved by the relevant L/C Issuer in its sole discretion even if it is less than 12 months after the date of issuance and any Auto-Extension Letter of Credit denominated in a currency other than Dollars shall be issued only at the relevant L/C Issuer's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit*. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Revolving Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Revolving Agent not later than 2:00 p.m., at least two Business Days prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any drawing thereunder; (f) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (g) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will confirm with the Revolving Agent (by telephone or in writing) that the Revolving Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Revolving Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation from the Revolving Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or its applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement times the stated amount of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower so requests in any applicable Letter of Credit Application with respect to any standby Letter of Credit, the relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); *provided* that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer to prevent any such extension at least once in each 12-month period (commencing with the date of issuance of such Letter of Credit and in no event extending beyond the Letter of Credit Expiration Date unless Cash Collateralized or back-stopped in a manner reasonably acceptable to the Revolving Agent and the applicable L/C Issuer) by giving prior notice to the beneficiary thereof not later than a day (the "**Non-extension Notice Date**") in each such 12-month period to be mutually agreed upon at the

------

time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; *provided* that the relevant L/C Issuer shall not permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of <u>Section 2.03(a)(ii)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-extension Notice Date from the Revolving Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in <u>Section 4.02</u> is not then satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the Borrower and the Revolving Agent a true and complete copy of such Letter of Credit or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Drawings and Reimbursements; Funding of Participations*. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Revolving Agent thereof. With respect to any payment by an L/C Issuer under a Letter of Credit, the Borrowers shall reimburse such L/C Issuer through the Revolving Agent in accordance with the preceding sentence not later than (x) 2:00 p.m. on the first Business Day immediately following delivery of written notice to the Borrower of such payment if such written notice is delivered on or prior to 9:00 a.m. and (y) otherwise, not later than 2:00 p.m. on the second Business Day immediately following delivery of written notice to the Borrower of such payment (any such date of reimbursement, an "**Honor Date**"); *provided* that if such reimbursement is not made on the date of drawing, the Borrowers shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans (without duplication of interest payable on L/C Borrowings). The relevant L/C Issuer shall notify the Borrower in writing of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If the Borrowers fail to so reimburse such L/C Issuer by such time, the Revolving Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the "**Unreimbursed Amount**"), and the amount of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in <u>Section 4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Revolving Agent pursuant to this <u>Section 2.03(c)(i)</u> may be given by telephone if immediately confirmed in writing; *provided* that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender (including any Revolving Credit Lender acting as an L/C Issuer) shall upon any notice pursuant to <u>Section 2.03(c)(i)</u> make funds available to the Revolving Agent for the account of the relevant L/C Issuer in Dollars at the Applicable Agent's Office for Dollar-denominated payments in an amount equal to its Pro Rata Share or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Revolving Agent, whereupon, subject to the provisions of <u>Section 2.03(c)(iii)</u>, each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Revolving Agent shall remit the funds so received to the relevant L/C Issuer in Dollars.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in <u>Section 4.02</u> cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on written demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender's payment to the Revolving Agent for the account of the relevant L/C Issuer pursuant to <u>Section 2.03(c)(ii)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Revolving Credit Lender funds its Revolving Loan or L/C Advance pursuant to this <u>Section 2.03(c)</u> to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender's Pro Rata Share or other applicable share provided for under this Agreement of such amount shall be solely for the account of the relevant L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender's obligation to make Revolving Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section 2.03(c)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided* that each Revolving Credit Lender's obligation to make Revolving Loans pursuant to this <u>Section 2.03(c)</u> is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Revolving Agent for the account of the relevant L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this <u>Section 2.03(c)</u> by the time specified in <u>Section 2.03(c)(ii)</u>, such L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Revolving Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Revolving Agent) with respect to any amounts owing under this <u>Section 2.03(c)(vi)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repayment of Participations*. (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender's L/C Advance in respect of such payment in accordance with <u>Section 2.03(c)</u>, the Revolving Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Revolving Agent), the Revolving Agent will distribute to such Revolving Credit Lender its Pro Rata Share or other applicable share provided for under this Agreement thereof in Dollars (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender's L/C Advance was outstanding) in the Dollar Amount received by the Revolving Agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Revolving Agent for the account of an L/C Issuer pursuant to <u>Section 2.03(c)(i)</u> is required to be returned under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Revolving Agent for the account of such L/C Issuer its Pro Rata Share or other applicable share provided for under this Agreement thereof on demand of the Revolving Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Revolving Credit Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Obligations Absolute*. The obligation of the Borrowers to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party (other than payment in cash or performance in full);

*provided* that the foregoing in <u>clauses (i)</u> through <u>(vii)</u> shall not excuse any L/C Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are waived by the Borrowers to the extent permitted by applicable Law) suffered by the Borrowers that are caused by such L/C Issuer's (or its Related Parties') gross negligence, bad faith, material breach or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Role of L/C Issuers*. Each Revolving Credit Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; *provided* that this assumption is not intended to, and shall not, preclude the Borrowers from pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in <u>clauses (i)</u> through <u>(vi)</u> of <u>Section 2.03(e)</u>; *provided* that anything in such clauses to the contrary notwithstanding, each Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or gross negligence or such L/C Issuer's (or its Related Parties') willful misconduct, bad faith, material breach or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit, in each case as determined in a final and non-appealable judgment by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cash Collateral*. (i) If, as of the Letter of Credit Expiration Date, any Letter of Credit issued to the Borrowers may for any reason remain outstanding and partially or wholly undrawn, (ii) if any Event of Default occurs and is continuing and the Required Revolving Credit Lenders, as applicable, require the Borrowers to Cash Collateralize the L/C Obligations pursuant to <u>Section 8.02</u> or (iii) if an Event of Default set forth under <u>Section 8.01(f)</u> occurs and is continuing, the Borrowers shall Cash Collateralize the then Outstanding Amount of all of its L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m. on (x) in the case of the immediately preceding <u>clauses (i)</u> through <u>(iii)</u>, the next Business Day following the Business Day that the Borrower receives written notice thereof, and (y) in the case of the immediately preceding <u>clause (iii)</u>, the Business Day on which an Event of Default set forth under <u>Section 8.01(f)</u> occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. The Borrowers hereby grant to the Collateral Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Revolving Agent or another financial institution acceptable to the Agents and may be invested in readily available Cash and Cash Equivalents (for the benefit of the Borrowers). If at any time

------

the Revolving Agent determines that any funds held as Cash Collateral are expressly subject to any right or claim of any Person other than the Revolving Agent or Collateral Agent (on behalf of the Secured Parties) or nonconsensual liens permitted under <u>Section 7.01</u> or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, promptly following written demand by the Revolving Agent, pay to the Revolving Agent, as additional funds to be deposited and held in the deposit accounts at the Revolving Agent as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Revolving Agent reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrowers. To the extent any Event of Default giving rise to the requirement to Cash Collateralize any Letter of Credit pursuant to this <u>Section 2.03(g)</u> is cured or otherwise waived by the Required Revolving Credit Lenders, then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such Letter of Credit shall be promptly refunded to the Borrowers. If at any time the Revolving Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person other than the Revolving Agent or the Collateral Agent as herein provided or Liens described above, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrowers or the relevant Defaulting Lender will, promptly following written demand by the Revolving Agent, pay or provide to the Revolving Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Letter of Credit Fees*. The Borrowers shall pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to the Applicable Rate with respect to Term SOFR Rate Loans, times the daily maximum amount then available to be drawn under such Letter of Credit (whether or not such maximum Dollar Amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit); *provided* that (x) if any portion of a Defaulting Lender's Pro Rata Share of any Letter of Credit is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders pursuant to <u>Section 2.17</u>, then the Borrowers shall not be required to pay a Letter of Credit fee to such Defaulting Lender with respect to such portion of such Defaulting Lender's Pro Rata Share so long as it is Cash Collateralized by the Borrowers or reallocated to the other Revolving Credit Lenders, but such Letter of Credit fee shall instead be retained by the Borrowers to the extent the applicable Letter of Credit is Cash Collateralized and/or payable to such other Revolving Credit Lenders to the extent reallocated to such other Revolving Credit Lenders in accordance with their Pro Rata Share of such reallocated amount, and (y) if any portion of a Defaulting Lender's Pro Rata Share is not Cash Collateralized or reallocated pursuant to <u>Section 2.17</u>, then the Letter of Credit fee with respect to such Defaulting Lender's Pro Rata Share shall be payable to the applicable L/C Issuer until such Pro Rata Share is Cash Collateralized or reallocated or such Revolving Credit Lender ceases to be a Defaulting Lender. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter of Credit fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. If there is any change in the Applicable Rate with respect to Term SOFR Rate Loans, during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate with respect to Term SOFR Rate Loans, separately for each period during such quarter that such Applicable Rate was in effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers*. The Borrowers shall pay directly to each L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it for the account of the Borrowers (whether for the benefit of the Borrower or its Subsidiaries) equal to 0.25% per annum (or such other lower amount as may be mutually agreed by the Borrower and the applicable L/C Issuer) of the maximum Dollar Amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit) or such lesser fee as may be agreed with such L/C Issuer. Such fronting fees shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable in Dollars on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the earlier to occur of the Letter of Credit Expiration Date and the date on which the Revolving Credit Commitment of all Revolving Credit Lenders shall be terminated as provided herein. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued for the account of the Borrower (whether for the benefit of the Borrower or its Subsidiaries) the customary and reasonable issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within 30 days of demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Conflict with Letter of Credit Application*. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Addition of an L/C Issuer*. A Revolving Credit Lender reasonably acceptable to the Borrower and the Revolving Agent may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Revolving Agent and such Revolving Credit Lender. The Revolving Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Letter of Credit Reporting*. On a monthly basis, each L/C Issuer shall deliver to the Revolving Agent a complete list of outstanding Letters of Credit issued by such L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Letters of Credit Issued for Subsidiaries*. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the L/C Issuers hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers' business derives substantial benefits from the businesses of such Subsidiaries.

Section 2.04. <u>[Reserved]</u>.

Section 2.05. <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. (i) The Borrowers may, upon written notice to the Applicable Agent by the Borrower, at any time or from time to time voluntarily prepay any Class or Classes of Term Loans and Revolving Loans of any Class or Classes in whole or in part without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>); *provided* that (1) such notice must be received by the Applicable Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Term SOFR Rate Loans and (B) on the requested date of prepayment of Base Rate Loans; (2) any prepayment of Term SOFR Rate Loans shall be in a minimum principal amount of $1,000,000, or a whole multiple of $500,000

------

in excess thereof and (3) any prepayment of Base Rate Loans shall be in a minimum principal amount of $100,000, or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Applicable Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender's Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. If such notice is given by the Borrower, unless rescinded, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Loan (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, any notice of prepayment under <u>Section 2.05(a)(i)</u> may be conditional, extendable or revocable if such prepayment is conditioned upon a Refinancing of all or any portion of the applicable Class or occurrence of another event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Voluntary prepayments of any Class of Term Loans permitted hereunder shall be applied to the remaining scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner determined at the discretion of the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in any Loan Document to the contrary, in addition to the terms set forth in <u>Sections 2.05(a)(i)</u> and <u>10.07</u>, so long as no Event of Default has occurred and is continuing, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdings or any of its Subsidiaries may purchase such outstanding Loans and contribute such Loans to the Borrower (which shall be automatically cancelled)) without premium or penalty on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the "**Discounted Term Loan Prepayment**"), in each case made in accordance with this <u>Section 2.05(a)(v)</u> and without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) Any Company Party may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with five Business Days' notice in the form of a Specified Discount Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the "**Specified Discount Prepayment Amount**") with respect to each applicable tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the "**Specified Discount**") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate

------

offer pursuant to the terms of this <u>Section 2.05(a)(v)(B)</u>), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Specified Discount Prepayment Response Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount and, if so (such accepting Lender, a "**Discount Prepayment Accepting Lender**"), the amount and the tranches of such Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(B)</u> to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and tranches of Term Loans specified in such Lender's Specified Discount Prepayment Response given pursuant to <u>clause (2)</u> above; *provided* that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "**Specified Discount Proration**"). The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) Any Company Party may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Discount Range Prepayment Notice (or such shorter period as agreed by the Auction Agent); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "**Discount Range Prepayment Amount**"), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "**Discount Range**") of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(C)</u>), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded pursuant to <u>clause (iii)</u> above, each such solicitation by a Company Party shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Lenders (or such later date specified therein) (the "**Discount Range Prepayment Response Date**"). Each Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "**Submitted Discount**") at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender's Term Loans (the "**Submitted Amount**") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this <u>Section 2.05(a)(v)(C)</u>. The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "**Applicable Discount**") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following <u>clause (3)</u>) at the Applicable Discount (each such Term Lender, a "**Participating Lender**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender's Discount Range Prepayment Offer at the Applicable Discount; *provided* that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "**Identified Participating Lenders**") shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Discount Range Proration**"). The Auction Agent shall promptly, and in any case within five Business Days following the Discount Range Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders' responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) (1) Any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with five Business Days' notice in the form of a Solicited Discounted Prepayment Notice (or such later notice specified therein); *provided* that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or (y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate amount of the Term Loans (the "**Solicited Discounted Prepayment Amount**") and the tranche or tranches of Term Loans the applicable Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms of this <u>Section 2.05(a)(v)(D)</u>), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $2,500,000 and whole increments of $500,000 in excess thereof and (IV) unless rescinded, each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its

------

delegate) by no later than 5:00 p.m. on the third Business Day after the date of delivery of such notice to such Term Lenders (the "**Solicited Discounted Prepayment Response Date**"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date and (z) specify both a discount to par (the "**Offered Discount**") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans (the "**Offered Amount**") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Company Party (the "**Acceptable Discount**"), if any. If the Company Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the fifth Business Day after the date of receipt by such Company Party from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this <u>clause (2)</u> (the "**Acceptance Date**"), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within five Business Days after receipt of an Acceptance and Prepayment Notice (the "**Discounted Prepayment Determination Date**"), the Auction Agent will determine (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the "**Acceptable Prepayment Amount**") to be prepaid by the relevant Company Party at the Acceptable Discount in accordance with this <u>Section 2.05(a)(v)(D)</u>. If the Company Party elects to accept any Acceptable Discount, then the Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender, a "**Qualifying Lender**"). The Company Party will prepay outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)(D)</u> to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; *provided* that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount

------

exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "**Identified Qualifying Lenders**") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (with the consent of such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "**Solicited Discount Proration**"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the tranches to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with <u>Section 2.05(a)(v)(F)</u> below (subject to <u>Section 2.05(a)(v)(I)</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) In connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If any Term Loan is prepaid in accordance with <u>Sections 2.05(a)(v)(B)</u> through <u>2.05(a)(v)(D)</u> above, a Company Party shall prepay such Term Loans on the Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Applicable Agent's Office in immediately available funds not later than 11:00 a.m. on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans being prepaid as directed by the Borrower (and absent such direction, in direct order of maturity). The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.05(a)(v)</u> shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this <u>Section 2.05(a)(v)</u>, each Lender participating in any prepayment described in this <u>Section 2.05(a)(v)</u> acknowledges and agrees that in connection therewith, (1) the Borrower or any Company Party then may have, and later may come into possession of, information regarding the Borrowers, the Sponsor, their respective affiliates not known to such Lender and that may be material to a decision by such Lender to participate in such prepayment (including

------

Material Non-Public Information) ("**Excluded Information**"), (2) such Lender has independently, and without reliance on the Borrowers, any of their Subsidiaries, the Administrative Agent or any of their respective Affiliates, made its own analysis and determination to participate in such prepayment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrowers, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information and all parties to the relevant transactions shall render customary "big boy" disclaimer letters, (4) none of the Borrowers, their Subsidiaries, the Administrative Agent or any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrowers, their Subsidiaries, the Administrative Agent and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information, and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this <u>Section 2.05(a)(v)</u>, established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each of the Company Parties and the Term Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties under this <u>Section 2.05(a)(v)</u> by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this <u>Section 2.05(a)(v)</u> as well as activities of the Auction Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to make any prepayment to a Lender, as applicable, pursuant to this <u>Section 2.05(a)(v)</u> shall not constitute a Default or Event of Default under <u>Section 8.01</u> or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five Business Days after financial statements have been delivered pursuant to <u>Section 6.01(a)</u> and the related Compliance Certificate has been delivered pursuant to <u>Section 6.02(a)</u> (commencing with the fiscal year ending December 31, 2021), subject to <u>Section 2.05(b)(v)</u>, the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans in an amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the Excess Cash Flow Period covered by such financial statements *minus*, without duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such Excess Cash Flow Period, (B) the sum of (1) all voluntary prepayments of Term Loans made during such Excess Cash Flow Period pursuant to <u>Section 2.05(a)(v)</u>, in an amount equal to the discounted

------

amount actually paid in cash in respect of the principal amount of such Term Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (2) all other optional redemptions or voluntary prepayments of Term Loans and any other Pari Passu Secured Obligations, during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, (3) all voluntary prepayments of Revolving Loans, Extended Revolving Loans and Refinancing Revolving Loans during such Excess Cash Flow Period or after year-end and prior to when such Excess Cash Flow prepayment is due, to the extent the Revolving Credit Commitments, Extended Revolving Credit Commitments, and/or Refinancing Revolving Credit Commitments, as the case may be, are permanently reduced by the amount of such payments and (4) the amount equal to all payments in cash paid by the Borrowers or any Subsidiary in connection with the buyback of Loans pursuant to <u>Section 10.07(l)</u>, in the case of each of the immediately preceding <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u>, to the extent such prepayments are not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness) of the Borrower and its Restricted Subsidiaries; *provided* that, to the extent any deduction is made pursuant to the foregoing <u>clauses (1)</u>, <u>(2)</u>, <u>(3)</u> and <u>(4)</u> after year-end and prior to when such Excess Cash Flow prepayment is due, such prepayment shall not be deducted with respect to the Excess Cash Flow prepayment for the succeeding Excess Cash Flow Period; *provided*, *however*, the Borrowers shall not be obligated to make any prepayment otherwise required by this <u>Section 2.05(b)(i)</u> unless and until the aggregate amount of such prepayment for such Excess Cash Flow Period exceeds $1,000,000 for such Excess Cash Flow Period (and only amounts in excess of $1,000,000 for such Excess Cash Flow Period shall be required to be prepaid); *provided further* that if at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Excess Cash Flow, then the Borrowers may apply such Excess Cash Flow on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Excess Cash Flow allocated to the Other Applicable Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(i)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If (1) the Borrower or any Restricted Subsidiary of the Borrower Disposes of any property or assets pursuant to <u>Sections 7.05(j)</u>, <u>(k)</u> or <u>(m)</u> (solely to the extent set forth in the proviso thereof)), or (2) any Casualty Event occurs, which results in the receipt by the Borrower or any Restricted Subsidiary of Net Proceeds, subject to <u>Section 2.05(b)(vi)</u>, the Borrowers shall cause to be prepaid on or prior to the date which is 10 Business Days after the date of the receipt by the Borrower or any Restricted Subsidiary of such Net Proceeds (or if the Borrower or any Restricted Subsidiary intends to reinvest such Net Proceeds within the Reinvestment Period or has entered into a binding commitment or binding letter of intent prior to the last day of the Reinvestment Period to reinvest, the last day of such Reinvestment Period), an aggregate principal amount of Term Loans in an amount equal to 100% of all such Net Proceeds; *provided* that, if the Borrower or its Restricted Subsidiaries use any portion of such proceeds to acquire, maintain, develop, construct, improve, upgrade or repair assets used or useful in the business of the Borrower or its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition permitted hereunder (or any subsequent investment made in a Person, division or line of business previously acquired) capital expenditure or capitalized software expenditures, in each case within 12 months of such receipt (or credited against any such usage consummated no more than 18 months prior to the applicable disposition), such portion of such proceeds shall not constitute Net Proceeds except to

------

the extent not, within 12 months of such receipt, so used or contractually committed to be so used (or so credited with respect to any prior usage) (it being understood that if any portion of such proceeds are not so used within such 12-month period but within such 12-month period are contractually committed to be used, then upon the termination of such contract or if such Net Proceeds are not so used (or so credited with respect to any prior usage) within 18 months of such receipt, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso (such period, the "**Reinvestment Period**")); *provided*, *further*, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless (y) such Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $2,500,000 and (z) the aggregate Net Proceeds, after giving effect to the reinvestment rights set forth herein, exceeds $5,000,000 in any fiscal year (and thereafter only Net Proceeds in excess of such individual and annual amounts shall constitute Net Proceeds under this <u>clause (ii)</u>). If at the time that any such prepayment would be required, the Borrowers are required to offer to repurchase Other Applicable Indebtedness pursuant to the terms of the documentation governing such Indebtedness with the Net Proceeds of such Disposition or Casualty Event, then the Borrowers may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time; *provided further* that the portion of such Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.05(b)(ii)</u> shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (A) not permitted to be incurred or issued pursuant to <u>Section 7.03</u> or (B) that is intended to constitute Replacement Term Loans or Credit Agreement Refinancing Indebtedness in respect of any Class of Terms Loans, Revolving Loans or Revolving Credit Commitments, the Borrowers shall cause to be prepaid an aggregate principal amount of such Term Loans (or, in the case of Credit Agreement Refinancing Indebtedness in respect of Revolving Loans or Revolving Credit Commitments, prepay such Revolving Loans and terminate such Revolving Credit Commitments) in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Proceeds plus any additional premium (if any) owing pursuant to <u>Section 2.05(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If for any reason the aggregate Outstanding Amount of Revolving Loans and L/C Obligations at any time exceeds the aggregate Revolving Credit Commitments then in effect, the Borrowers shall within two Business Days after receipt of written notice from the Revolving Agent or becoming aware of such excess prepay the Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; *provided* that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.05(b)(iv)</u> unless, after the prepayment in full of the Revolving Loans, such aggregate Outstanding Amount exceeds the aggregate Revolving Credit Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any Excess Cash Flow attributable to Foreign Subsidiaries ("**Foreign Subsidiary Excess Cash Flow**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by

------

applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the portion of such Foreign Subsidiary Excess Cash Flow that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any Foreign Subsidiary Excess Cash Flow could reasonably be expected to result in a tax liability (including any withholding tax) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower), the Borrower or any Subsidiary (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), an amount equal to such Foreign Subsidiary Excess Cash Flow that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid in accordance with this <u>Section 2.05</u>; *provided* that (A) for purposes of this <u>Section 2.05</u>, Excess Cash Flow shall be deemed allocable to each Foreign Subsidiary, with respect to any Excess Cash Flow Period, in an amount equal to (i) the Consolidated EBITDA of such Foreign Subsidiary for such Excess Cash Flow Period, *divided* by (ii) the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period (it being understood and agreed for the avoidance of doubt that such allocation shall exclude any reduction from interest and principal payments in respect of the Obligations) and (B) the Borrower and its Restricted Subsidiaries shall be entitled to reduce Excess Cash Flow owed to the Lenders pursuant to <u>Section 2.05(b)(i)</u> in respect of any Excess Cash Flow Period by the aggregate amount of Excess Cash Flow attributable to Foreign Subsidiaries subject to the limitations and restrictions described above in this <u>Section 2.05(b)(v)</u> for such Excess Cash Flow Period. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provisions of this <u>Section 2.05</u>, (i) to the extent that the repatriation to the United States of any or all of the Net Proceeds of any Disposition by a Foreign Subsidiary ("**Foreign Disposition**") or the Net Proceeds of any Casualty Event incurred by a Foreign Subsidiary ("**Foreign Casualty Event**") would be (x) prohibited or delayed by applicable local law (including as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant Subsidiaries) or (y) restricted by applicable material constituent documents or other material agreements (but solely to the extent such material agreements are not prohibited pursuant to <u>Section 7.09</u>), an amount equal to the Net Proceeds that would be so affected were the Borrowers to attempt to repatriate such cash will not be required to be applied to repay Term Loans at the times provided in this <u>Section 2.05</u> if the applicable local law or applicable material constituent documents would not otherwise permit repatriation to the United States and (ii) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Disposition or Foreign Casualty Event could reasonably be expected to result in a tax liability (including any withholding tax)(other than a de minimis tax liability) or otherwise result in adverse Tax cost consequences for Holdings, in each case, other than a de minimis amount (as determined in good faith by the Borrower) (including, for the avoidance of doubt, but not limited to, any Tax liability pursuant to Section 956 of the Code or a withholding Tax), the Borrower or any Restricted Subsidiary with respect to such Net Proceeds, an amount equal to such Net Proceeds that would be so affected will not be subject to repayment under this <u>Section 2.05</u> and such amounts shall be available for general corporate purposes of the Loan Parties and their Subsidiaries as long as not required to be prepaid

------

in accordance with this <u>Section 2.05</u>. For the avoidance of doubt, nothing in this <u>Section 2.05</u> shall require the Borrowers to cause any amounts to be repatriated to the United States (whether or not such amounts are used in or excluded from the determination of the amount of any mandatory prepayments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as otherwise provided in any Refinancing Amendment, Extension Amendment or any Incremental Amendment or as otherwise provided herein, (A) each prepayment of Term Loans pursuant to this <u>Section 2.05(b)</u> shall be applied ratably to each Class of Term Loans then outstanding; *provided* that (x) any prepayment of Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class of Refinanced Debt and (y) any prepayment of Term Loans with the Net Cash Proceeds of Replacement Term Loans shall be applied solely to each applicable Class of Refinanced Term Loans; (B) with respect to each Class of Term Loans, each prepayment pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> shall be applied to the scheduled installments of principal thereof pursuant to <u>Section 2.07(a)</u> in a manner directed by the Borrower and specified in the notice of prepayment (and absent such direction, in direct order of maturity) and (C) each such prepayment shall be paid to the Lenders of each Class in accordance with their respective Pro Rata Shares of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made by the Borrowers pursuant to <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> of this <u>Section 2.05(b)</u> not later than 11:00 a.m. at least three Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the aggregate amount of such prepayment required to be made by the Borrowers. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower's prepayment notice and of such Appropriate Lender's Pro Rata Share of the prepayment. Each Term Lender may reject all (but not less than all) of its Pro Rata Share of any mandatory prepayment (such declined amounts, the "**Declined Proceeds**") of Term Loans required to be made pursuant to <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section 2.05(b)</u> by providing written notice (each, a "**Rejection Notice**") to the Administrative Agent no later than 5:00 p.m. one Business Day after the date of such Lender's receipt of notice from the Administrative Agent regarding such prepayment; *provided*, *however*, in no event may the proceeds of any Credit Agreement Refinancing Indebtedness be rejected. If a Term Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be retained by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Interest, Funding Losses*, *Etc*. All prepayments under this <u>Section 2.05</u> shall be without premium or penalty (except as expressly set forth in <u>Section 2.05(d)</u>) and accompanied by all accrued interest thereon (other than prepayments of Base Rate Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments), together with, in the case of any such prepayment of a Term SOFR Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Term SOFR Rate Loan pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Call Protection*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any prepayment of all or any portion of the Initial Term Loans or the Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of the Initial Term Loans or the Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to

------

 <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs prior to the first anniversary of the Closing Date, (y) 1.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date and (z) 0.00% of the aggregate principal amount of such Initial Term Loans or such Delayed Draw Term Loans, as applicable, so prepaid, if such prepayment occurs on or after the second anniversary of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any prepayment of all or any portion of the 2020 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of 2020 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 1 Effective Date, (y) 1.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 1 Effective Date and prior to the second anniversary of the Amendment No. 1 Effective Date and (z) 0.00% of the aggregate principal amount of such 2020 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 1 Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any prepayment of all or any portion of the 2021 Delayed Draw Term Loans in connection with (i) any voluntary prepayment pursuant to <u>Section 2.05(a)(i)</u> (excluding, for the avoidance of doubt, any reduction of 2021 Delayed Draw Term Loans in connection with a permitted assignment or buyback pursuant to <u>Section 2.05(a)(v)</u>, Section <u>10.07(k)</u> or <u>Section 10.07(l)</u>), (ii) any mandatory prepayment pursuant to <u>Section 2.05(b)(iii)</u> and (iii) any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> for failure to consent to a Permitted Repricing Amendment shall, in each case, be accompanied by a prepayment premium equal to (x) 5.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs prior to the first anniversary of the Amendment No. 2 Effective Date, (y) 1.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the first anniversary of the Amendment No. 2 Effective Date and prior to the second anniversary of the Amendment No. 2 Effective Date and (z) 0.00% of the aggregate principal amount of such 2021 Delayed Draw Term Loans so prepaid, if such prepayment occurs on or after the second anniversary of the Amendment No. 2 Effective Date.

Notwithstanding any of the other provisions of this <u>Section 2.05</u>, so long as no Event of Default shall have occurred and be continuing, if any prepayment of Term SOFR Rate Loans is required to be made under this <u>Section 2.05</u>, prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this <u>Section 2.05</u> in respect of any such Term SOFR Rate Loan prior to the last day of the Interest Period therefor, the Borrowers may, in their sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such Interest Period into a deposit account of the Borrower maintained with the Revolving Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with this <u>Section 2.05</u>. Upon the occurrence and

------

during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this <u>Section 2.05</u>. Such deposit shall be deemed to be a prepayment of such Loans by the Borrowers for all purposes under this Agreement.

Section 2.06. <u>Termination or Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Optional*. The Borrowers may, upon written notice to the Administrative Agent or the Revolving Agent, as applicable, terminate the unused Commitments of any Class, or from time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; *provided* that (i) any such notice shall be received by the Administrative Agent or the Revolving Agent, as applicable, three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,500,000, or any whole multiple of $500,000 in excess thereof or, if less, the entire amount thereof, (iii) if, after giving effect to any reduction of the Revolving Credit Commitments or the Letter of Credit Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess and (iv) any termination or permanent reduction of any Revolving Credit Commitments pursuant to this <u>Section 2.06(a)</u> shall be applied as directed by the Borrowers, including as to any Class of Extended Revolving Credit Commitments or existing Revolving Credit Commitments (including any Refinancing Revolving Credit Commitments). Except as provided above, the amount of any such Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Borrowers. Notwithstanding the foregoing, any notice of termination of any Commitments may be conditional, extendable or revocable if such termination would result from a Refinancing of all or any portion of the applicable Class or occurrence of any other event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory*. The Initial Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by such Term Lender on the Closing Date. The Delayed Draw Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (u) the Delayed Draw Term Loan Commitment Termination Date and (v) the funding of the Delayed Draw Term Loans in an amount equal to the aggregate Delayed Draw Commitment. The 2020 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (w) the 2020 Delayed Draw Term Loan Commitment Termination Date and (x) the funding of the 2020 Delayed Draw Term Loans in an amount equal to the aggregate 2020 Delayed Draw Term Loan Commitment. The 2021 Delayed Draw Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 on the earlier of (y) the 2021 Delayed Draw Term Loan Commitment Termination Date and (z) the funding of the 2021 Delayed Draw Term Loans in an amount equal to the aggregate 2021 Delayed Draw Term Loan Commitment. The Revolving Credit Commitments of each Revolving Credit Lender shall automatically and permanently terminate on the Maturity Date. The 2024 Incremental Term Loans of each 2024 Incremental Term Loan Lender shall be automatically and permanently reduced to $0 upon the funding of the 2024 Incremental Term Loans to be made by such 2024 Incremental Term Loan Lender on the Amendment No. 4 Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Application of Commitment Reductions; Payment of Fees*. The Revolving Agent will promptly notify the Revolving Credit Lenders of any termination or reduction of the Revolving Credit Commitments under this <u>Section 2.06</u>. Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Revolving Credit Lender's Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced (other than the termination of the Revolving Credit Commitment of any Revolving Credit Lender as provided in <u>Section 3.07</u>). All Unused Revolver Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitments shall be paid to the Revolving Agent, for the benefit of the Revolving Credit Lenders, on the effective date of such termination.

------

Section 2.07. <u>Repayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2020, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Revolving Loans*. The Borrowers shall repay to the Revolving Agent for the ratable account of the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Loans under the Revolving Credit Facility outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable Delayed Draw Funding Date of such Delayed Draw Term Loans (each such day, a "**Delayed Draw Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *2020 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2020 Delayed Draw Term Loan Funding Date of such 2020 Delayed Draw Term Loans (each such day, a "**2020 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2020 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such 2020 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2020 Delayed Draw Term Loans, the aggregate principal amount of all 2020 Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2021 Delayed Draw Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable 2021 Delayed Draw Term Loan Funding Date of such 2021 Delayed Draw Term Loans (each such day, a "**2021 Delayed Draw Term Loan Installment Payment Date**"), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the 2021 Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the

------

Administrative Agent and the Borrower) to make such 2021 Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2021 Delayed Draw Term Loans, the aggregate principal amount of all 2021 Delayed Draw Term Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *2024 Incremental Term Loans*. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2024, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all 2024 Incremental Term Loans outstanding on the Amendment No. 4 Effective Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u> or <u>Section 10.07</u> to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the 2024 Incremental Term Loans, the aggregate principal amount of all 2024 Incremental Term Loans outstanding on such date.

Section 2.08. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 2.08(b)</u>, (i) each Term SOFR Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Term SOFR Rate for such Interest Period *plus* the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate *plus* the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default under <u>Section 8.01(a)</u> (with respect to principal, interest or fees) or non-payment after acceleration pursuant to <u>Section 8.01(f)</u>, the Borrowers shall pay interest on past due amounts (after giving effect to any applicable grace period) owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; *provided* that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and payable upon written demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

Section 2.09. <u>Fees</u>.

In addition to certain fees described in <u>Sections 2.03(h)</u> and <u>(i)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Unused Revolver Commitment Fee*. The Borrowers agree to pay to the Revolving Agent for the account of each Revolving Credit Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, an unused commitment fee (the "Unused Revolver Commitment Fee") in an amount equal to the Applicable Rate (as set forth in clause (c) of such definition) times the actual daily amount by which the aggregate amount of the Revolving Credit Commitments exceeds the sum of the Outstanding Amount of Revolving Loans and the Outstanding Amount of L/C Obligations for each calendar quarter or portion thereof; provided that any Unused Revolver Commitment Fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Unused Revolver Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time;

------

*provided*, *further*, that no Unused Revolver Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Unused Revolver Commitment Fee shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date for the Revolving Credit Facility. The Unused Revolver Commitment Fee shall be calculated quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Fees*. The Borrowers shall pay to the Agents and the Commitment Parties such fees as shall have been separately agreed upon in writing (including pursuant to the Commitment Letter and the Fee Letter) in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrowers and the applicable Agent or Commitment Party). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each Delayed Draw Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the Delayed Draw Commitments exceeds the sum of the Outstanding Amount of Delayed Draw Term Loans; *provided* that any Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Delayed Draw Term Loan Commitment Fee on the Delayed Draw Commitments shall accrue commencing on the ninetieth (90th) day following the Closing Date and at all times thereafter until the Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Closing Date, and on the Delayed Draw Term Loan Commitment Termination Date. The Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *2020 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2020 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2020 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2020 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2020 Delayed Draw Term Loans; *provided* that any 2020 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2020 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2020 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2020 Delayed Draw Term Loan Commitment Fee on the 2020 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 1 Effective Date and at all times thereafter until the 2020 Delayed Draw Term Loan 

------

Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 1 Effective Date, and on the 2020 Delayed Draw Term Loan Commitment Termination Date. The 2020 Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(d)</u> shall be calculated quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *2021 Delayed Draw Term Loan Commitment Fees*. The Borrowers agree to pay to the Administrative Agent for the account of each 2021 Delayed Draw Term Loan Lender in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee (the "**2021 Delayed Draw Term Loan Commitment Fee**") in an amount equal to 1.00% *per annum times* the actual daily amount by which the aggregate amount of the 2021 Delayed Draw Term Loan Commitments exceeds the sum of the Outstanding Amount of 2021 Delayed Draw Term Loans; *provided* that any 2021 Delayed Draw Term Loan Commitment Fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such 2021 Delayed Draw Term Loan Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; *provided*, *further*, that no 2021 Delayed Draw Term Loan Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The 2021 Delayed Draw Term Loan Commitment Fee on the 2021 Delayed Draw Term Loan Commitments shall accrue commencing on the ninetieth (90th) day following the Amendment No. 2 Effective Date and at all times thereafter until the 2021 Delayed Draw Term Loan Commitment Termination Date, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ninetieth (90th) day following the Amendment No. 2 Effective Date, and on the 2021 Delayed Draw Term Loan Commitment Termination Date. The 2021 Delayed Draw Term Loan Commitment Fee under this <u>Section 2.09(e)</u> shall be calculated quarterly in arrears. 

Section 2.10. <u>Computation of Interest and Fees</u>.

All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Term SOFR Rate) shall be made on the basis of a year of 365 days, or 366 days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; *provided* that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.12(a)</u>, bear interest for one day. Each determination by the Administrative Agent or the Revolving Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 2.11. <u>Evidence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent or the Revolving Agent, as applicable, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrowers, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent or the Revolving Agent, as applicable, and each Lender shall be *prima facie* evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder

------

to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, in respect of such matters, the accounts and records of the Administrative Agent or the Revolving Agent, as applicable, shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent or the Revolving Agent, as applicable, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent or the Revolving Agent, as applicable) a Note payable to such Lender, which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section 2.11(a)</u>, each Appropriate Lender, the Revolving Agent and the Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Revolving Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Revolving Agent or the Administrative Agent, as applicable, and the accounts and records of any Lender in respect of such matters, the accounts and records of the Revolving Agent or the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entries made in good faith by the Administrative Agent and the Revolving Agent in the Register pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, and by each Lender in its account or accounts pursuant to <u>Sections 2.11(a)</u> and <u>(b)</u>, shall be *prima facie* evidence of the amount of principal and interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; *provided* that the failure of the Administrative Agent, the Revolving Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement and the other Loan Documents.

Section 2.12. <u>Payments Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided by <u>Section 3.01</u>, all payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense (other than payment in full), recoupment or setoff. All payments by the Borrowers hereunder shall be made to the Administrative Agent or the Revolving Agent, as applicable, for the account of the respective Lenders to which such payment is owed, at the Applicable Agent's Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Without limiting the generality of the foregoing, the Administrative Agent or the Revolving Agent, as applicable, may require that any payments due under this Agreement be made in the United States. The Administrative Agent or the Revolving Agent, as applicable, will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share provided for under this Agreement) of such payment in like funds as received by wire transfer to such Lender's applicable Lending Office. All payments received by the Administrative Agent or the Revolving Agent, as applicable, after 2:00 p.m. on any Business Day shall in each case be deemed received on the next succeeding Business Day (or, in the Administrative Agent's or the Revolving Agent's, as applicable, sole discretion, on the same Business Day) and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, if any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; *provided* that, if such extension would cause payment of interest on or principal of Term SOFR Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower or any Lender has notified the Administrative Agent or the Revolving Agent, as applicable, prior to the date any payment is required to be made by it to the Administrative Agent or the Revolving Agent, as applicable, hereunder, that a Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent or the Revolving Agent, as applicable, may assume that such Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrowers failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent or the Revolving Agent, as applicable, the portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to such Lender to the date such amount is repaid to the Administrative Agent or the Revolving Agent, as applicable, in Same Day Funds at the applicable Overnight Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent or the Revolving Agent, as applicable, the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent or the Revolving Agent, as applicable, to the Borrowers to the date such amount is recovered by the Administrative Agent or the Revolving Agent, as applicable, (the "**Compensation Period**") at a rate per annum equal to the applicable Overnight Rate from time to time in effect. When such Lender makes payment to the Administrative Agent or the Revolving Agent, as applicable, (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender's Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent's or the Revolving Agent's, as applicable, demand therefor, the Administrative Agent or the Revolving Agent, as applicable, may make a demand therefor upon the Borrowers, and the Borrowers shall pay such amount to the Administrative Agent or the Revolving Agent, as applicable, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent, the Revolving Agent or the Borrowers may have against any Lender as a result of any default by such Lender hereunder.

A written notice (including documentation reasonably supporting such request) of the Administrative Agent or the Revolving Agent, as applicable, to any Lender or the Borrowers with respect to any amount owing under this <u>Section 2.12(c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent or the Revolving Agent, as applicable, funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrowers by the Administrative Agent or the Revolving Agent, as applicable, because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent or the Revolving Agent, as applicable, shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever any payment received by the Administrative Agent or the Revolving Agent, as applicable, under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent or the Revolving Agent, as applicable, and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent or the Revolving Agent, as applicable, and applied by the Administrative Agent or the Revolving Agent, as applicable, and the Lenders in the order of priority set forth in <u>Section 8.03</u>. If the Administrative Agent or the Revolving Agent, as applicable, receives funds for application to the Secured Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent or the Revolving Agent, as applicable, may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender's Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Secured Obligations then owing to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amounts to be applied to the prepayment of Loans in connection with any mandatory prepayments by the Borrowers of the Term Loans pursuant to <u>Section 2.05(b)</u> shall be applied, as applicable, on a pro rata basis to the then outstanding Class of Term Loans being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or, after giving effect to the last paragraph of <u>Section 2.05</u>, Term SOFR Rate Loans; *provided* that if no Lenders exercise the right to waive a given mandatory prepayment of the Term Loans pursuant to <u>Section 2.05(b)(viii)</u>, then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to reduce outstanding Base Rate Loans. Any amounts remaining after each such application shall be applied to prepay Term SOFR Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to <u>Section 3.05</u>.

Section 2.13. <u>Sharing of Payments</u>.

If, other than as provided elsewhere herein, any Lender shall obtain payment in respect of any principal or interest on account of the Loans made by it, or the participations in L/C Obligations held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent or the Revolving Agent, as applicable, of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such sub-participations in the participations in L/C Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of any principal or interest on such Loans or such participations, as the case may be, pro rata with each of them; *provided* that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in <u>Section 10.06</u> (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender's ratable share (according to the proportion of (i) the amount of such paying Lender's required repayment to

------

(ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For the avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers or application of funds pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder, (C) transactions in connection with an open market purchase or Dutch Auction contemplated hereunder, (D) in connection with a transaction pursuant to an Extension Amendment, Refinancing Amendment or Incremental Amendment or amendment in connection with Replacement Term Loans contemplated hereunder, (E) the application of Cash Collateral as provided herein (including the application of funds arising from the existence of a Defaulting Lender) or (F) non-pro rata payments and repayments permitted pursuant to <u>Section 2.16(b)</u>. The Borrowers agree that any Lender so purchasing a participation from another Lender pursuant to this <u>Section 2.13</u> may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participations. The Administrative Agent and the Revolving Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section 2.13</u> and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section 2.13</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

Notwithstanding anything to the contrary contained in this <u>Section 2.13</u> or elsewhere in this Agreement, the Borrowers may extend the final maturity of Term Loans and/or Revolving Credit Commitments in connection with an Extension that is permitted under <u>Section 2.16</u> (each, an "**Extension Offer**") without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (i) shall constitute a payment or prepayment of any Term Loans or Revolving Loans, as applicable, for purposes of this <u>Section 2.13</u> or (ii) shall reduce the amount of any scheduled amortization payment due under <u>Section 2.07(a)</u>, except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement. Furthermore, the Borrowers may take all actions contemplated by <u>Section 2.16</u> in connection with any Extension (including modifying pricing, amortization and repayments or prepayments), and in each case such actions shall be permitted, and the differing payments contemplated therein shall be permitted without giving rise to any violation of this <u>Section 2.13</u> or any other provision of this Agreement.

Section 2.14. <u>Incremental Credit Extensions; Increase in Revolving Credit Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Incremental Term Loan Commitments*. The Borrowers may at any time or from time to time after the Closing Date, by notice to the Administrative Agent and the Revolving Agent, as applicable (an "**Incremental Request**"), request (i) one or more new commitments which may be in the same Facility as any outstanding Term Loans (a "**Term Loan Increase**") or a new Class of term loans (including any delayed draw term loans) (collectively with any Term Loan Increase, the "**Incremental Term Loan Commitments**") in each case, under this Agreement, (ii) one or more new term loans (including any delayed draw term loans) in a separate facility from the Facilities and either unsecured or secured on a pari passu basis or a junior lien basis to the Facilities (the "**Other Commitments**" and the loans in respect thereof, the "**Other Term Loans**"), which shall be documented under another credit agreement, and/or (iii) one or more series of pari passu secured, junior lien secured or unsecured notes (the "**Other Notes**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incremental Term Loans*. Any Incremental Term Loans to the extent effected through the establishment of one or more new delayed draw commitments or new Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Loan Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction (or waiver) of the terms and conditions in this <u>Section 2.14</u>, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrowers (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Loan Commitment and (ii) each Incremental Term Lender shall become a Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loans made pursuant thereto. For the avoidance of doubt, Incremental Term Loans having identical terms to any of the other Term Loans (other than OID and/or upfront fees) may be treated as the same Class as any of such Term Loans for all purposes herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Incremental Request*. Each Incremental Request from the Borrowers pursuant to this <u>Section 2.14</u> shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans, Other Term Loans or Other Notes. Incremental Term Loans, Other Term Loans and extensions of credit in respect of Other Notes will first be offered to the then-existing Term Lenders with respect to the Incremental Term Loans on a pro rata basis (but each existing Lender will not have an obligation to make any Incremental Term Loan Commitment or Other Commitment, or to extend credit in respect of any Other Term Loans or Other Notes) and, to the extent such existing Term Lenders have not agreed or declined to provide such Incremental Term Loan within five (5) Business Days following such offer on the terms specified by the Borrower or arranger of such Incremental Term Loan, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Term Lenders) (any such other bank or other financial institution that is not an E<u>e</u>xisting Lender being called an "**Additional Term Lender**") (each such existing Lender or Additional Term Lender providing such Incremental Term Loans, Other Term Loans or Other Notes an "**Incremental Term Lender**," and, collectively, the "**Incremental Term Lenders**"); *provided* that any Affiliated Lender providing an Incremental Term Loan Commitment shall be subject to the same restrictions set forth in <u>Section 10.07(k)</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Initial Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effectiveness of Incremental Amendment*. The obtaining of Other Commitments, the making of Other Term Loans, the incurrence of Indebtedness in respect of Other Notes, the effectiveness of any Incremental Amendment, and the Incremental Term Loan Commitments thereunder, shall be subject to the satisfaction on the date of such Incremental Amendment (or, in the case of Other Commitments, Other Term Loans and Other Notes, on the date of the extension of such commitments or the incurrence or issuance of such Other Term Loans or Other Notes, as applicable) (the "**Incremental Facility Closing Date**") of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Incremental Term Loan Commitments, no Event of Default shall exist after giving effect to such Incremental Term Loan Commitments (or, in the case of Incremental Term Loan Commitments incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Incremental Term Loan Commitments become effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Incremental Term Loan Commitment shall be in an aggregate principal amount that is not less than $2,500,000 and shall be in an increment of $500,000 (*provided* that such amount may be less than $2,500,000 or $500,000, as applicable, if such amount represents all remaining availability under the limit set forth in <u>clause (iii)</u> below); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of the Incremental Term Loans, the Other Term Loans and the Other Notes shall not exceed the sum of (A) an amount equal to the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA *minus* the aggregate principal amount of Indebtedness incurred pursuant to clause (ii)(A) of the definition of "Permitted Ratio Debt" *plus* (B) such additional amount of Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes that (x) to the extent such Indebtedness is secured on a pari passu lien basis with the Term Loans and the Revolving Loans, would not cause the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 4.50 to 1.00, (y) to the extent such Indebtedness is secured on a junior lien basis to the Term Loans and the Revolving Loans, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.00 to 1.00 or (z) to the extent such Indebtedness is unsecured, would not cause the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) to exceed 6.50 to 1.00 (assuming for purposes of each of these calculations that any increase to the Revolving Credit Facility in accordance with Section 2.14(h) established on the same date as such Incremental Term Loan Commitment is drawn), after giving effect to any such incurrence or issuance and any transaction consummated in connection therewith on a Pro Forma Basis, and, in each case, with respect to any Incremental Term Loan Commitment established at such time, assuming a borrowing of the maximum amount of Incremental Term Loans, Other Term Loans and Other Notes available thereunder (*provided* that, at the option of the Borrower, any unfunded Incremental Term Loan Commitments may be tested on the date such Incremental <u>Term</u> Loans are incurred in lieu of testing on the date of establishment), and excluding the cash proceeds of any such Incremental Term Loans, Other Commitments, Other Term Loans and/or Other Notes for the purposes of netting; *provided* that to the extent the proceeds thereof are used to repay Indebtedness, Pro Forma Effect shall be given to such repayment of Indebtedness; *plus* (C) an amount equal to (x) the sum, without duplication, of all (i) voluntary prepayments and optional redemptions of Term Loans made pursuant to <u>Section 2.05(a)</u> or <u>Section 10.07(l)(x)</u> or of other Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt" and (ii) permanent voluntary commitment reductions or terminations of the Revolving Credit Facility or any other revolving facility incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt", (in each case, including any substantially concurrent prepayment, redemption, reduction, termination, buy-back or purchase, other than to the extent funded with (A) proceeds of long term Indebtedness (other than revolving Indebtedness) or (B) proceeds of Indebtedness incurred pursuant to clause (A) above or clause (ii)(A) of the definition of "Permitted Ratio Debt") *minus* (y) the aggregate principal amount of the aggregate principal amount of all Indebtedness incurred in reliance on clause (ii)(C) of the definition of "Permitted Ratio Debt" (it being understood that (x) amounts under clause (B) (to the extent compliant therewith) shall be deemed to have been used prior to utilization of amounts under clause (A) or (C), and amounts under clause (C) shall be deemed to have been used prior to utilization of amounts under clause (A), (y) Indebtedness may be incurred under clauses (A) and (B), (B) and (C) or (A), (B) and (C), and proceeds from any such incurrence under such clauses may be utilized in a single transaction by first calculating the incurrence under clause (B) above and then calculating the incurrence under clause (A) and/or (C) and, for the avoidance of doubt, any such incurrence under clause (A) and/or (C) shall not be given pro forma effect for purposes of determining the Consolidated First Lien Net Leverage Ratio and Consolidated Total Net Leverage Ratio, as applicable, for purposes of effectuating the incurrence under clause (B) in such single transaction and (z) the Borrower may redesignate any such Indebtedness originally incurred pursuant to clause (A) or (C) as incurred pursuant to clause (B) if, at the time of such redesignation, such incurrence would be permitted in the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the ability to incur Indebtedness pursuant to clause (A) or (C) as of the date of such redesignation by the amount of such Indebtedness so redesignated)).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Required Terms*. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Loan Commitments of any Class, and of the Other Term Loans and the Other Notes, except as otherwise set forth herein, shall be as agreed between the Borrowers and the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments, Other Term Loans or Other Notes, as applicable; *provided* that, except with respect to AHYDO Payments, in no event will any Incremental Term Loans or Other Term Loans be permitted to be mandatorily prepaid prior to the repayment in full of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans and 2024 Incremental Term Loans, unless accompanied by at least a ratable payment of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans and 2024 Incremental Term Loans (and, for the avoidance of doubt, any Incremental Amendment may provide that the applicable Incremental Term Lenders or lenders or purchasers providing such Incremental Term Loan Commitments or such Other Notes, as applicable, shall receive a less than ratable payment). In any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Incremental Term Loans, Other Term Loans and Other Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) with respect to Incremental Term Loans, Other Term Loans and Other Notes that are intended to be secured on a pari passu basis, such Incremental Term Loans, Other Term Loans and Other Notes shall (w) either constitute (I) Pari Passu Secured Obligations and be subject to either the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement or (II) "additional first lien debt" (or a comparable term) (as defined in any Junior Intercreditor Agreement) and be subject to a Junior Intercreditor Agreement, (x) shall not at any time be guaranteed by any Subsidiaries other than the Restricted Subsidiaries that are Guarantors, (y) to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment or other definitive documentation therefor, and (z) shall be junior in right of payment to the Revolving Credit Facility to the extent set forth in such agreement among the Lenders or the applicable Intercreditor Agreement; and (2) with respect to Other Term Loans and Other Notes that are unsecured or secured on a junior lien basis, shall not at any time be guaranteed by any Subsidiaries other than the Subsidiaries that are Guarantors and, to the extent secured, shall not be secured by a Lien on any property or asset of any Loan Party that does not secure the Facilities (except as permitted by any Intercreditor Agreement) and shall not be entitled to participate in any mandatory prepayments of Term Loans hereunder <u>(</u>other than to the same extent such participation is customarily available in junior secured loan facilities or note issuances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date, shall not mature earlier than the Latest Maturity Date of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except (x) in the case of Other Term Loans in the form of a bridge loan intended to be refinanced with a securities offering the maturity date of which provides for an automatic extension of the maturity date thereof, to a date that is not earlier than the Latest Maturity Date or (y) as may be required to achieve fungibility with any then-existing Term Loans to the extent intended to be fungible by the Borrowers and the Administrative Agent, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of then-existing Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) other than with respect to Other Term Loans and Other Notes, shall have an Applicable Rate, and subject to <u>clauses (e)(i)(B)</u> and <u>(e)(i)(C)</u> above and <u>clause (e)(iii)</u> below, amortization determined by the Borrowers and the applicable Incremental Term Lenders or other Additional Term Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the amortization of Other Term Loans and Other Notes (subject to <u>clauses (B)</u> and <u>(C)</u> above) shall be determined by the Borrowers and the lenders or purchasers providing such Other Term Loans and Other Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Incremental Term Loans may be in the form of delayed draw term loans and, to the extent incurred pursuant to clause (d)(iii)(B) above, shall, unless the Borrower otherwise elects, be subject to the applicable incurrence test at funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to <u>Section 2.14(e)(i)(C)</u>, the amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans of each Class, and to each series of Other Term Loans and Other Notes, shall be determined by the Borrowers and the applicable Incremental Term Lenders and shall be set forth in each applicable Incremental Amendment and in the definitive documentation governing such Indebtedness; *provided*, *however*, that, with respect to any Incremental Term Loans, Other Term Loans or Other Notes made under Incremental Term Loan Commitments that are pari passu in right of payment and security with the Initial Term Loans, the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes as applicable, shall not be greater than the All-In Yield then applicable to the Initial Term Loans *plus* 50 basis points per annum, unless the interest rate with respect to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans and 2024 Incremental Term Loans is increased so as to cause the All-In Yield then applicable to the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans, 2021 Delayed Draw Term Loans and 2024 Incremental Term Loans to equal the All-In Yield applicable to such Incremental Term Loans, Other Term Loans or Other Notes, as applicable, *minus* 50 basis points per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Incremental Amendment*. Commitments in respect of Incremental Term Loans shall become Commitments under this Agreement pursuant to an amendment (an "**Incremental Amendment**") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Incremental Term Lender providing such Commitments, the Administrative Agent and the Collateral Agent (and the Administrative Agent shall execute such Incremental Amendment so long as the conditions to such Incremental Term Loan Commitment in this Section 2.14 are satisfied), and as a condition precedent to each Incremental Amendment, each Incremental Term Lender shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date (or another equivalent agreement that establishes the senior priority in right of payment of the Revolving Loans to such Incremental Term Loans). The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this <u>Section 2.14</u>. The Borrowers will use the proceeds of the Incremental Term Loans as determined by the Borrowers and the Lenders providing such Incremental Term Loans. No Lender shall be obligated to provide any Incremental Term Loans unless it so agrees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Increase in Revolving Credit Facility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, at any time, request that the Maximum Revolving Credit Amount and the Revolving Credit Commitments be increased by (1) one or more of the current Revolving Credit Lenders increasing their Revolving Credit Commitment (any current Revolving Credit Lender which elects to increase its Revolving Credit Commitment shall be referred to as an "<u>Increasing Revolving Credit Lender</u>") or (2) one or more new financial institutions (each a "<u>New Revolving Credit Lender</u>") joining this Agreement and providing a Revolving Credit Commitment hereunder, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no current Revolving Credit Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Revolving Credit Lender shall be in the sole discretion of such current Revolving Credit Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any such increase will first be offered to the then-existing Revolving Credit Lenders on a pro rata basis (but no existing Revolving Credit Lender will have an obligation to make any such increase) and, any increase in the Maximum Revolving Credit Amount to the extent such existing Revolving Credit Lenders have not agreed or declined to provide such increase within five (5) Business Days following the receipt of notice of the date of the proposed increase, after being provided a bona fide opportunity to do so, the Borrower may then offer such opportunity to such other Persons (which may include existing Revolving Credit Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) after giving effect to such increase, the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments shall not exceed $30,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Borrowers may not request an increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments under this <u>Section 2.14(h)</u> more than four (4) times prior to the Maturity Date, and no single such increase shall be for an amount less than $2,500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Borrowers shall deliver to Revolving Agent on or before the effective date of such increase the following documents, in each case in form and substance satisfactory to Revolving Agent: (A) a certificate dated as of the effective date of such increase certifying that (i) the increase in the Revolving Credit Commitment has been approved by the board of directors of each Borrower, (ii) no Event of Default shall exist on the date of and after giving effect to such increase in the Maximum Revolving Credit Amount (or, in the case such increase is requested to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such increase in the Maximum Revolving Credit Amount becomes effective), and (iii) all of the representations and warranties made by each Borrower herein are true and complete in all respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only

------

to any earlier and/or specified date), and (B) such other agreements, instruments and information (including supplements or modifications to this Agreement and/or the Loan Documents executed by Borrowers) as Revolving Agent reasonably deems necessary in order to document the increase in the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments and to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents in light of such increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Borrowers shall execute and deliver (A) to each Increasing Revolving Credit Lender a replacement Revolving Credit Note reflecting the new amount of such Increasing Revolving Credit Lender's Revolving Credit Commitment Amount after giving effect to the increase (and the prior Revolving Credit Note issued to such Increasing Revolving Credit Lender shall be returned to the Borrower and canceled) and (B) to each New Revolving Credit Lender a Revolving Credit Note reflecting the amount of such New Revolving Credit Lender's Revolving Credit Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to the extent required by <u>Section 10.07</u>, any New Revolving Credit Lender shall be subject to the approval of Revolving Agent and each L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) each Increasing Revolving Credit Lender shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement, signed by it and each Borrower and delivered to Revolving Agent on or before the effective date of such increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) each New Revolving Credit Lender shall execute a lender joinder and assumption agreement in substantially the form of Exhibit M hereto pursuant to which such New Revolving Credit Lender shall join and become a party to this Agreement and the Loan Documents with a Revolving Credit Commitment as set forth in such joinder and assumption agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the effective date of such increase: (i) the Revolving Credit Commitment of each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall be recalculated such that each such Revolving Credit Lender's Revolving Credit Commitment is equal to (x) the Revolving Credit Commitment of such Revolving Credit Lender <u>divided by</u> (y) the aggregate of the Revolving Credit Commitments of all Revolving Credit Lenders; (ii) each Revolving Credit Lender shall participate in any new Revolving Loans made on or after such date in accordance with its Revolving Credit Commitment after giving effect to the increase in the aggregate Revolving Credit Commitments and recalculation of the Revolving Credit Commitment contemplated by this <u>Section 2.14(h)</u>; and (iii) each reference to the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments herein and in any of the Loan Documents shall be deemed amended to mean the amount of the Maximum Revolving Credit Amount and the aggregate Revolving Credit Commitments as so increased pursuant to this <u>Section 2.14(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the effective date of such increase, each Increasing Revolving Credit Lender shall be deemed to have purchased an additional/increased participation in, and each New Revolving Credit Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder in an amount equal to such Revolving Credit Lender's Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above) of the L/C Obligations of each such Letter of Credit (as in effect from time to time). As necessary to effectuate the foregoing, each existing Revolving Credit Lender that is not an Increasing Revolving Credit Lender shall be deemed to have sold to each applicable Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as necessary, a portion of such existing Revolving Credit Lender's participations in such outstanding Letters of Credit and drawings such that, after giving effect to all such purchases and sales, each Revolving Credit Lender (including each Increasing Revolving Credit Lender and/or New Revolving Credit Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) in accordance with their respective Revolving Credit Commitment (as calculated pursuant to <u>Section 2.14(h)(ii)</u> above).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the effective date of such increase, Borrowers shall pay all costs and expenses incurred by each Increasing Revolving Credit Lender and/or New Revolving Credit Lender, as applicable, and Revolving Agent (including, without limitation, the reasonable fees and expenses of counsel to Revolving Agent) in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Revolving Agent, Borrowers, such Increasing Revolving Credit Lender and/or such New Revolving Credit Lender in connection with, such increase (including all fees for any supplemental or additional public filings of any Loan Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Revolving Agent and Revolving Credit Lenders hereunder and under the Loan Documents in light of such increase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section 2.14</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.15. <u>Refinancing Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On one or more occasions after the Closing Date, the Borrowers may obtain, from any Lender or any Additional Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans or all (but not less than all) of the Revolving Loans and unused Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this <u>Section 2.15(a)</u> will be deemed to include any then outstanding Refinancing Term Loans or Incremental Term Loans), in the form of Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Credit Commitments or Refinancing Revolving Loans pursuant to a Refinancing Amendment; *provided* that notwithstanding anything to the contrary in this <u>Section 2.15</u> or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect to Refinancing Revolving Credit Commitments after the date of obtaining any Refinancing Revolving Credit Commitments shall be repaid (with respect to existing Revolving Loans) or replaced (with respect to existing Revolving Credit Commitments) in full, (2) subject to the provisions of <u>Section 2.03(m)</u> to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Credit Commitments with a longer maturity date, all Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Credit Commitments (and except as provided in <u>Section 2.03(m)</u>, without giving effect to changes thereto on an earlier maturity date with respect to Letters of Credit theretofore incurred or issued), (3) assignments and participations of Refinancing Revolving Credit Commitments and Refinancing Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Loans and (4) each Additional Refinancing Lender that is or becomes a Lender under this Agreement shall be required to join and become a party to the separate agreement among the Lenders entered into on the Closing Date and all Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans shall be junior in right of payment to the Revolving Credit Facility to the extent set forth in such agreement among Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, receipt by the Administrative Agent or the Revolving Agent, as applicable of (i) customary legal opinions consistent with those delivered on the Closing Date (other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative

------

Agent or the Revolving Agent, as applicable) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each issuance of Credit Agreement Refinancing Indebtedness under <u>Section 2.15(a)</u> shall be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and the fourth paragraph of <u>Section 10.01</u> and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.15</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Refinancing Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This <u>Section 2.15</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.16. <u>Extension of Term Loans; Extension of Revolving Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Extension of Term Loans*. The Borrowers may at any time and from time to time request that all or a portion of the Term Loans of a given Class (each, an "**Existing Term Loan Tranche**") be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended, "**Extended Term Loans**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a "**Term Loan Extension Request**") setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) (except as to interest rates, fees, amortization, final maturity date, AHYDO Payments, optional prepayments and redemptions, premium, required prepayment dates and participation in prepayments, which shall be determined by the Borrowers and the Extending Term Lenders and set forth in the relevant Term Loan Extension Request), be substantially identical to, or (taken as a whole) not materially more favorable (as reasonably determined by the Borrowers) to the Extending Term Lenders than those applicable to the Existing Term Loan Tranche subject to such Term Loan Extension Request (except if the existing Lenders receive the benefit of such favorable terms or for covenants or other provisions applicable only to periods after the Latest Maturity Date), including: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; *provided*, *however*, that at no time shall there be Classes of Term Loans hereunder (including Refinancing Term Loans and Extended Term Loans) which have more than five different Maturity Dates; (ii) the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments with respect to the Extended Term Loans (whether in the form of interest rate margin, upfront fees, OID or otherwise) may be different than the All-In Yield, pricing, optional redemptions and prepayments and AHYDO Payments for the Term Loans of such Existing

------

Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Term Loans); and (iv) Extended Term Loans may have call protection as may be agreed by the Borrowers and the Lenders thereof; *provided*, *however*, that (A) in no event shall the final maturity date of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Term Loans hereunder, (B) the Weighted Average Life to Maturity of any Extended Term Loans of a given Term Loan Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of the applicable Existing Term Loan Tranche, (C) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect), (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing and (E) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans amended pursuant to any Term Loan Extension Request shall be designated a series (each, a "**Term Loan Extension Series**") of Extended Term Loans for all purposes of this Agreement; *provided* that any Extended Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each Term Loan Extension Series of Extended Term Loans incurred under this <u>Section 2.16</u> shall be in an aggregate principal amount that is not less than $10,000,000 (or, if less, the entire principal amount of the Indebtedness being extended pursuant to this <u>Section 2.16(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Extension of Revolving Credit Commitments*. The Borrowers may at any time and from time to time request that the Revolving Credit Commitments be amended to extend the Maturity Date with respect thereto (as so extended, "**Extended Revolving Credit Commitments**") and to provide for other terms consistent with this <u>Section 2.16</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Revolving Agent (who shall provide a copy of such notice to each of the Revolving Credit Lenders) (each, a "**Revolver Extension Request**") setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Revolving Credit Lender (including as to the proposed interest rates and fees payable) and offered pro rata to each Revolving Credit Lender and (y) the Extended Revolving Credit Commitment extended pursuant to a Revolver Extension Request, and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be) with such other terms as determined by the Borrower and the Extending Revolving Credit Lender agreeing to extend their Revolving Credit Commitment and the Extension Amendment may provide for other covenants (as determined by the Borrowers and Revolving Credit Lenders); and (ii) all borrowings under the Revolving Credit Facility and all repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstandings), (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments and (III) repayments made in connection with a permanent repayment and termination of non-extended Revolving Credit Commitments); *provided*, *further*, that (A) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, (B) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect) and (C) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a "**Revolver Extension Series**") of Extended Revolving Credit Commitments for all purposes of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Extension Request*. The Borrowers shall provide the applicable Extension Request at least five Business Days prior to the date on which the applicable existing Lenders are requested to respond (or such shorter period as agreed by the Administrative Agent or the Revolving Agent, as applicable), and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, in each case acting reasonably to accomplish the purposes of this <u>Section 2.16</u>. Subject to <u>Section 3.07</u>, no Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Extended Term Loans or any of its Revolving Credit Commitments amended into Extended Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an "**Extending Term Lender**") wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extended Term Loans and any Revolving Credit Lender (each, an "**Extending Revolving Credit Lender**") wishing to have its Revolving Credit Commitments subject to such Extension Request amended into Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent or the Revolving Agent, as applicable (each, an "**Extension Election**") on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, which it has elected to request be amended into Extended Term Loans or Extended Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent or the Revolving Agent, as applicable). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments, as applicable, in respect of which applicable Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extended Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent or the Revolving Agent, as applicable, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Extension Amendment*. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an amendment (each, an "**Extension Amendment**") to this Agreement among the Borrowers, the Administrative Agent or the Revolving Agent, as applicable, and each Extending Term Lender or Extending Revolving Credit Lender, as applicable, providing an Extended Term Loan or Extended Revolving Credit Commitment, as applicable, thereunder, which shall be consistent with the provisions set forth in <u>Section 2.16(a)</u> or <u>2.16(b)</u> above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Extension Amendment shall be, to the extent reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, subject to receipt by the Administrative Agent or the Revolving Agent, as applicable, of (i) customary legal opinions, board resolutions and officers' certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel's form of opinion reasonably satisfactory to the Administrative Agent or the Revolving Agent, as applicable, and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent or the Revolving Agent, as applicable, in order to ensure that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. The Administrative Agent or the Revolving Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled repayments set forth in <u>Section 2.07</u> with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a

------

reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to <u>Section 2.07</u>), (iii) modify the prepayments set forth in <u>Section 2.05</u> to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of <u>Section 10.01</u> (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to effect the provisions of this <u>Section 2.16</u>, and the Required Lenders hereby expressly authorize the Administrative Agent or the Revolving Agent, as applicable, to enter into any such Extension Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No conversion or extension of Loans or Commitments pursuant to any Extension in accordance with this <u>Section 2.16</u> shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. This <u>Section 2.16</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 2.17. <u>Defaulting Lenders</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Revolving Agent, as applicable, for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent or the Revolving Agent, as applicable, as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent or the Revolving Agent, as applicable, hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuers hereunder; <u>third</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, or requested by the applicable L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; <u>fourth</u>, as the Borrowers may request (so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent or the Revolving Agent, as applicable; <u>fifth</u>, if so determined by the Administrative Agent or the Revolving Agent, as applicable, and the Borrowers, to be held in a non-interest bearing deposit account and released in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this Agreement and (y) be held as Cash Collateral for funding obligations of such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 2.03</u>; <u>sixth</u>, to the payment of any amounts owing to the Lenders, the applicable L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the

------

Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.17(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees; Default Interest</u>. That Defaulting Lender (x) shall not be entitled to receive any Unused Revolver Commitment Fee, Delayed Draw Term Loan Commitment Fee, 2020 Delayed Draw Term Loan Commitment Fee or 2021 Delayed Draw Term Loan Commitment Fee pursuant to <u>Section 2.09(a), (d), (e)</u> or <u>(f)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender), (y) shall not be entitled to receive any interest at the Default Rate pursuant to <u>Section 2.08(b)</u> for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such interest that otherwise would have been required to have been paid to that Defaulting Lender) and (z) shall be limited in its right to receive Letter of Credit Fees as provided in <u>Section 2.03(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Pro Rata Share to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.03</u>, the "Pro Rata Share" of each Non- Defaulting Lender's Revolving Loans and L/C Obligations shall automatically be computed without giving effect to the Commitment of that Defaulting Lender; *provided* that (i) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that Non-Defaulting Lender *minus* (2) the aggregate Outstanding Amount of the Loans of that Lender and (ii) each reallocation shall be given effect only to the extent it does not cause the Revolving Credit Exposure of the applicable Lender to exceed its Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Defaulting Lender Cure*. If the Borrowers, the Revolving Agent and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Revolving Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Revolving Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to <u>Section 2.17(a)(iv)</u>), whereupon that Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made retroactively with respect to fees, or interest at the Default Rate pursuant to <u>Section 2.08(b)</u>, accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; *provided*, *further*, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time that there shall exist a Defaulting Lender, promptly upon the written request of the Revolving Agent (with respect to any or all Fronting Exposure) or the L/C Issuer (solely with respect to such Person's Fronting Exposure at such time), the Borrowers shall deliver to the Revolving Agent Cash Collateral in an amount sufficient to cover all such Fronting Exposure that has not been reallocated pursuant to <u>Section 2.17(a)(iv)</u> (after giving effect to any Cash Collateral provided by the Defaulting Lender). For purposes hereof, "**Cash Collateralize**" means to pledge and deposit with or deliver to the Revolving Agent, for the benefit of the relevant L/C Issuer and the Appropriate Lenders, as collateral for the L/C Obligations, Cash and Cash Equivalents (if reasonably acceptable to the Revolving Agent and the relevant L/C Issuer) or deposit account balances ("**Cash Collateral**") pursuant to documentation in form and substance reasonably satisfactory to the Revolving Agent and the relevant L/C Issuer (which documents are hereby consented to by the Appropriate Lenders) in an amount equal to 100% of such L/C Obligations or such lesser amount as the Revolving Agent may agree in its sole discretion. Derivatives of such term have corresponding meanings.

Section 2.18. <u>Co-Borrowers; New Guarantors</u>.

To the extent additional Restricted Subsidiaries are designated as "Borrowers" or "Guarantors" after the Closing Date pursuant to the terms of <u>Section 2.18(g)</u> below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower and each Guarantor accepts joint and several liability hereunder in consideration of the financial accommodations to be provided by the Administrative Agent or the Revolving Agent, as applicable, the Lenders and the L/C Issuers under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and Guarantor and in consideration of the undertakings of each Borrower and Guarantor to accept joint and several liability for the obligations of each Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower and each Guarantor shall be jointly and severally liable for the Secured Obligations with each Borrower and with each Guarantor, regardless of which Borrower actually receives the Loans hereunder or the amount of the Secured Obligations received or the manner in which the Administrative Agent or the Revolving Agent, as applicable, or any Lender accounts for the Secured Obligations on its books and records. Each Borrower's obligations with respect to Loans made to it, and each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder, with respect to Loans or L/C Obligations made to and other Secured Obligations owing by the Borrowers and Guarantors hereunder, shall be separate and distinct obligations, but all such obligations shall be primary obligations of each Borrower and Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower's and Guarantor's obligations arising as a result of the joint and several liability of such Borrower and Guarantor hereunder with respect to Loans made to, Letters of Credit issued on behalf of, and other Secured Obligations owing by the Borrowers and Guarantors hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (A) the validity or enforceability, avoidance or subordination of the obligations of any other Borrower or any Guarantor or of any promissory note or other document evidencing all or any part of the Secured Obligations of any other Borrower or any Guarantor, (B) the absence of any attempt to collect the Secured Obligations from any other Borrower, or Guarantor, any other guarantor, or any other security therefor, or the absence of any other action to enforce the same, (C) the waiver, consent, extension, forbearance or granting of any indulgence by any Agent or any Lender with respect to any provision of any instrument evidencing the obligations of any other Borrower or Guarantor, or any part thereof, or any other agreement now or hereafter executed by any other Borrower or any Guarantor and delivered to any Agent or any Lender, (D) the failure by any Agent or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the obligations of any other Borrower or any Guarantor, (E) any Agent's or any Lender's election, in any proceeding instituted under the Bankruptcy Code, of the application of Section

------

1111(b)(2) of the Bankruptcy Code of the United States, (F) any borrowing or grant of a security interest by any other Borrower or any Guarantor, as Debtor In Possession under Section 364 of the Bankruptcy Code of the United States, (G) the disallowance of all or any portion of any Agent's or any Lender's claim(s) for the repayment of the obligations of any other Borrower or any Guarantor under Section 502 of the Bankruptcy Code of the United States, or (H) any other circumstances which might constitute a legal or equitable discharge or defense of any other Borrower or any Guarantor. With respect to each Borrower's and each Guarantor's obligations arising as a result of the joint and several liability of such Borrower or Guarantor hereunder with respect to Loans made to the Borrowers hereunder, such Borrower and Guarantor waives, until the Secured Obligations shall have been paid in full and this Agreement and the other Loan Documents shall have been terminated, any right to enforce any right of subrogation or any remedy which any Agent or any Lender now has or may hereafter have against such Borrower, any other Borrower or any Guarantor, and any benefit of, and any right to participate in, any security or collateral given to any Agent or any Lender to secure payment of the Secured Obligations or any other liability of any Borrower or any Guarantor to any Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuation of any Event of Default, the Agents and the Lenders may proceed directly and at once, without notice, against any Borrower or Guarantor to collect and recover the full amount, or any portion of the Secured Obligations, without first proceeding against any other Borrower, any Guarantor or any other Person, or against any security or collateral for the Secured Obligations. Each Borrower and Guarantor consents and agrees that the Agents and the Lenders shall be under no obligation to marshal any assets in favor of such Borrower, any other Borrower or any Guarantor or against or in payment of any or all of the Secured Obligations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Borrower or Guarantor hereunder would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability hereunder, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Borrower, any Loan Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After the Closing Date, TCFI may, at any time and from time to time, designate any Restricted Subsidiary that is a Domestic Subsidiary as a Borrower or a Guarantor by delivery to the Administrative Agent and the Revolving Agent of a Borrower Joinder Agreement or Guarantor Joinder Agreement executed by such Subsidiary and TCFI, together with other documentation and other information with respect to such additional Borrower or Guarantor required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act requested by any Agent or any Lender (and to the extent not theretofore delivered on the Closing Date or otherwise), and upon such delivery and satisfaction, such Subsidiary shall for all purposes of this Agreement and the other Loan Documents be a Borrower or Guarantor and a party to this Agreement. As soon as practicable upon receipt of a Borrower Joinder Agreement or Guarantor Joinder Agreement, as applicable, the Administrative Agent or the Revolving Agent, as applicable, shall furnish a copy thereof to each Appropriate Lender.

**ARTICLE III.** 

**<u>TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</u>** 

Section 3.01. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section 3.01</u>, any and all payments made by or on account of a Borrower (the term Borrower under <u>Article III</u> being deemed to include any Subsidiary for whose account a Letter of Credit is issued) or Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes. If a Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Loan Document to any Recipient, (i) if the Tax in question is an Indemnified Tax or Other Tax, the sum payable by a Borrower or any Guarantor shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this <u>Section 3.01</u>), each such Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall be entitled to make such deductions or withholdings, (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment (or, if receipts or evidence are not available within 30 days, as soon as practicable thereafter), if a Borrower or any Guarantor is the applicable withholding agent, it shall furnish to such Recipient (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay, or timely reimburse any Agent or any Lender at its option with respect to, any and all present or future stamp, court or documentary Taxes and any other excise, property, intangible or mortgage recording Taxes, imposed by any Governmental Authority, which arise from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document excluding, in each case, any such Tax imposed as a result of a Recipient's Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (other than as a result of an assignment or participation that is requested or required in writing by the Borrower pursuant to <u>Section 3.07</u>) (all Taxes described in this <u>Section 3.01(b)</u> being hereinafter referred to as "**Other Taxes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication of any obligation under <u>Section 3.01(a)</u> or <u>(b)</u>, each Borrower and each Guarantor agree to indemnify each Recipient for (i) the full amount of Indemnified Taxes and Other Taxes payable by such Recipient and (ii) any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the Governmental Authority;

------

 *provided* that any Recipient seeking indemnification pursuant to this <u>Section 3.01(c)</u> provides the Borrower the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to the Borrower. A certificate as to the amount of such payment or liability prepared in good faith and delivered by such Recipient (or by an Agent on behalf of such Recipient), accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Recipient shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by Law or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Recipient to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Recipient under the Loan Documents. Each such Recipient shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly and on or before the date such documentation expires, becomes obsolete or inaccurate to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other provision of this <u>Section 3.01(d)</u>, a Recipient shall not be required to deliver any form or other documentation pursuant to this <u>Section 3.01(d)</u> that would in such Recipient's reasonable judgment subject such Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Recipient. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the reasonably request of the Borrower or the Administrative Agent) two properly completed and duly signed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from federal backup withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A) a certificate substantially in the form of <u>Exhibit H-1</u> hereto that such Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of the Borrower within the meaning

------

of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (any such certificate in Exhibit H, a "**United States Tax Compliance Certificate**") and (B) two properly completed and duly signed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor forms), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or has sold a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, Form W-8BEN, Form W-8BEN-E, a United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-3</u> or <u>H-4</u>, Form W-9 or any other required information from each beneficial owner, as applicable (*provided* that, if the Lender is a partnership and one or more beneficial owners of such Lender are claiming the portfolio interest exemption, the United States Tax Compliance Certificate substantially in the form of <u>Exhibit H-2</u> may be provided by such Lender on behalf of such beneficial owner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Agent that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-9, certifying that such Agent is exempt from federal backup withholding. Each Agent that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent two properly completed and duly signed originals of Internal Revenue Service Form W-8ECI or Form W-8BEN-E with respect to payments received by it as a beneficial owner and, two executed copies of Internal Revenue Service Form W-8IMY (together with accompanying documentation) with respect to payments received by it on behalf of others, certifying that it is a "U.S. branch" and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a United States person with respect to such payments (and the Borrower and such Agent agree to so treat such Agent as a United States person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a payment made to a Recipient under any Loan Document would be subject to withholding tax imposed under FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Laws and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Laws (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Recipient has or has not complied with such Person's obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section 3.01(e)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Recipient claiming any additional amounts payable pursuant to this <u>Section 3.01</u> shall use its reasonable efforts to mitigate or reduce the additional amounts payable, which reasonable efforts may include a change in the jurisdiction of its Lending Office or assignment of its rights and obligations hereunder to another of its offices, branches, or affiliates (or any other measures reasonably requested by the Borrower) if such a change or other measures would reduce any such additional amounts (or any similar amount that may thereafter accrue) and would not, in the sole determination of such Recipient, result in any unreimbursed cost or expense or be otherwise disadvantageous to such Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund in respect of any Taxes as to which indemnification or additional amounts have been paid to it by a Loan Party pursuant to this <u>Section 3.01</u>, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification or additional amounts paid by the Loan Party under this <u>Section 3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Recipient, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund net of any Taxes payable by any Agent or Lender on such interest); *provided* that the Loan Parties, upon the request of the Recipient, agree promptly to return such refund (*plus* any penalties, interest or other charges imposed by the relevant taxing authority) to such Recipient in the event such Recipient is required to repay such refund to the relevant taxing authority; *provided, further,* that in no event will any Recipient be required to pay any amount to a Loan Party pursuant to this paragraph (g) the payment of which would place such Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>Section 3.01(g)</u> shall not be construed to require any Recipient to make available its tax returns (or any other information relating to Taxes that it deems confidential) to the Borrower or any other Person.

Section 3.02. <u>Illegality</u>.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Term SOFR Rate Loans, or to determine or charge interest rates based upon the Term SOFR Rate, in each case after the Closing Date, then, on written notice thereof by such Lender to the Borrower, the Administrative Agent and the Revolving Agent, if applicable, any obligation of such Lender to make or continue Term SOFR Rate Loans or to convert Base Rate Loans to Term SOFR Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower, and the Revolving Agent, if applicable, that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall promptly, following written demand from such Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable, prepay or, if applicable, and such Loans are denominated in Dollars, convert all applicable Term SOFR Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term SOFR Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Term SOFR Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under <u>Section 3.05</u>. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

------

Section 3.03. <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this <u>Section 3.03</u>, if, on or prior to the first day of any Interest Period for any Term SOFR Rate Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent and Revolving Agent determine (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof (including, without limitation, because Term SOFR is not available or published on a current basis), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Required Lenders or Required Revolving Credit Lenders, as applicable, determine that for any reason in connection with any request for a Term SOFR Rate Loan or a conversion thereto or a continuation thereof that Term SOFR for any requested Interest Period does not adequately and fairly reflect the cost to such Lenders of making and maintaining such Loan, and the Required Lenders or Required Revolving Credit Lenders, as applicable, have provided notice of such determination to the Administrative Agent and Revolving Agent,

then, in each case, the Administrative Agent and Revolving Agent will promptly so notify the Borrower and each Lender.

Upon notice thereof by the Administrative Agent and Revolving Agent to the Borrower, (x) any obligation of the Lenders to make or maintain Term SOFR Rate Loans, and any right of the Borrower to continue Term SOFR Rate Loans or to convert Base Rate Loans to Term SOFR Rate Loans, shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Term SOFR Rate component of the Base Rate, the utilization of the Term SOFR Rate component in determining the Base Rate shall be suspended, in each case (to the extent of the affected Term SOFR Rate Loans or affected Interest Periods) until the Administrative Agent (acting at the direction of the Required Lenders) and Revolving Agent revoke such notice. Upon receipt of such notice, (i) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of Term SOFR Rate Loans (to the extent of the affected Term SOFR Rate Loans or affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans in the amount specified therein and (ii) any outstanding affected Term SOFR Rate Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted. Subject to this <u>Section 3.03</u>, if the Applicable Agent determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof on any given day, the interest rate on Base Rate Loans shall be determined by the Applicable Agent without reference to clause (c) of the definition of "Base Rate" until the Applicable Agent revokes such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Benchmark Replacement.</u> Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent (acting at the direction of the Required Lenders), the Revolving Agent, and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement (and the Lenders hereby (A) authorize and direct the Administrative Agent and Revolving Agent to execute and deliver any such amendment and (B) acknowledge and agree that the Administrative Agent and Revolving Agent shall be entitled to all of the exculpations, protections and indemnifications provided for in this Agreement in favor of the Administrative Agent and the Revolving Agent in executing and delivering any such amendment in which the Required Lenders are a signatory thereto). Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day

------

after the Administrative Agent and the Revolving Agent have posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent and the Revolving Agent have not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders and Required Revolving Credit Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <u>Section 3.03</u> will occur prior to the applicable Benchmark Transition Start<u>Replacement</u> Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benchmark Replacement Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent (acting at the direction of the Required Lenders) and the Revolving Agent will have the right to make Conforming Changes from time to time, in consultation with the Borrower, and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document (and the Lenders hereby (A) authorize and direct the Administrative Agent and the Revolving Agent to make any Conforming Changes (in accordance with the definition thereof) and to execute and deliver any amendments or modifications implementing such Conforming Changes, and (B) acknowledge and agree that the Administrative Agent and the Revolving Agent shall be entitled to all of the exculpations, protections and indemnifications provided for in this Agreement in favor of the Administrative Agent and the Revolving Agent in implementing such Conforming Changes and/or executing and delivering any such amendment or modification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent or the Revolving Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent and the Revolving Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to this <u>Section 3.03(d)</u> and (iv) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent (acting at the direction of the Required Lenders) and the Revolving Agent, pursuant to this <u>Section 3.03</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from the Lenders, except as expressly required pursuant to this <u>Section 3.03</u>.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Borrower may revoke any pending request for a Term SOFR Borrowing of, conversion to or continuation of Term SOFR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans and (ii) any outstanding affected Term SOFR Rate Loans will be deemed to have been converted to Base Rate Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent and the Revolving Agent shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the Term SOFR Rate (or any other applicable benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of (except as directed by the Required Lenders or Required Revolving Credit Lenders, as applicable), any termination date relating to the Term SOFR Rate, (ii) to select determine or designate any alternative rate, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any other modifier to any alternative rate or (iv) to determine whether or what alternative rate changes are necessary or advisable, if any, in connection with any of the foregoing. The Administrative Agent and the Revolving Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the Term SOFR Rate (or any other applicable benchmark) and absence of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of the Required Lenders or Required Revolving Credit Lenders, as applicable, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. The Administrative Agent and the Revolving Agent do not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to any alternate replacement index to the Term SOFR Rate, including without limitation, whether the composition or characteristics of any such alternate replacement index to the Term SOFR Rate will be similar to, or produce the same value or economic equivalence of, the Term SOFR Rate or have the same volume or liquidity as did the Term SOFR Rate prior to its discontinuance or unavailability.

Section 3.04. <u>Increased Cost and Reduced Return; Capital Adequacy; Term SOFR Rate Loan Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender reasonably determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each case after the Closing Date, or such Lender's compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Term SOFR Rate Loans or (as the case may be) issuing or participating in Letters of Credit, a reduction in the amount received or receivable by such Lender in connection with any of the foregoing, or subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (excluding for purposes of this <u>Section 3.04(a)</u> any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes, (ii) any Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes, (iii) Connection Income Taxes or (iv) reserve requirements contemplated by <u>Section 3.04(c)</u>) and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining the Term SOFR Rate Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of any sum received or receivable by such Lender, then from time to time within 15 Business Days after written demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the

------

Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender reasonably determines that the introduction of any Law regarding capital adequacy or liquidity requirements or any change therein or in the interpretation thereof, in each case after the Closing Date, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender's obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender's desired return on capital), then from time to time promptly following written demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent and the Revolving Agent, if applicable, given in accordance with <u>Section 3.06</u>), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction within 15 Business Days after receipt of such demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent not otherwise included in the determination of the Term SOFR Rate, each Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Term SOFR funds or deposits, additional interest on the unpaid principal amount of each applicable Term SOFR Rate Loan of such Borrower equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of any Term SOFR Rate Loans of such Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest is payable on such Loan; *provided* that such Borrower shall have received at least 15 Business Days' prior written notice (with a copy to the Administrative Agent and the Revolving Agent, if applicable) of such additional interest or cost from such Lender. If a Lender fails to give notice 15 Business Days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable 15 Business Days from receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section 3.04</u> shall not constitute a waiver of such Lender's right to demand such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender requests compensation under this <u>Section 3.04</u>, then such Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan or Letter of Credit affected by such event or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates; *provided* that such efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; *provided*, *further*, that nothing in this <u>Section 3.04(e)</u> shall affect or postpone any of the Secured Obligations of the Borrowers or the rights of such Lender pursuant to <u>Section 3.04(a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u>.

------

Section 3.05. <u>Funding Losses</u>.

Promptly following written demand of any Lender (with a copy to the Administrative Agent and the Revolving Agent, if applicable) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (excluding loss of profits) actually incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Term SOFR Rate Loan of such Borrower on a day other than the last day of the Interest Period for such Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Term SOFR Rate Loan of such Borrower on the date or in the amount notified by such Borrower;

including, in the case of clauses <u>(a)</u> and <u>(b)</u>, any loss or expense (excluding loss of profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

Section 3.06. <u>Matters Applicable to All Requests for Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Recipient claiming compensation under this <u>Article III</u> shall deliver a certificate to the Borrower (with a copy to the Administrative Agent and the Revolving Agent, if applicable) setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Recipient may use any reasonable and customary averaging and attribution methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Recipient's claim for compensation under <u>Section 3.01</u>, <u>3.02</u>, <u>3.03</u>, <u>3.04</u> or <u>3.05</u>, the Borrowers shall not be required to compensate such Recipient for any amount incurred if such Lender notifies the Borrower of the event that gives rise to such claim more than 180 days after such event; *provided*, that if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Recipient requests compensation by the Borrowers under <u>Section 3.04</u>, the Borrowers may, by notice to such Recipient (with a copy to the Administrative Agent and the Revolving Agent, if applicable), suspend the obligation of such Recipient to make or continue from one Interest Period to another applicable Term SOFR Rate Loan, or, if applicable, to convert Base Rate Loans into Term SOFR Rate Loan, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of <u>Section 3.06(c)</u> shall be applicable); *provided* that such suspension shall not affect the right of such Recipient to receive the compensation so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the obligation of any Lender to make or continue any Term SOFR Rate Loan, or to convert Base Rate Loans into Term SOFR Rate Loans shall be suspended pursuant to <u>Section 3.06(b)</u> hereof, such Lender's applicable Term SOFR Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day(s) of the then current Interest Period(s) for such Term SOFR Rate Loans (or, in the case of an immediate conversion required by <u>Section 3.02</u>, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to such conversion no longer exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such Lender's Term SOFR Rate Loans have been so converted, all payments and prepayments of principal that would otherwise be applied to such Lender's applicable Term SOFR Rate Loans shall be applied instead to its Base Rate Loans; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Term SOFR Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted into Term SOFR Rate Loans shall remain as Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender gives notice to the Borrowers (with a copy to the Administrative Agent and the Revolving Agent, if applicable) that the circumstances specified in <u>Section 3.02</u>, <u>3.03</u> or <u>3.04</u> hereof that gave rise to the conversion of any of such Lender's Term SOFR Rate Loans pursuant to this <u>Section 3.06</u> no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Term SOFR Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such Lender's Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Term SOFR Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Term SOFR Rate Loans under such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments for the applicable Facility.

Section 3.07. <u>Replacement of Lenders under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time (i) any Borrower becomes obligated to pay additional amounts or indemnity payments described in <u>Section 3.01</u> or <u>3.04</u> as a result of any condition described in such Sections or any Lender ceases to make any Term SOFR Rate Loans as a result of any condition described in <u>Section 3.02</u> or <u>3.04</u> or requires any Borrower to pay additional amounts as a result thereof, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender (including by virtue of such Lender refusing to make an Extension Election pursuant to <u>Section 2.16</u>, a Refinancing Amendment pursuant to <u>Section 2.15</u> or a Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan pursuant to <u>Section 10.01</u>), then the Borrower may, on written notice to the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to <u>Section 10.07(b)</u> (so long as the assignment fee is paid in such instance) all of its rights and obligations under this Agreement (which, in the case of <u>clause (iii)</u>, shall only apply in respect of any applicable Facility to which the consent, waiver or amendment in question relates and not to any other Facility hereunder) to one or more Eligible Assignees; *provided* that neither the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; *provided*, *further*, that (A) in the case of any such assignment resulting from a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents, (y) terminate the Commitment of such Lender or L/C Issuer, as the case may be, and/or (z) in the case of such Lender (other than an L/C Issuer), repay all Obligations of the Borrowers due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of an L/C Issuer, repay all Obligations of the Borrowers owing to such L/C Issuer relating to the Loans and participations held by such L/C Issuer as of such termination date and cancel or back-stop on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; *provided* that (I) in the case of any such termination of the Revolving Credit Commitment of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders after giving effect hereto) to cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and (II) such termination shall be in respect of any applicable facility (and not all Facilities hereunder).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender being replaced pursuant to <u>Section 3.07(a)</u> above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's applicable Commitment and outstanding Loans and participations in L/C Obligations in respect thereof, and (ii) deliver any Notes evidencing such Loans to the Borrowers or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans). Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitment and outstanding Loans and participations in L/C Obligations, (B) all obligations of the Borrowers owing to the assigning Lender relating to the Loans, Commitments and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Lender does not execute and deliver to the Administrative Agent and the Revolving Agent, if applicable, a duly executed Assignment and Assumption reflecting such replacement within five Business Days of the date on which the assignee Lender executes and delivers such Assignment and Assumption to such Lender, then such Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Lender. Notwithstanding the foregoing, in addition if a Non-Consenting Lender is being replaced in connection with any Extension Amendment, Refinancing Amendment, Permitted Repricing Amendment or amendment effecting a Replacement Term Loan, the Borrower shall have the option, with the consent of the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) and subject to advance notice (which notice may be rescinded if the Refinancing or replacement transaction contemplated in such notice is not consummated) to such Non-Consenting Lenders, in lieu of execution of an Assignment and Assumption as otherwise provided for in this clause (b), effect such assignment by purchasing any such Non-Consenting Lender's Loans (which shall be automatically cancelled upon consummation of such acquisition) and unfunded Commitments at par plus any amount required to be paid pursuant to <u>Section 2.05(d)</u> (solely for failure to consent to a <u>Permitted</u> Repricing Transaction<u>Amendment</u>) (allocated among the applicable Lenders in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon (and, if applicable, any amounts payable pursuant to clause (e) of this Section). By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained above, any Revolving Credit Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder, unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a back-stop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or Cash Collateral) have been made in respect of such outstanding Letters of Credit and the Lender that acts as the Revolving Agent may not be replaced hereunder except in accordance with the terms of <u>Section 9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that (i) the Borrower or the Administrative Agent (with respect to the Term Loans) or the Revolving Agent (with respect to the Revolving Loans) has requested that the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to any amendment thereto, including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan, (ii) the consent, waiver or amendment in question requires the agreement of each affected Lender or each Lender of a Class in accordance with the terms of <u>Section 10.01</u> or each directly and adversely affected Lender and (iii) the Required Lenders (or, in lieu of the

------

Required Lenders, in the case of a consent, waiver or amendment involving all of a directly and adversely affected Class of Lenders (including any Extension Amendment, Refinancing Amendment or Permitted Repricing Amendment or an amendment effecting a Replacement Term Loan), at least 50.1% (in dollar amount) of such Class (in lieu of any requirement to obtain the consent of the Required Lenders)) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a "**Non-Consenting Lender**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Lender being replaced pursuant to <u>Section 3.07(a)(iii)</u> above the Borrower shall pay to such replaced Lender the prepayment premium required to be paid pursuant to <u>Section 2.05(d)</u> only if applicable at the time replaced in respect of the aggregate principal amount of the Initial Term Loans, Delayed Draw Term Loans, 2020 Delayed Draw Term Loans and 2021 Delayed Draw Term Loans held by such replaced Lender immediately prior to such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This <u>Section 3.07</u> shall supersede any provisions in <u>Section 2.13</u> or <u>10.01</u> to the contrary.

Section 3.08. <u>Survival</u>.

Each party's obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments and repayment of all other Secured Obligations hereunder.

**ARTICLE IV.** 

**<u>CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</u>** 

Section 4.01. <u>Conditions to Initial Credit Extension</u>.

The obligation of each Lender to make a Credit Extension hereunder on the Closing Date is subject to satisfaction (or waiver) of the following conditions precedent, except as otherwise agreed between the Borrower and the Commitment Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent's receipt of the following, each of which shall be original, pdf or facsimile copies or delivered by other electronic method (followed promptly by originals) unless otherwise specified, properly executed by a Responsible Officer of the signing Loan Party, and in customary form and substance and consistent with the provisions of the Commitment Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Committed Loan Notice in accordance with the requirements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) counterparts of this Agreement executed by Holdings, the Borrower and each of the Subsidiary Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Revolving Credit Note executed by the Borrowers in favor of each Revolving Credit Lender and a Term Note executed by the Borrowers in favor of each Term Lender that has requested a Term Note at least three Business Days in advance of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Collateral Document and each other document set forth in <u>Schedule 1.01B</u> required to be executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party party thereto, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if required pursuant to the terms of the relevant Collateral Documents, certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock powers executed in blank and instruments, if any, evidencing the Pledged Debt indorsed in blank; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of good standing (to the extent such concept exists in the relevant jurisdiction) from the applicable secretary of state of the state of organization of each Loan Party, certificates of resolutions or other corporate or limited liability company action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) opinions from (A) Kirkland & Ellis LLP, New York counsel to the Loan Parties, (B) Holland & Knight LLP, North Carolina and Florida counsel to the Loan Parties and (C) Ballard Spahr LLP, Maryland counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (immediately after giving effect to the Transactions) substantially in the form attached hereto as <u>Exhibit D-2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate stating that the conditions set forth in Section 4.01 (b), and (g) (in the case of clause (g), as to the Specified Representations) have been satisfied.

*provided* that each of the requirements set forth in <u>clause (iv)</u> above, including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement (except to the extent that the provision of a guarantee from TCFI or any of its Subsidiaries and/or the creation or perfection of a Lien on the Collateral cannot be provided (other than a Lien on such Collateral that may be perfected solely (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates or other certificates, if any, of the Equity Interests of the Borrower to the extent (i) possession of such stock certificates or other certificates perfects a security interest therein and (ii) other than in the case of stock certificates or other equity certificates representing Equity Interests of the Borrower (after giving effect to the Acquisition), such stock certificates or other certificates have been received from the Seller after the Borrower's use of commercially reasonable efforts to receive such documents and instruments)) shall not constitute conditions precedent to any Credit Extension on the Closing Date after the Borrower's use of commercially reasonable efforts to provide such items on or prior to the Closing Date or without undue burden or expense if the Borrower agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be taken such other actions as may be required to perfect such security interests within five (5) Business Days with regards to a guarantee from TCFI or its Subsidiaries, and, in all other cases 90 days after the Closing Date (subject to extensions approved by the Required Lenders in their reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to or substantially concurrently with the initial Borrowing on the Closing Date, the Initial Borrower shall have received the Equity Contribution (to the extent not otherwise applied to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Substantially concurrently with the initial Borrowing on the Closing Date, the Refinancing shall have been consummated and all security interests and guarantees in connection therewith shall have been terminated and released. Substantially concurrently with the initial Borrowing on the Closing Date,

------

the Acquisition shall be consummated in all material respects in accordance with the terms of the Purchase Agreement, without giving effect to any other amendments or modifications to the provisions thereof or express waivers or consents thereto by the Borrower that, in each case, are materially adverse to the interests of the Lenders without the consent of the Lenders, such consent not to be unreasonably withheld, conditioned or delayed (it being understood and agreed that (i) any of the following decreases in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders (x) decreases pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement, as in effect on the date hereof (y) decreases of less than twenty percent (20%) in the aggregate and (z) decreases to the extent they are applied first, to reduce the Equity Contribution to a percentage not less than the minimum percentage set forth in the definition of "Equity Contribution" and second, to reduce the amount of the Initial Term Commitments and the Equity Contribution on a pro rata basis, (ii) any increase in the consideration for the Acquisition shall be deemed not to be materially adverse to the interests of the Lenders so long as funded with proceeds of common equity or preferred equity that does not constitute Disqualified Equity Interests, the Initial Revolving Borrowing or cash on hand at TCFI and its Subsidiaries and (iii) any adverse modification to the definition of "Material Adverse Effect" (as defined therein) without the prior written consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned) shall be deemed to be materially adverse to the interests of the Commitment Parties); provided that in each case the Commitment Parties shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within 3 business days of receipt of written notice of such modification, amendment, consent or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of the Purchase Agreement, there shall not have been any "Material Adverse Effect" (as defined in the Purchase Agreement as of February 18, 2020).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) So long as requested at least ten (10) business days prior to the Closing Date, (x) each Agent and each Lender shall have received, at least three (3) business days prior to the Closing Date, all documentation and other information with respect to Borrowers and the Guarantors that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and (y) each Loan Party shall deliver, at least three (3) business days prior to the Closing Date, to each Agent and each Commitment Party a Beneficial Ownership Certification, in form and substance reasonably requested by such Commitment Party, duly authorized, executed and delivered by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All fees and expenses required to be paid hereunder and invoiced at least three Business Days before the Closing Date shall have been paid (or shall be paid substantially contemporaneously with the initial fundings under the Facilities) from the proceeds of the initial fundings under the Facilities, including fees pursuant to the Commitment Letter and the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Specified Representations shall be true and correct in all material respects (or, in the case of any such representation or warranty that is already qualified by or subject to a "Material Adverse Effect" or similar term or qualification, in all respects) on and as of the Closing Date; *provided* that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; *provided, further*, that any references to Material Adverse Effect in the Specified Representations shall be deemed to be references to "Material Adverse Effect" (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The representations and warranties made by or with respect to TCFI in the Purchase Agreement that are material to the interests of the Lenders shall be true and correct in all material respects, but only to the extent that the Borrower or its applicable affiliates have the right (determined without regard to any notice provisions but taking into account any applicable cure provisions) to terminate their obligations under the Purchase Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties (such representations and warranties, the "<u>Specified Purchase Agreement Representations</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent and the Revolving Agent shall have received the Annual Financial Statements and the Interim Financial Statements.

Without limiting the generality of the provisions of <u>Section 9.03(b)</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement or accepts an assignment of Loans or Commitments on or after the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent or the Revolving Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 4.02. <u>Conditions to All Credit Extensions after the Closing Date</u>.

The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to satisfaction or waiver of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of each Loan Party set forth in <u>Article V</u> and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; <u>provided</u>, that in the case of a Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, the condition in this Section 4.02(a) shall be limited to the Specified Representations being true and correct in all material respects on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such Specified Representations expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom (or, in the case of any Delayed Draw Term Loan, 2020 Delayed Draw Term Loan or 2021 Delayed Draw Term Loan incurred to finance a Limited Condition Transaction, no Event of Default (as determined in accordance with <u>Section 1.09(f)</u>) shall exist on the LCT Test Date and no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> shall exist on the date that such Delayed Draw Term Loans, such 2020 Delayed Draw Term Loans or such 2021 Delayed Draw Term Loans are actually funded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent or the Revolving Agent, as applicable, and, if applicable, the relevant L/C Issuers shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) submitted by any Borrower after the Closing Date shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension (or on the LCT Test Date, if applicable).

------

Notwithstanding anything in this <u>Section 4.02</u> to the contrary, (i) the effectiveness of any Incremental Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.14(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Incremental Amendment, (ii) the effectiveness of any Refinancing Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.15(b)</u> and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment, (iii) the effectiveness of any Extension Amendment shall be subject only to the conditions precedent set forth in <u>Section 2.16(d)</u> and to such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the Extension Amendment and (iv) the effectiveness of any amendment with respect to Replacement Term Loans shall be subject only to the conditions precedent set forth in <u>Section 4.02(a)</u>, the absence of any Event of Default and such conditions as are mutually agreed between the applicable Borrower and the Lenders party to the applicable amendment.

Section 4.03. <u>Additional Conditions to the Delayed Draw Term Loans</u>.

The obligation of each Delayed Draw Lender to honor any Request for Credit Extension that is a Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such Delayed Draw Term Loans being requested to be borrowed on any Delayed Draw Funding Date, together with the original principal amount of any Delayed Draw Term Loans previously funded, shall not exceed the Delayed Draw Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.00 to 1.00 for any Delayed Draw Term Loan incurred during the first full four Fiscal Quarters after the Closing Date and 4.50 to 1.00 on any date of incurrence thereafter.

Section 4.04. <u>Additional Conditions to the 2020 Delayed Draw Term Loans</u>.

The obligation of each 2020 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2020 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such 2020 Delayed Draw Term Loans being requested to be borrowed on any 2020 Delayed Draw Term Loan Funding Date, together with the original principal amount of any 2020 Delayed Draw Term Loans previously funded, shall not exceed the 2020 Delayed Draw Term Loan Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such 2020 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such 2020 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 5.50 to 1.00 for any 2020 Delayed Draw Term Loan incurred on or prior to June 30, 2021, and 5.00 to 1.00 on any date of incurrence thereafter; provided that with respect to any Borrowing of the 2020 Delayed Draw Term Loans on the Amendment No. 1 Effective Date, the

------

Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>) shall not exceed 5.25 to 1.00.

Section 4.05. <u>Additional Conditions to the 2021 Delayed Draw Term Loans</u>.

The obligation of each 2021 Delayed Draw Term Loan Lender to honor any Request for Credit Extension that is a 2021 Delayed Draw Term Loan (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Rate Loans) is subject to the satisfaction or waiver of the further conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum principal amount of such 2021 Delayed Draw Term Loans being requested to be borrowed on any 2021 Delayed Draw Term Loan Funding Date, together with the original principal amount of any 2021 Delayed Draw Term Loans previously funded, shall not exceed the 2021 Delayed Draw Term Loan Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving *pro forma* effect to the incurrence of such 2021 Delayed Draw Term Loans and any Permitted Acquisition or Investment consummated concurrently therewith (and all other appropriate *pro forma* adjustments in accordance with <u>Section 1.09</u>), the Consolidated First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u>, excluding the cash proceeds (if any) of any such 2021 Delayed Draw Term Loan incurred on such date in excess of $2,500,000 for the purposes of netting) shall not exceed 6.00 to 1.00 for any 2021 Delayed Draw Term Loan incurred on or prior to May 7, 2022, and 5.50 to 1.00 on any date of incurrence thereafter.

**ARTICLE V.** 

**<u>REPRESENTATIONS AND WARRANTIES</u>** 

Holdings, the Borrower and each of the Subsidiary Guarantors party hereto represent and warrant to the Agents and the Lenders at the time of each Credit Extension (to the extent required to be made for such Credit Extension pursuant to <u>Article IV</u>; *provided* that, for purposes of the initial Credit Extensions on the Closing Date, such representations and warranties shall be limited to the Specified Representations) that:

Section 5.01. <u>Existence, Qualification and Power; Compliance with Laws</u>.

Each Loan Party and each Restricted Subsidiary that is a Material Subsidiary (a) is a Person duly incorporated, organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, organization or formation to the extent such concept exists in such jurisdiction, (b) in the case of the Loan Parties, has all requisite organizational power and authority to execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case, referred to in <u>clauses (a)</u> (other than with respect to the Borrower), <u>(c)</u>, <u>(d)</u> or <u>(e)</u>, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

Section 5.02. <u>Authorization; No Contravention</u>.

------

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such Person's Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by <u>Section 7.01</u>), or require any payment to be made under) (x) any Contractual Obligation to which such Person is a party or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; except with respect to any violation, conflict, breach or contravention or payment (but not creation of Liens) referred to in <u>clauses (ii)</u> and <u>(iii)</u>, to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

Section 5.03. <u>Governmental Authorization</u>.

No material approval, consent, exemption, authorization, or other action by, notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, the perfection (if and to the extent required by the Collateral and Guarantee Requirement) or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) approval, consent, exemption, authorization, or other action by, or notice to, or filing necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (or release existing Liens) under applicable U.S. law, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in be in full force and effect pursuant to the Collateral and Guarantee Requirement), (iii) filings pursuant to the Assignment of Claims Act of 1940, as amended from time to time (31 U.S.C. § 3727 et seq.), in respect of Accounts and contracts of the Borrower and its Subsidiaries, the obligor in respect of which is the United States of America or any department, agency or instrumentality thereof or (iv) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

Section 5.04. <u>Binding Effect</u>.

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties or (iii) the effect of foreign Laws, rules and regulations as they relate to the granting of security interests in assets of, and pledges of Equity Interests in or Indebtedness owed by, Foreign Subsidiaries (<u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, the "**Enforcement Qualifications**").

Section 5.05. <u>No Material Adverse Effect</u>.

Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

Section 5.06. <u>Litigation</u>.

------

Except as set forth in <u>Schedule 5.06</u>, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against any of their properties or revenues (other than actions, suits, proceedings and claims in connection with the Transactions) that have a reasonable likelihood of adverse determination and such determination either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

Section 5.07. <u>Ownership of Real Property; Liens</u>.

<u>Schedule 5.07</u> hereto sets forth all Real Property owned by the Borrower and each of its Restricted Subsidiaries as of the Closing Date (including whether or not any such Real Property constitutes a Material Real Property). The Borrower and each of its Restricted Subsidiaries has good and marketable fee simple title to, or valid leasehold interests in, or valid easements or other rights to use in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except (a) defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes, (b) Liens permitted by <u>Section 7.01</u> or (c) where the failure to have such title could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.08. <u>Environmental Matters</u>.

Except as specifically disclosed in <u>Schedule 5.08</u> or except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party is in material compliance with all Environmental Laws, which includes obtaining and maintaining all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loan Parties have not received any written notice that alleges any of them is in violation of or potentially liable under any Environmental Laws and none of the Loan Parties nor any of the Real Property is the subject of any claims, investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower, threatened in writing, under any Environmental Law or to revoke or modify any Environmental Permit held by any of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities owned, operated or leased by any of the Loan Parties, or, to the knowledge of the Borrower, Real Property formerly owned, operated or leased by any Loan Party or arising out of the conduct of the Loan Parties that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup or could reasonably be expected to result in the any Loan Party incurring liability under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there are no facts, circumstances or conditions arising out of or relating to the operations of the Loan Parties or Real Property or facilities owned, operated or leased by any of the Loan Parties or, to the knowledge of the Borrower, any Real Property or facilities formerly owned, operated or leased by the Loan Parties that could reasonably be expected to result in any Loan Party incurring liability under Environmental Laws.

------

Section 5.09. <u>Taxes</u>.

Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Restricted Subsidiaries have timely filed all tax returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, income, profits or assets, that are due and payable (including in their capacity as a withholding agent), except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. To the knowledge of the Loan Parties, there is no proposed Tax deficiency or assessment against the Loan Parties that, if made would, individually or in the aggregate, have a Material Adverse Effect.

Section 5.10. <u>ERISA Compliance</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due under Section 4007 of ERISA), including on account of an ERISA Affiliate; (iii) no Loan Party or Restricted Subsidiary has incurred, or reasonably expects to incur, any liability, including on account of an ERISA Affiliate (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party, Restricted Subsidiary nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA; except, with respect to each of the foregoing clauses of this <u>Section 5.10(b)</u>, as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

Section 5.11. <u>[Reserved]</u>.

Section 5.12. <u>Margin Regulations; Investment Company Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation T, U or X of the Board of Governors of the United States Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Borrower, Holdings or any of their Restricted Subsidiaries is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

Section 5.13. <u>Disclosure</u>.

As of the Closing Date, no written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party on or prior to the Closing Date concerning Holdings and (to the knowledge of the Initial Borrower with respect to information of TCFI and its Subsidiaries prior to the Closing Date) the Initial Borrower and its Subsidiaries or the Transactions (other than projected financial information, pro forma financial information, budgets, estimates, other forward-looking statements and information of a general economic or industry nature) to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement on or prior to the Closing Date (as modified or supplemented by other information so furnished) when taken as a whole and as supplemented contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to written projected financial information and *pro*

------

 *forma* financial information furnished by or on behalf of the Initial Borrower on or prior to the Closing Date concerning Holdings, the Borrower and its Subsidiaries or the Transactions, the Initial Borrower represents that, as of the Closing Date, such written information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was furnished, it being understood that such projected financial information and *pro* forma financial information are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries, and that actual results may vary from such forecasts and that such variations may be material and that no assurance can be given that the projected results will be realized.

Section 5.14. <u>Labor Matters</u>.

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) within the past three (3) years, hours worked by and payment made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws dealing with such matters; and (c) within the past three (3) years, all payments due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party.

Section 5.15. <u>Intellectual Property; Licenses, Etc.</u>

The Borrower and its Restricted Subsidiaries own, or license or possess the right to use, all Intellectual Property that is reasonably necessary for the operation of their respective businesses as currently conducted, except to the extent the failure to own, or license or possess the right to use, such Intellectual Property, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of the respective businesses of the Borrower and its Restricted Subsidiaries as currently conducted (including the use of Intellectual Property) does not infringe upon any Intellectual Property held by any Person, except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual Property owned by Borrower or its Restricted Subsidiaries, is pending or, to the knowledge of the Borrower, threatened against any Loan Party or any of the Restricted Subsidiaries (other than office actions issued in the ordinary course of prosecution of any pending applications for patents or applications for registration of other Intellectual Property, which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect).

All registrations listed in Section II.B of the Perfection Certificate are valid and in full force and effect, except, in each case, to the extent failure to be valid or in full force and effect could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 5.16. <u>Solvency</u>.

On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

Section 5.17. <u>[Reserved]</u>.

------

Section 5.18. <u>USA Patriot Act; OFAC; FCPA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) None of Holdings, the Borrower, any Restricted Subsidiary nor, to the knowledge of the Borrower, any director or officer of Holdings, the Borrower or any Restricted Subsidiary is the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") and (ii) the Borrower will not, directly or knowingly indirectly (x) use the proceeds of the Loans or (y) otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person, that is the subject of any U.S. sanctions administered by OFAC, or in any country that is the subject of comprehensive U.S. sanctions administered by OFAC, except to the extent licensed or otherwise approved or exempted by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No part of the proceeds of the Loans will be used by Holdings or its Subsidiaries, directly or knowingly indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>").

Section 5.19. <u>Security Documents.</u>

Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of the Collateral Documents, together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents (including the delivery to the Collateral Agent of any Pledged Debt and any Pledged Equity required to be delivered pursuant hereto or pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, a legal, valid, enforceable and perfected Lien on all right, title and interest of the respective Loan Parties in the Collateral described therein (to the extent that a Lien may be perfected by such filings and other actions) subject to the Enforcement Qualifications and Liens permitted by <u>Section 7.01</u>.

Notwithstanding anything herein (including this <u>Section 5.19</u>) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest (other than with respect to those pledges and security interests (if any) made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary) in any Equity Interests or assets of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law, (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or (C) on the Closing Date and until required pursuant to <u>Section 6.13</u> or <u>4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>), the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge or security interest to the extent not required on the Closing Date pursuant to <u>Section 4.01(a)(iv)</u> (subject to the proviso at the end of such <u>Section 4.01(a)</u>).

------

**ARTICLE VI.** 

**<u>AFFIRMATIVE COVENANTS</u>** 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent obligations not yet due and owing) hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer is in place), then after the Closing Date, Holdings (solely in the case of <u>Sections 6.05</u>, <u>6.11</u> and <u>6.13</u>) and the Borrower shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u> and <u>6.03</u>) cause each of its respective Restricted Subsidiaries to:

Section 6.01. <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 150 days after the end of the fiscal year ending on December 31, 2020 and 135 days after the end of each subsequent fiscal year, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders' equity and cash flows for such fiscal year, setting forth in each case beginning with the financial statements for the fiscal year ending on December 31, 2021 in comparative form the figures for the previous fiscal year, all in reasonable detail (together with, in all cases, customary management discussion and analysis) and prepared in accordance with GAAP (except as noted therein), audited and accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Agents (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, within 45 days (or 60 days in the case of the fiscal quarters ending on June 30, 2020, September 30, 2020 and March 31, 2021) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower beginning with the Fiscal Quarter ending on June 30, 2020, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the fiscal year then ended, setting forth, in each case beginning with the fiscal quarter ending on March 31, 2021, in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail (together with, in all cases, beginning with the fiscal quarter ending on March 31, 2021, customary management discussion and analysis) and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Borrower and its Restricted Subsidiaries in accordance with GAAP (except as noted therein), subject only to normal year-end audit adjustments and the absence of footnotes; *provided* that, any change in GAAP (or relevant pronouncements) or in the application thereof (including through conforming changes made consistent with IFRS) shall not be required to be reflected in the financial statements delivered pursuant to this <u>Section 6.01(b)</u> until after such changes are reflected in the audited financial statements most recently delivered pursuant to <u>Section 6.01(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to a Qualified IPO, deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender, no later than 150 days after the end of the fiscal year ending on December 31, 2020 and within 135 days after the end of each subsequent fiscal year, a detailed consolidated budget for the following fiscal year on a quarterly basis (including a projected consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the "**Projections**"), which

------

Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by the Borrower to be reasonable at the time such Projections were furnished, it being understood that such Projections are not to be viewed as facts or as a guarantee of performance or achievement of any particular results, are subject to significant uncertainties and contingencies many of which are beyond the control of the Borrower and its Restricted Subsidiaries, and that actual results may vary from such Projections and that such variations may be material and that no assurance can be given that the projected results will be realized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deliver to the Administrative Agent and the Revolving Agent with each set of consolidated financial statements referred to in <u>Sections 6.01(a)</u> and <u>6.01(b)</u>, the related consolidating financial information reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which are not required to be audited and may be in footnote form only) from such consolidated financial information.

Notwithstanding the foregoing, the obligations in <u>Sections 6.01(a)</u> and <u>(b)</u> may be satisfied with respect to financial information of the Borrower and its Restricted Subsidiaries by furnishing (I) the applicable financial statements of Holdings (or any direct or indirect parent of the Borrower) or (II) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable filed with the SEC; *provided* that, with respect to <u>clauses (I)</u> and <u>(II)</u>, (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under <u>Section 6.01(a)</u>, such materials are accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing or other independent registered public accounting firm approved by the Administrative Agent and the Revolving Agent (such consent not to be unreasonably withheld, delayed or conditioned), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be without any "going concern" qualification or any qualification as to the scope of such audit (other than a "going concern" qualification, disclosure or exception that is as a result of (i) current debt maturity of any Indebtedness scheduled to mature within one year from the date of delivery of such opinion or (ii) any prospective or actual inability to satisfy any financial covenant (including the covenant under <u>Section 7.11</u>)).

Any financial statement required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> shall not be required to include purchase accounting or recapitalization accounting adjustments relating to the Transactions or any Permitted Acquisition or other permitted Investment to the extent it is not practicable to include them.

Documents required to be delivered pursuant to <u>Sections 6.01</u> and <u>6.02(a)</u> through <u>(d)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or provides a link thereto on the website on the Internet at the website address listed on <u>Schedule 10.02</u>; or (ii) on which such documents are posted on the Borrower's behalf on IntraLinks or another relevant website, if any, to which each Lender and each Agent have access; *provided* that (i) upon written request by the Administrative Agent or the Revolving Agent, the Borrower shall deliver paper copies of such documents to such Agent for further distribution to each Appropriate Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent and the Revolving Agent of the posting of any such documents and provide to such Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Notwithstanding anything contained herein, in every instance, the Borrower shall be required to provide

------

paper copies of the Compliance Certificates required by <u>Section 6.02(a)</u> to the Administrative Agent and the Revolving Agent (which may be electronic copies delivered via electronic mail). Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Agents and maintaining its copies of such documents.

The Borrower hereby acknowledges that the Agents will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "**Borrower Materials**") by posting the Borrower Materials on IntraLinks or another similar electronic system (the "**Platform**").

Section 6.02. <u>Certificates; Other Information</u>.

Deliver to the Administrative Agent and the Revolving Agent for prompt further distribution to each Appropriate Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date of delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings, the Borrower or any Restricted Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent and the Revolving Agent pursuant to any other clause of this <u>Section 6.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) together with the delivery of each Compliance Certificate pursuant to <u>Section 6.02(a)</u>, (i) a description of each event, condition or circumstance during the last fiscal year covered by such Compliance Certificate requiring a mandatory prepayment under <u>Section 2.05(b)</u> (to the extent notice of such event, condition or circumstance has not been previously furnished to the Administrative Agent), (ii) a list of each Subsidiary of the Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate (to the extent that there have been any changes in the identity or status as a Restricted Subsidiary or Unrestricted Subsidiary of any such Subsidiaries since the Closing Date or the most recent list provided) and (iii) a list of any additional registrations of Intellectual Property constituting Collateral of all Grantors (as defined in the Security Agreement) for such fiscal year not previously disclosed to the Administrative Agent and the Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly following any request therefor, (i) such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as any Agent or any Lender through the Administrative Agent or the Revolving Agent may from time to time reasonably request and (ii) solely in connection with the designation of a new Borrower pursuant to Section 2.18(f) information and documentation reasonably requested by any Agent or any Lender through the Administrative Agent or the Revolving Agent for purposes of compliance with applicable "know your customer" requirements under the PATRIOT Act or other applicable anti-money laundering laws.

------

In no event shall the requirements set forth in <u>Section 6.02(d)</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.03. <u>Notices</u>.

Promptly after a Responsible Officer of the Borrower or any Subsidiary Guarantor has obtained knowledge thereof, notify each Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any <u>Default or</u> Event of Default (except to the extent the Administrative Agent or the Collateral Agent shall have previously furnished to the Borrower written notice of such <u>Default or</u> Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the occurrence of an ERISA Event which could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to be adversely determined and, if so determined, could reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the occurrence of any environmental contamination or violation that could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this <u>Section 6.03</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being delivered pursuant to <u>Section 6.03(a)-(d)</u> (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. In no event shall the requirements set forth in <u>Section 6.03</u> require Holdings, the Borrower or any of its Restricted Subsidiaries to provide any such information which (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or Contractual Obligation (not created in contemplation thereof) or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

Section 6.04. <u>Payment of Taxes</u>.

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of material Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent (a) any such Tax is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP or (b) the failure to pay or discharge the same would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.05. <u>Preservation of Existence, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of <u>Section 6.05(a)</u> (other than with respect to the Borrower) or this <u>Section 6.05(b)</u>, to the extent (i) that failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by <u>Article VII</u>.

Section 6.06. <u>Maintenance of Properties</u>.

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect (a) all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted and (b) all of the Intellectual Property owned by it that are necessary, as reasonably determined in the Borrower's business judgment, for the operation of its business as currently conducted.

Section 6.07. <u>Maintenance of Insurance</u>.

Maintain with insurance companies that the Borrower believes (in the good faith judgment of its management) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons. The Borrower shall provide to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent: (i) not later than 10 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Collateral Agent shall reasonably agree), in the case of insurance obtained after the Closing Date), (x) evidence that adequate insurance required to be maintained under this Agreement (including without limitation, casualty and liability insurance, but excluding business interruption insurance, director and officer insurance and worker's compensation insurance and other policies as agreed by the Required Lenders in their reasonable discretion) is in full force and effect and (y) insurance certificates issued by the Loan Parties'<u>'</u> insurance broker containing such information regarding such insurance policies as the Collateral Agent or the Required Lenders shall reasonably request and naming the Collateral Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (ii) not later than 45 days after the Closing Date (or 45 days after the date any such insurance with respect to the Loan Parties and/or their properties is obtained (or in each case such later date as the Required Lenders shall reasonably agree), in the case of casualty and liability insurance obtained after the Closing Date), loss payable endorsements that name the Collateral Agent, on behalf of the Secured Parties, as loss payee thereunder. If the improvements on any Mortgaged Property are at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then, to the extent required by applicable Flood Insurance Laws, the Borrower shall, or shall cause each Loan Party to, as promptly as reasonably practicable, (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount reasonably satisfactory to the Required Lenders and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Collateral Agent evidence of such compliance.

------

Section 6.08. <u>Compliance with Laws</u>.

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property (including, without limitation USA Patriot Act, OFAC and FCPA), except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 6.09. <u>Books and Records</u>.

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries may maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).

Section 6.10. <u>Inspection Rights</u>.

Permit representatives and independent contractors of each of the Administrative Agent and the Revolving Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants' customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower, it being agreed that, while the provisions of this <u>Section 6.10</u> are for the benefit of the Agents and the Lenders, only the Administrative Agent and the Revolving Agent on behalf of the Lenders may exercise rights under this <u>Section 6.10</u>; *provided* that each such Agent shall not exercise such rights more often than one time during any calendar year and such time shall be at the Borrower's expense; *provided*, *further*, that during the continuation of an Event of Default, any such Agent (or any of its respective representatives or independent contractors), on behalf of the Lenders, may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Applicable Agent shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants. Notwithstanding anything to the contrary in this <u>Section 6.10</u>, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to any Agent or any Lender (or their respective representatives or contractors) is prohibited by Law, fiduciary duty or any Contractual Obligation (not created in contemplation thereof) or (c) is subject to attorney-client or similar privilege or constitutes attorney work product.

Section 6.11. <u>Additional Collateral; Additional Guarantors</u>.

At the Borrower's expense, subject to the terms, conditions and provisions of the Collateral and Guarantee Requirement and any applicable limitation in any Collateral Document, take all action necessary or reasonably requested by the Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the formation or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary) by any Loan Party or the designation in accordance with <u>Section 6.14</u> of any existing direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary (in each case, other than an Excluded Subsidiary) or any Subsidiary becoming a wholly owned Material Domestic Subsidiary (in each case, other than an Excluded Subsidiary):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 60 days after such formation, acquisition or designation, or such longer period as the Collateral Agent may agree in writing in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Collateral Agent, other than with respect to any Excluded Assets, a Guarantor Joinder Agreement, Security Agreement Supplements, Intellectual Property Security Agreements and other security agreements and documents as reasonably requested by and in form and substance reasonably satisfactory to the Collateral Agent (consistent with the Mortgages (if any), Security Agreement, Intellectual Property Security Agreements and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated and a security interest therein may be perfected by the delivery of such certificates) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Material Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement and each direct or indirect parent of such Material Domestic Subsidiary to take whatever action (including the recording of Mortgages, the filing of UCC financing statements and delivery of stock and membership interest certificates to the extent certificated) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent a signed copy of an opinion, addressed to the Collateral Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Collateral Agent as to such matters set forth in this <u>Section 6.11(a)</u> as the Collateral Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after the written request therefor by the Collateral Agent, deliver to the Collateral Agent with respect to each Material Real Property (as determined by the Borrower (acting reasonably and in good faith)) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, any existing title reports, abstracts, appraisals or environmental assessment reports, to the extent available and in the possession or control of the Borrower; *provided*, *however*, that there shall be no obligation to deliver to the Collateral Agent any environmental assessment report whose disclosure to the Collateral Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if reasonably requested by the Collateral Agent, within 60 days after such request (or such longer period as the Collateral Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property that would constitute Collateral of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement, but not specifically covered by the preceding <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> or <u>Section 6.11(b)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than one hundred twenty (120) days after the acquisition by any Loan Party of Material Real Property as determined by the Borrower (acting reasonably and in good faith) (or such longer period as the Collateral Agent may agree in writing in its reasonable discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

Section 6.12. <u>Compliance with Environmental Laws</u>.

Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental Permits necessary for its operations and properties; and (c) in each case to the extent the Loan Parties are required by Governmental Authorities or otherwise pursuant to Environmental Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

Section 6.13. <u>Further Assurances; Post-Closing Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly upon reasonable request by the Collateral Agent (i) correct any mutually identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement and subject in all respects to the limitations therein. If the Collateral Agent reasonably determines that it is required by applicable Law to have appraisals prepared in respect of the Real Property of any Loan Party subject to a mortgage constituting Collateral, the Borrower shall cooperate with the Collateral Agent such that the Collateral Agent is able to order appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.13(b)</u>, in each case within the time limits specified therein (or such longer period of time reasonably acceptable to the Collateral Agent and the Required Lenders).

Section 6.14. <u>Designation of Subsidiaries</u>.

The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided* that, immediately after such designation, no Event of Default shall have occurred and be continuing and no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Junior Financing. As of the Closing Date, the Restricted Subsidiaries are set forth on <u>Schedule 6.14</u>. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined in good faith by the Borrower of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a Return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined in good faith by the Borrower at the date of such designation. Notwithstanding anything to the contrary contained herein, in no event shall (1) any Restricted Subsidiary that holds any Equity Interests in any Restricted Subsidiary (unless such Restricted Subsidiary is included in the designation pursuant to this Section 6.14), (2) the Borrower, in each case, be designated as an Unrestricted Subsidiary or (3) immediately after giving effect to any such designation or redesignation of a Restricted Subsidiary to an Unrestricted Subsidiary, such Unrestricted Subsidiary account for more than 7.5% of Trailing Four Quarter Consolidated EBITDA or 7.5% of the<u>the aggregate</u> fair market value of the total assets of the Borrower and its Subsidiaries, in each case as of the applicable date of designation or redesignation<u>assets transferred to an Unrestricted Subsidiary exceed the Joint Venture Investment Basket Amount</u>.

Section 6.15. <u>Cash Management</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within one hundred twenty (120) days of the Closing Date (or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall have established their primary domestic deposit accounts with the Revolving Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one hundred twenty (120) days of the Closing Date <u>(</u>or such later time as the Revolving Agent may agree in its sole discretion), the Loan Parties shall deliver to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, a deposit account control agreement with respect to each deposit account of the Loan Parties (other than an Excluded Account), duly authorized, executed and delivered by the applicable Loan Party, the applicable bank and the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Cash Dominion Event, the Revolving Agent shall have the sole and exclusive right to direct, and is hereby authorized to give instructions pursuant to any deposit account control agreement directing, the disposition of funds in all domestic deposit accounts of the Loan Parties (other than Excluded Accounts) either maintained with Revolving Agent and/or subject to a deposit account control agreement to the Revolving Agent at such intervals as the Revolving Agent shall elect, to a deposit account maintained by the Revolving Agent at Revolving Agent, which such funds may be applied by Revolving Agent to repay the Revolving Loans (without a corresponding reduction in the Revolving Credit Commitments) and, if permitted hereby, to Cash Collateralize outstanding Letters of Credit.

------

Section 6.16. <u>Use of Proceeds</u>.

Use the proceeds of (a) the Initial Term Loans to finance a portion of the Transactions (including working capital and/or purchase price adjustments and the payment of the Transaction Expenses, upfront fees and OID with respect to the Facilities) and for working capital and general corporate purposes, (b) the Term Loans (other than Initial Term Loans and the Delayed Draw Term Loans), Revolving Loans and the Letters of Credit issued hereunder, for general corporate purposes and working capital of the Borrower and its Subsidiaries and any other purpose not prohibited by this Agreement including Permitted Acquisitions, other Investments, Capital Expenditures and Restricted Payments; provided that the proceeds of the Revolving Loans made on the Closing Date shall be used as set forth in the definition of "Permitted Initial Revolving Credit Borrowing Purposes", (c) the Delayed Draw Term Loans, the 2020 Delayed Draw Term Loans and the 2021 Delayed Draw Term Loans to (i) finance Permitted Acquisitions and other Investments not prohibited by this Agreement, including, for the avoidance of doubt, deferred consideration (including earn-outs, seller notes, holdbacks and deferred purchase price obligations) payable in connection therewith (whether funded on or after the closing of such transaction), (ii) to finance Capital Expenditures and/or purchase aircraft and related equipment, (iii) refinance Revolving Loans used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures, aircraft and related equipment, (iv) to replace cash on the balance sheet of the Loan Parties used to finance Permitted Acquisitions and other Investments not prohibited by this Agreement, Capital Expenditures and/or purchase aircraft and related equipment and (v) to pay related fees, costs and expenses in connection with any of the foregoing and (d) the 2024 Incremental Term Loans, solely for the purpose of repaying in full all indebtedness under that certain Loan Authorization Agreement, dated as of September 28, 2022, by Bank of Montreal and Athena Technology Solutions Intermediate Holdings, LLC, and for the payment of fees, costs and expenses incurred by the Borrower in connection with such repayment and in connection with the Amendment No. 4.

Section 6.17. <u>Lender Conference Call</u>.

To the extent requested by the Administrative Agent, participate in a conference call (including a customary question and answer session) with the Administrative Agent and Lenders once during each Fiscal Year, in each case to be held at such time as may be agreed to by the Borrower and the Required Lenders, but in any event within 15 Business Days after the date that financial statements are required to be delivered for the relevant period pursuant to <u>Sections 6.01(a)</u> (which call may, at the option of the Borrower, be conducted with lenders under any other Indebtedness in addition to the Lenders).

Section 6.18. <u>Change in Nature of Business</u>.

From and after the Closing Date, engage only in material lines of business substantially similar as those lines of business conducted by the Borrower and the Restricted Subsidiaries on the Closing Date or any business reasonably related, complementary, corollary, synergistic, incidental or ancillary thereto (including related, complementary, synergistic, incidental or ancillary technologies) or reasonable extensions thereof.

Section 6.19. <u>Fiscal Year</u>.

From and after the Closing Date, maintain its fiscal year as in effect on the Closing Date; *provided*, *however*, that the Borrower may (x) align the dates of such fiscal year of any Restricted Subsidiary whose fiscal year ends on a date other than that of the Borrower and (y) upon written notice to the Administrative Agent and the Revolving Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent and the Revolving Agent, and, in the case of this <u>clause (y)</u>, the Borrower, the Administrative Agent and the Revolving Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

------

**ARTICLE VII.** 

**<u>NEGATIVE COVENANTS</u>** 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligations hereunder (other than contingent obligations as to which no claim has been asserted or any Letter of Credit remaining outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized, back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer or deemed reissued under another agreement reasonably acceptable to the applicable L/C Issuer)), then from and after the Closing Date, the Borrower (and, with respect to <u>Section 7.14</u> only, Holdings) shall not and shall not permit any of its Restricted Subsidiaries to:

Section 7.01. <u>Liens</u>.

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens (i) created pursuant to any Loan Document and (ii) on the Collateral securing other Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Closing Date; *provided* that any Lien securing Indebtedness in excess of (x) $1,000,000 individually or (y) $2,500,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed in <u>Schedule 7.01(b)</u>) shall only be permitted to the extent such Lien is listed on <u>Schedule 7.01(b)</u>, and any modifications, replacements, renewals, refinancings or extensions thereof, which may provide that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; *provided*, *further*, that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 7.03</u> and customary security deposits in connection therewith and (B) proceeds and products thereof and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes, assessments or governmental charges that are not overdue for a period of more than any applicable grace period related thereto or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP to the extent required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, sub-landlords, carriers, warehousemen, mechanics, materialmen, repairmen, bailees, construction contractors or other like Liens, so long as, in each case, such Liens secure amounts not overdue for a period of more than 45 days or if more than 45 days overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by appropriate actions, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) pledges or deposits in the ordinary course of business in connection with, and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees incurred in the ordinary course of business with respect to, workers' compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted Subsidiaries;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pledges or deposits to secure the performance of bids, trade contracts, warranties, utilities, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business and obligations in respect of letters of credit (other than Letters of Credit) or bank guarantees with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, building codes, covenants, restrictions (including zoning restrictions), encroachments, licenses, protrusions and other similar encumbrances and minor title defects, in each case affecting Real Property and that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and any exceptions on the Mortgage Policies issued in connection with the Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens (i) securing judgments for the payment of money not constituting an Event of Default under <u>Section 8.01(h)</u>, (ii) arising out of judgments or awards against the Borrower or any of its Restricted Subsidiaries with respect to which an appeal or other proceeding for review is then being pursued and (iii) notices of *lis pendens* and associated rights related to litigation being contested in good faith by appropriate proceedings for which adequate reserves have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) leases, licenses, subleases or sublicenses (including the provision of software or the licensing of other Intellectual Property rights) and terminations thereof, in each case granted to others in the ordinary course of business which (i) do not interfere in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) do not secure any Indebtedness and (iii) are permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, (iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds or assets maintained with a financial institution (including the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institutions general terms and conditions, and (iv) contractual rights of setoff or rights of pledge related to Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section 7.02</u>, to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under <u>Section 7.05</u>, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i) in favor of the Borrower or any Guarantor and (ii) in favor of a Restricted Subsidiary that is not a Loan Party on assets of a Restricted Subsidiary that is not a Loan Party securing Indebtedness permitted to be incurred by such Restricted Subsidiary under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens deemed to exist in connection with Investments in repurchase agreements under <u>Section 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers or suppliers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) ground leases in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens to secure Indebtedness permitted under <u>Section 7.03(e)</u>; *provided* that (i) such Liens are created within 270 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time encumber property (except for replacements, additions, accessions and proceeds to such property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits, *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender, and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets) other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness (and related obligations) of any Restricted Subsidiary that is not a Loan Party permitted under <u>Section 7.03</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to <u>Section 6.14</u>) or otherwise assumed pursuant to <u>Section 7.03(g)</u>, in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Loan Party); *provided* that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds, products and accessions thereof and other than after-acquired property and customary security deposits in connection therewith subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), *provided* that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

(x)(i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the modification, replacement, renewal or extension of any Lien permitted by <u>Sections 7.01(b)</u>, <u>(u)</u> and <u>(w)</u>; *provided* that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and customary security deposits; *provided, however*, that individual financings of equipment provided by one lender may be cross-collateralized to other financing of equipment provided by such lender and (ii) the renewal, extension, restructuring or Refinancing of the obligations secured or benefited by such Liens is permitted by <u>Section 7.03</u> (to the extent constituting Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount outstanding at any time not to exceed the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens (i) securing Indebtedness incurred under <u>Section 7.03(s)</u> and (ii) solely on the assets acquired, securing Indebtedness incurred under <u>Section 7.03(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens on the Collateral (and other property and assets permitted by any Junior Intercreditor Agreement) securing obligations in respect of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing Debt and any Permitted Refinancing of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens or imperfections on property existing on the Closing Date which are immaterial;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the performance of the Borrower's or such Subsidiary's obligations under the terms of the lease for such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on (i) the Securitization Assets arising in connection with a Qualified Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens securing obligations permitted under <u>Section 7.03(q)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens on property of any Foreign Subsidiary arising mandatorily under the Laws of the jurisdiction of organization of such Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens securing Indebtedness permitted pursuant to Section 7.03(dd);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Liens securing Other Term Loans and Other Notes and Permitted Refinancings thereof incurred pursuant to <u>Section 7.03(z)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) in the case of any non-wholly owned Restricted Subsidiary or any joint venture, any put and call arrangements or restrictions on disposition related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens securing Swap Contracts so long as the value of the property securing such Swap Contracts does not exceed $4,000,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens on property subject to any sale-leaseback transaction permitted hereunder and general intangibles related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Liens consisting of contractual restrictions of the type described in the definition of "Restricted Cash" (excluding the proviso thereto) so long as such contractual restrictions are not prohibited pursuant to <u>Section 7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Liens arising by operation of law in the United States under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Liens encumbering the Equity Interests of an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Liens permitted under the Purchase Agreement to remain outstanding after the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Aircraft Trust Arrangements.

Section 7.02. <u>Investments</u>.

Make or hold any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Borrower or any of its Restricted Subsidiaries in assets that were Cash and Cash Equivalents when such Investment was made;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to, or notes received from, managers, officers, directors, consultants, advisors, service providers or employees of any Loan Party (or any direct or indirect parent thereof) or any of its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests of Holdings or any direct or indirect parent thereof or to permit the payment of Taxes with respect thereto; *provided* that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed to the Borrower in cash as common equity; *provided*, *further*, that the aggregate principal amount outstanding of any loans or advances made in cash at any time under this <u>clause (ii)</u> shall not exceed $7,500,000 and (iii) for any other purposes not described in the foregoing <u>clauses (i)</u> and <u>(ii)</u>; *provided* that the aggregate principal amount outstanding at any time under this <u>clause (iii)</u> shall not exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments (i) by the Borrower or any Restricted Subsidiary in any Loan Party (other than Holdings); *provided* all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note, (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is not a Loan Party and (iii) by any Loan Party in any Restricted Subsidiary that is not a Loan Party; *provided* that, to the extent such Investments made pursuant to this clause (iii) are not in the ordinary course of business (as determined in good faith by the Borrower), (x<u>(A</u>) no such Investments made pursuant to this <u>clause (iii)</u> in the form of intercompany loans shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y<u>B</u>) the aggregate amount of Investments made pursuant to this <u>clause (iii)</u> shall not exceed at any time outstanding the sum of (x) together with Investments pursuant to <u>Section 7.02(i)(iv)</u>, the greater of $6,000,000 and 20.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, (y) the Cumulative Credit at the time such Investment is made, and (z) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(i)</u> and <u>Section 7.02(o)</u>; *provided* that the application of any portion of the Joint Venture Investment Basket Amount pursuant to this <u>clause (z)</u> will result in a corresponding dollar-for-dollar reduction in the Joint Venture Investment Basket Amount available pursuant to <u>Section 7.02(o)</u>; *provided, further*, that if any Investment made pursuant to this <u>clause (iii)</u> is in connection with the closing of foreign facilities, including severance associated therewith, then the limitations set forth in this <u>clause (iii)</u> shall not apply; *provided, further*, if any Investment made pursuant to this <u>clause (iii)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>clause (i)</u> above and shall not be included as having been made pursuant to this <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by <u>Section 7.02(m)</u> below) consisting of transactions permitted under <u>Sections 7.01</u>, <u>7.03</u> (other than <u>7.03(c)</u> and <u>(d)</u>), <u>7.04</u> (other than <u>7.04(c)(ii)</u> or <u>(e)</u>), <u>7.05</u> (other than <u>7.05(e)</u>), <u>7.06</u> (other than <u>7.06(d)</u> or <u>(h)(iv)</u>) and <u>7.13</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing or contemplated on the Closing Date or made pursuant to legally binding written contracts in existence on the Closing Date, in each case set forth in <u>Schedule 7.02(f)</u> and any modification, replacement, renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and any modification, renewal or extension thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments in Swap Contracts and Cash Management Services permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promissory notes, securities and other non-cash consideration received in connection with Dispositions permitted by <u>Section 7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of all or substantially all the assets of a Person or division or line of business of a Person or any Equity Interests in a Person that becomes a Restricted Subsidiary (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related transactions (including by way of merger), if immediately after giving effect thereto: (i) no Event of Default exists on the date that the Borrower or the applicable Restricted Subsidiary enters into a binding agreement with respect to such acquisition; (ii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Restricted Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, to the extent required by <u>Section 6.11</u>; (iii) the Borrowers are in compliance with <u>Section 6.18</u> (after giving effect to such acquisition); and (iv) the aggregate amount of Investments by Loan Parties pursuant to Section 7.02(i) in assets (other than Equity Interests) that are not (or do not become at the time of such acquisition) directly owned by a Loan Party together with Investments pursuant to <u>Section 7.02(c)(iii)</u> (but excluding Investments permitted pursuant to <u>Section 7.02(c)(iii)(B)(z)</u>), shall not exceed the sum of (A) the greater of $6,000,000 and 20% of Trailing Four Quarter Consolidated EBITDA *plus* (B) the portion of the Joint Venture Investment Basket Amount not otherwise utilized as permitted pursuant to <u>Section 7.02(c)(iii)(z)</u> and <u>Section 7.02(o)</u> (any such acquisition, a "**Permitted Acquisition**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments made in connection with the Transactions or consisting of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances to any direct or indirect parent of the Borrower not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made to such parent in accordance with <u>Section 7.06(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u> or <u>(n)</u>, such Investment being treated for purposes of the applicable clause of <u>Section 7.06</u>, including any limitations, as if a Restricted Payment had been made pursuant to such clause in an amount equal to such Investment at the time such loan or advance is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments (including Permitted Acquisitions) in an aggregate amount outstanding pursuant to this <u>Section 7.02(n)</u> (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed (i) the sum of (A) the greater of $12,500,000 and 40.0% of Trailing Four Quarter Consolidated EBITDA, in each

------

case, determined at the time the Investment was made (in each case, net of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) *plus* (B) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make Investments shall result in a reduction in availability under <u>Section 7.06(g)(x)</u>) *plus* (C) at the election of the Borrower, the amount of repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings then permitted to be made in reliance on <u>Section 7.13(a)(v)(I)</u> (it being understood that any amount utilized under this <u>clause (C)</u> to make Investments shall result in a reduction in availability under <u>Section 7.13(a)(v)(I)</u>) *plus* (ii) the Cumulative Credit at the time such Investment is made; *provided*, that with respect to any Investment made pursuant to this <u>clause (ii)</u>, solely to the extent such Investment is made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom on the date the Borrower or any Restricted Subsidiary enters into a binding agreement with respect to such Investment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u>, at the time such Investment was made) is less than or equal to 4.25 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Investments made in respect of joint ventures, minority investments, other similar agreements, partnerships or Unrestricted Subsidiaries not to exceed in the aggregate the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined at the time such Investment was made, less all amounts applied pursuant to <u>Section 7.02(c)(iii)</u>(B)(z) and <u>Section 7.02(i)(iv)(B)</u> and the provisos thereto (the "**Joint Venture Investment Basket Amount**"); *provided* that if any Investment made pursuant to this <u>Section 7.02(o)</u> is in Equity Interests of a Person that subsequently becomes a Loan Party, such Investment shall thereafter be deemed permitted under <u>Section 7.02(c)(i)</u> and shall not be included as having been made pursuant to this <u>Section 7.02(o)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in any Person to which the Borrower or any Restricted Subsidiary outsources operational activities or otherwise related to the outsourcing of operational activities in the ordinary course of business in an aggregate amount not to exceed $2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) advances of payroll payments to employees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client contracts and loans or advances made to distributors and suppliers in the ordinary course of business and (ii) Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (or any direct or indirect parent of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments of a Restricted Subsidiary acquired after the Closing Date or of a corporation merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with <u>Section 7.04</u> after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments made by a Restricted Subsidiary that is not a Loan Party (other than in Unrestricted Subsidiaries) to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary by a Loan Party permitted under this <u>Section 7.02</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; *provided*, *however*, that any such Investment in a Securitization Subsidiary is in the form of (x) a contribution of additional Securitization Assets, (y) Limited Originator Recourse or (z) loans in respect of the noncash portion of the purchase price of Securitization Assets and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing or a Receivables Facility, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments funded with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments in deposit accounts, securities accounts and commodities accounts maintained by the Borrower or such Restricted Subsidiary, so long as such accounts are used only to maintain Cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments made by a Restricted Subsidiary that is not a Guarantor using cash from operations of such Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments consisting of cash earnest money deposits in connection with a Permitted Acquisition or other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Loans repurchased by the Borrower or a Restricted Subsidiary, or purchased by Holdings and contributed to the Borrower or a Restricted Subsidiary, pursuant to and in accordance with <u>Section 2.05(a)(v)</u> or <u>Section 10.07</u>, so long as such Loans are immediately cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) guarantees by the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or contracts or other obligations that do not constitute Indebtedness, in each case, which leases, contracts or other obligations and guarantees are entered into in the ordinary course of business by the Borrower or a Restricted Subsidiary or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Investments so long as (i) the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance with <u>Section 1.09</u> at the time the Investment was made) is no greater than 4.00 to 1.00 and (ii) no Event of Default then exists or would result therefrom; *provided* the aggregate amount of Investments by Loan Parties pursuant to this Section 7.02(cc) in assets (other than Equity Interests) that are not (or do not become at the time of their acquisition) directly owned by a Loan Party or in Equity Interests of Persons that do not become Loan Parties shall not exceed the greater of $7,500,000 and 25% of Trailing Four Quarter Consolidated EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments made in reliance on the last paragraph of <u>Section 7.06</u> or the last paragraph of <u>Section 7.13</u>.

To the extent an Investment is permitted to be made by a Loan Party directly in any Restricted Subsidiary or any other Person who is not a Loan Party (each such person, a "**Target Person**") under any provision of this <u>Section 7.02</u>, such Investment may be made by advance, contribution or distribution by a Loan Party to a Restricted Subsidiary or Holdings, and further contemporaneously advanced or contributed to a Restricted Subsidiary for purposes of making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 7.02</u> (it being understood that such Investment must satisfy the requirements of, and shall count towards any thresholds in, a provision of this <u>Section 7.02</u> as if made by the applicable Loan Party directly to the Target Person).

------

Section 7.03. <u>Indebtedness</u>.

Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness (including any unused commitment in respect thereof) outstanding on the Closing Date and listed in <u>Schedule 7.03(b)</u> and any Permitted Refinancing thereof; *provided* that all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to an Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; *provided* that (A) no Guarantee by any Restricted Subsidiary of any Indebtedness constituting a Junior Financing of any Loan Party shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Secured Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Secured Obligations, such Guarantee shall be subordinated to the Guarantee of the Secured Obligations on terms at least as favorable (as reasonably determined by the Borrower) to the Lenders as those contained in the subordination of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party), *provided* that, in the case of Indebtedness of a non-Loan Party owing to a Loan Party, such Indebtedness is an Investment permitted by <u>Section 7.02</u> or consists of any part of a Permitted Reorganization or IPO Reorganization Transaction; *provided further* that (x) no such Indebtedness owed to a Loan Party shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the applicable asset thereof in an aggregate amount not to exceed the greater of $3,750,000 and 12.5% of Trailing Four-Quarter Consolidated EBITDA, in each case determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding and (ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by <u>Section 7.05(m)</u> and any Permitted Refinancing of such Attributable Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Secured Hedge Obligations and other Indebtedness in respect of Swap Contracts designed to hedge against the Borrower's or any Restricted Subsidiary's exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of the Borrower or any Restricted Subsidiary (i) assumed in connection with any Permitted Acquisition or other similar Investment permitted hereunder and any Permitted Refinancing thereof; *provided* that (x) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other similar Investment permitted hereunder or any Permitted Refinancing thereof and (y) the obligors with respect to such Indebtedness are limited to the Persons acquired in such Permitted Acquisition or Investment or (ii) incurred to finance any Permitted Acquisition or Investment permitted hereunder (including earn-out obligations, Indebtedness incurred to finance the payment thereof and seller notes); *provided*, that after giving *pro forma* effect to such Permitted Acquisition or Investment permitted hereunder and the incurrence of such Indebtedness, the aggregate amount of such Indebtedness incurred pursuant to this <u>clause (ii)</u> does not exceed at any time outstanding (x) the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the applicable date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness representing deferred compensation to employees of the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former managers, officers, directors, advisors, service providers, consultants or employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions, a Permitted Acquisition, any other Investment permitted hereunder, merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price adjustments or other similar adjustments (including earn-outs and obligations in respect of transaction tax benefits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions, and Permitted Acquisitions or any other Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) Secured Cash Management Obligations, (ii) other Indebtedness in respect of Cash Management Services and similar arrangements in the ordinary course of business and any Guarantees thereof, (iii) Indebtedness resulting from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and solely with respect to each incurrence pursuant to this <u>clause (iii)</u>, so long as such Indebtedness is extinguished within 10 Business Days of its incurrence, and (iv) endorsement of instruments or other payment items for deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to extent constituting Indebtedness, obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or to the extent required by Laws or pursuant to any statutory filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) letters of credit in an aggregate face amount at any time outstanding not to exceed the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence consisting of (i) letters of credit issued in currencies not available hereunder or (ii) documentary or commercial letters of credit not issued hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Permitted Ratio Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Credit Agreement Refinancing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this <u>Section 7.03(u)</u> and then outstanding for all such Persons taken together, does not exceed the greater of $5,250,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings and Limited Originator Recourse) to the Borrower or any of the Restricted Subsidiaries; *provided,* that the aggregate principal amount of Indebtedness at any time outstanding in connection therewith shall not exceed $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unsecured Indebtedness in an amount equal to the lesser of 100% of the net cash proceeds received by Holdings (or any direct or indirect parent thereof) since immediately after the Closing Date from the issuance or sale of Equity Interests of Holdings (or any direct or indirect parent thereof) or cash contributed to the capital of Holdings (or any direct or indirect parent thereof) (in each case, other than proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings (or any direct or indirect parent thereof) or any of its Subsidiaries) to the extent such net cash proceeds or cash have been contributed to the Borrower and have not been applied pursuant to <u>Section 7.02</u>, <u>7.06</u> or <u>7.13</u> and do not constitute Cure Amounts;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) (i) Indebtedness in respect of Other Term Loans and Other Notes incurred or issued in accordance with <u>Section 2.14</u> and (ii) Permitted Refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness incurred by the Borrower as a result of the exchange of Term Loans assigned to the Borrower pursuant to <u>Section 10.07(k)</u>, as long as such Indebtedness would be a Permitted Refinancing of such Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) obligations in respect of Disqualified Equity Interests (x) issued to and held by the Borrower, Holdings or any Restricted Subsidiary (to the extent permitted by <u>Section 7.02</u>) or (y) in an amount not to exceed the greater of $1,200,000 and 4.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) intercompany Indebtedness incurred in connection with a Permitted Reorganization or IPO Reorganization Transaction, so long as such intercompany Indebtedness constitutes an Investment permitted pursuant to Section 7.02(j); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness in respect of aircraft or related equipment financing in an amount not to exceed $20,000,000 at any time outstanding (together with any amounts incurred under any Aircraft Trust Arrangement);

*provided, that*, (I) any such Indebtedness that constitutes Pari Passu Secured Obligations shall be subject to the separate agreement among the Lenders entered into on the Closing Date or a Parity Intercreditor Agreement, as applicable, (II) any such Indebtedness that is incurred pursuant to <u>Section 7.03(a)</u>, <u>Section 7.03(s)</u>, <u>Section 7.03(t), Section 7.03(u)</u>, <u>Section 7.03(z)</u> or <u>Section 7.03(aa)</u> and is secured by the Collateral on a junior basis shall be subject to a Junior Intercreditor Agreement, and (III) any such Indebtedness that constitutes Pari Passu Secured Obligations or which is secured by the Collateral on a junior basis shall be junior in right of payment to the Revolving Credit Facility to the extent set forth in such agreement among Lenders or such Intercreditor Agreement.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; *provided* that if such Indebtedness is incurred to extend, replace, refund, Refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, Refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, Refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, Refinanced, renewed or defeased, *plus* the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such Refinancing. 

Interest (including post-petition interest), the accrual of interest, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and premiums (if any), fees, expenses, charges and additional or contingent interest on obligations shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 7.03</u>. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

------

For purposes of determining compliance with this <u>Section 7.03</u>, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in <u>Sections 7.03(a)</u> through <u>7.03(dd)</u>, the Borrower shall, in its sole discretion, divide or classify or later divide or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; *provided* that all Indebtedness outstanding under the Loan Documents on the Closing Date will be deemed to be incurred in reliance on the exception in <u>Section 7.03(a)</u>.

Section 7.04. <u>Fundamental Changes</u>.

Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person (other than as part of the Transactions), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize the Borrower into a new jurisdiction, so long as such new jurisdiction is the United States, any state thereof, the District of Columbia or any territory thereof); *provided* that the Borrower shall be the continuing or surviving Person, or (ii) one or more other Restricted Subsidiaries; *provided* that when any Person that is a Loan Party is merging with a Restricted Subsidiary, (i) a Loan Party shall be the continuing or surviving Person or (ii) such surviving Person shall become a Loan Party and comply with <u>Sections 6.11</u> and <u>6.13</u> substantially concurrently with such transaction (except as expressly provided in such Sections);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party, (ii) any Restricted Subsidiary may liquidate or dissolve and (iii) any Restricted Subsidiary may change its legal form if, with respect to <u>clauses (ii)</u> and <u>(iii)</u>, the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Restricted Subsidiary; *provided* that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party in accordance with <u>Sections 7.02</u> (other than <u>7.02(e)</u>) and <u>7.03</u>, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may merge or consolidate with any other Person; *provided* that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the "**Successor Company**"), (A) the Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Collateral Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee shall apply to the Successor Company's obligations under the Loan Documents,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, (E) if reasonably requested by the Collateral Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Collateral Agent) confirmed that its obligations thereunder shall apply to the Successor Company's obligations under the Loan Documents, and (F) the Borrower shall have delivered to the Collateral Agent an officer's certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement and customary legal opinions reasonably satisfactory to the Collateral Agent; *provided*, *further*, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to <u>Section 7.02</u>; *provided* that (i) the continuing or surviving Person shall be a Restricted Subsidiary of the Borrower, which together with each of its Restricted Subsidiaries, shall have complied with the requirements of <u>Section 6.11</u> to the extent required pursuant to the Collateral and Guarantee Requirement or (ii) such Restricted Subsidiary would otherwise be permitted to be designated as an Unrestricted Subsidiary immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and the Restricted Subsidiaries may consummate the Acquisition, related transactions contemplated by the Purchase Agreement (and documents related thereto) and the Transactions and any Permitted Reorganization or IPO Reorganization Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to <u>Section 7.05</u> or a Restricted Payment permitted pursuant to <u>Section 7.06</u>.

Section 7.05. <u>Dispositions</u>.

Make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete, damaged, worn out, aged, used or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Restricted Subsidiaries, in each case determined by the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of (i) inventory and goods held for sale in the ordinary course of business and (ii) immaterial assets and termination of leases and licenses in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Borrower or any Restricted Subsidiary; *provided* that if the transferor of such property is a Loan Party and such Disposition is not for fair market value (as reasonably determined by the Borrower), (i) the transferee thereof must be a Loan Party, (ii) such Disposition is for cash at fair market value or any promissory note or other non-cash consideration received in respect thereof is an Investment permitted under <u>Section 7.02</u>, or (iii) if such transaction constitutes an Investment, such transaction is permitted under <u>Section 7.02</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent constituting Dispositions, transactions permitted by (i) <u>Section 7.01</u>, (ii) <u>Section 7.02</u> (other than <u>7.02(e)</u>), (iii) <u>Section 7.04</u> (other than <u>7.04(g)</u>) and (iv) <u>Section 7.06</u> (other than <u>7.06(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions to consummate the Transactions or any Dispositions constituting any part of a Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash and Cash Equivalents;

(h)(i) leases, subleases, licenses or sublicenses (including the provision of software under an open source license or the licensing of other Intellectual Property) and terminations thereof, in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole) and (ii) Dispositions (including allowing any registrations or any applications for registration to lapse or go abandoned) of Intellectual Property (including inbound licenses) that, in Borrower's reasonable business judgment, is no longer necessary for the conduct of the business of Borrower and its Restricted Subsidiaries (taken as a whole) or that otherwise do not materially interfere with the business of the Borrower and its Restricted Subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property; *provided* that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default has occurred and is continuing or would result therefrom), no Event of Default shall have occurred and been continuing or would result from such Disposition, (ii) with respect to any Disposition pursuant to this <u>Section 7.05(j)</u> for a purchase price in excess of the greater of $7,000,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, the Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of Cash and Cash Equivalents (in each case, free and clear of all Liens at the time received, other than Liens permitted by <u>Section 7.01</u>); *provided*, *however*, that for the purposes of this <u>clause (ii)</u>, the following shall be deemed to be cash: (A) any liabilities (as shown on the Borrower's most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Secured Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by the Borrower or the applicable Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into Cash and Cash Equivalents (to the extent of the Cash and Cash Equivalents received) within 180 days following the closing of the applicable Disposition, and (C) aggregate non-cash consideration received by the Borrower or the applicable Restricted Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such non-cash consideration is received) not to exceed the greater of $2,250,000 and 7.5% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition and (iii) to the extent the aggregate amount of Net Proceeds received by the Borrower or a Restricted Subsidiary from Dispositions made pursuant to this <u>Section 7.05(j)</u> in the aggregate exceeds $10,000,000 in any fiscal year, with unused amounts in any fiscal year being carried over to the next succeeding fiscal year only (*provided* that if any such amount is carried over, it will be

------

deemed used in the applicable subsequent fiscal year only after the amount available in such subsequent fiscal year has been fully used), *plus* any amount available pursuant to this <u>clause (iii)</u> in the next succeeding fiscal year only (which amount will be permanently reduced if used in the current fiscal year) subject to a maximum of $10,000,000 in any fiscal year, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions (i) of non-core assets acquired in connection with Permitted Acquisitions or other Investments or (ii) made to obtain the approval of an anti-trust authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of property pursuant to sale-leaseback transactions; *provided* that to the extent the aggregate Net Proceeds from all such Dispositions since the Closing Date exceeds $5,625,000, all Net Proceeds in excess of such amount in such fiscal year shall be subject to <u>Section 2.05(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by the management of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the unwinding or settlement of any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Aircraft Trust Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Disposition of Securitization Assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any Disposition of Receivables Assets in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions of assets not constituting Collateral <u>in an amount not to exceed the greater of $10,000,000 and 25.0</u><u>% of Trailing Four Quarter Consolidated EBITDA</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower and any Restricted Subsidiary may (i) terminate or otherwise collapse its cost-sharing agreements with the Borrower or any Subsidiary and settle any crossing payments in connection therewith or (ii) surrender or waive contractual rights and settle or waive contractual or litigation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions set forth in <u>Schedule 7.05(w)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions in an amount not to exceed the greater of $1,500,000 and 5.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such Disposition, in the aggregate in any fiscal year;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies;

Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of the sale, in accordance with the terms of the Loan Documents, of a Subsidiary Guarantor that owns such Collateral but excluding Dispositions among Loan Parties) in accordance with the terms of the Loan Documents, the security interest created in such item of Collateral under the Collateral Documents shall be automatically released and the Collateral Agent will, at the Borrower's expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents and, if applicable, the release of such Subsidiary Guarantor from its obligations under the Collateral Documents.

<u>Notwithstanding anything to the contrary in this Agreement, (1) the only basket available for Dispositions to, Investments in, designations of, or any transfers (by Restricted Payment or otherwise) to, Unrestricted Subsidiaries, shall be the Joint Venture Investment Basket, and there shall be no (i) "rebuilding" of the Joint Venture Investment Basket with proceeds received on account of any Indebtedness incurred by an Unrestricted Subsidiary, proceeds received in respect of any Investment in, or from the value of any Equity Interests issued by, any Unrestricted Subsidiary (other than with cash returns on any such Investment and not in excess of the original amount of such Investment) or otherwise, (ii) "round tripping" of any amounts used for Dispositions, Investments or transfers to Unrestricted Subsidiaries in reliance on the Joint Venture Investment Basket or (iii) reclassification of any amount disposed to, invested in, or otherwise transferred to an Unrestricted Subsidiary in reliance on the Joint Venture Investment Basket and (2) no Loan Party shall transfer Material IP to any Subsidiary that is not a Loan Party (including any Unrestricted Subsidiary) and no Restricted Subsidiary that is not a Loan Party shall transfer Material IP to any Unrestricted Subsidiary, including by way of sale, transfer, Investment, designation of an Unrestricted Subsidiary, Disposition or otherwise; *provided*, that, for the avoidance of doubt, nothing in this Section 7.05 shall limit the ownership of Intellectual Property by any Restricted Subsidiary which is not a Subsidiary Loan Party or acquired by such Restricted Subsidiary (other than from a Loan Party).</u> 

Section 7.06. <u>Restricted Payments</u>.

Declare or make, directly or indirectly, any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary <u>(</u>based on such other owner's relative ownership interests of the relevant class of Equity Interests);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other Restricted Payments payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by <u>Section 7.03</u>) of such Person to (i) the Borrower and other Restricted Subsidiaries of the Borrower and (ii) in addition to the Restricted Payments described in <u>clause (i)</u>, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to each other owner of Equity Interests of such Restricted Subsidiary <u>(</u>based on such other owner's relative ownership interests of the relevant class of Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made (i) on the Closing Date to consummate the Transactions, (ii) in respect of working capital adjustments or purchase price adjustments pursuant to the Purchase Agreement, any Permitted Acquisition or other permitted Investments, (iii) in order to satisfy indemnity and other similar obligations under the Purchase Agreement, any Permitted Acquisition or other permitted Investments and (iv) to holders of Equity Interests of the Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, in each case, with respect to the Transactions, any Permitted Acquisition or other permitted Investments, and Restricted Payments consisting of a Permitted Reorganization or an IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent constituting Restricted Payments, the Borrower (or any direct or indirect parent thereof) and its Restricted Subsidiaries may enter into and consummate transactions permitted by any provision of <u>Section 7.02</u> (other than <u>7.02(e)</u> and <u>7.02(m)</u>), <u>7.04</u>, <u>7.05</u> (other than <u>7.05(e)(iv)</u> and <u>7.05(g)</u>) or <u>7.08</u> (other than <u>7.08(f)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchases of Equity Interests in the Borrower or any Restricted Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower and each Restricted Subsidiary may (i) pay (or make Restricted Payments to allow Holdings or any other direct or indirect parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary (or of the Borrower or any other such direct or indirect parent thereof) held by any future, present or former manager, officer, director, consultant, advisor, service provider or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or (ii) make Restricted Payments in the form of distributions to allow Holdings or any direct or indirect parent of Holdings to pay principal or interest on promissory notes that were issued to any future, present or former manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) in lieu of cash payments for the repurchase, retirement or other acquisition or retirement for value of such Equity Interests held by such Persons, in each case, upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee, manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any manager, officer, director, consultant, advisor, service provider or employee of such Restricted Subsidiary (or the Borrower or any other direct or indirect parent thereof) or any of its Restricted Subsidiaries; *provided* that the aggregate

------

amount of Restricted Payments made pursuant to this <u>Section 7.06(f)</u> together with the aggregate amount of loans and advances to Holdings made pursuant to <u>Section 7.02(m)</u> in lieu of Restricted Payments permitted by this <u>Section 7.06(f)</u> (net of proceeds received by Holdings or any direct or indirect parent of Holdings subsequent to the Closing Date in connection with resales of any Equity Interests so purchased pursuant to this <u>clause (f)</u>) shall not exceed the greater of $15,000,000 and 50.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such payment, in any calendar year (which shall decrease to the greater of $10,000,000 and 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, as of the date of such Restricted Payment, subsequent to the consummation of a Qualified IPO) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $25,000,000 in any calendar year (which shall decrease to $20,000,000 subsequent to the consummation of a Qualified IPO)); *provided*, *further*, that such amount in any calendar year may further be increased by an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amounts used to increase the Cumulative Credit pursuant to <u>clauses (c)</u> and <u>(d)</u> of the definition of "Cumulative Credit"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Net Proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries less the amount of Restricted Payments previously made with the cash proceeds of such key man life insurance policies;

*provided*, *further*, that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower's direct or indirect parent companies or any of the Borrower's Restricted Subsidiaries in connection with a repurchase or redemption of Equity Interests of any of the Borrower's direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower may make Restricted Payments in an aggregate amount not to exceed, (x) an amount equal to the greater of (1) $10,000,000 and (2) 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of such Restricted Payment, so long as no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment *plus* (y) the Cumulative Credit at the time such Restricted Payment is made; *provided*, that with respect to any Restricted Payment made pursuant to this <u>clause (y)</u>, solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.50 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower may make Restricted Payments to any direct or indirect parent of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries, Transaction Expenses and any indemnification claims made by directors or officers of such parent attributable to the ownership or operations of the Borrower and its Restricted Subsidiaries;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) franchise Taxes and other fees, taxes and expenses required to maintain its (or any of its direct or indirect parents') corporate existence;

(iii)(A) with respect to any taxable period (or portion thereof) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a "**Tax Group**"), to pay federal, foreign, state and local income or similar Taxes of such Tax Group (or any direct or indirect beneficial owners thereof) that are attributable to the taxable income of the Borrower and/or its Subsidiaries; *provided* that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower and its Subsidiaries would have been required to pay as a stand-alone consolidated, combined or similar income tax group, (B) with respect to any taxable period (or portion thereof) in which Holdings, the Borrower, and/or any of their Subsidiaries is treated as a pass-through entity for U.S. federal income purposes with respect to Ultimate Parent (or any direct or indirect parent thereof), dividends and distributions by such Subsidiaries to the Borrower, by the Borrower to Holdings (or any direct or indirect parent thereof) to permit Ultimate Parent to make distributions in the amount described in Section 4.6 of the Ultimate Parent LLC Agreement, or (C) to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries and any direct or indirect parent of the Borrower that are payable as a result of the operation of Section 2.05(b)(v) and 2.05(b)(vi); *provided, further*, that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar income Taxes (any amount to be paid under this clause (iii), a "**Tax Distribution**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment that would be permitted to be made pursuant to <u>Sections 7.02</u> and <u>7.08</u> if such parent were subject to such Sections; *provided* that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or the Restricted Subsidiaries (which may be required to be Loan Parties) or (2) the merger (to the extent permitted in <u>Section 7.04</u>) of the Person formed or acquired into the Borrower or its Restricted Subsidiaries in order to consummate such Permitted Acquisition or Investment, in each case, in accordance with the requirements of <u>Section 6.11</u> and (C) such contribution shall constitute an Investment by the Borrower or the applicable Restricted Subsidiaries, as the case may be, at the date of such contribution or merger, as applicable, in an amount equal to the amount of such Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which (A) shall be used to pay customary salary, bonus, severance and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries or (B) shall be used to make payments permitted under <u>Sections 7.08(c)</u>, <u>(e)</u>, <u>(i)</u>, <u>(k)</u>, and <u>(p)</u> (assuming the Borrower or a Restricted Subsidiary were to make the payment but only to the extent such payments have not been and are not expected to be made by the Borrower or a Restricted Subsidiary); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses (other than to Affiliates) related to any equity or debt offering by Holdings (or any direct or indirect parent thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payments made or expected to be made by Holdings, the Borrower or any of the Restricted Subsidiaries in respect of withholding or similar Taxes payable by or with respect to any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) and any repurchases of Equity Interests in consideration of such payments and deemed repurchases in connection with the exercise of stock options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after a Qualified IPO, (i) any Restricted Payment by the Borrower or any other direct or indirect parent of the Borrower to pay listing fees, insurance premiums and other costs and expenses attributable to being a publicly traded company which are reasonable and customary and (ii) additional Restricted Payments in an aggregate amount per annum not to exceed the greater of (A) up to 6.0% the net proceeds received by (or contributed to) the Borrower and its Restricted Subsidiaries from such Qualified IPO and (B) 6.0% of the market capitalization of the Borrower (or the applicable parent entity) and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Holdings, the Borrower or any of the Restricted Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Restricted Payments in the amount of any Excluded Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Holdings, the Borrower and any Restricted Subsidiary may pay dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration, such payment would have complied with another provision of Section 7.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Restricted Payments so long as (i) no Event of Default has occurred and is continuing or would result therefrom at the time of the declaration of such Restricted Payment and (ii) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> determined as of the date of such Restricted Payment) is less than or equal to 3.00 to 1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Restricted Payments to satisfy additional Taxes, costs and expenses of the Borrower and its Subsidiaries' Affiliates and direct and indirect holders of Equity Interests in the Borrower that are payable as a result of any actual repatriation described in clause (i) of <u>Section 2.05(b)(v)</u> or clause (i) of <u>Section 2.05(b)(vi).</u>

For the avoidance of doubt, any dividend or distribution otherwise permitted pursuant to this <u>Section 7.06</u> may be in the form of a loan; *provided* that Indebtedness of a Loan Party or Restricted Subsidiary must be otherwise permitted by <u>Section 7.03(d)</u>.

Any basket available for Restricted Payments pursuant to this <u>Section 7.06</u> may instead be used to either (i) make a prepayment, redemption, purchase, defeasement or other payment in respect of any Junior Financing pursuant to <u>Section 7.13</u>, and such prepayment, redemption, purchase, defeasement or other payment shall not be prohibited by <u>Section 7.13</u> and any such prepayment, redemption, purchase, defeasement or other payment shall reduce the amount available under such basket set forth in this <u>Section 7.</u>06 or (ii) make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in this <u>Section 7.06</u>.

------

For the avoidance of doubt, this Section 7.06 shall not restrict the making of any "AHYDO catch-up payment" with respect to, and required by the terms of, any Indebtedness of any Borrower or any Restricted Subsidiary permitted to be incurred under Section 7.03 hereof.

Section 7.07. <u>[Reserved]</u>.

Section 7.08. <u>Transactions with Affiliates</u>.

Enter into any transaction of any kind with a value in excess of $2,000,000, determined at the time of such transaction with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions among the Borrower and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such transaction;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions and the payment of fees and expenses (including Transaction Expenses) as part of or in connection with the Transactions and transactions constituting any Permitted Reorganization or IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of Equity Interests of (x) Holdings (or any direct or indirect parent thereof) or (y) any Restricted Subsidiary constituting directors' qualifying shares or other shares required by applicable Law, in each case, to any manager, officer, director, consultant or employee of Holdings or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) so long as no Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> has occurred and is continuing, the payment of management and monitoring fees pursuant to an Investor Management Agreement or other arrangement with the Investors or management companies associated with the Investors or their advisors in a maximum amount for all such agreements and arrangements not to exceed 2.50% of Consolidated EBITDA of the Borrower in any fiscal year, and transaction fees to the foregoing Persons not to exceed in the aggregate 1.00% of the applicable gross transaction value; provided that, upon the occurrence and during the continuance of an Event of Default, such fees may accrue, but may not be payable in cash during such period, but all accrued fees (plus interest, if any, with respect thereto) may be payable in cash upon the cure or waiver of such Event of Default(s), (ii) indemnities and other expenses pursuant to an Investor Management Agreement or other arrangement with the foregoing Persons (including any transaction fee payable in connection with the Acquisition), and (iii) any unpaid management, monitoring, transaction fees, indemnities and expenses accrued in any prior year to the extent such fee or expense is otherwise permitted to be paid pursuant to this clause (e) in such prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted Payments permitted under <u>Section 7.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) loans and other transactions among Holdings (or any direct or indirect parent company) and its Subsidiaries and joint ventures (to the extent any such Subsidiary that is not a Restricted Subsidiary or any such joint venture is only an Affiliate as a result of Investments by Holdings and its Restricted Subsidiaries in such Subsidiary or joint venture) to the extent otherwise permitted under this <u>Article VII</u>;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) transactions by the Borrower and its Restricted Subsidiaries permitted under an express provision (including any exceptions thereto) of this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans, stock incentive plans and employee benefit plans and arrangements in the ordinary course of business or otherwise approved by the independent members of the board of directors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Borrower and its Restricted Subsidiaries (or any direct or indirect parent of the Borrower) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transactions pursuant to agreements, instruments or arrangements in existence on the Closing Date and set forth in <u>Schedule 7.08</u> or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) payments by the Borrower or any of its Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of the Borrower to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, but only to the extent permitted by <u>Section 7.06(h)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Investor or to any former, current or future manager, officer, director, consultant or employee (or any spouses, former spouses, successors, executors, administrators, heirs, legatees, distributes or Affiliate of any of the foregoing) of the Borrower, any of its Subsidiaries or any direct or indirect parent thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower and the Restricted Subsidiaries, in the reasonable determination of the board of directors or the senior management of the Borrower, or are on terms at least as favorable (as reasonably determined by the Borrower) as might reasonably have been obtained at such time from an unaffiliated party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any payments required to be made pursuant to (i) the Purchase Agreement and (ii) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the payment of reasonable out-of-pocket costs and expenses and indemnities pursuant to the Ultimate Parent LLC Agreement as in effect on the Closing Date;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) transactions in which the Borrower or any of the Restricted Subsidiaries, as the case may be, deliver to the Administrative Agent and the Revolving Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of <u>Section 7.08(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by Holdings and the Restricted Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted under <u>Section 7.02;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Affiliate repurchases of the Loans or Commitments to the extent permitted by <u>Section 10.07</u> and Affiliate repurchases of other obligations, including Pari Passu Secured Obligations and obligations in respect of any Junior Financing, in each case, the holding of such loans or commitments and the payments and other transactions contemplated herein in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Disposition of Securitization Assets or related assets, Investment permitted pursuant to <u>Section 7.02(v)</u> or Standard Securitization Undertakings, in each case in connection with any Qualified Securitization Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) IP Licenses in the ordinary course of business.

Section 7.09. <u>Burdensome Agreements</u>.

Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person that is intended to constitute Collateral for the benefit of the Lenders with respect to the Facilities and the Secured Obligations; *provided* that the foregoing <u>Sections 7.09(a)</u> and <u>(b)</u> shall not apply to Contractual Obligations which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) exist on the Closing Date and (to the extent not otherwise permitted by this <u>Section 7.09</u>) are listed in <u>Schedule 7.09</u> and (y) to the extent Contractual Obligations permitted by <u>clause (x)</u> are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension or Refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or Refinancing (taken as a whole) does not materially expand the scope of such Contractual Obligation (as reasonably determined by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) represent Indebtedness of a Restricted Subsidiary of the Borrower which is not a Loan Party which is permitted by <u>Section 7.03</u> and which does not apply to any Loan Party;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are customary restrictions (as reasonably determined by the Borrower) that arise in connection with (x) any Lien permitted by <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(i)</u>, <u>(j)(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(p)</u>, <u>(q)</u>, <u>(r)(i)</u>, <u>(r)(ii)</u>, <u>(s)</u>, <u>(u)</u>, <u>(v)</u>, <u>(w)</u>, <u>(z)</u>, <u>(aa)</u>, <u>(cc)</u>, <u>(dd)</u>, <u>(ee)</u> (to the extent such restrictions exist as of the Closing Date), <u>(gg)</u>, <u>(hh)</u>, <u>(ii)</u>, <u>(kk)</u>, <u>(ll)</u> and <u>(nn)</u> and relate to the property subject to such Lien or (y) arise in connection with any Disposition permitted by <u>Section 7.04</u> or <u>7.05</u> and relate solely to the assets or Person subject to such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under <u>Section 7.02</u> and entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under <u>Section 7.03</u> but solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds, accessions and products thereof or (ii) the property secured by such Indebtedness and the proceeds, accessions and products thereof so long as the agreements governing such Indebtedness permit the Liens securing the Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the property interest, rights or the assets subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to <u>Sections 7.03(b)</u>, <u>(e)</u>, <u>(g)</u>, <u>(n)(i)</u>, <u>(s)</u>, <u>(t)</u>, <u>(u)</u>, <u>(v)</u> and <u>(z)</u> and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or, in the case of <u>Section 7.03(g), (s)</u>, <u>(t)</u> or <u>(u)</u>, to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting, transfer or assignment of any lease governing a leasehold interest of the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) arise in connection with cash or other deposits permitted under <u>Sections 7.01</u> and <u>7.02</u> and limited to such cash or deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) comprise restrictions imposed by any agreement governing Indebtedness entered into on or after the Closing Date and permitted under <u>Section 7.03</u> that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type, so long as the Borrower shall have determined in good faith that such restrictions will not affect its obligation or ability to make any payments required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) are restrictions regarding IP Licenses granted by Holdings and its Restricted Subsidiaries of Intellectual Property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) are restrictions on cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) are restrictions and conditions under the terms of the documentation governing any Qualified Securitization Financing or a Receivables Facility that in the good faith determination of Holdings or the Borrower are necessary or advisable to effect such Qualified Securitization Financing or such Receivables Facility.

Section 7.10. <u>Amendments or Waivers of Organization Documents</u>.

Agree, or permit any Loan Party to agree, to any material amendment, restatement, supplement or other modification to, or waiver of, any of its Organization Documents after the Closing Date in a manner that is materially adverse to the Lenders, except as required by Law; *provided* that for the avoidance of doubt, any amendment, restatement, supplement or other modification to any Organization Documents for the purpose of effectuating a change of legal entity name or fictitious business name as anticipated under the Purchase Agreement in connection with the Transactions shall not be deemed materially adverse to the Lenders.

Section 7.11. <u>Consolidated First Lien Net Leverage Ratio</u>.

Solely for the benefit of the Revolving Credit Lenders, with respect to the Revolving Credit Facility and solely when the Outstanding Amount of the Revolving Loans and L/C Obligations exceeds the Testing Threshold, except with the written consent of the Required Revolving Credit Lenders, permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period beginning with the Test Period ending June 30, 2020, to be greater than 7.50 to 1.00 (the "**Financial Covenant**"); provided, that, notwithstanding the foregoing, to the extent the aggregate Revolving Credit Exposure has been reduced to an amount less than the Testing Threshold for any prior period for which a Compliance Certificate has not yet been delivered, the Financial Covenant shall not be required to be tested for any such Fiscal Quarter.

<u>Permit the Consolidated First Lien Net Leverage Ratio</u> <u>as of the last day of any</u> <u>Test Period, beginning with the Test Period ending September 30, 2025, to be greater than 9.00 to 1.00 (the "**Financial Covenant**").</u> 

Section 7.12. <u>[Reserved]</u>.

Section 7.13. <u>Prepayments, Etc. of Subordinated Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal, interest and fees and mandatory prepayments, expense reimbursement and indemnification obligations, redemptions and related offers to prepay or repurchase and any AHYDO Payments with respect to any Junior Financing and, in connection with the amendment of any Junior Financing, the payment of fees (other than in connection with any amendment that reduces or forgives the commitments or outstanding principal amount) shall be permitted) any (A) Indebtedness subordinated in right of payment incurred under <u>Section 7.03</u>, or (B) any other Indebtedness for borrowed money of a Loan Party that is (x) subordinated in right of payment to the Secured Obligations expressly by its terms, (y) is secured by substantially the same Collateral on a junior

------

lien basis to the Liens securing the Secured Obligations (but other than Indebtedness among the Borrower and its Restricted Subsidiaries) or (z) is unsecured and is incurred pursuant to <u>Section 7.03(s)</u>, <u>(t)</u>, <u>(y)</u> or <u>(z)</u> with a principal amount outstanding in excess of the greater of $30,000,000 and 100% of Trailing Four Quarter Consolidated EBITDA (collectively, "**Junior Financing**") in excess of the Threshold Amount in each case, determined as of the date of payment, except (i) the Refinancing thereof with any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing), to the extent not required to prepay any Loans pursuant to <u>Section 2.05(b)</u>, (ii) the conversion or exchange of any Junior Financing into, or the redemption, repayment or prepayment of any Junior Financing with the proceeds of, Equity Interests of Holdings or any of its direct or indirect parents (other than Excluded Contributions or any amount designated as a Cure Amount or used for Equity Funded Employee Plan Costs or used pursuant to <u>Section 7.03(y)</u>), (iii) the prepayment of Indebtedness of the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary, (iv) prepayments of principal of and any required premium on loans or notes pursuant to such Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof) in connection with the removal of a lender or holder pursuant to any Junior Financing Documentation (or any comparable provision of a Permitted Refinancing thereof or the payment of any fees in connection with amendments thereto), (v) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed, the sum of (I) the greater of (x) $7,500,000 and (y) 25.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of such prepayment *plus* (II) at the election of the Borrower, the amount of Restricted Payments then permitted to be made in reliance on <u>Section 7.06(g)(x)</u> (it being understood that any amount utilized under this clause (II) to make repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings shall result in a reduction in availability under <u>Section 7.06(g)(x))</u>; *provided* that no Event of Default has occurred and is continuing or would result therefrom, (vi) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity funded with the proceeds of Excluded Contributions, *plus*, the Cumulative Credit at the time such repayment, redemption, purchase, defeasance or other payment is made; *provided* that solely to the extent such payments are made in reliance on <u>clause (b)</u> of the definition of "Cumulative Credit", no Event of Default has occurred and is continuing and the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with Section 1.09) is less than or equal to 3.75 to 1.00, (vii) repayments, redemptions, purchases, defeasances and other payments so long as (x) no Event of Default has occurred and is continuing at the time such repayment, redemption, purchases or defeasance is made and (y) the Consolidated Total Net Leverage Ratio (calculated on a Pro Forma Basis in accordance with <u>Section 1.09</u> as of the date of payment) is less than or equal to 3.25 to 1.00 and (viii) repayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings made in reliance on the last paragraph of <u>Section 7.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amend, modify or change in any manner materially adverse to the interests of the Lenders any term or condition of any Junior Financing Documentation in respect of any Junior Financing having an aggregate outstanding principal amount in excess of the Threshold Amount, in each case, determined as of the date of payment, without the consent of the Administrative Agent and the Revolving Agent (which consent shall not be unreasonably withheld, delayed or conditioned) other than (i) in connection with a Permitted Refinancing of such Junior Financing or (ii) in a manner not prohibited by any applicable intercreditor or subordination agreement to which the Collateral Agent is a party with respect to such Junior Financing.

Any basket available for prepayments, redemptions, purchases, defeasements or other payments in respect of any Junior Financing pursuant to <u>Section 7.13(a)</u> may instead be used make an Investment not otherwise permitted by <u>Section 7.02</u> and such Investment shall not be prohibited by <u>Section 7.02</u> and any such Investment shall reduce the amount available under such basket set forth in <u>Section 7.13(a)</u>.

Section 7.14. <u>Permitted Activities, Etc</u>.

With respect to Holdings, engage in any material operating or business activities; *provided* that Holdings may engage in the following and any activities incidental thereto shall be permitted in any event: (i) its ownership of the Equity Interests of the Borrower and activities incidental thereto, including payment of dividends and other amounts in respect of its Equity Interests, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations with respect to the Transactions, Loan Documents and any other documents governing Indebtedness permitted hereby, (iv) any public offering of its common stock or any other issuance or sale of its Equity Interests, (v) payment of any distribution to its parent company and making contributions to the capital of the Borrower, (vi) the incurrence of (a) unsecured Indebtedness that is contractually subordinated (on customary terms for such types of unsecured subordinated Indebtedness, as reasonably determined by the Administrative Agent and the Revolving Agent) to the Guarantee of the Secured Obligations by Holdings, (b) Guaranteed Obligations in respect of Indebtedness of the Borrower and its Restricted Subsidiaries permitted under <u>Section 7.03</u>, including any Permitted Refinancing thereof, and (c) Guarantees of other obligations not constituting Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries, (vii) if applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Borrower, (viii) holding any cash or property (but not operate any property), (ix) making of any Restricted Payments or Investments permitted hereunder, (x) providing indemnification to officers and directors, (xi) merge, amalgamate or consolidate with or into any direct or indirect parent of Holdings in connection with or in preparation for a Qualified IPO (*provided* that Holdings shall be the continuing or surviving company or such surviving company assumes Holdings' obligations under the Loan Documents), (xii) repurchases of Indebtedness including through open market purchases pursuant to <u>Section 2.05(b)</u>, (xiii) transactions in connection with a Permitted Reorganization or IPO Reorganization Transaction and (xiv) any activities incidental or reasonably related to the foregoing.

------

**ARTICLE VIII.** 

**<u>EVENTS OF DEFAULT AND REMEDIES</u>** 

Section 8.01. <u>Events of Default</u>.

Any of the following from and after the Closing Date shall constitute an event of default (an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Non-Payment*. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, (ii) within five Business Days after the same becomes due, any interest on any Loan, or (iii) within 10 Business Days after the same becomes due, any fees or other amounts payable hereunder or with respect to any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Specific Covenants*. The Borrower, any Restricted Subsidiary or, in the case of <u>Section 7.14</u>, Holdings, fails to perform or observe any term, covenant or agreement contained in any of <u>Section 6.03(a)</u> or <u>6.05(a)</u> (solely with respect to Holdings and the Borrower), <u>6.16</u> or <u>Article VII</u>; *provided* that any Event of Default arising from the failure to timely deliver a notice of Event of Default pursuant to <u>Section 6.03(a)</u> shall be deemed cured upon the delivery of the applicable notice of Event of Default or to the extent the Event of Default that is subject of such notice is otherwise cured or waived; *provided further* that the covenant in <u>Section 7.11</u> is subject to cure pursuant to <u>Section 8.04</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Defaults*. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence of such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Representations and Warranties*. (i) Any Specified Representation made by any Loan Party on the Closing Date is incorrect in any material respect when made or deemed made or (ii) any other representation, warranty or certification made or deemed made by any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made and such incorrect representation, warranty or certification shall remain incorrect for 30 days after the earlier of (x) receipt by the Borrower of written notice thereof from the Administrative Agent or Revolving Agent or (y) the date on which a Loan Party obtained actual knowledge of the occurrence thereof (*provided* that such cure period shall not apply in the event such representation, warranty or certification is incapable of being cured); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Cross-Default*. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any Indebtedness having an aggregate outstanding principal amount of not less than the Threshold Amount, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and not as a result of any default thereunder by any Loan Party), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause (after delivery of any notice if required and after giving effect to any waiver, amendment, cure or grace period), with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; *provided* that this <u>clause (B)</u> shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder, (ii) any Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Indebtedness or the non-payment or non-performance of obligations related thereto or (y) sole option is to elect, in each case, to convert such Indebtedness into Qualified Equity Interests and cash in lieu of fractional shares and (iii) in the case of Indebtedness which the holder thereof may elect to convert into Qualified Equity Interests, such Indebtedness from and after the date, if any, on which such conversion has been effected; *provided*, *further*, that any such failure described under <u>clause (A)</u> or <u>(B)</u> is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to <u>Section 8.02</u> (and any event or condition set forth under this <u>Section 8.01(e)</u> shall not, until the expiration of any applicable period or the delivery of notice by the applicable holders of such Indebtedness, constitute a Default or Event of Default for purposes of this Agreement); <u>provided</u>, <u>further</u>, a default under any financial covenant in such Indebtedness shall not constitute an Event of Default unless and until the lenders or holders with respect to such Indebtedness have actually declared all such obligations to be immediately due and payable and terminate the commitments in accordance with the agreement governing such Indebtedness and such declaration has not been rescinded by the required lenders or holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency Proceedings, Etc.* Other than with respect to any dissolutions otherwise permitted hereunder, any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator,

------

liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or substantially all of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [*Reserved*]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Judgments*. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by either (i) independent third-party insurance as to which the insurer does not deny coverage or (ii) another creditworthy (as reasonably determined by the Administrative Agent or Revolving Agent) indemnitor); and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Invalidity of Loan Documents*. Any material provision of the Loan Documents, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>) or as a result of acts or omissions by any Agent or any Lender or the satisfaction in full of all the Obligations (other than contingent obligations not yet due and owing and Cash Collateralized or back-stopped Letters of Credit), ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations (other than in accordance with its terms) and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document (other than in accordance with its terms); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change of Control*. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collateral Documents*. Any Collateral Document after delivery thereof pursuant to <u>Section 4.01</u>, <u>6.11</u> or <u>6.13</u> shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under <u>Section 7.01</u>, (i) except to the extent that any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or results from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements or take other required actions and (ii) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *ERISA*. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a Restricted Subsidiary in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material Adverse Effect could reasonably be expected to result.

------

Section 8.02. <u>Remedies Upon Event of Default</u>.

If any Event of Default occurs and is continuing, the Administrative Agent or the Collateral Agent, in each case, at the request of the Required Lenders (*provided* that if there are two (2) or more unaffiliated Lenders, the Required Lenders for purposes of this <u>Section 8.02</u> shall require at least two (2) unaffiliated Lenders) (or, with respect to an Event of Default under <u>Section 8.01(b)</u> due solely to the Borrower's failure to observe the covenant contained in <u>Section 7.11</u>, the Revolving Agent, solely at the request of the Required Revolving Credit Lenders (solely after the Cure Expiration Date)), shall take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower (to the extent permitted by applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law;

*provided* that upon the entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States or any Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of any Agent or any Lender. 

Section 8.03. <u>Application of Funds</u>.

After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Secured Obligations or in respect of the Collateral shall be applied by the Agents in the following order (to the fullest extent permitted by mandatory provisions of applicable Law):

<u>First</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under <u>Section 10.04</u> and amounts payable under <u>Article III</u>) payable to the Agents in their capacities as such hereunder and under the other Loan Documents;

<u>Second</u>, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders hereunder (including Attorney Costs payable under <u>Section 10.04</u> and amounts payable under <u>Article III</u>), ratably among them in proportion to the amounts described in this clause <u>Second</u> payable to them;

------

<u>Third</u>, to payment of that portion of the Secured Obligations consisting of accrued and unpaid interest in respect of Protective Advances funded by the Revolving Agent hereunder;

<u>Fourth</u>, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause <u>Fourth</u> payable to them;

<u>Fifth</u>, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any breakage, termination or other payments under Secured Cash Management Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause <u>Fifth</u> held by them;

<u>Sixth</u>, to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Agents and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Agents and the other Secured Parties on such date; and

<u>Last</u>, the balance, if any, after all of the Secured Obligations then earned, due and payable have been paid in full, to the Borrowers or as otherwise required by Law.

Subject to <u>Section 2.03(c)</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fifth</u> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, to the Borrowers as applicable, or as otherwise required by the Intercreditor Agreements.

Section 8.04. <u>Borrower's Right to Cure</u>.

Notwithstanding anything to the contrary contained in <u>Section 8.01</u> or <u>Section 8.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of determining whether an Event of Default under <u>Section 7.11</u> has occurred, the Borrower may on one or more occasions designate any portion of the net cash proceeds from a sale or issuance of Qualified Equity Interests of the Borrower (or any direct or indirect parent company), which proceeds are then contributed to the Borrower) or any cash contribution to the common capital of the Borrower (the "**Cure Amount**") as an increase to Consolidated EBITDA for the applicable fiscal quarter; *provided* that (A) such amounts to be designated (i) are actually received by the Borrower on or before the fifteenth Business Day after the date on which the Compliance Certificate pursuant to <u>Section 6.02(a)</u> is required to be delivered with respect to such applicable fiscal quarter (the "**Cure Expiration Date**") and (ii) do not exceed the aggregate amount necessary to cure any Event of Default under <u>Section 7.11</u> as of such date and (B) the Borrower shall have provided notice (the "**Notice of Intent to Cure**") to the Revolving Agent <u>and to the Administrative Agent</u> that such amounts are designated as a "Cure Amount" (it being understood that to the extent such notice is provided in advance of delivery of a Compliance Certificate for the applicable period, the amount of such net cash proceeds that is designated as the Cure Amount may be lower than specified in such notice to the extent that the amount necessary to cure any Event of Default under <u>Section 7.11</u> is less than the full amount of such originally designated amount). The Cure Amount used to calculate Consolidated EBITDA for one fiscal quarter shall be used and included when calculating Consolidated EBITDA for each Test Period that includes such fiscal quarter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereby acknowledge that this <u>Section 8.04</u> may not be relied on for purposes of calculating any financial ratios other than for determining actual compliance with <u>Section 7.11</u> (and not Pro Forma Compliance with <u>Section 7.11</u> that is required by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including any *pro forma* reduction of the amount of Indebtedness and shall not be included for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under <u>Article VII</u>) with respect to the quarter with respect to which such Cure Amount was made other than the increase to Consolidated EBITDA referred to in <u>Section 8.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In furtherance of <u>Section 8.04(a)</u> above, (i) upon actual receipt by the Revolving Agent <u>and the Administrative Agent</u> of the Notice of Intent to Cure, the covenant under <u>Section 7.11</u> <u>and</u> <u>any Default or Event of Default under</u> <u>Section 7.11</u> shall be deemed retroactively cured with the same effect as though there had been no failure to comply with the covenant under such <u>Section 7.11</u> and any Default or Event of Default under <u>Section 7.11</u> (or any notice required by <u>Section 6.03(a)</u> as a result thereof) shall be deemed not to have occurred for purposes of the Loan Documents (provided that if the Cure Expiration Date has occurred without the Cure Amount having been received and designated, such Default or Event of Default shall be deemed reinstated), and (ii) no Agent, Lender or other Secured Party may exercise any rights or remedies under <u>Section 8.02</u> (or under any other Loan Document) on the basis of any actual or purported Default or Event of Default under <u>Section 7.11</u> until and unless the Cure Expiration Date has occurred without the Cure Amount having been received and designated or the Borrower has confirmed in writing that it does not intend to provide such Cure Amount. Notwithstanding the foregoing, the Borrower shall not be able to request the making of any new Revolving Credit Borrowing or the issuance of any new Letters of Credit until receipt by the Borrower of the Cure Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) In each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no cure right set forth in this <u>Section 8.04</u> is exercised and (ii) there shall be no *pro forma* reduction in Indebtedness with the Cure Amount for determining compliance with <u>Section 7.11</u> for the fiscal quarter with respect to which such Cure Amount was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There can be no more than five fiscal quarters in which the cure rights set forth in this <u>Section 8.04</u> are exercised during the term of the Facilities.

**ARTICLE IX.** 

**<u>ADMINISTRATIVE AGENT AND OTHER AGENTS</u>** 

Section 9.01. <u>Appointment and Authority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Ankura to act on its behalf as the Administrative Agent and PNC to act on its behalf as the Collateral Agent and the Revolving Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the terms hereof or thereof, together with such actions and powers as are reasonably incidental or related thereto. The provisions of this <u>Article IX</u> (other than <u>Sections 9.01</u>, <u>9.06</u>, and <u>9.10</u> through and including <u>9.12</u>) are solely for the benefit of the Administrative Agent, the Collateral Agent, the Revolving Agent the Lenders and the L/C Issuers, and no Loan Party has rights as a third party beneficiary

------

of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent, the Collateral Agent or Revolving Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Lenders (including in its capacities as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article X</u> (including the second paragraph of <u>Section 10.05</u>), as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Collateral Agent to (i) execute any and all documents (including releases) with respect to the Collateral (including each Intercreditor Agreement and any amendment, supplement, modification or joinder with respect thereto) and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and agree that any such action by the Collateral Agent shall bind the Lenders and (ii) negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

Section 9.02. <u>Rights as a Lender</u>.

The Person serving as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, Collateral Agent or the Revolving Agent, as applicable, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent, Collateral Agent or Revolving Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, hereunder and without any duty to account therefor to the Lenders.

Section 9.03. <u>Exculpatory Provisions</u>.

The Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable:

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided* that the Administrative Agent, the Collateral Agent and the Revolving Agent, as applicable, shall not be required to take any action that, in its opinion or the opinion of its counsel, may (i) expose the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, to liability or that is contrary to any Loan Document or applicable Law or (ii) be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. Neither the Administrative Agent, the Collateral Agent nor the Revolving Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, by the Borrower, a Lender, an L/C Issuer or any other Agent; and

Section 9.04. <u>Reliance by Agent</u><u>s</u>s .

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, each Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received

------

written notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension or increase of such Letter of Credit. Each Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.05. <u>Delegation of Duties</u>.

Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities as Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 9.06. <u>Removal or Resignation of an Agent</u>.

Any Agent may at any time give notice of its resignation to the other Agents, the Lenders, the L/C Issuers and the Borrower. (x) If any Agent becomes a Defaulting Lender, the Borrower may remove such Agent from such role upon 15 days' written notice to such Agent, the other Agents, the L/C Issuers and the Lenders, (y) at any time after the Closing Date, for any reason whatsoever, the Required Lenders may remove the Administrative Agent or the Collateral Agent from such role upon 15 days' written notice to such Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower, and (z) at any time after the Closing Date, for any reason whatsoever, the Required Revolving Credit Lenders may remove the Revolving Agent from such role upon 15 days' written notice to Revolving Agent, the other Agents, the Lenders, the L/C Issuers and the Borrower (the date of any such removal, the "**Removal Effective Date**"). Upon receipt of any such notice of resignation (or removal pursuant to the preceding sentence), the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the right, with the consent of the Borrower (in its sole discretion) at all times other than upon the occurrence and during the continuation of an Event of Default under <u>Section 8.01(a)</u> or <u>8.01(f)</u> (with respect to the Borrower) and other than in the case of removal of the Administrative Agent, appoint a successor. If no such successor shall have been so appointed by the Required Lenders or Required Revolving Credit Lenders and shall have accepted such appointment within 30 days after the resigning Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the resigning Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including consent of the Borrower, if applicable); *provided* that if the resigning Agent shall notify the Borrower, the other Agents, the L/C Issuers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice. The resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the resigning or removed Agent shall continue to hold such Collateral until such time as a successor Agent is appointed). Except for any indemnity payments or other amounts then owed to the resigning or removed Agent, all payments, communications and determinations provided to be made by, to or through the resigning or removed Agent shall instead be made by or to each Lender and the L/C Issuers directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as an Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning (or removed) Agent (other than any rights to indemnity payments or other amounts owed to the resigning or removed Agent as of the Resignation Effective Date or Removal Effective Date, as applicable), and the resigning (or removed)

------

Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the resigning or removed Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article IX</u> and <u>Sections 10.04</u> and <u>10.05</u> shall continue in effect for the benefit of such resigning or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the resigning or removed Agent was acting as Administrative Agent, Collateral Agent or Revolving Agent, as applicable.

Section 9.07. <u>Non-Reliance on Agents and Other Lenders.</u> 

Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Neither the Administrative Agent nor the Revolving Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or issuance of any Letter of Credit or at any time or times thereafter, and neither the Administrative Agent nor the Revolving Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

Section 9.08. <u>No Other Duties, Etc</u>.

Anything herein to the contrary notwithstanding, no Agent or Lender shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Revolving Agent, the Collateral Agent, a Lender or an L/C Issuer hereunder.

Section 9.09. <u>Agents May File Proofs of Claim</u>.

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agents shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Agents under <u>Sections 2.03(h)</u>, <u>2.03(i)</u>, <u>2.09</u>, <u>10.04</u> and <u>10.05</u>) allowed in such judicial proceeding; and

------

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Agents and, if the Agents shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and its agents and counsel, and any other amounts due the Agents under <u>Sections 2.09</u>, <u>10.04</u> and <u>10.05</u>.

Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any L/C Issuer to authorize the Agents to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding.

The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with the Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).

Section 9.10. <u>Collateral and Guaranty Matters</u>.

Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from any Lender, from time to time prior to the occurrence and continuance of an Event of Default, to take any action with respect to any Collateral or Collateral Documents which may be necessary to create, perfect and maintain perfected security interests in and liens upon the Collateral granted pursuant to the Collateral Documents. Without limiting the provisions of Section 9.09, the Lenders (each including in its capacity as a potential Secured Cash Management Provider or Secured Hedge Bank) and the L/C Issuer irrevocably authorize the Collateral Agent, at its option and in its discretion (other than releases described in <u>clauses (b)</u> and <u>(d)</u> below which shall not be optional or discretionary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enter into and sign for and on behalf of the Lenders as Secured Parties the Collateral Documents (including any Intercreditor Agreements with respect to Indebtedness to the extent the Collateral Agent is otherwise contemplated herein as being a party to such Intercreditor Agreement) for the benefit of the Lenders and the other Secured Parties;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to automatically release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the Collateral Agent and the relevant L/C Issuers shall have been made), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, (iii) subject to <u>Section 10.01</u>, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to <u>Section 9.10(d)</u> or <u>Section 11.09</u> or (v) if the property subject to such Lien constitutes Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to release any Subsidiary Guarantor from its obligations under the Guaranty if such Guarantor becomes a Released Guarantor in accordance with <u>Section 11.09</u>;

Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section 9.10</u>. In each case as specified in this <u>Section 9.10</u>, the Collateral Agent will (and each Lender irrevocably authorizes the Collateral Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.10</u>.

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

Section 9.11. <u>Secured Cash Management Agreements and Secured Hedge Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Secured Cash Management Provider and no Secured Hedge Bank that obtains the benefits of <u>Section 8.03</u>, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> 

------

to the contrary, no Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Hedge Obligations unless such Agent has received written notice of such Secured Cash Management Obligations or Secured Hedge Obligations, together with such supporting documentation as such Agent may request, from the applicable Secured Cash Management Provider or Secured Hedge Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secured Cash Management Providers and the Secured Hedge Banks hereby authorize the Collateral Agent to enter into any Intercreditor Agreement permitted under this Agreement, and any amendment, modification, supplement or joinder with respect thereto, and any such Intercreditor Agreement is binding upon the Secured Cash Management Providers and the Secured Hedge Banks.

Section 9.12. <u>Withholding Tax Indemnity</u>.

To the extent required by any applicable Laws, the Administrative Agent or the Revolving Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent or the Revolving Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent or the Revolving Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective or if any payment has been made by the Administrative Agent or the Revolving Agent to any Lender without applicable withholding tax being deducted from such payment), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent or the Revolving Agent (to the extent that the Administrative Agent or the Revolving Agent has not already been reimbursed by the Borrowers pursuant to <u>Section 3.01</u> and <u>3.04</u> and without limiting or expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Administrative Agent or the Revolving Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent or the Revolving Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Revolving Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent or the Revolving Agent under this <u>Section 9.12</u>. The agreements in this <u>Section 9.12</u> shall survive the resignation and/or replacement of the Administrative Agent or the Revolving Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank).

Section 9.13. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Administrative Agent notifies a Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party such Lender (any such Lender, Secured Party or other recipient, a "**Payment Recipient**") that the Administrative Agent has determined in its sole reasonable discretion (whether or not after receipt of any notice under immediately succeeding <u>clause (b)</u>) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf)

------

(any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "**Erroneous Payment**") and demands the return of such Erroneous Payment (or a portion thereof) (provided that, without limiting any other rights or remedies (whether at law or in equity) the Administrative Agent may not make any such demand under this clause (a)(i) with respect to an Erroneous Payment unless such demand is made within twenty (20) Business Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient),, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than seven (7) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this <u>clause (a)</u> shall be conclusive, absent manifest error.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this <u>Section 9.13(b)</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clause (a)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return** 

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations, agreements and waivers under this <u>Section 9.13</u> shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

------

Notwithstanding anything to the contrary herein or in any other Loan Document, other than the consent right in clause (d) above, none of Holdings or any of its Subsidiaries has acquired or incurred (or will acquire or incur) any additional rights or obligations under this <u>Section 9.13</u>.

**ARTICLE X.<u> </u>**

**<u>MISCELLANEOUS</u>** 

Section 10.01. <u>Amendments, Etc.</u>

Subject to any separate agreement among the Lenders, except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders (unless specified therein)) (or by the Administrative Agent with the consent of the Required Lenders) and the applicable Loan Party, as the case may be (and with an executed copy thereof promptly delivered to the Administrative Agent if not otherwise a party thereto), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that, no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood that a waiver of any condition precedent, the waiver of any obligation of the Borrowers to pay interest at the Default Rate or the waiver of any Default, Event of Default, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such an extension or increase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise expressly provided for hereunder, including without limitation pursuant to a Refinancing Amendment or an Extension Amendment, postpone any date scheduled for any payment of principal (including final maturity), interest or fees under <u>Section 2.07</u>, <u>2.08</u> or <u>2.09</u>, respectively, without the written consent of each Lender directly and adversely affected thereby (it being understood that the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any Default or Event of Default, any condition precedent, mandatory prepayment of the Loans or mandatory reduction of any Commitments shall not constitute such a postponement of any date scheduled for the payment of principal or interest and it further being understood that any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a postponement of such scheduled payment); *provided* that only the consent of the Administrative Agent and/or the Revolving Agent, as applicable, shall be required for an extension or postponement for administrative convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (iii)</u> of the second proviso to this <u>Section 10.01</u>) or any fees payable hereunder or under any other Loan Document (or extend the timing of payments of such fees) without the written consent of each Lender directly and adversely affected thereby (it being understood that (i) the waiver of (or amendment to the terms of) any obligation of the Borrowers to pay interest at the Default Rate, any mandatory prepayment of the Loans or mandatory reduction of any Commitments or any Default or Event of Default shall not constitute such a reduction and it further being understood that (ii) any change to any provision of <u>Section 7.11</u>, <u>8.01(b)</u> (solely as it relates to <u>Section 7.11</u>), <u>Section 8.04</u> or the definition of "Consolidated First Lien Net Leverage Ratio" or the component definitions thereof shall not constitute a reduction or forgiveness in any principal or rate of interest of any Loan, L/C Borrowing, fee or other amount payable hereunder or under any other Loan Documents);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" in any manner that would alter the pro rata sharing of payments or other amounts required thereby, without the written consent of each Lender directly and adversely affected thereby; *provided* that modifications to <u>Section 2.12(a)</u>, <u>2.13</u> or <u>8.03</u> or the definition of "Pro Rata Share" to the extent necessary in connection with (w) any buy back of Term Loans by Holdings or the Borrower pursuant to <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, (x) any Refinancing Amendment or amendment in respect of Replacement Term Loans, (y) any Incremental Amendment or (z) any Extension Amendment, in each case, shall only require approval (to the extent any such approval is otherwise required) of the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of (i) this <u>Section 10.01</u> or (ii) the definition of "Required Lenders", "Required Revolving Credit Lenders" or any other provision specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Loan Documents to reduce the percentage set forth therein, without the written consent of each Lender directly and adversely affected thereby (it being understood that, with the consent of the Required Lenders or Required Revolving Credit Lenders (if such consent is otherwise required), or the Administrative Agent or the Revolving Agent, as applicable (if the consent of the Required Lenders or Required Revolving Credit Lenders is not otherwise required), additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or Required Revolving Credit Lenders, as applicable, on substantially the same basis as the Term Commitments or Revolving Credit Commitments, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other than in connection with a transaction permitted under <u>Section 7.04</u> or <u>7.05</u>, release all or substantially all of the aggregate value of the Guaranty without the written consent of each Lender;

*provided*, *further*, that, to the extent that any such amendment or waiver contemplated in <u>Sections 10.01(a)</u> through <u>(g)</u> above is not executed by all Agents and/or all of the Lenders, the Borrower shall provide a copy of such amendment or waiver to any Agent and/or Lender which is not a party thereto;

*provided*, *further*, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, directly and adversely affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) [reserved]; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or, with respect to the Revolving Loans, the Revolving Agent, in addition to the Lenders required above, directly and adversely affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or Revolving Agent, as applicable, under this Agreement or any other Loan Document; (iv) only the consent of the parties to the Fee Letter shall be required to amend, modify or supplement the terms thereof; (v) <u>Section 10.07(h)</u> may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; (vi) (x) no Lender consent is required to effect an Incremental Amendment, Refinancing Amendment or Extension Amendment (except as expressly provided in <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u> or in the following <u>clause (y)</u> or <u>(z)</u>, as applicable) or to effect any amendment expressly contemplated by <u>Section 6.19</u>, (y) in connection

------

with an amendment that addresses solely a re-pricing transaction in which any Class of Term Loans is Refinanced with a replacement Class of term loans bearing (or is modified in such a manner such that the resulting term loans bear) a lower All-In Yield (which may include other customary technical amendments related thereto, including providing that such replacement term loans may have a prepayment premium in connection therewith) (a **"Permitted Repricing Amendment**"), only the consent of the Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans shall be required for such Permitted Repricing Amendment, and (z) in connection with an Extension Amendment, only the consent of the Lenders that will continue as a Lender in respect of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, subject to such Extension Amendment shall be required for such Extension Amendment; and (vii) the Letter of Credit Sublimit may be increased with only the consent of each L/C Issuer and the Revolving Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms materially and adversely affects any Defaulting Lender to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding the foregoing, no Lender consent is required for the Collateral Agent to enter into, or to effect any amendment, modification or supplement to any Intercreditor Agreement pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan Commitment, any Other Commitment, any Other Term Loan, any Other Notes, or any Permitted First Priority Refinancing Debt or any Permitted Junior Priority Refinancing Debt, for the purpose of adding the holders of such Indebtedness (or their representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, in each case as contemplated by the terms of such Intercreditor Agreement (it being understood that any such amendment or supplement may make such other changes to the applicable Intercreditor Agreement as, in the good faith determination of the Collateral Agent, are required to effectuate the foregoing and *provided* that such other changes are not adverse, in any material respect (taken as a whole), to the interests of the Lenders); *provided*, *further*, that no such Intercreditor Agreement shall amend, modify or otherwise adversely affect the rights or duties of any Agent hereunder or under any other Loan Document without the prior written consent of such Agent. 

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

Notwithstanding any of the foregoing, only the consent of the Required Revolving Credit Lenders (and, in the case of the issuance of a Letter of Credit, the relevant L/C Issuer) shall be required for (i) any amendment or waiver of any condition precedent to an extension of credit (or deemed extension of credit) under the Revolving Credit Facility, (ii) any modification or amendment to the calculation or formulation of the Financial Covenant , Section 7.11 or Section 8.04, or any change to any definition related to the Financial Covenant, Section 7.11 or Section 8.04 (as such definitions are used for purposes of the Financial Covenant, Section 7.11 or Section 8.04, as applicable) or (iii) the waiver of any Default or Event of Default under the Financial Covenant.<u>.</u>

------

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrowers and the Lenders providing the Replacement Term Loans (as defined below) to permit the Refinancing of all or a portion of the outstanding Term Loans of any Class ("**Refinanced Term Loans**") with one or more tranches of replacement term loans having different terms ("**Replacement Term Loans**") hereunder; *provided* that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans *plus* accrued interest, fees, expenses and premium (but nothing in this clause (a) shall limit the ability of the Borrowers to incur Incremental Term Loans of the same Class or of a different Class at the same time if such incurrence is otherwise permitted hereunder), (b) the Weighted Average Life to Maturity of Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, at the time of such Refinancing (except by virtue of amortization or prepayment of the Refinanced Term Loans prior to the time of such incurrence) and (c) such Replacement Term Loans shall otherwise constitute Credit Agreement Refinancing Indebtedness.

Notwithstanding anything to the contrary contained in this <u>Section 10.01</u>, guarantees, collateral security documents and related documents executed by the Loan Parties or the Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and the Collateral Agent and may be, together with this Agreement, amended and waived with the consent of the Administrative Agent and the Collateral Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel or (ii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, if at any time after the Closing Date, any Agent and the Borrower shall have jointly identified a mistake, ambiguity, obvious or technical error or any error or omission of a technical or administrative nature, in each case, in any provision of the Loan Documents, then the Administrative Agent, the Revolving Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof.

Notwithstanding anything to the contrary contained in <u>Section 10.01</u>, the Revolving Agent may waive any obligations or requirements under <u>Section 6.16</u>.

<u>Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, no amendment, waiver or consent shall without the written consent of each Lender directly and adversely affected thereby, (i) contractually subordinate any Obligations in right of payment to any other Indebtedness of the Loan Parties or (ii) contractually subordinate the Liens on any of the Collateral securing the Obligations to Liens on any of the Collateral securing any other Indebtedness (any such other Indebtedness to which such Obligations or such Liens securing any of the Obligations, as applicable, are subordinated, "Senior Indebtedness"), in either the case of clause (i) or (ii), unless each directly and adversely affected Lender shall be offered a *bona fide* opportunity to fund or otherwise provide its *pro rata* share (based on the amount of Obligations that are directly and adversely affected thereby held by each Lender as compared to the total amount of Obligations and all other obligations then outstanding that are secured on a *pari passu* basis with the Obligations) of the Senior Indebtedness on the same terms (other than *bona fide* backstop fees and similar fees and reimbursement of counsel fees and other expenses in connection with the negotiation of the terms of such transaction; such fees and expenses, "Ancillary Fees") as offered to all other providers (or their Affiliates) of the Senior Indebtedness and to the extent such adversely affected Lender decides to participate in the Senior Indebtedness, receive its *pro rata* share of the fees and any other similar benefit (other than Ancillary Fees) of the Senior Indebtedness afforded to the providers of the Senior Indebtedness (or any of their Affiliates) in connection with providing the Senior Indebtedness pursuant to</u> 

------

<u>a written offer made to each such adversely affected Lender describing the material terms of the arrangements pursuant to which the Senior Indebtedness is to be provided (it being understood that this paragraph shall not (A) override the permission for Liens expressly permitted to be senior in right of security to the Liens on the Collateral securing the Revolving Credit Facility only or any Indebtedness pursuant to Section 7.03(e)(i), (B) restrict an amendment to increase the maximum permitted amount of Indebtedness pursuant to Section 7.03(e)(i), or (C) apply to the incurrence of debtor-in-possession financing (or similar financing arrangements in insolvency proceedings in non-U.S. jurisdictions)).</u> 

Section 10.02. <u>Notices and Other Communications; Facsimile Copies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices; Effectiveness; Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section 10.02(a)(ii)</u>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to the Borrower (or to any other Loan Party), the Administrative Agent, the Collateral Agent, the Revolving Agent or an L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for the Borrower, the Administrative Agent, the Collateral Agent, the Revolving Agent or such L/C Issuer on <u>Schedule 10.02</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>Section 10.02(a)(ii)</u> shall be effective as provided in such <u>Section 10.02(a)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Electronic Communications</u>. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, the Collateral Agent or the Revolving Agent, as applicable, *provided* that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to <u>Article II</u> if such Lender or such L/C Issuer, as applicable, has notified each Agent that it is incapable of receiving notices under such Article by electronic communication. Any Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, *provided* that approval of such procedures may be limited to particular notices or communications.

------

Unless the Administrative Agent or the Revolving Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the "**Agent Parties**") have any liability to the Loan Parties, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or any Agent's transmission of the Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith, material breach or willful misconduct of such Agent Party (or its Representatives); *provided*, *however*, that in no event shall any Person have any liability to any other Person hereunder for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages); *provided* that nothing in this sentence shall limit any Loan Party's indemnification obligations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Address, Etc.</u> Each of the Borrowers, the Agents and the L/C Issuers may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by written notice to the Borrower, the Agents, the L/C Issuers. In addition, each Lender agrees to notify the Agents from time to time to ensure that the Agents has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reliance by Agents, L/C Issuers and Lenders</u>. The Agents, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Agents, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers in accordance with <u>Section 10.05</u> hereof. All telephonic notices to and other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording.

------

Section 10.03. <u>No Waiver; Cumulative Remedies</u>.

No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent and the Revolving Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuers; *provided*, *however*, that the foregoing shall not prohibit (a) any Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or the Revolving Agent, as applicable) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 10.09</u> (subject to the terms of <u>Section 2.13</u>) or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; *provided*, *further*, that if at any time there is no Person acting as Administrative Agent, Collateral Agent or Revolving Agent hereunder and under the other Loan Documents, then (i) the Required Lenders or the Required Revolving Credit Lenders, as applicable, shall have the rights otherwise ascribed to the Administrative Agent, the Collateral Agent or the Revolving Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of the preceding proviso and subject to <u>Section 2.13</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

Section 10.04. <u>Attorney Costs and Expenses</u>.

The Borrower agrees (a) to pay or reimburse the Agents, the Commitment Parties and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby, including (i) all Attorney Costs, which shall be limited to one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Commitment Parties (taken as a whole), plus, if reasonably necessary, one local counsel in each applicable jurisdiction material to the interests of the Lenders (taken as a whole), in each case except allocated costs of in-house counsel and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower, and (b) from and after the Closing Date, to pay or reimburse the Administrative Agent, the Revolving Agent, and the Collateral Agent, the L/C Issuers and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or protection of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including (i) all respective Attorney Costs, which shall be limited to Attorney Costs of one primary counsel to the Administrative Agent, one primary counsel to the Revolving Agent, the Collateral Agent and PNC (taken as a whole), one primary counsel to the other Lenders (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction material to the interests of the Lenders (taken as a whole) and, solely in the case of an actual conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected parties) and (ii) in the case of other consultants and advisers, the fees and expenses of such persons approved by the Borrower. The agreements in this <u>Section 10.04</u> shall survive the

------

termination of the Aggregate Commitments and repayment of all other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). All amounts due under this <u>Section 10.04</u> shall be paid within 30 days following receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail; *provided* that, with respect to the Closing Date, all amounts due under this <u>Section 10.04</u> shall be paid on the Closing Date solely to the extent invoiced to the Borrower at least three Business Days prior to the Closing Date (or such shorter period as the Borrower shall reasonably agree). If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by any Agent in its discretion following five Business Days' prior written notice to the Borrower and the other Agents. For the avoidance of doubt, this <u>Section 10.04</u> shall not apply to Taxes, except any Taxes that represent costs and expenses arising from any non-Tax claim.

Section 10.05. <u>Indemnification by the Borrower</u>.

The Borrower shall indemnify and hold harmless each Agent, each Agent-Related Person, each Lender and their respective controlled Affiliates and controlling Persons, and their respective officers, directors, agents, members and employees and their respective successors (collectively the "**Indemnitees**") from and against any and all liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Administrative Agent and its affiliated or associated Indemnitees (taken as a whole), one counsel to the Revolving Agent and the Collateral Agent and their affiliated or associated Indemnitees (taken as a whole) and one counsel to all other Indemnitees (taken as a whole) and, if reasonably necessary, one local counsel in each relevant material jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of interest, one additional counsel in each relevant material jurisdiction to each group of similarly situated affected Indemnitees, in each case except allocated costs of in-house counsel), joint or several, of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (c) any Environmental Liability arising from any actual or alleged presence or Release of Hazardous Materials at, on, under or from any property or facility currently or formerly owned, leased or operated by the Loan Parties or any Subsidiary, or any other Environmental Liability of the Loan Parties or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (a "**Proceeding**") and regardless of whether any Indemnitee is a party thereto or whether or not such Proceeding is brought by the Borrower or any other person and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee (all of the foregoing, collectively, the "**Indemnified Liabilities**"); *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (w) the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or

------

other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (x) a material breach of any obligations under any Loan Document by such Indemnitee or of any of its controlled Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) any disputes solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under any Facility (unless such claim would otherwise be excluded pursuant to clause <u>(w)</u> above) which do not arise out of any act or omission of Holdings, the Borrower, the Sponsor or any of their Affiliates or (z) settlements effected without the Borrower's prior written consent (such consent not to be unreasonably withheld, delayed or conditioned), but if settled with the Borrower's written consent, or if there is a final judgment in any such Proceeding, the Borrower shall indemnify and hold harmless such Indemnitee to the extent and the manner set forth above. In case any Proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrower of the commencement of any such Proceeding; *provided*, *however*, that the failure so to notify the Borrower will not relieve the Borrower from any liability to such Indemnitee pursuant to this <u>Section 10.05</u>. Each applicable Indemnitee (by accepting the benefits hereof) agrees to refund and return any and all amounts paid by or on behalf of the Borrower (or any other Loan Party) to such Indemnitee, in each case, pursuant to the terms of this paragraph to the extent such Indemnitee is not entitled to the payment thereof pursuant to the terms of this paragraph. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Indemnitee (or its officers, directors, employees or Affiliates), nor shall any Indemnitee, Loan Party or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); it being agreed that this sentence shall not limit the indemnification obligations of Holdings, the Borrower or any Subsidiary (including, in the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket expenses). In the case of an investigation, litigation or other proceeding to which the indemnity in this <u>Section 10.05</u> applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due under this <u>Section 10.05</u> shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); *provided*, *however*, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this <u>Section 10.05</u>. The agreements in this <u>Section 10.05</u> shall survive the resignation or removal of any Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations (other than (1) contingent obligations, (2) L/C Obligations which have been Cash Collateralized or otherwise back-stopped by letters of credit reasonably satisfactory to the applicable L/C Issuers and (3) Secured Cash Management Obligations and Secured Hedge Obligations which have been collateralized or are subject to another arrangement, in each case reasonably satisfactory to the applicable Secured Cash Management Provider or Secured Hedge Bank). For the avoidance of doubt, this <u>Section 10.05</u> shall not apply to Taxes, except any Taxes that represent liabilities, obligations, actual losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

------

To the extent that the Borrower for any reason fails to pay any amount required under this <u>Section 10.05</u> or <u>Section 10.04</u> to be paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender's Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, *provided* that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this paragraph are subject to the provisions of <u>Section 2.12(e)</u>.

Section 10.06. <u>Payments Set Aside</u>.

To the extent that any payment by or on behalf of any Borrower is made to any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to each Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, *plus* interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Base Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Secured Obligations and the termination of this Agreement.

Section 10.07. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Revolving Agent and each Lender (except as permitted by <u>Section 7.04</u> or <u>Section 7.05</u>) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of <u>Section 10.07(b)</u> and the proviso to this <u>Section 10.07(a)</u> (such an assignee, an "**Eligible Assignee**") and (A) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is an Affiliated Lender, <u>Section 10.07(k)</u>, (B) in the case of any Assignee that is Holdings or any of its Subsidiaries, <u>Section 2.05(a)(v)</u> or <u>Section 10.07(l)</u>, or (C) in the case of any Assignee that, immediately prior to or upon giving effect to such assignment, is a Debt Fund Affiliate, <u>Section 10.07(o)</u>, (ii) by way of participation in accordance with the provisions of <u>Section 10.07(e)</u>, (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 10.07(g)</u> or (iv) to an SPC in accordance with the provisions of <u>Section 10.07(h)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void); *provided*, *however*, that notwithstanding the foregoing or anything else in this Agreement to the contrary, no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender, (ii) a natural Person or (iii) to Holdings, the Borrower or any of their respective Subsidiaries (except pursuant to or as contemplated by <u>Section 2.05(a)(v)</u>, the last paragraph of <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u>, as applicable). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 10.07(e)</u> and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>Section 10.07(b)(ii)</u> below, any Lender may at any time assign to one or more assignees (other than a Disqualified Institution unless the Borrower consents to such assignment to such entity, in which case such entity will not be considered a Disqualified Institution for the purpose of such assignment) (each, an "**Assignee**") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <u>Section 10.07(b)</u>, participations in L/C Obligations) at the time owing to it) with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Borrower in its sole discretion; *provided* that no consent of the Borrower shall be required for an assignment (i) of all or a portion of the Term Loans to a Term Lender, (ii) all of a portion of any Revolving Credit Commitment or Revolving Loan to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) after the occurrence and during the continuance of an Event of Default under <u>Section 8.01(a)</u> or <u>Section 8.01(f)</u> (with respect to the Borrower), to any Assignee or (iv) of all or a portion of the Term Loans to an Affiliate or Approved Fund of such Lender, in each case, that is managed or advised by Blackstone or Carlyle, as the case may be, that are part of Blackstone's or Carlyle's "Direct Lending" or "Credit Opportunities" lines of business and are not part of Blackstone's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations" line of business; *provided*, *further*, that with respect to an assignment of all or a portion of the Term Loans, the Borrower shall be deemed to have consented to any such assignment (other than with respect to any assignment to a Disqualified Institution or to an Affiliate or Approved Fund that are part of Blackstone's "Stressed/Distressed Debt" line of business or Carlyle's "Distressed and Special Situations") unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent (with respect to the Term Loans) and the Revolving Agent (with respect to the Revolving Credit Commitments); *provided* that no consent of any Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Term Lender, an Affiliate of a Term Lender or any Approved Fund thereof, (ii) of all or any portion of any Revolving Credit Commitments or Revolving Credit Exposure to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or any Approved Fund thereof, (iii) of all or a portion of the Loans pursuant to <u>Section 10.07(k)</u> or <u>Section 10.07(l)</u> or (iv) from an Agent to its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each L/C Issuer at the time of such assignment; provided that no consent of the L/C Issuers shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class or in the case of an assignment to an Affiliate of a Lender or any Approved Fund thereof, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 (in the case of each Revolving Loan), $1,000,000 (in the case of a Term Loan), and shall be in increments of an amount of $2,500,000 (in the case of each Revolving Loan) or $1,000,000 (in the case of Term Loans), in excess thereof unless each of the Borrower and the Administrative Agent or the Revolving Agent, as applicable, otherwise consents; provided that such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall (1) execute and deliver to the Applicable Agent an Assignment and Assumption via an electronic settlement system acceptable to such Agent or (2) if previously agreed with such Agent, manually execute and deliver to such Agent an Assignment and Assumption, together, in each case, with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Applicable Agent and shall in no event apply to assignments between (i) Blackstone and its Affiliates and (ii) Carlyle and its Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) other than in the case of assignments pursuant to <u>Section 10.07(l)</u>, the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent or the Revolving Agent, as applicable, an Administrative Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall execute and deliver to the Administrative Agent or the Revolving Agent, as applicable, and the Borrower the forms described in <u>Sections 3.01(d)</u> and <u>3.01(e)</u> applicable to it.

This <u>Section 10.07(b)</u> shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to acceptance and recording thereof by the Administrative Agent or the Revolving Agent, as applicable, pursuant to <u>Section 10.07(d)</u>, from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to <u>Section 10.07(l)</u> the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, <u>10.04</u> and <u>10.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 10.07(c)</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.07(e)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent and the Revolving Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Applicable Agent's Office a copy of each Assignment and Assumption, each Affiliated Lender Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower pursuant to <u>Section 10.07(l)</u> and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and the amounts due under <u>Section 2.03</u>, owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>Section 10.07(b)(ii)(B)</u> above, if applicable, and the written consent of the Administrative Agent or the Revolving Agent and, if required, the Borrower and each L/C Issuer to such assignment and any applicable tax forms, the Administrative Agent or the Revolving Agent shall (i) accept such Assignment and Assumption and (ii) promptly record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this <u>Section 10.07(d)</u>. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, any Agent and any Lender (solely with respect to such Lender), at any reasonable time and from time to time upon reasonable prior notice. This <u>Section 10.07(d)</u> and <u>Section 2.11</u> shall be construed so that all Loans are at all times maintained in "registered form" within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations). Notwithstanding the foregoing, in no event shall the Administrative Agent or the Revolving Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated Lender nor shall the Administrative Agent or the Revolving Agent be obligated to monitor the aggregate amount of Term Loans held by Affiliated Lenders. Notwithstanding anything to the contrary in this Agreement, the Borrowers, Holdings, the other Loan Parties and the Lenders acknowledge and agree that in no event shall the Administrative Agent or the Revolving Agent (in each case in its capacity as such) be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, neither the Administrative Agent nor the Revolving Agent shall (x) be obligated to ascertain, monitor or inquire as to whether any Lender is a Disqualified Institution or (y) have any liability with respect to any assignment or participation of Loans or Commitments, or any disclosure of confidential information, to any Disqualified Institution. Upon request by the Administrative Agent or the Revolving Agent, the Borrower shall (i) promptly (and in any case, not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>) provide to the Administrative Agent, a complete list of all Affiliated Lenders holding Term Loans or Incremental Term Loans at such time and (ii) not less than three Business Days (or shorter period as agreed to by the Administrative Agent) prior to the proposed effective date of any amendment, consent or waiver pursuant to <u>Section 10.01</u>, provide to the Administrative Agent, a complete list of all Debt Fund Affiliates holding Term Loans or Incremental Term Loans at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may at any time, sell participations to any Person (other than a natural person, a Defaulting Lender, the Sponsor, Holdings, any Non-Debt Fund Affiliate and, to the extent the list thereof has been made available to all Lenders, any Disqualified Institution) (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations) owing to it);

------

 *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in <u>clauses (a)</u> through <u>(h)</u> of the first proviso to <u>Section 10.01</u> that requires the affirmative vote of such Lender. Subject to <u>Section 10.07(f)</u> and a Participant's compliance with <u>Section 3.01(d)</u> and <u>(e)</u>, each Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and limitations of such Sections, including the requirements of Section 3.01(d) and (e) (it being understood that the documentation required under Section 3.01(d) and (e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.07(c)</u>. To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of <u>Section 10.09</u> as though it were a Lender; *provided* that such Participant (A) agrees to be subject to <u>Section 2.13</u> as though it were a Lender, and (B) shall not be entitled to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u>, <u>3.04</u> or <u>3.05</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Lender may, without the consent of any Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender; *provided* that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (other than a Disqualified Institution) identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an "**SPC**") the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; *provided* that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan

------

pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement except, in the case of <u>Section 3.01</u>, to the extent that the grant to the SPC was made with the prior written consent of the Borrower in its sole discretion, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee (other than a Disqualified Institution) for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; *provided* that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this <u>Section 10.07</u>, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained herein, any L/C Issuer may, upon 30 days' notice to the Borrower, the Agents and the Revolving Credit Lenders, resign as an L/C Issuer; *provided* that on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer shall have identified a successor L/C Issuer reasonably acceptable to the Borrower and the Revolving Agent willing to accept its appointment as successor L/C Issuer; *provided*, *further*, that any such resignation shall be effective only if (x) the relevant L/C Issuer is no longer a Revolving Credit Lender upon the effectiveness of such resignation or (y) the relevant L/C Issuer has obtained the consent of the Revolving Agent and the Borrower. In the event of any such resignation of an L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving Credit Lenders willing to accept such appointment a successor L/C Issuer hereunder; *provided* that no failure by the Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer, except as expressly provided above. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Credit Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through open market purchases on a non-pro rata basis, in each case subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to an Affiliated Lender may be purchased with the proceeds of any Revolving Loan;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of <u>Exhibit J</u> hereto (an "**Affiliated Lender Assignment and Assumption**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Affiliated Lenders (A) will not receive information provided solely to Lenders by the Administrative Agent or any Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</u>, (B) will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent and (C) will not receive advice of counsel to the Administrative Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection with each assignment pursuant to this <u>Section 10.07(k)</u>, the assigning Lender and the Affiliated Lender purchasing such Lender's Term Loans shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to such Affiliated Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate principal amount of Term Loans (as of the date of consummation of any transaction under this <u>Section 10.07(k)</u>) held at such time by all Affiliated Lenders shall not exceed 25% of the principal amount of all Term Loans outstanding as of the date of such transaction (such percentage, the "**Affiliated Lender Cap**").

Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender. Such notice shall contain the type of information required and be delivered to the same addressee as set forth in <u>Exhibit E-2</u>.

Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or any of their Subsidiaries, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of the Affiliated Lenders or any of their Subsidiaries, Holdings, the Borrower or their respective Subsidiaries, the Administrative Agent or any other Agent-Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Affiliated Lenders and any of their Subsidiaries, Holdings, the Borrower and their respective Subsidiaries, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) that the Excluded Information may not be available to the Administrative Agent or the other Lenders.

------

Notwithstanding anything to the contrary in the Loan Documents, any Term Loans assigned to an Affiliated Lender in accordance with this <u>Section 10.07(k)</u> or <u>Section 10.07(o)</u> may be contributed to Holdings or any of its Restricted Subsidiaries and be exchanged for debt or equity securities of the Borrower (or any of its direct or indirect parent) to the extent otherwise permitted herein, in which case Holdings, the Borrower and its Restricted Subsidiaries shall comply with <u>Sections 10.07(l)(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u> (with any references to the Borrower in such sections to be deemed to include any applicable Restricted Subsidiary) and for the avoidance of doubt any other assignment to Holdings or its Restricted Subsidiaries shall be consummated only pursuant to <u>Section 10.07(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Lender may, so long as no Event of Default has occurred and is continuing, at any time, without any consent, assign all or a portion of its rights and obligations with respect to any Class of Term Loans under this Agreement to Holdings, the Borrower or any Restricted Subsidiary through, notwithstanding <u>Sections 2.12</u> and <u>2.13</u> or any other provision in this Agreement, open market purchase on a non-pro rata basis, in each case subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no assignment of Term Loans to Holdings, the Borrower or a Restricted Subsidiary may be purchased with the proceeds of any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall execute and deliver to the Administrative Agent an Affiliated Lender Assignment and Assumption substantially in the form of <u>Exhibit J</u> hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Holdings or a Restricted Subsidiary is the assignee, upon such assignment, transfer or contribution, Holdings or such Restricted Subsidiary, as applicable, shall automatically be deemed to have contributed or distributed, as applicable, the principal amount of such Term Loans, *plus* all accrued and unpaid interest thereon, to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Borrower is the assignee (including through contribution or transfers set forth in <u>clause (iii)</u> above), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, distributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation and extinguishment of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, distribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with each assignment pursuant to this <u>Section 10.07(l)</u>, the assigning Lender and Holdings, the Borrower or such Restricted Subsidiary, as applicable, shall render customary "big boy" letters to each other (and, in connection with any assignments pursuant to <u>clause (x)</u> above, the Auction Agent) regarding information that is not known to such assigning Lender that may be material to the decision by such assigning Lender to enter into such assignment to Holdings, the Borrower or such Restricted Subsidiary, as applicable.

Each Lender participating in any assignment pursuant to this <u>clause (l)</u> acknowledges and agrees that in connection with such assignment, (1) Holdings and its Subsidiaries then may have, and later may come into possession of Excluded Information, (2) such Lender has independently and, without reliance on Holdings or any of its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-Related Persons, has made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the Excluded Information, (3) none of the Borrower, Company Parties or Sponsor or any of their respective Affiliates shall be required to make any representation that it is not in possession of Material Non-Public Information, (4) none of Holdings or its Subsidiaries or Affiliates, the Administrative Agent or any other Agent-

------

Related Persons shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Borrower and its Subsidiaries and Affiliates, the Administrative Agent and any other Agent-Related Persons, under applicable Laws or otherwise, with respect to the nondisclosure of the Excluded Information and (5) the Excluded Information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to <u>Section 10.07(n)</u>, any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required any Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require any Agent or any Lender to take (or refrain from taking) any such action and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question adversely affects such Affiliated Lender in any material respect as compared to other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Additionally, the Loan Parties and Affiliated Lenders hereby agree that if a case under Title 11 of the United States Code is commenced by or against any Loan Party, such Loan Party shall seek (and the Affiliated Lenders shall consent) to provide that the vote of the Affiliated Lenders with respect to any plan of reorganization of such Loan Party shall be counted in the same proportion as all other Lenders, except that Affiliated Lenders' vote may be counted to the extent any such plan of reorganization (i) proposes to treat the Obligations held by Affiliated Lenders in a manner that is less favorable in any material respect to the Affiliated Lenders than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the Borrower, (ii) would deprive the Affiliated Lenders of their Pro Rata Share of any payments to which all Lenders are entitled or (iii) requires the consent of each Lender or each affected Lender. The Affiliated Lenders hereby irrevocably appoint each of the Administrative Agent or the Revolving Agent (such appointment being coupled with an interest) as the Affiliated Lenders' attorneys-in-fact, with full authority in the place and stead of the Affiliated Lenders and in the name of the Affiliated Lenders, from time to time in each such Agent's discretion to take any action and to execute any instrument that such Agent may deem reasonably necessary to carry out the provisions of this <u>Section 10.07(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Although Debt Fund Affiliates shall be Eligible Assignees and shall not be subject to the provisions of <u>Section 10.07(m)</u> or <u>10.07(n)</u>, any Lender may, at any time, assign all or a portion of its rights and obligations with respect to any Class of Loans or Commitments under this Agreement to a Person who is or will become, after such assignment, a Debt Fund Affiliate only through (x) Dutch auctions open to all Lenders holding such Class of Loans or Commitments on a pro rata basis in accordance with procedures of the type described in <u>Section 2.05(a)(v)</u> or (y) open market purchases on a non-pro rata basis. Notwithstanding anything in <u>Section 10.01</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required any Agent or any Lender to undertake any action (or refrain

------

from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Loans held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans, Revolving Credit Commitments and Revolving Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant to <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding the foregoing, if an entire Class of Loans or Commitments is Refinanced or replaced in full with other Loans or Commitments hereunder, the Borrower shall have the option, with the consent of each of the Administrative Agent and the Revolving Agent and subject to at least three Business Days' advance notice (which notice may be rescinded if the transactions contemplated by such Refinancing Amendment are not consummated) to each Lender holding any Class of Loans or Commitments being Refinanced or replaced to consummate such Refinancing or replacement of such Class by way of assignment by purchasing each such Lender's Loans or unfunded Commitments at par, accompanied by payment of any accrued interest and fees thereon (including, if applicable, amounts payable pursuant to <u>Section 3.07(e)</u>) instead of prepaying the Loans or reducing or terminating the Commitments to be Refinanced or replaced. The assigned Loans and Commitments shall be amended immediately thereafter in accordance with <u>Section 10.01</u> to reflect the terms of any such Refinancing or replacement. The assignee under any such assignment may be (but shall not be required to be) any Agent, any Lender, any arranger of the new Loans or Commitments or any other Person designated by any Agent. By receiving the purchase price, the Lenders having the replaced or Refinanced Class of Loans or Commitments shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing security interests in the Collateral.

Section 10.08. <u>Confidentiality</u>.

Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel, and other advisors (it being understood that (i) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and (ii) the Applicable Agent or Lender disclosing such information shall be responsible for the compliance of its Affiliates and its Affiliates' managers, administrators, directors, officers, employees, investment committee members, trustees, partners, existing and prospective investors, investment advisors, funding sources and agents, including accountants, legal counsel and other advisors, with this <u>Section 10.08</u>); (b) to the extent required or requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority regulating any Lender or its Affiliates), *provided* that the Applicable Agent or such Lender, as applicable, agrees that it will make commercially reasonable efforts to notify the Borrower in advance in the event of any such disclosure by such Person (and will promptly notify the Borrower in any event) (other than at the request of a regulatory authority or pursuant to filings, submissions and any other similar documentation applicable to business development companies of the type disclosed in the Administrative Agent's Form 10-K prior to the Closing Date and required or customary to comply with SEC filing requirements) unless such notification is prohibited by law, rule or regulation; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process or required or requested by any regulatory authority having or asserting jurisdiction over such Person or its Related Parties, *provided* that the Applicable Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory authority) unless such notification is prohibited by law, rule or regulation; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions at least as restrictive as those of this

------

 <u>Section 10.08</u> (or as may otherwise be reasonably acceptable to the Borrower), to (i) any pledgee referred to in <u>Section 10.07(g)</u>, (ii) any direct or indirect contractual counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (other than any Disqualified Institution or Person); or (iii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder (other than any Disqualified Institution or Person whom the Borrower has affirmatively denied to provide consent to assignment in accordance with <u>Section 10.07(b)(i)(A)</u>); (f) with the prior written consent of the Borrower; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this <u>Section 10.08</u> or other obligation of confidentiality owed to the Borrower, the Sponsor or their respective Affiliates, (ii) is or becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or any Sponsor or their respective related parties (so long as such source is not known (after due inquiry) to such Agent, such Lender, such L/C Issuer or any of their respective Affiliates to be bound by confidentiality obligations to any Loan Party, the Sponsor or their respective Affiliates); (h) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (i) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of its rights hereunder or thereunder; (j) for purposes of establishing a "due diligence" defense or (k) in connection with filings, submissions and any other similar documentation required or customary to comply with SEC filing requirements. In addition, the Agents and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement, and management of this Agreement, the other Loan Documents, the Commitments and the Credit Extensions. For the purposes of this <u>Section 10.08</u>, "**Information**" means all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates' directors, officers, employees, trustees, investment advisors or agents, other than any such information that is publicly available to any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this <u>Section 10.08</u> or any other confidentiality obligation owed to any Loan Party or their Affiliates. Notwithstanding anything to the contrary, this <u>Section 10.08</u> shall not terminate until the earlier of (x) payment in full of all Obligations (other than contingent obligations as to which no claim has been asserted), and (y) the Maturity Date.

Section 10.09. <u>Setoff</u>.

In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender (and any Agent, in respect of any unpaid fees, costs and expenses payable hereunder or under any of the other Loan Documents) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than escrow, payroll, petty cash, trust and tax accounts) at any time held by, and other Indebtedness at any time owing by, such Lender or such Agent to or for the credit or the account of the respective Loan Parties against any and all Secured Obligations then due and owing to such Lender or such Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Lender or such Agent shall have made demand under this Agreement or any other Loan Document; *provided* that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent or the Revolving Agent, as applicable, for further application in accordance with the provisions of <u>Section 2.17</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the

------

Agents, the L/C Issuers, and the Lenders, and (y) the Defaulting Lender shall provide promptly to each Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Agents after any such set off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent and each Lender under this <u>Section 10.09</u> are in addition to other rights and remedies (including other rights of setoff) that each Agent and such Lender may have at Law.

Section 10.10. <u>Interest Rate Limitation</u>.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "**Maximum Rate**"). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 10.11. <u>Counterparts</u>.

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; *provided* that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. 

Section 10.12. <u>Integration</u>.

This Agreement, together with the other Loan Documents and the Fee Letter, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. Subject to <u>Section 10.22</u>, in the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; *provided* that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

Section 10.13. <u>Survival of Representations and Warranties</u>.

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

------

Section 10.14. <u>Severability</u>.

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions; *provided*, that the Lenders shall charge no fee in connection with any such amendment. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 10.14</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Agents or the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 10.15. <u>GOVERNING LAW</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED, THAT NOTWITHSTANDING THE FOREGOING IT IS UNDERSTOOD AND AGREED THAT (A) THE INTERPRETATION OF CLAUSE (A) OF THE DEFINITION OF "MATERIAL ADVERSE EFFECT" (AND WHETHER OR NOT A "MATERIAL ADVERSE EFFECT" UNDER CLAUSE (A) OF SUCH DEFINITION HAS OCCURRED), (B) THE ACCURACY OF ANY SPECIFIED PURCHASE AGREEMENT REPRESENTATIONS AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF THE INITIAL BORROWER HAS THE RIGHT (WITHOUT REGARD TO ANY NOTICE REQUIREMENT BUT TAKING INTO ACCOUNT ANY APPLICABLE CURE PROVISIONS) TO TERMINATE THE INITIAL BORROWER'S OBLIGATIONS (OR TO REFUSE TO CONSUMMATE THE ACQUISITION) UNDER THE PURCHASE AGREEMENT AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE PURCHASE AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY (BOROUGH OF MANHATTAN) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN

------

PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN FACSIMILE) IN <u>SECTION 10.02</u>. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

Section 10.16. <u>WAIVER OF RIGHT TO TRIAL BY JURY</u>.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.16</u>.

Section 10.17. <u>Binding Effect</u>.

This Agreement shall become effective when it shall have been executed and delivered by the Loan Parties, each Agent and each Lender and shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with <u>Section 10.07</u> (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Agents and the Lenders except as permitted by <u>Section 7.04</u>.

Section 10.18. <u>USA Patriot Act</u>.

Each Lender that is subject to the USA Patriot Act and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan Party that will allow such Lender or such Agent, as applicable, to identify such Loan Party in accordance with the USA Patriot Act. This notice is given in accordance with the requirements of the USA Patriot Act and is effective as to the Lenders and the Agents.

------

Section 10.19. <u>Judgment Currency</u>.

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent or the Revolving Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent, the Revolving Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent, the Revolving Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent, the Revolving Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, the Revolving Agent or any Lender in such currency, the Administrative Agent, the Revolving Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrowers (or to any other Person who may be entitled thereto under applicable Law).

Section 10.20. <u>No Advisory or Fiduciary Responsibility</u>.

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agents are arm's-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for each Loan Party or any of their respective Affiliates, or any other Person and (B) no Agent or Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party hereby agrees that it will not claim that any Agent or Lender has rendered advisory services of any nature or respect, or owe any fiduciary duty or similar duty to such Loan Party or its Affiliates in connection with any aspect of any transaction contemplated hereby or the process leading thereto.

Section 10.21. <u>Electronic Execution of Assignments and Certain Other Documents</u>.

The words "execute," "execution," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agents, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic

------

Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, no Agent is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Agent pursuant to procedures approved by it.

Section 10.22. <u>Intercreditor Agreements</u>.

Each Lender hereunder (a) acknowledges that it has received a copy of the Intercreditor Agreements, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements and (c) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Intercreditor Agreements on behalf of such Lender. The foregoing provisions are intended as an inducement to the lenders under any documentation governing other parity lien or junior lien Indebtedness permitted to be incurred hereunder to extend credit to the Loan Parties and such lenders are intended third party beneficiaries of such provisions. In the event of any conflict or inconsistency between the provisions of any Intercreditor Agreement and this Agreement, the provisions of such Intercreditor Agreement shall control.

Section 10.23. <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 10.24. <u>Closing Date Debt Assumptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately after the consummation of the Acquisition, TCFI hereby assumes all of the Secured Obligations of the Initial Borrower (the "Debt Assumption").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Debt Assumption, TCFI hereby joins this Agreement as a Borrower and agrees and acknowledges that, for the benefit of the Agents and the Lenders, as evidenced by its signature below on its behalf, upon the consummation of the Debt Assumption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TCFI shall be and is a Borrower under this Agreement and the other Loan Documents with the same force and effect as if originally named therein as a "Borrower", from and after Acquisition, the effect of which shall be, without limitation, that (A) each reference to a "Borrower", "Borrowers", "Borrower Representative", "Loan Party" or "Loan Parties" in this Agreement and the other Loan Documents shall be deemed to be to, or include, it and (B) it shall be bound by all of the terms and provisions of this Agreement and the other Loan Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TCFI, as a borrower, debtor, grantor, mortgagor, pledgor, guarantor or assignor, or in any other similar capacities in which TCFI grants Liens or security interests in its assets and other property or otherwise acts as an accommodation party or guarantor, as the case may be, in any case under the Loan Documents, from and after the consummation of the Acquisition hereby (i) ratifies and confirms all of the payment, performance and observance obligations and liabilities of TCFI, whether contingent or otherwise, under the Loan Documents, and (ii) ratifies and confirms the grant of security by TCFI under the Collateral Documents and confirms and agrees that such Liens and security interests secure all of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Release of Initial Borrower. Following the funding of the Loans on the Closing Date, and automatically upon consummation of the Acquisition and the Debt Assumption, the Initial Borrower is hereby automatically released from all its rights and Secured Obligations as a "Borrower" hereunder and under the other Loan Documents. Notwithstanding such release, Athena Technology Solutions Purchaser, LLC, as Holdings, will remain a Loan Party and Guarantor for all other purposes under the Loan Documents following the effectiveness of the Closing Date Acquisition and will not be released or discharged from any Secured Obligations that are applicable to Loan Parties or grants of security interests in the Collateral pursuant to the Collateral Documents), except as otherwise provided for hereunder.

**ARTICLE XI.** 

**<u>GUARANTY</u>** 

Section 11.01. <u>The Guaranty</u>.

Each Guarantor, including each Guarantor joined hereto pursuant to a Guarantor Joinder Agreement as required by the Collateral and Guarantee Requirement, hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrowers (or, in the case of each Guarantor that is also a Borrower, each other Borrower), and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Secured Hedge Agreement or any Secured Cash Management Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the "**Guaranteed Obligations**"); *provided*, *however*, that Guaranteed Obligations consisting of obligations of any Loan Party arising under any Secured Hedge Agreement shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrowers or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event that any Guarantor is not an "eligible contract participant" as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended at the time (i) any transaction is entered into under a Secured Hedge Agreement or (ii) such Guarantor becomes a Guarantor hereunder, the Guaranteed Obligations of such Guarantor shall not include (x) in the case of <u>clause (i)</u> above, such transaction and (y) in the case of <u>clause (ii)</u> above, any transactions under Secured Hedge Agreements as of such date.

------

Section 11.02. <u>Obligations Unconditional</u>.

The obligations of the Guarantors under <u>Section 11.01</u> shall constitute a guaranty of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrowers under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to <u>Section 11.09</u>, any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the release of any other Guarantor pursuant to <u>Section 11.09</u>.

The Guarantors hereby expressly waive (to the fullest extent permitted by Law) diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrowers under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrowers and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

------

Section 11.03. <u>Reinstatement</u>.

The obligations of the Guarantors under this <u>Article XI</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

Section 11.04. <u>Subrogation; Subordination</u>.

Each Guarantor hereby agrees that until the payment in full in cash and satisfaction in full of all Guaranteed Obligations (other than Secured Cash Management Obligations, Secured Hedge Obligations and contingent obligations, in each case not yet due and owing, and L/C Obligations that have been Cash Collateralized or back-stopped) and the expiration and termination of the Commitments of the Lenders under this Agreement it shall subordinate any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in <u>Section 11.01</u>, whether by subrogation, contribution or otherwise, against the Borrowers or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 11.05. <u>Remedies</u>.

The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrowers under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in <u>Section 8.02</u> (and shall be deemed to have become automatically due and payable in the circumstances provided in <u>Section 8.02</u>) for purposes of <u>Section 11.01</u>, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrowers) shall forthwith become due and payable by the Guarantors for purposes of <u>Section 11.01</u>.

Section 11.06. <u>Instrument for the Payment of Money</u>.

Each Guarantor hereby acknowledges that the guarantee in this <u>Article XI</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

Section 11.07. <u>Continuing Guarantee</u>.

The guarantee in this <u>Article XI</u> is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

------

Section 11.08. <u>General Limitation on Guaranteed Obligations</u>.

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under <u>Section 11.01</u> would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under <u>Section 11.01</u>, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the liability under this Guaranty and the right of contribution established in <u>Section 11.10</u>, but before giving effect to any other guarantee) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 11.09. <u>Release of Guarantors</u>.

If, in compliance with the terms and provisions of the Loan Documents, (i) any Subsidiary Guarantor ceases to be a Restricted Subsidiary in a transaction permitted hereunder, (ii) unless Borrower has otherwise requested that such Excluded Subsidiary shall be or remain a Subsidiary Guarantor, any Subsidiary Guarantor becomes an Excluded Subsidiary (other than pursuant to clause (a) of the definition of Excluded Subsidiary if <u>(x)</u> the primary purpose of such action is to evade the Collateral and Guarantee Requirement with no other justifiable business purpose <u>or (y) such Subsidiary is no longer a wholly owned Restricted Subsidiary as a result of a transaction with an Affiliate of the Borrower</u>), (iii) Borrower has notified each Agent that an Elective Guarantor shall no longer be a Guarantor or (iv) subject to <u>Section 10.01</u>, if the release of such Guarantor is approved, authorized or ratified in writing by the Required Lenders (any such Subsidiary Guarantor referred to in <u>clause (i)</u>, <u>(ii)</u>, <u>(iii)</u> or <u>(iv)</u> a "**Released Guarantor**"), such Released Guarantor shall, upon the consummation of the related transaction, change in status, request, approval, authorization or ratification be automatically released from its obligations under this Agreement (including under <u>Section 10.05</u> hereof) and the other Loan Documents, including its obligations to pledge and grant any Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of any of the Equity Interests of the Released Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrowers shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and/or the Collateral Agent shall take such actions as are necessary to effect each release described in this <u>Section 11.09</u> in accordance with the relevant provisions of the Collateral Documents; *provided*, that no such release shall occur, and no such Subsidiary Guarantor shall constitute a Released Guarantor, if (x) such Subsidiary Guarantor continues to be a guarantor in respect of any Indebtedness constituting a Junior Financing and is required to provide a Guarantee of the Secured Obligations pursuant to <u>Section 7.03(c)(A)</u> or (y) such Subsidiary Guarantor continues to constitute a Subsidiary of the Borrower and becomes an Excluded Subsidiary under clause (a) of the definition thereof unless (i) no Event of Default shall have occurred and be continuing at the time such Subsidiary Guarantor becomes an Excluded Subsidiary under clause (a) of the definition thereof and (ii) after giving Pro Forma Effect to such release and the consummation of the transaction that causes such Person to become an Excluded Subsidiary under clause (a) of the definition thereof, the Borrowers and Restricted Subsidiaries shall be deemed to have made an Investment in, or a Restricted Payment in respect of, as applicable, such Person (as if such Person were then newly acquired or formed) and such Investment or Restricted Payment is permitted hereunder at such time.

When all Commitments hereunder have terminated, and all Loans or other Obligations hereunder which are accrued and payable have been paid or satisfied (other than contingent obligations as to which no claim has been asserted), and no Letters of Credit remain outstanding (except any Letter of Credit the Outstanding Amount of which the Obligations related to which has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place), this Agreement and the Guaranty made herein, each other Loan Document and any security interest granted under any Loan Document shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such repayment pursuant to the terms of this Agreement.

------

Section 11.10. <u>Right of Contribution</u>.

Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor's right of contribution shall be subject to the terms and conditions of <u>Section 11.04</u>. The provisions of this <u>Section 11.10</u> shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Agents, the L/C Issuers and the Lenders, and each Subsidiary Guarantor shall remain liable to the Agents, the L/C Issuers and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

Section 11.11. <u>Keepwell</u>.

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (*provided*, *however*, that each Qualified ECP Guarantor shall only be liable under this <u>Section 11.11</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section 11.11</u>, or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this <u>Section 11.11</u> shall remain in full force and effect until all Commitments hereunder have terminated, and all Loans or other Guaranteed Obligations hereunder which are accrued and payable have been paid or satisfied, and no Letter of Credit remains outstanding (except any Letter of Credit the Outstanding Amount of which the Guaranteed Obligations related thereto has been Cash Collateralized or for which a back-stop letter of credit reasonably satisfactory to the applicable L/C Issuer has been put in place). Each Qualified ECP Guarantor intends that this <u>Section 11.11</u> constitute, and this <u>Section 11.11</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[*Remainder of Page Intentionally Left Blank*]

## Exhibit 10.7

**Exhibit 10.7** 

EXECUTION COPY

<u>CONSULTING AGREEMENT</u> 

THIS CONSULTING AGREEMENT (this "<u>Agreement</u>") is made and entered into effective as of January 1, 2025 (the "<u>Effective Date</u>") by and between TCFI AEVEX LLC, a Delaware limited liability company (the "<u>Company</u>"), Radz Group II LLC, a Delaware limited liability company (the "<u>Consultant</u>"), and Brian Raduenz, an individual resident in the State of California ("<u>Raduenz</u>" and, together with the Consultant, the "<u>Radz Parties</u>"). The Company and the Radz Parties are sometimes collectively referred to herein as the "<u>Parties</u>" and individually as a "<u>Party</u>."

WHEREAS, the Company and its subsidiaries and other affiliates desire to obtain certain consulting services from the Consultant, and the Consultant desires to provide such consulting services to the Company and its affiliates and subsidiaries, on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Consulting Services; Consulting Period</u>. During the Consulting Period (as defined below), the Consultant shall serve as an independent consultant to the Company and, in such role, shall perform such duties, responsibilities and functions as may be requested of it from time to time by the Company (the "<u>Consulting Services</u>") and shall make itself reasonably available to the Company and its subsidiaries and other affiliates to provide the Consulting Services when and as requested by the Company. For all purposes of this Agreement, the "<u>Consulting Period</u>" means the period commencing on the Effective Date and terminating on the earliest of (i) the date that is thirty (30) days after the date written notice of termination is delivered by the Company to the Consultant, (ii) the date that is thirty (30) days after the date written notice of termination is delivered by the Consultant to the Company, and (iii) the date of the death or disability of Raduenz. In addition, Company may terminate the Consulting Period immediately upon the occurrence of any of the following: (a) the Consultant's willful and repeated failure to perform the services required hereunder, (b) the failure of Raduenz to own and control a majority of the equity interests of the Consultant, (c) the failure of Raduenz to actively oversee and manage on a day-to-day basis the services provided by the Consultant hereunder, and (d) the breach of any material term of this Agreement by the Consultant. The effective date of any termination of the Consulting Period shall be referred to as the "<u>Termination Date</u>" and the Consulting Period shall be deemed to terminate or expire on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Consulting Fees; Expenses</u>. In consideration for the Consulting Services, during the Consulting Period, the Consultant shall be entitled to receive consulting fees at a rate of $50,000.00 per month (the "<u>Consulting Fees</u>"), and to receive reimbursement for reasonable out-of-pocket travel and other business expenses incurred in the ordinary course in connection with the performance of the Consulting Services (including airfare for international travel but excluding any airfare for domestic travel, which shall remain the sole responsibility of the Consultant), subject to reasonable documentation requirements as the Company may specify from time to time(the "<u>Expenses</u>"). The Consultant agrees to invoice the Company in reasonable detail for all Consulting Fees and Expenses not less frequently than monthly.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Incentive Fee</u>. In addition to the Consulting Fees, during each fiscal year of the Company during the Consulting Period beginning with the fiscal year ending December 31, 2024, the Consultant will be eligible to earn an incentive fee (the "<u>Annual Incentive Fee</u>") as determined by the Board of Directors of Athena Technology Solutions Holdings, LLC (the "<u>Board</u>"), in its sole and absolute discretion based on the achievement by the Company and its subsidiaries and other affiliates of performance and other objectives as specified by the Board from time to time. The Annual Incentive Fee for any fiscal year shall be earned (if awarded) on the last day of such fiscal year and paid by the Company no later than the earlier of (x) the date that is thirty (30) days after the Company's receipt of its audited financial statements for the fiscal year with respect to which such bonus has been earned and (y) December 31 of the calendar year following such fiscal year with respect to which such bonus has been earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Other Benefits</u>. For the avoidance of doubt, the Consultant shall not be entitled to receive any compensation, benefits or privileges from the Company or any of its subsidiaries or other affiliates during or after the Consulting Period (including, without limitation, any incentive compensation, deferred compensation, equity award, health, welfare, dental or other benefits), except as expressly provided in <u>Section</u> <u>2(a)</u> or as required under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and each other member of the Company Group shall be entitled to deduct or withhold from any amounts owing from the Company Group to the Consultant any federal, state, local or foreign withholding taxes, excise tax, or employment taxes imposed with respect to the Consultant's compensation or other payments hereunder. Notwithstanding the foregoing, it is intended that the Consulting Fees shall constitute income to the Consultant and that, except as required by applicable law or any determination of a taxing authority of competent jurisdiction, the Company Group will not withhold any amounts therefrom as income tax withholding from wages or as employee contributions under any federal or state law. Each Radz Party shall file all tax returns and reports required to be filed by such Radz Party on the basis that the Consultant is an independent contractor. Each Radz Party, on a joint and several basis, shall indemnify the Company Group and each member thereof against, and shall hold the Company Group and each member thereof harmless from, any and all losses, liabilities, damages, taxes, interest, penalties, fees, costs and expenses suffered, sustained or incurred by any member of the Company Group arising out of, resulting from or in any way relating to the classification of the Consultant as an independent contractor and/or the failure to withhold any taxes or other amounts payable from the consideration payable hereunder. The Consultant acknowledges that no member of the Company Group makes no representation or warranty as to any tax consequences under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The intent of the parties is that payments and benefits under this Agreement comply with or otherwise be exempt from Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively, "<u>Code Section</u> <u>409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be either exempt from or in compliance therewith. To the extent any reimbursements or in-kind benefits under this Agreement constitute "non-qualified deferred compensation" for purposes of Code Section 409A, (i) all such expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Consultant, (ii) any right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Consultant by Code Section 409A or damages for failing to comply with Code Section 409A.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Restrictive Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Nondisclosure and Nonuse of Confidential Information</u>. Each Radz Party agrees that such Radz Party shall not, and will cause its or his affiliates not to, disclose or use at any time any Confidential Information of which such Radz Party is or becomes aware, whether or not such information is developed by such Radz Party, except (A) to the extent that such disclosure or use is directly related to and required by such Radz Party's performance of duties assigned to such Radz Party hereunder by the Company or any of its subsidiaries or other affiliates (collectively, the "<u>Company Group</u>"), and (B) to the extent that such disclosure or use is reasonably required to enforce such Radz Party's rights or defend against claims under this Agreement. Each Radz Party acknowledges that the Confidential Information gives the Company Group a competitive advantage in the marketplace and that such Radz Party shall take all appropriate steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. The foregoing shall not, however, prohibit disclosure by such Radz Party of Confidential Information that is required to be disclosed pursuant to any applicable law or court order, or that is required to be disclosed to any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Protection of Trade Secrets</u>. Each Radz Party acknowledges that, during the course of providing consulting services to the Company Group, such Radz Party has and shall become familiar with the Company Group's trade secrets and with other Confidential Information concerning the Company Group and that such Radz Party's services have been and shall be of special, unique and extraordinary value to the Company Group. Therefore, each Radz Party agrees that, during the Consulting Period and for one (1) year thereafter (the "<u>Restricted Period</u>"), each Radz Party shall not, directly or indirectly, own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any business (including, without limitation, any division, group, or franchise of a larger organization), within any geographical area in the United States in which any member of the Company Group has customers or has conducted or intends to conduct business as of the last day of the Consulting Period in which it would be necessary or expected for such Radz Party to, directly or indirectly, employ, reveal or otherwise utilize trade secrets or Confidential Information used by the Company Group at any time prior to the Termination Date (which shall be presumed to be the case in the event that any Radz Party participates in a competing business during the Restricted Period unless such Radz Party can demonstrate to the contrary). For purposes of this Agreement, the term "participate in" shall include, without limitation, having any direct or indirect interest in any Person, whether as a sole proprietor, owner, stockholder, partner, joint venture, creditor or otherwise, or rendering any direct or indirect service or assistance to any individual, corporation, partnership, joint venture and other business entity (whether as a director, officer, manager, supervisor, employee, agent, consultant or otherwise). Pursuant to the federal Defend Trade Secrets Act, the Company hereby notifies each Radz Party, and such Radz Party acknowledges, that such Radz Party will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) such Radz Party makes (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such Radz Party makes in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, pursuant to such Act, if such Radz Party files a lawsuit for retaliation by the Company for reporting a suspected violation of law, such Radz Party may disclose a trade secret to such Radz Party's attorney and use the trade secret information in the court proceeding, if such Radz Party: (x) files any document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Solicitation</u>. During the Restricted Period, each Radz Party shall not, directly or indirectly, either for such Radz Party or for any other individual, corporation, partnership, joint venture or other entity, induce or attempt to induce any employee or independent contractor of the Company Group to leave the employ of the Company Group, or in any way interfere with the relationship between the Company Group and any employee or independent contractor thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-Disparagement</u>. Without limiting any other obligation of any Radz Party pursuant to this Agreement, during the Restricted Period, each Radz Party hereby covenants and agrees that, except as may be required by applicable law, such Radz Party shall not make any statement, written or verbal, in any forum or media, or take any other action in disparagement of any member of the Company Group during the Restricted Period or any time after the Restricted Period. It shall not be a violation of this <u>Section</u> <u>5(e)</u> for such Radz Party to make such statements as necessary under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Company Works</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Radz Party shall make full and prompt disclosure to the Company of all Company Works. All right, title and interest in the Company Works, whether or not used by the Company, shall, from the inception of development, be exclusively and perpetually the property of the Company, free of any claim whatsoever by any Radz Party or any third party deriving any rights from such Radz Party. All copyrightable Company Works shall be deemed "works made for hire" within the meaning of the U.S. Copyright Act, and ownership of all right, title, and interest therein shall vest in the Company. Each Radz Party hereby irrevocably assigns, and agrees to assign, to the Company all right, title and interest in and to all copyrightable Company Works to the extent not so deemed a "work made for hire" and all other Company Works, on a worldwide basis, including all worldwide Intellectual Property rights with respect thereto. Each Radz Party waives any and all moral rights with respect to the Company Works to the fullest extent permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Radz Party agrees to do all lawful acts, take all further actions, and provide all cooperation and assistance requested by the Company (including the execution and delivery of any and all affidavits, declarations, oaths, samples, exhibits, specimens, assignments, powers of attorney and other documentation) to more fully and effectively effectuate the purposes of the foregoing assignment including with respect to (i) the preparation, prosecution, renewal, or maintenance of any Intellectual Property application or registration relating to any of the rights assigned herein and (ii) the prosecution or defense of any interference, opposition, reexamination, reissue, infringement, misappropriation, dilution, or other proceedings that may arise in connection with any of the rights assigned herein. If any Radz Party refuses or is unable to take any such actions or execute or deliver any items referenced in this Section 4(e), each Radz Party hereby grants the Company the power to act, and irrevocably designates and appoints the Company, as such Radz Party's attorney in fact to take such actions and execute such items, including signing and filing such documents with applicable authorities, as if such Radz Party had performed such actions and signed such documents, such grant, designation, and appointment coupled with an interest. Each Radz Party acknowledges and agrees that such Radz Party is not entitled to any additional consideration in connection with providing such assistance or otherwise in connection with the foregoing assignment, regardless of when such assistance is requested, beyond the consideration received by the Radz Parties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Radz Party will not use in connection with such Radz Party's performance of services to the Company Group, or provide to the Company Group, any Intellectual Property owned by any Radz Party, without the prior written consent of the Company. To the extent that any Radz Party uses any such Intellectual Property in connection with such Radz Party's provision of services to the Company (including in any products or services of the Company Group), or provides to the Company Group any such Intellectual Property, each Radz Party hereby grants to the Company a perpetual, irrevocable, non-terminable, transferable, worldwide, fully paid up, royalty free, worldwide license, with the right to sublicense, under such Intellectual Property, including to make, have made, use, sell, offer for sale and import any product or service, practice any process or method, and use, reproduce, copy, display, perform and prepare derivative works of such Intellectual Property.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Certain Acknowledgements</u>. Each Radz Party acknowledges that the provisions of this <u>Section</u> <u>4</u> are in consideration of the substantial direct and indirect benefits to be derived by such Radz Party in connection with this Agreement and for other good and valuable consideration as set forth in this Agreement. In addition, each Radz Party acknowledges (i) that the business and operations of the Company Group will be conducted throughout the world, including the United States and its territories, (ii) notwithstanding the state of organization or principal office any member of the Company Group or any of its facilities, or any of its executives or employees, it is expected that the Company Group will have business activities and have valuable business relationships within its industry throughout the world, including the United States and its territories. Each Radz Party expressly acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Enforcement</u>. If, at the time of enforcement of this <u>Section</u> <u>4</u>, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the Parties hereby agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law. In the event of the breach or a threatened breach by any Radz Party of any of the provisions of this <u>Section</u> <u>4</u>, the Company Group would suffer irreparable harm, and in addition and supplementary to other rights and remedies existing in its favor, the Company Group shall be entitled to specific performance and/or injunctive or other equitable relief from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof (without posting a bond, deposit or other security). In addition, in the event of a breach or violation by any Radz Party of this <u>Section</u> <u>4</u>, the Restricted Period shall cease to run during the pendency of any litigation over such violation, provided that such litigation was initiated during the Restricted Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Definitions</u>. For the purposes of this Agreement, the following terms have the meanings set forth below:

"<u>Company Works</u>" means Intellectual Property that (i) is authored, created, made, conceived or reduced to practice by any Radz Party during the provision of services to any member of the Company Group, whether solely or jointly with others, and whether prior to or after the effective date of this Agreement, and (ii) relates to the current or demonstrably anticipated business, research, or development of the Company Group or is authored, created, made, conceived or reduced to practice within the scope of the services to be provided hereunder, on Company Group time, or with the aid, assistance, or use of any of the Company Group's property, equipment, facilities, supplies, resources, or Intellectual Property, or is the result of or relates to any work, services, or duties performed by any Radz Party for the Company Group.

"<u>Confidential Information</u>" means all information (whether or not specifically labeled or identified as "confidential") in any form or medium relating in any manner to the Company Group or its businesses, including but not limited to, contemplated new products and services, historical or projected financial results, products, services or research or development of the Company Group or its suppliers, distributors, customers, independent contractors or other business relations. Confidential Information will be interpreted as broadly as possible to include all information of any sort (whether merely remembered

------

or embodied in a tangible or intangible form) that is (x) related to the Company Group's current or potential business and (y) is not generally or publicly known. Confidential Information includes, but is not limited to, the following: (i) internal business information (including historical and projected financial information and budgets and information relating to strategic and staffing plans and practices, business, training, marketing, promotional and sales plans and practices, cost, rate and pricing structures, risk management practices, negotiation strategies and practices and accounting and business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information about, the Company Group's employees (including personnel files and other information), customers, suppliers, distributors, independent contractors or other business relations and their confidential information; (iii) trade secrets, technology, know-how, compilations of data and analyses, techniques, systems, formulae, research, records, reports, manuals, flow charts, documentation, models, algorithms, data and data bases relating thereto; (iv) computer software, including operating systems, applications and program listings; (v) inventions, innovations, ideas, devices, improvements, developments, methods, processes, designs, analyses, drawings, photographs, reports and all similar or related information (whether or not patentable and whether or not reduced to practice); (vi) copyrightable works, (vii) all other intellectual property of every kind and description, and (viii) all similar and related information in whatever form. Confidential Information does not include information, if any, that (A) is or becomes generally available to the public in a manner other than as a result of a disclosure by any Radz Party; (B) is or becomes generally known in the Company Group's industry in a manner other than as a result of a disclosure by any Radz Party; (C) was available to a Radz Party on a non-confidential basis prior to its disclosure to such Radz Party by the Company Group; (D) becomes available to a Radz Party on a non-confidential basis from a source other than the Company Group, provided that such source is not and was not bound by or subject to a confidentiality agreement with any member of the Company Group or a confidentiality obligation to any member of the Company Group with respect to such information; or (E) was independently developed by a Radz Party without use of reference to Confidential Information.

"<u>Governmental Entity</u>" means (i) any federal, state, local, municipal, non-U.S. or other government, (ii) any governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, entity or self-regulatory organization and any court or other tribunal), (iii) any body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature, including any arbitral tribunal, or (iv) any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever of any federal, state, province, local, municipal or non-U.S. government or other political subdivision or otherwise, or any officer or official thereof with requisite authority.

"<u>Intellectual Property</u>" means any and all of the following in any jurisdiction throughout the world: (i) trademarks, service marks, trade dress and logos, including all applications, registrations and renewals, and the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights, including all applications, registrations and renewals, and works of authorship, whether or not copyrightable; (iii) trade secrets and other confidential information (including technical data, customer and supplier lists, pricing and cost information, and business and marketing plans and proposals), know-how, processes, methods, data, ideas, research and development; (iv) inventions, patents and patent applications; (v) Internet domain name registrations; (vi) social media assets including usernames, keywords, tags, and other social media identifiers, along with all other account and profile information and all administrator rights for all social media sites; (vii) software; (viii) all other intellectual property and industrial property rights and assets; and (ix) all copies and tangible embodiments of any of the foregoing.

"<u>Person</u>" means an individual, a partnership (whether general or limited), a corporation (whether or not for profit), a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Complete Agreement</u>. This Agreement, those documents expressly referred to herein and any other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the Parties and/or their subsidiaries and/or affiliates, written or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of each Party hereto and its legal representatives, successors; <u>provided</u>, that in no event shall the obligations of any Radz Party or any of his rights be delegated or transferred by such Radz Party without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Modification or Waiver</u> No amendment, modification or waiver of this Agreement shall be binding or effective for any purpose unless it is made in a writing signed by each of the Parties. No course of dealing between the Parties shall be deemed to affect or to modify, amend or discharge any provision or term of this Agreement. No delay on the part of any Party in the exercise of any of their respective rights or remedies shall operate as a waiver thereof, and no single or partial exercise by any Party of any such right or remedy shall preclude other or further exercises thereof. A waiver of right or remedy on any one occasion shall not be construed as a bar to or waiver of any such right or remedy on any other occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability</u>. Whenever possible each provision and term of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or term of this Agreement shall be held to be prohibited by or invalid under such applicable law, then such provision or term shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such provision or term or the remaining provisions or terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notices</u>. Any notice provided for in this Agreement shall be given in writing and shall be deemed effectively given upon personal delivery, on the date of transmission if delivered by email facsimile or upon deposit in the United States mail, postage prepaid, addressed to the other Party hereto at his or its address shown below:

If to the Company:

c/o Athena Technology Solutions Holdings, LLC

440 Stevens Ave. Ste 150

Solana Beach, CA 92075

Attention: Board of Managers

--and--

Madison Dearborn Partners, LLC

70 W. Madison, Suite 4600

Chicago, IL 60602

Attention: Matthew Norton

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandon Levitan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Department

------

If to any Radz Party:

c/o Radz Group II LLC

[\*\*\*]

[\*\*\*]

Attention: Brian Raduenz

Without limiting the foregoing, all notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement may be given using any other means (including personal delivery, expedited courier, messenger service, ordinary mail or electronic mail), but no such notice, demand or other communication shall be deemed to have been duly given unless and until it actually is received by the Person for whom it is intended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Remedies</u>. Each of the Parties will be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorney's fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The Parties agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any Party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Captions; No Strict Construction</u>. The captions used in this Agreement are for convenience of reference only and do not constitute a part of this Agreement and shall not be deemed to limit, characterize or in any way affect any provision of this Agreement, and all provisions of this Agreement shall be enforced and construed as if no caption had been used in this Agreement. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Counterparts; Delivery by Electronic Transmission</u>. This Agreement may be executed in counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same instrument. Delivery of executed signature pages by facsimile transmission, electronic transmission by portable document format or other electronic transmission shall constitute effective and binding execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES TO THIS AGREEMENT IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE MATTERS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Governing Law</u>. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

[*Remainder of Page Intentionally Left Blank*]

------

IN WITNESS WHEREOF, the undersigned have executed this Consulting Agreement as of the date first above written.

---

| | |
|:---|:---|
| <u>COMPANY</u> | <u>COMPANY</u> |
| TCFI AEVEX LLC | TCFI AEVEX LLC |
| By: | /s/ Joseph Guarino |
| Name: | Joseph Guarino |
| Its: VP, Finance and Accounting | Its: VP, Finance and Accounting |
| <u>CONSULTANT</u> | <u>CONSULTANT</u> |
| RADZ GROUP II LLC | RADZ GROUP II LLC |
| By: | /s/ Brian Raduenz |
| Name: | Brian Raduenz |
| Its: Authorized Signatory | Its: Authorized Signatory |
| <u>RADUENZ</u> | <u>RADUENZ</u> |
| /s/ Brian Raduenz | /s/ Brian Raduenz |
| Brian Raduenz | Brian Raduenz |

---

## Exhibit 10.8

**Exhibit 10.8** 

March 7, 2025

---

| | |
|:---|:---|
| Roger Wells<br> [\*\*\*]<br> [\*\*\*] | ![LOGO](g22113g0212102405271.jpg) |

---

Subject: Offer of Employment

Dear Roger,

We are pleased to confirm our offer of full-time employment with AEVEX Aerospace ("AEVEX" or the "Company") for the position of President. Our goal is for you to assume the position of Chief Executive Officer (CEO) of the Company within 9 months. Your work location will be remote (Alabama). However, extensive travel as required to perform the duties of your role is expected. While relocation is not a requirement of employment, if you and the Company mutually agree that the needs of the Company would benefit from your relocation, the Company will provide relocation assistance.

You will report to Brian Raduenz, CEO, and will have the rest of the C-suite reporting directly to you**.** Your anticipated start date is March 24, 2025, and the start of your employment is contingent upon successful completion of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Completion of a satisfactory background check along with completion of preliminary government security clearance requirement.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Completion and passing (no trace of illegal drugs) of an independent lab administered drug-screening test within 5 days of accepting your offer.* 

**Rate of Pay**: Your compensation will be based on an exempt annual rate of $**475,000**, payable in bi-weekly amounts of $**18,269.23**, less required withholdings for employment taxes, etc. and other authorized deductions. You are not eligible for overtime under FLSA requirements.

Additionally, your compensation package will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For calendar year 2025 only, you will receive a bonus of $237,500 payable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $100,000 to be paid within 30 days of your first day of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $137,500 to be paid no later than the end of Q1/2026 consistent with the Company's regular annual bonus
payment process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Starting in fiscal year 2026, bonus potential of 50-100% of your annual
base salary based on your achievement of targets set annually in coordination with MDP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incentive equity compensation as outlined in a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opportunity to co-invest into AEVEX, and opportunities to coinvest into
other MDP portfolio companies as outlined in a separate agreement.

**Security Clearance:** You must have a SECRET level security clearance to perform your duties as President and as CEO upon transition. Given the needs of the business, you may apply for additional clearances, however this will not be a condition of employment.

**Benefits:** You will be eligible the first of the month following your date of hire to participate in the company's health, dental, life, disability benefits and 401K plans, as may be amended or changed from time to time at levels no less favorable than other senior executives. You will have the opportunity to participate in our 401(k)-retirement plan that includes predefined matching employer contributions as well as our professional development program. You and your dependents will be subject to the terms, conditions, and limitations contained in the applicable plan documents. To learn more about AEVEX Benefits, visit: <u>https://linktr.ee/aevexhr</u>.

------

**Paid Time Off/Holidays:** You will be eligible to accrue PTO at the rate and under the terms and conditions set forth in the Employee Handbook. Currently, the accrual rate for your position is set at the rate of 4.61 hours per bi-weekly pay period which annualizes to 120 hours per year. This includes paid sick leave as required by various local laws. In addition, AEVEX Aerospace offers 11 scheduled holidays.

**Adjustments and Changes in Employment Status**:. Subject to the terms and conditions of your Severance Agreement to be provided under separate cover, you understand that the Company reserves the right in its sole discretion to make personnel decisions regarding your employment, including but not limited to decisions regarding any promotion, salary adjustment, transfer, or disciplinary action, up to and including termination, consistent with the circumstances and needs of the business.

**Representation and Warranty of Employee:** By signing this offer letter, you are representing and warranting to the Company that the performance of your duties will not violate any of your obligations including, but not limited to, those relating to non-competition or confidentiality, or trade secrets of any other person or entity.

**Additional Agreement:** As a condition of your employment, you agree to execute any additional agreements required by the Company at the start of your employment. This includes any agreements that relate to confidentiality, arbitration, or intellectual property assignments. You further agree that at all times during your employment (and afterward as applicable), you will be bound by and will fully comply with these additional agreements and all applicable Company policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This offer of employment, the Severance Agreement and incentive equity agreement supersede any prior
representations or agreements concerning your employment with the Company, whether written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You acknowledge and agree that you are not relying on any statements or representations concerning the Company or
your employment with the Company, except those made in this offer, your Severance Agreement or incentive equity agreement. This offer of employment may not be modified or amended except by a written agreement signed by you and an authorized officer
of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the policy of the Company not to solicit or accept proprietary information and/or trade secrets of other
companies or third parties. If you have or have had access to trade secrets or other confidential, proprietary information from your former employer or another third party, the use of such information in performing your duties at the Company is
prohibited. This may include but is not limited to confidential or proprietary information in the form of documents, magnetic media, software, customer lists, and business plans or strategies. You must also advise the Company before your employment
start date of any restrictions on your ability to work for the Company, such as any covenants not to compete or solicit with any former employers. The Company reserves the right to rescind this offer should it determine that any such restriction
poses a legal risk to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As required by law, you must complete an I-9 form on the first day of
employment with the company. Within three (3) days of your hire date, you must present the Company with documents that prove your eligibility to work in the United States and verify your identity. Only documents included on the
government-approved list can be used to prove your identity and eligibility to work in the United States.

------

All Company benefit plans will be governed by and subject to plan documents and/or written policies. The Company reserves the right to amend, modify, and/or terminate any of its employee benefit plans or policies at any time, subject to applicable legal requirements.

Roger, we're confident that your talent, experience, and dedication will add great value to our team and our mission, and that you'll find AEVEX Aerospace to be a rewarding, fulfilling employment opportunity.

------

This offer is valid until March 7, 2025**.** Please submit your acceptance by this date.

---

| | | |
|:---|:---|:---|
| Sincerely, | /s/ Allan LeBlanc | 3/10/25 |

---

Allan LeBlanc

Sr. Director, Human Resources

I accept and agree to the terms listed in this offer letter.

---

| | |
|:---|:---|
| /s/ Charles R Wells IV<br> Roger Wells | 3/7/2025<br> Date |

---

## Exhibit 10.9

**Exhibit 10.9**![LOGO](g22113g0212102319727.jpg)

July 1, 2023

Jeremy Watrous

[\*\*\*]

[\*\*\*]

Dear Jeremy,

It is with great pleasure that we at AEVEX Aerospace extend our congratulations to you on the remarkable journey of professional growth you have embarked upon with us. We believe in recognizing and rewarding the commitment and hard work that our team members consistently demonstrate. With that being said, we are thrilled to officially confirm the following details of your promotion:

Effective, July 1, 2023 you will start your new role as an Chief Operating Officer. The details of your new position are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will report to Brian Raduenz, Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your work location will be Solana Beach, CA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This position if a full-time, exempt with an annual salary $260,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will continue to accrue PTO at your normal rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will continue to receive paid holidays.

Once again, congratulations on this well-earned promotion, and thank you for your commitment to Empowering People to Make the World a Safer Place.

If you have any questions or require further information, please don't hesitate to reach out to our HR team.

I accept the above offer.

---

| | |
|:---|:---|
| /s/ Jeremy Watrous | 09/15/2023 |
| Employee Signature | Date |

---

---

| |
|:---|
| Sincerely, |
| Alyssia Carstairs |
| Sr. Manager, HR Ops & Total Rewards |
| AEVEX Aerospace |

---

\* With any update to your employment with AEVEX Aerospace, your employment continues to be at will, and thus you or the company may terminate the employment relation at any time without cause of advent notice. This reiterates our commitment to fostering a collaborative and dynamic work environment and ensures that both you and the company retain the flexibility to explore new opportunities and challenges that align with your personal and professional goals. 

![LOGO](g22113g0212102320234.jpg)

## Exhibit 10.10

**Exhibit 10.10** 

---

| | |
|:---|:---|
| January 21, 2025<br>Mike Jackson<br> [\*\*\*] | ![LOGO](g22113g0213082021769.jpg) |

---

Subject: Offer of Employment Dear Mike,

We are pleased to confirm our offer of full-time employment with AEVEX Aerospace, in your position as Senior Vice President, Global Solutions. Your work location will be **Remote,** and you will report to **Jeremy Watrous. Your anticipated start date is February 18, 2025,** and the start of your employment is contingent upon successful completion of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Obtaining and/or maintaining your Top Secret/SCI government security clearance.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Completion of a satisfactory background check.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Completion and passing (no trace of illegal drugs) of an independent lab administered drug-screening test within 5 days of accepting your offer.*** 

**Rate of Pay**: Your compensation will be based on an exempt, annual rate of $295,000.00, payable in biweekly amounts of $11,346.15, less required withholdings for employment taxes, etc. and other authorized deductions and is not eligible for overtime under FLSA requirements.

You will also receive a one-time Sign-On Bonus in an amount equal to $50,000.00, less required withholdings, and is payable upon your first paycheck.

In addition, you will be eligible to participate in the AEVEX Incentive Compensation Plan (ICP) with a target of 30% of your annual base salary. Your participation in the ICP will be prorated for the current year based on your hire date. The criteria for your ICP, including the determination of any amounts, shall be cooperatively established within 60 days of your start date, and will generally be based on a combination of organization-wide and individual performance criteria.

**Benefits:** You will be eligible the first of the month following your date of hire to participate in the company's health, dental, life, disability benefits and 401K plans as may be amended or changed from time to time. Opportunity to participate in 401(k) retirement plan with predefined matching employer contributions and Professional Development program. You and your dependents will be subject to the terms, conditions, and limitations contained in the applicable plan documents. To learn more about AEVEX Benefits, visit: <u>https://linktr.ee/aevexhr</u>

**Paid Time Off/Holidays:** You will be eligible to accrue PTO at the rate and under the terms and conditions set forth in the Employee Handbook. Currently, the accrual rate for your position is set at the rate of 4.62 hours per bi-weekly pay period which annualizes to 120 hours per year. This includes paid sick leave as required by various local laws. In addition, AEVEX Aerospace offers 11 scheduled holidays.

**Adjustments and Changes in Employment Status**: Your first 90 days of employment will be considered a company and customary introductory period after which, your performance and continued employment will be reviewed. You understand that the Company reserves the right in its sole discretion to make personnel decisions regarding your employment, including but not limited to decisions regarding any promotion, salary adjustment, transfer, or disciplinary action, up to and including termination, consistent with the circumstances and needs of the business.

------

**Representation and Warranty of Employee:** By signing this offer letter, you are representing and warranting to the Company that the performance of your duties will not violate any agreements with, including but not limited to non-compete or non-disclosure agreements, or trade secrets of any other person or entity.

**Term of Employment:** Your employment with the Company is "at-will." This means either you or the Company can terminate the employment relationship at any time with or without notice and with or without cause. The Company reserves the right in its sole discretion, to change your compensation and/or employee benefits at any time on a prospective basis.

**Additional Agreement:** As a condition of your employment, you agree to execute any additional agreements required by the Company at the start of your employment. This includes any agreements that relate to confidentiality, arbitration, or intellectual property assignment obligations to the Company. You further agree that at all times during your employment (and afterward as applicable), you will be bound by, and will fully comply with these additional agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This offer of employment, along with the Confidentiality Agreement, sets forth the terms and conditions of your
employment with the Company and supersedes any prior representations or agreements concerning your employment with the Company, whether written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You acknowledge and agree that you are not relying on any statements or representations concerning the Company or
your employment with the Company, except those made in this agreement. This offer of employment may not be modified or amended except by a written agreement signed by you and an authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the policy of the Company not to solicit or accept proprietary information and/or trade secrets of other
companies or third parties. If you have or have had access to trade secrets or other confidential, proprietary information from your former employer or another third party, the use of such information in performing your duties at the Company is
prohibited. This may include but is not limited to, confidential or proprietary information in the form of documents, magnetic media, software, customer lists, and business plans or strategies. You must also advise the Company before your employment
start date of any restrictions on your ability to work for the Company, such as any covenants not to compete or solicit with any former employers. The Company reserves the right to rescind this offer should it determine that any such restriction
poses a legal risk to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As required by law, you must complete an I-9 form on the first day of
employment with the company. Within three (3) days of your hire date, you must present the Company with documents that prove your eligibility to work in the United States and your identity. Only documents included on the government-approved
list can be used to prove your identity and eligibility to work in the United States.

------

All Company benefit plans will be governed by and subject to plan documents and/or written policies. The Company reserves the right to amend, modify, and/or terminate any of its employee benefit plans or policies at any time, subject to applicable legal requirements.

Mike Jackson, AEVEX Aerospace offers unlimited opportunities to contribute to challenging, important programs. We're confident that your talent, experience, and dedication will add great value to our team and our mission, and you'll find AEVEX Aerospace a rewarding, fulfilling employment opportunity.

This offer is valid until **January 23, 2025.** Please submit your acceptance by this date.

Sincerely,

Allan LeBlanc

Sr. Director, Human Resources

**I accept and agree to the terms listed in this offer letter.** 

---

| |
|:---|
| /s/ Mike Jackson |
| **Mike Jackson** |

---

## Exhibit 10.11

**Exhibit 10.11** 

EXECUTION VERSION

**<u>SEVERANCE AGREEMENT</u>**

THIS SEVERANCE AGREEMENT (this "<u>Agreement</u>") is made and entered into as of March 25, 2025 by and between AEVEX Aerospace, LLC, a Florida limited liability company (the "<u>Company</u>"), and Jeremy Watrous (the "<u>Employee</u>").

WHEREAS, the Employee and the Company desire to, subject to the terms and conditions set forth herein, provide the Employee with certain severance benefits as described herein.

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Severance Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. In the event that the Employee's employment with the Company or any of its Subsidiaries ends (the date of such termination of employment, the "<u>Termination</u> <u>Date</u>") on account of the Employee's death or Disability (as defined below), the Employee or the Employee's estate, as the case may be, shall be entitled to the following: (i) any unpaid base salary through the Termination Date; (ii) any annual bonus earned but unpaid with respect to the fiscal year ending on or preceding the Termination Date; (iii) reimbursement for any unreimbursed business expenses incurred through the Termination Date in accordance with the Company's reimbursement policies; and (iv) any accrued but unused vacation time in accordance with Company policy (collectively, the foregoing clauses (i)-(iv) shall be hereafter referred to as the "<u>Accrued Benefits</u>"), with such Accrued Benefits to be paid within thirty (30) days following the Termination Date, or such earlier date as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination for Cause or Without Good Reason</u>. If the Employee's employment is terminated (x) by the Company for Cause or (y) by the Employee without Good Reason, then the Company shall pay to the Employee the Accrued Benefits (other than the benefit described in clause (ii) of the definition of Accrued Benefits) within thirty (30) days following the Termination Date, or such earlier date as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination Without Cause or for Good Reason</u>. If the Employee's employment is terminated (x) by the Company other than for Cause or (y) by the Employee for Good Reason, then the Company shall pay or provide the Employee with (i) the Accrued Benefits and (ii) subject to the Employee's continued compliance with the obligations in <u>Section</u> <u>3</u> hereof, an amount equal to twelve (12) months of the Employee's base salary as in effect on the Termination Date which amount shall be payable pro rata over the twelve (12) month period following the Termination Date (such period, the "<u>Severance Period</u>") in regular installments in accordance with the Company's general payroll practices as in effect on the Termination Date, but in no event less frequently than monthly; <u>provided</u>, that to the extent that the payment of any amount hereunder constitutes "nonqualified deferred compensation" for purposes of Code Section 409A, any such payment scheduled to occur during the first sixty (60) days following the Termination Date shall not be paid until the first regularly scheduled pay period following the sixtieth (60<sup>th</sup>) day following such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Code Section</u> <u>280G</u>. To the extent that any amount payable to the Employee hereunder, as well as any other "parachute payment," as such term is defined under Section 280G of the Internal Revenue Code, payable to the Employee in connection with the Employee's employment by the Company or any of its Affiliates, exceed the limitations of Section 280G of the Internal Revenue Code such that an excise tax will be imposed under Section 4999 of the Code, such parachute payments shall be reduced to the extent necessary to avoid application of the excise tax in the following order: (i) any cash severance based on a multiple of the Employee's base salary or annual bonus, (ii) any other cash amounts payable to the Employee, (iii) benefits valued as parachute payments and (iv) acceleration of vesting of any equity awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Obligations</u>. Upon any termination of the Employee's employment with the Company for any reason, the Employee shall be deemed to have automatically, and without any additional necessary action, resigned as an officer, manager, director or fiduciary of any Company-related entity. Employee shall execute any documentation requested by the Company to effect and/or memorialize any such resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Exclusive Remedy</u>. The amounts payable to the Employee hereunder pursuant to this <u>Section</u> <u>1</u> shall be in full and complete satisfaction of the Employee's rights under this Agreement and any other claims that the Employee may have in respect of the Employee's employment with the Company, AEVEX or any of their respective Subsidiaries or Affiliates, and the Employee acknowledges that such amounts are fair and reasonable, and are the Employee's sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of the Employee's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Release; No Mitigation</u>. The parties agree that the provisions of <u>Section</u> <u>1</u> are fair and reasonable and that the payments, benefits and entitlements referred to in <u>Section</u> <u>1</u> are reasonable estimates of the damages which will be suffered by the Employee in the event of the termination of this Agreement and of his or her employment with the Company. As a condition to receiving any payment pursuant to <u>Section</u> <u>1</u><u>(c)(ii)</u>, the Employee agrees to deliver, and not revoke, a full and final release in substantially the form attached as <u>Exhibit A</u> hereto (as such may be updated by the Company as necessary to account for any changes in applicable law). Such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination. In no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Employee as a result of employment by a subsequent employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Cooperation</u>. During the Employee's employment with any of AEVEX and its Subsidiaries and thereafter, the Employee shall reasonably cooperate with AEVEX and its Subsidiaries in any internal investigation or administrative, regulatory or judicial investigation or proceeding or any dispute with any third party as reasonably requested by AEVEX or its Subsidiaries (including the Employee being available to AEVEX and its Subsidiaries upon reasonable notice for interviews and factual investigations, appearing at any of AEVEX's or its Subsidiaries' request to give testimony without requiring service of a subpoena or other legal process, volunteering to AEVEX and its Subsidiaries all pertinent information and turning over to AEVEX and its Subsidiaries all relevant documents which are or may come into the Employee's possession, all at times and on schedules that are reasonably consistent with the Employee's other permitted activities and commitments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Definitions</u>. For purposes of this Agreement:

"<u>AEVEX</u>" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company and ultimate parent of the Company.

------

"<u>Affiliate</u>" means with respect to any specified Person any other Person directly or indirectly controlling or controlled by or under common control with, such specified Person, where "control" means the possession, directly or indirectly of the power to direct the management and policies of a Person, whether through the ownership of voting securities, contract or otherwise, and such "control" will be conclusively presumed if any Person owns ten percent (10%) or more of the voting capital stock or other equity securities, directly or indirectly, of any other Person.

"<u>Board</u>" means the board of managers of AEVEX.

"<u>Cause</u>" means the Employee's (i) commission of, or indictment for, a felony or a crime involving moral turpitude, (ii) commission of an act or omission to act with respect to AEVEX or any of its Subsidiaries or any of their customers or suppliers involving material dishonesty, disloyalty or fraud, (iii) conduct that is significantly adverse to the reputation, results of operation or important business relationships of AEVEX or its Subsidiaries, (iv) repeated failure to perform duties as reasonably directed by the Board or the Employee's direct supervisor (after written notice that such failure, if repeated, would constitute Cause hereunder), (v) gross negligence or willful misconduct with respect to AEVEX or any of its Subsidiaries that is injurious to the reputation, results of operation or important business relationships of AEVEX or its Subsidiaries, or (vi) material breach of this Agreement, any other agreement between the Employee and AEVEX or any of its Subsidiaries, and any material policy maintained by AEVEX or any of its Subsidiaries and applicable to Employee. Notwithstanding the foregoing, no termination for Cause pursuant to clauses (v) or (vi) of the preceding sentence shall be effective if the reason(s) giving rise to such termination for Cause are curable and if on or prior to the thirtieth (30th) day after written notice from the Company setting for the reasons for such termination, the Employee has cured such matters in all material respects.

"<u>Confidential Information</u>" means all confidential, proprietary or non public information, ideas, designs, concepts, algorithms, technology, formulations, techniques, methods, processes, plans, strategies, know how, materials, and documents, in any form or medium (including oral, written, tangible, intangible or electronic and whether or not identified as "confidential," "proprietary," or the like), relating to or concerning the past, current or future business, technologies, activities or operations of AEVEX and its Subsidiaries or third parties with which AEVEX or its Subsidiaries conducts business, including all Intellectual Property and all information relating to, constituting, or concerning (i) finances, investments, profits, pricing, costs, or accounting, (ii) proposals, plans, designs, specifications, models, products, services, sales, marketing, advertising or promotions, and (iii) personnel, compensation, recruiting, training, contractors, customers, suppliers, vendors, raw material sources, partners, collaborators, competitors, customers and/or clients (including customer or client identities) of AEVEX and its Subsidiaries or any third party. In addition to, and without limiting, the foregoing, "Confidential Information" shall also include all data and other information that AEVEX, any of its Subsidiaries or any of its customers, suppliers, or any third party with which AEVEX or such Subsidiary has conducted business has identified as "confidential," "proprietary," or the like. Confidential Information shall not include any information that Employee can demonstrate (A) has become publicly known through no wrongful act or breach of any obligation of confidentiality, or (B) was rightfully received by Employee on a non confidential basis from a third party (provided that such third party is not known to Employee to be bound by a confidentiality agreement with AEVEX or any of its Subsidiaries or another party).

"<u>Disability</u>" shall mean the inability of Employee to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness which inability has lasted for a period of six (6) consecutive months. Any question as to the existence of Employee's Disability as to which the Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Employee and the Company.

------

"<u>Good Reason</u>" means the occurrence, without the Employee's consent, of (i) a material and adverse diminution in the Employee's duties or responsibilities with respect to the business of AEVEX and its Subsidiaries, (ii) a material reduction by the Company in the Employee's base salary, other than in connection with a reduction of less than 10% that is applicable across-the-board to employees with the title Vice President and above, or (iii) a material relocation in the Employee's principal work location more than twenty-five (25) miles from that in effect as of the date hereof. Notwithstanding the foregoing, a resignation for Good Reason shall not have occurred unless the Employee gives written notice to the Company of the occurrence of an event that constitutes Good Reason hereunder within sixty (60) days after the occurrence of such event, specifying in reasonable detail the circumstances constituting Good Reason, the Company has failed within thirty (30) days after receipt of such notice to cure the circumstances constituting Good Reason, and Employee actually terminates employment within fifteen (15) days following the expiration of such cure period.

"<u>Intellectual Property</u>" means any and all of the following in any jurisdiction throughout the world: (i) trademarks, service marks, trade dress and logos, including all applications, registrations and renewals, and the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights, including all applications, registrations and renewals, and works of authorship, whether or not copyrightable; (iii) trade secrets and other confidential information (including technical data, customer and supplier lists, pricing and cost information, and business and marketing plans and proposals), know-how, processes, methods, data, ideas, research and development; (iv) inventions, patents and patent applications; (v) Internet domain name registrations; (vi) social media assets including usernames, keywords, tags, and other social media identifiers, along with all other account and profile information and all administrator rights for all social media sites; (vii) software; (viii) all other intellectual property and industrial property rights and assets; and (ix) all copies and tangible embodiments of any of the foregoing.

"<u>Person</u>" means any individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust or joint venture a joint venture or unincorporated organization.

"<u>Sale of Holdings LLC</u>" has the meaning set forth in that certain Amended and Restated Limited Liability Company Agreement, dated as of March 18, 2020, by and among AEVEX and the other parties thereto, as amended, modified and/or waived from time to time in accordance with its terms.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of membership, partnership or other similar ownership interest thereof or the power to elect or appoint a majority of the managers or governing body thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, and without limitation, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the sole, or a majority of the, managing director(s), managing member(s), manager(s), board of managers or general partner of such limited liability company, partnership, association or other business entity.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Equitable Relief and Other Remedies</u>. The Employee acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and, in recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages. In the event of a violation by the Employee of <u>Section</u> <u>3</u>, any payments or benefits being paid or provided to the Employee pursuant to <u>Section</u> <u>1</u> of this Agreement or otherwise shall immediately cease, and any payments or benefits previously paid or provided to the Employee pursuant to <u>Section</u> <u>1</u> of this Agreement shall be immediately repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Successors and Assigns</u>. Except as otherwise provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned (including by operation of law) without the prior written consent of the Employee and the Company; <u>provided</u>, that this Agreement and any of the rights, interests or obligations hereunder, may be assigned, in whole or in party, without consent, by the Company to any of its Affiliates or for collateral security purposes to any Persons providing financing to the Company or any of its Subsidiaries. Any purported assignment in violation of this <u>Section</u> <u>6</u> is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>MUTUAL WAIVER OF JURY TRIAL</u>. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HEREUNDER. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Notice</u>. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States or Canada registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

------

<u>If to the Employee</u>:

At the address (or to the email address) shown in the books and

records of the Company.

<u>If to the Company</u>:

c/o Athena Technology Solutions Holdings, LLC

440 Stevens Ave., Suite 150

Solano Beach, California 92075

Attention: Brian Raduenz

Email: [\*\*\*]

<u>with a copy (which shall not constitute notice) to</u>:

c/o Madison Dearborn Partners, LLC

70 W. Madison, Suite 4600

Chicago, Illinois 60606

Attention: Matthew W. Norton

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandon Levitan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Department

Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

Attention: Jon-Micheal A. Wheat, P.C.

Email: [\*\*\*]

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Strict Construction</u>. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. No rule of strict construction shall be applied against any party. The use of the word "including" herein shall mean "including without limitation." The headings and captions used in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any reference to the masculine, feminine or neuter gender shall be deemed to include any gender or all three as appropriate. Except as otherwise expressly provided in this Agreement, all interpretations made by the Board which interpretations shall be made in the Board's reasonable good faith discretion, with regard to any question arising under this Agreement shall be binding and conclusive on the Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Counterparts; Electronic Transmission</u>. This Agreement and any amendment hereto and any instruments or agreements executed in connection herewith or pursuant hereto may be executed in two or more separate counterparts (including counterparts delivered by means of facsimile or electronic transmission in portable document format (pdf) or comparable electronic transmission), any one of which

------

need not contain the signatures of more than one party, but each of which will be treated in all manner and respects as an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. Minor variations in the form of the signature page, including footers from earlier versions of this Agreement or any such other document, shall be disregarded in determining the party's intent or the effectiveness of such signature. At the request of any party hereto or to any such amendment, agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such amendment, agreement or instrument shall raise the use of a facsimile machine or pdf electronic transmission or comparable electronic transmission to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or pdf or comparable electronic transmission as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Choice of Law</u>. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of Delaware shall control the interpretation and construction of this Agreement, even though under that jurisdiction's choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Consent to Jurisdiction and Service of Process</u>. Each of the parties hereto irrevocably submits to the non-exclusive jurisdiction of the United States District Court for the District of Delaware, for the purposes of any suit, action or other proceeding arising out of this agreement, any related agreement or any transaction contemplated hereby or thereby. Each of the parties hereto further agrees that service of any process, summons, notice or document by U.S. registered mail in accordance with <u>Section</u> <u>8</u> shall be effective service of process for any action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in this <u>Section</u> <u>12</u>. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or other proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the District of Delaware, and hereby and thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment and Waiver</u>. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and the Employee, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including the Company's or any of its Subsidiaries' right to terminate the Employee for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Entire Agreement</u>. This Agreement and the agreements and documents expressly referred to herein embody the complete agreement and understanding among the parties hereto and supersede and preempt any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Representations</u>. The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms and (b) the Employee is not party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. Certain provisions of this Agreement are entered into for the benefit of and shall be enforceable by the Company and its Subsidiaries as provided herein. The Employee acknowledges and agrees that each Subsidiary and Affiliate of the Company is an express third-party beneficiary of <u>Section</u> <u>3</u> of this Agreement and is entitled to enforce such sections of this Agreement against the Employee as though such Persons were a party to this Agreement, whether or not at the time of enforcement any such Person is still a Subsidiary or Affiliate of the Company; <u>provided</u>, that in connection with the sale of any such Person, the Company may unilaterally elect to revoke the third-party beneficiary status of such Person. As a material inducement to the Company to enter into this Agreement, at the written request of the Company made at any time or from time to time, the Employee shall acknowledge in writing the third-party beneficiary status of each Subsidiary and Affiliate of the Company as of the date hereof under this <u>Section</u> <u>16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Business Days</u>. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or holiday in the state in which the Company's chief executive office is located, or in the State of Delaware, the time period shall be automatically extended to the business day immediately following such Saturday, Sunday or holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Certain Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Withholding</u>. The Company and its Affiliates may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. In the event that the Company or any of its Affiliates fail to withhold any taxes required to be withheld by applicable law or regulation, the Employee agrees to indemnify the Company and its Affiliates for any amount paid with respect to any such taxes, together with any interest, penalty and/or expense related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Code Section</u> <u>409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section</u> <u>409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Employee notifies the Company (with specificity as to the reason therefor) that the Employee believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Employee to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such determination, the Company shall, after consulting with the Employee, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee's death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section</u> <u>18(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Section Headings; Inconsistency</u>. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held to be prohibited by or illegal or unenforceable under applicable law in any respect by a court of competent jurisdiction, such provision shall be ineffective only in such jurisdiction and to the extent of such prohibition, illegality or unenforceability, without invalidating the remainder of such provision or the remaining provisions of this Agreement in such jurisdiction or any provisions of this Agreement in any other jurisdiction. The parties

------

agree that a court of competent jurisdiction making a determination of the invalidity or unenforceability of any term or provision of this Agreement shall have the power to reduce the scope, duration or area of any such term or provision, to delete specific words or phrases or to replace any invalid or unenforceable term or provision in this Agreement with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Termination</u>. Notwithstanding anything to the contrary contained herein, this Agreement shall automatically terminate and be of no further force or effect upon the consummation of a Sale of Holdings LLC.

[*Remainder of Page Intentionally Left Blank*]

------

IN WITNESS WHEREOF, the parties hereto have executed this Severance Agreement as of the date first written above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>** | **<u>COMPANY</u>** |
| AEVEX AEROSPACE, LLC | AEVEX AEROSPACE, LLC |
| By: | /s/ Brian Raduenz |
| Name: Brian Raduenz | Name: Brian Raduenz |
| Its: Chief Executive Officer | Its: Chief Executive Officer |
| **<u>EMPLOYEE</u>** | **<u>EMPLOYEE</u>** |
| By: | /s/ Jeremy Watrous |
| Jeremy Watrous | Jeremy Watrous |

---

------

**EXHIBIT A** 

**<u>GENERAL RELEASE</u>**

I, Jeremy Watrous, in consideration of and subject to the performance by AEVEX Aerospace, LLC, a Florida limited liability company (together with its Subsidiaries, the "<u>Company</u>"), of its obligations under the Severance Agreement, dated as of March <u>25</u> , 2025 (the "<u>Agreement</u>"), do hereby release and forever discharge as of the date hereof the Company and its respective Affiliates (including AEVEX and its Subsidiaries) and all present and former managers, directors, officers, employees, successors and assigns of the Company and its Affiliates (including AEVEX and its Subsidiaries) and direct or indirect owners (collectively, the "<u>Released Partie</u>*<u>s</u>*") to the extent provided below (this "<u>General Release</u>"). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Capitalized terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I understand that any payments or benefits paid or granted to me under Section 1 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive certain of the payments and benefits specified in Section 1 of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as provided in paragraphs 4, 5 and 6 below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company or AEVEX or any of its subsidiaries, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys' fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the anti-retaliation provisions of the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys' fees incurred in these matters) (all of the foregoing collectively referred to herein as the "<u>Claims</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). Nothing in this General Release is intended as, or shall be deemed or operate as, a release by me of (i) any of my rights under this General Release; (ii) any vested benefits under any Company-sponsored benefit plans; (iii) any rights under COBRA or similar state law; (iv) any recovery to which I may be entitled pursuant to workers' compensation and unemployment insurance laws; and (v) any rights or claims under federal, state, or local law that cannot, as a matter of law, be waived by private agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; <u>provided</u>, <u>however</u>, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving (i) any right to the Accrued Benefits or any severance benefits to which I am entitled under the Agreement, (ii) any claim relating to directors' and officers' liability insurance coverage or any right of indemnification under the Company's organizational documents or otherwise or (iii) my vested and accrued rights as an equity or security holder in the Company or its Affiliates, including under any contracts related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I agree that if I violate this General Release by suing the Company or the other Released Parties as determined in a final judgment no longer subject to appeal, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. I agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any non-disclosure confidentiality or non-disparagement provision in this General Release does not prohibit or restrict me (or my attorney) from responding truthfully and completely to any inquiry about this General Release or the Agreement, or their underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. I hereby acknowledge that the Agreement shall survive my execution of this General Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it.

Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) I HAVE READ IT CAREFULLY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) I HAVE HAD AT LEAST [21/45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE CHANGES
MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21/45]-DAY PERIOD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

---

| | | |
|:---|:---|:---|
| SIGNED: | /s/ Jeremy Watrous | DATED: 03/25/2025 |

---

## Exhibit 10.12

**Exhibit 10.12** 

EXECUTION VERSION

**SEVERANCE AGREEMENT** 

THIS SEVERANCE AGREEMENT (this "<u>Agreement</u>") is made and entered into as of March 9, 2025 by and between AEVEX Aerospace, LLC, a Florida limited liability company (the "<u>Company</u>"), and Roger Wells (the "<u>Employee</u>").

WHEREAS, the Employee and the Company desire to, subject to the terms and conditions set forth herein, provide the Employee with certain severance benefits as described herein.

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Severance Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. In the event that the Employee's employment with the Company or any of its Subsidiaries ends (the date of such termination of employment, the "<u>Termination</u> <u>Date</u>") on account of the Employee's death or Disability (as defined below), the Employee or the Employee's estate, as the case may be, shall be entitled to the following: (i) any unpaid base salary through the Termination Date; (ii) any annual bonus earned but unpaid with respect to the fiscal year ending on or preceding the Termination Date; (iii) reimbursement for any unreimbursed business expenses incurred through the Termination Date in accordance with the Company's reimbursement policies; and (iv) any accrued but unused vacation time in accordance with Company policy (collectively, the foregoing clauses (i)-(iv) shall be hereafter referred to as the "<u>Accrued Benefits</u>"), with such Accrued Benefits to be paid within thirty (30) days following the Termination Date, or such earlier date as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination for Cause or Without Good Reason</u>. If the Employee's employment is terminated (x) by the Company for Cause or (y) by the Employee other than for Good Reason, then the Company shall pay to the Employee the Accrued Benefits (other than the benefit described in clause (ii) of the definition of Accrued Benefits) within thirty (30) days following the Termination Date, or such earlier date as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination Without Cause or for Good Reason</u>. If the Employee's employment is terminated (x) by the Company other than for Cause or (y) by the Employee for Good Reason, then the Company shall pay or provide the Employee with (i) the Accrued Benefits, (ii) subject to the Employee's continued compliance with the obligations in <u>Section</u> <u>3</u> and <u>Section</u> <u>4</u> hereof, an amount (the "<u>Severance</u> <u>Amount</u>") equal to the sum of (A) twelve (12) months of the Employee's base salary as in effect on the Termination Date (prior to taking into account any reduction that resulted in the termination of Employee's employment by the Employee for Good Reason) <u>plus</u> (B) if AEVEX and its Subsidiaries are on track to achieve the applicable full year targets based on actual performance through the month ending prior to the Termination Date as compared to the budgeted performance toward such full year targets during such period, the annual bonus to which Employee would have been entitled had such termination not occurred (determined by reference to the year during which the Termination Date occurs), pro-rated for the actual number of days Executive was employed in the year during which the Termination Date occurs, which Severance Amount shall be payable pro rata over the twelve (12) month period following the Termination Date (such period, the "<u>Severance Period</u>") in regular installments in accordance with the Company's general payroll practices as in effect on the Termination Date, but in no event less frequently than monthly, and (iii) subject to the Employee's continued compliance with the obligations in <u>Section</u> <u>3</u>

------

and <u>Section</u> <u>4</u> hereof, reimbursement for any premiums paid by Employee for Employee and his dependents for health insurance coverage under COBRA at the same portion of premium as the Company pays with respect to active employees for a period of twelve (12) months following the Termination Date; <u>provided</u>, that (x) Employee is eligible and remains eligible for COBRA coverage, (y) in the event that Employee obtains other employment that offers group health benefits, such continuation of coverage by the Company under this <u>Section</u> <u>1(c)(iii)</u> shall immediately cease, and (z) the Company may modify the continuation coverage contemplated by this <u>Section</u> <u>1(c)(iii)</u> to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Obligations</u>. Upon any termination of the Employee's employment with the Company for any reason, the Employee shall be deemed to have automatically, and without any additional necessary action, resigned as an officer, manager, director or fiduciary of any Company-related entity. Employee shall execute any documentation requested by the Company to effect and/or memorialize any such resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Exclusive Remedy; No Mitigation</u>. The amounts payable to the Employee hereunder pursuant to this <u>Section</u> <u>1</u> shall be in full and complete satisfaction of the Employee's rights under this Agreement and any other claims that the Employee may have in respect of the Employee's employment with the Company, AEVEX or any of their respective Subsidiaries or Affiliates, and the Employee acknowledges that such amounts are fair and reasonable, and are the Employee's sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of the Employee's employment. In no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Employee as a result of employment by a subsequent employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Release; No Mitigation</u>. The parties agree that the provisions of <u>Section</u> <u>1</u> are fair and reasonable and that the payments, benefits and entitlements referred to in <u>Section</u> <u>1</u> are reasonable estimates of the damages which will be suffered by the Employee in the event of the termination of this Agreement and of his or her employment with the Company. As a condition to receiving any payment pursuant to <u>Section</u> <u>1</u><u>(c)(ii)-(iii)</u>, the Employee agrees to deliver, and not revoke, a full and final release in substantially the form attached as <u>Exhibit A</u> hereto (as such may be updated by the Company as necessary to account for any changes in applicable law, the "<u>General Release</u>") within sixty (60) days following termination. If the General Release is executed and delivered and no longer subject to revocation as provided in the preceding sentence, then the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To the extent any such cash payment to be provided is not "deferred compensation" for purposes of Code Section 409A, then such payment shall commence upon the first scheduled payment date immediately after the date the General Release is executed and no longer subject to revocation (the "<u>Release Effective Date</u>"). The first such cash payment shall include payment of all amounts that otherwise would have been due prior to the Release Effective Date under the terms of this Agreement applied as though such payments commenced immediately upon Employee's termination of employment, and any payments made after the Release Effective Date shall continue as provided herein. The delayed payments shall in any event expire at the time such payments or benefits would have expired had such payments commenced immediately following Employee's termination of employment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the extent any such cash payment to be provided is "deferred compensation" for purposes of Code Section 409A, then such payment shall be made or commence upon the sixtieth (60th) day following Employee's termination of employment. The first such cash payment shall include payment of all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately upon Employee's termination of employment, and any payments made after the sixtieth (60th) day following Employee's termination of employment shall continue as provided herein. The delayed payments shall in any event expire at the time such payments or benefits would have expired had such payments commenced immediately following Employee's termination of employment.

Notwithstanding any other payment schedule provided herein to the contrary, if Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then any payment that is considered deferred compensation under Code Section 409A payable on account of a "separation from service" shall be made on the date which is the earlier of (I) the expiration of the six (6)-month period measured from the date of such "separation from service" of Employee and (II) the date of Employee's death (the "<u>Delay Period</u>") to the extent required under Code Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to the immediately preceding sentence (whether they otherwise would have been payable in a single sum or in installments in the absence of such delay) shall be paid to Employee in a lump sum, and all remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Restrictive Covenants</u>. In consideration of the substantial direct and indirect benefits to be derived by the Employee in connection with this Agreement and for other good and valuable consideration as set forth herein, the Employee hereby specifically acknowledges and reaffirms all of the Employee's obligations under Section 8 and Section 9 of that certain Incentive Equity Agreement, dated as of the date hereof, by and among AEVEX, ATS Management Holdings, LLC and the Employee, all of which obligations remain in full force and effect in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Cooperation</u>. During the Employee's employment with any of AEVEX and its Subsidiaries and thereafter (to be compensated at an hourly rate equal to Employee's base compensation in the year of a Termination divided by two thousand eighty, if post-employment or after the Severance Period), the Employee shall reasonably cooperate with AEVEX and its Subsidiaries in any internal investigation or administrative, regulatory or judicial investigation or proceeding or any dispute with any third party as reasonably requested by AEVEX or its Subsidiaries (including the Employee being available to AEVEX and its Subsidiaries upon reasonable notice for interviews and factual investigations, appearing at any of AEVEX's or its Subsidiaries' request to give testimony without requiring service of a subpoena or other legal process, volunteering to AEVEX and its Subsidiaries all pertinent information and turning over to AEVEX and its Subsidiaries all relevant documents which are or may come into the Employee's possession, all at times and on schedules that are reasonably consistent with the Employee's other permitted activities and commitments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Definitions</u>. For purposes of this Agreement:

"<u>AEVEX</u>" means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company and ultimate parent of the Company.

"<u>Affiliate</u>" means with respect to any specified Person any other Person directly or indirectly controlling or controlled by or under common control with, such specified Person, where "control" means the possession, directly or indirectly of the power to direct the management and policies of a Person, whether through the ownership of voting securities, contract or otherwise, and such "control" will be conclusively presumed if any Person owns ten percent (10%) or more of the voting capital stock or other equity securities, directly or indirectly, of any other Person.

------

"<u>Board</u>" means the board of managers of AEVEX.

"<u>Cause</u>" means the Employee's (i) commission of, or indictment for, a felony or a crime involving moral turpitude, (ii) commission of an act or omission to act with respect to AEVEX or any of its Subsidiaries or any of their customers or suppliers involving material dishonesty, disloyalty or fraud, (iii) conduct that is significantly adverse to the reputation, results of operation or important business relationships of AEVEX or its Subsidiaries, (iv) repeated failure to perform duties as reasonably directed by the Board or the Employee's direct supervisor (after written notice that such failure, if repeated, would constitute Cause hereunder), (v) gross negligence or willful misconduct with respect to AEVEX or any of its Subsidiaries that is injurious to the reputation, results of operation or important business relationships of AEVEX or its Subsidiaries, or (vi) material breach of this Agreement, any other agreement between the Employee and AEVEX or any of its Subsidiaries, and any material policy maintained by AEVEX or any of its Subsidiaries and applicable to Employee. Notwithstanding the foregoing, no termination for Cause pursuant to clauses (v) or (vi) of the preceding sentence shall be effective if the reason(s) giving rise to such termination for Cause are curable and if on or prior to the thirtieth (30th) day after written notice from the Company setting for the reasons for such termination, the Employee has cured such matters in all material respects.

"<u>Disability</u>" shall mean the inability of Employee to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness which inability has lasted for a period of six (6) consecutive months. Any question as to the existence of Employee's Disability as to which the Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Employee and the Company.

"<u>Good Reason</u>" means the occurrence, without the Employee's consent, of (i) a material and adverse diminution in the Employee's duties or responsibilities with respect to the business of AEVEX and its Subsidiaries, (ii) a material reduction by the Company in the Employee's base salary or the bonus targets range as a percentage of base salary as set forth in the offer letter targets, provided the Company has achieved its annual EBITDA target in the year of any such material reduction, other than in connection with a reduction of less than 10% that is applicable across-the-board to employees with the title Vice President and above, (iii) a material relocation in the Employee's principal work location more than twenty-five (25) miles from that in effect as of the date hereof, or (iv) the failure of Employee to have been appointed the Chief Executive Officer of AEVEX and its Subsidiaries on or prior to the date that is nine (9) months after the date hereof. Notwithstanding the foregoing, a resignation for Good Reason shall not have occurred unless the Employee gives written notice to the Company of the occurrence of an event that constitutes Good Reason hereunder within sixty (60) days after the occurrence of such event, specifying in reasonable detail the circumstances constituting Good Reason, the Company has failed within thirty (30) days after receipt of such notice to cure the circumstances constituting Good Reason, and Employee actually terminates employment within fifteen (15) days following the expiration of such cure period.

"<u>Person</u>" means any individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust or joint venture a joint venture or unincorporated organization.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination

------

thereof, or (ii) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of membership, partnership or other similar ownership interest thereof or the power to elect or appoint a majority of the managers or governing body thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, and without limitation, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the sole, or a majority of the, managing director(s), managing member(s), manager(s), board of managers or general partner of such limited liability company, partnership, association or other business entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Equitable Relief and Other Remedies</u>. The Employee acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and, in recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages. In the event of a violation by the Employee of <u>Section</u> <u>3</u> or <u>Section</u> <u>4</u>, any payments or benefits being paid or provided to the Employee pursuant to <u>Section</u> <u>1</u> of this Agreement or otherwise shall immediately cease, and any payments or benefits previously paid or provided to the Employee pursuant to <u>Section</u> <u>1</u> of this Agreement shall be immediately repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Successors and Assigns</u>. Except as otherwise provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned (including by operation of law) without the prior written consent of the Employee and the Company; <u>provided</u>, that this Agreement and any of the rights, interests or obligations hereunder, may be assigned, in whole or in party, without consent, by the Company to any of its Affiliates or for collateral security purposes to any Persons providing financing to the Company or any of its Subsidiaries. Any purported assignment in violation of this <u>Section</u> <u>7</u> is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>MUTUAL WAIVER OF JURY TRIAL</u>. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HEREUNDER. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notice</u>. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States or Canada registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email address) shown in the books and

records of the Company.

<u>If to the Company</u>:

c/o Athena Technology Solutions Holdings, LLC

440 Stevens Ave., Suite 150

Solano Beach, California 92075

Attention: Brian Raduenz

Email: [\*\*\*]

<u>with a copy (which shall not constitute notice) to</u>:

c/o Madison Dearborn Partners, LLC

70 W. Madison, Suite 4600

Chicago, Illinois 60606

Attention: Matthew W. Norton

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandon Levitan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Department

Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

and

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

Attention: Jon-Micheal A. Wheat, P.C.

Email: [\*\*\*]

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Strict Construction</u>. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. No rule of strict construction shall be applied against any party. The use of the word "including" herein shall mean "including without limitation." The headings and captions used in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any reference to the masculine, feminine or neuter gender shall be deemed to include any gender or all three as appropriate. Except as otherwise expressly provided in this Agreement, all interpretations made by the Board which interpretations shall be made in the Board's reasonable good faith discretion, with regard to any question arising under this Agreement shall be binding and conclusive on the Employee and the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Counterparts; Electronic Transmission</u>. This Agreement and any amendment hereto and any instruments or agreements executed in connection herewith or pursuant hereto may be executed in two or more separate counterparts (including counterparts delivered by means of facsimile or electronic transmission in portable document format (pdf) or comparable electronic transmission), any one of which need not contain the signatures of more than one party, but each of which will be treated in all manner and respects as an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. Minor variations in the form of the signature page, including footers from earlier versions of this Agreement or any such other document, shall be disregarded in determining the party's intent or the effectiveness of such signature. At the request of any party hereto or to any such amendment, agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such amendment, agreement or instrument shall raise the use of a facsimile machine or pdf electronic transmission or comparable electronic transmission to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or pdf or comparable electronic transmission as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Choice of Law</u>. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of Delaware shall control the interpretation and construction of this Agreement, even though under that jurisdiction's choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Consent to Jurisdiction and Service of Process</u>. Each of the parties hereto irrevocably submits to the non-exclusive jurisdiction of the United States District Court for the District of Delaware, for the purposes of any suit, action or other proceeding arising out of this agreement, any related agreement or any transaction contemplated hereby or thereby. Each of the parties hereto further agrees that service of any process, summons, notice or document by U.S. registered mail in accordance with <u>Section</u> <u>9</u> shall be effective service of process for any action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in this <u>Section</u> <u>13</u>. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or other proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the District of Delaware, and hereby and thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment and Waiver</u>. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and the Employee, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including the Company's or any of its Subsidiaries' right to terminate the Employee for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Entire Agreement</u>. This Agreement and the agreements and documents expressly referred to herein embody the complete agreement and understanding among the parties hereto and supersede and preempt any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Representations</u>. The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms and (b) the Employee is not party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Third-Party Beneficiaries</u>. Certain provisions of this Agreement are entered into for the benefit of and shall be enforceable by the Company and its Subsidiaries as provided herein. The Employee acknowledges and agrees that each Subsidiary and Affiliate of the Company is an express third-party beneficiary of <u>Section</u> <u>3</u> and <u>Section</u> <u>4</u> of this Agreement and is entitled to enforce such sections of this Agreement against the Employee as though such Persons were a party to this Agreement, whether or not at the time of enforcement any such Person is still a Subsidiary or Affiliate of the Company; <u>provided</u>, that in connection with the sale of any such Person, the Company may unilaterally elect to revoke the third-party beneficiary status of such Person. As a material inducement to the Company to enter into this Agreement, at the written request of the Company made at any time or from time to time, the Employee shall acknowledge in writing the third-party beneficiary status of each Subsidiary and Affiliate of the Company as of the date hereof under this <u>Section</u> <u>17</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Business Days</u>. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or holiday in the state in which the Company's chief executive office is located, or in the State of Delaware, the time period shall be automatically extended to the business day immediately following such Saturday, Sunday or holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Certain Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Withholding</u>. The Company and its Affiliates may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. In the event that the Company or any of its Affiliates fail to withhold any taxes required to be withheld by applicable law or regulation, the Employee agrees to indemnify the Company and its Affiliates for any amount paid with respect to any such taxes, together with any interest, penalty and/or expense related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Code Section</u> <u>409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section</u> <u>409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Employee notifies the Company (with specificity as to the reason therefor) that the Employee believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Employee to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such determination, the Company shall, after consulting with the Employee, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to

------

conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee's death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section</u> <u>19(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Section Headings; Inconsistency</u>. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held to be prohibited by or illegal or unenforceable under applicable law in any respect by a court of competent jurisdiction, such provision shall be ineffective only in such jurisdiction and to the extent of such prohibition, illegality or unenforceability, without invalidating the remainder of such provision or the remaining provisions of this Agreement in such jurisdiction or any provisions of this Agreement in any other jurisdiction. The parties agree that a court of competent jurisdiction making a determination of the invalidity or unenforceability of any term or provision of this Agreement shall have the power to reduce the scope, duration or area of any such term or provision, to delete specific words or phrases or to replace any invalid or unenforceable term or provision in this Agreement with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.

[*Remainder of Page Intentionally Left Blank*]

------

IN WITNESS WHEREOF, the parties hereto have executed this Severance Agreement as of the date first written above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>** | **<u>COMPANY</u>** |
| AEVEX AEROSPACE, LLC | AEVEX AEROSPACE, LLC |
| By: | /s/ Brian Raduenz |
| Name: Brian Raduenz | Name: Brian Raduenz |
| Its: Chief Executive Officer | Its: Chief Executive Officer |
| **<u>EMPLOYEE</u>** | **<u>EMPLOYEE</u>** |
| /s/ Charles R Wells IV | /s/ Charles R Wells IV |
| Roger Wells | Roger Wells |

---

------

**EXHIBIT A** 

**<u>GENERAL RELEASE</u>**

I, Roger Wells, in consideration of and subject to the performance by AEVEX Aerospace, LLC, a Florida limited liability company (together with its Subsidiaries, the " <u>Company</u>"), of its obligations under the Severance Agreement, dated as of March 9, 2025 <u>(the "Agre</u>ement"), do hereby release and forever discharge as of the date hereof the Company and its respective Affiliates (including AEVEX and its Subsidiaries) and all present and former managers, directors, officers, employees, successors and assigns of the Company and its Affiliates (including AEVEX and its Subsidiaries) and direct or indirect owners (collectively, the "<u>Released Parties</u>") to the extent provided bel<u>ow (this "Genera</u>l Release"). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Capitalized terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I understand that any payments or benefits paid or granted to me under Section 1 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive certain of the payments and benefits specified in Section 1 of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as provided in paragraphs 4, 5 and 6 below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company or AEVEX or any of its subsidiaries, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys' fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the anti-retaliation provisions of the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys' fees incurred in these matters) (all of the foregoing collectively referred to herein as the "<u>Claims</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). Nothing in this General Release is intended as, or shall be deemed or operate as, a release by me of (i) any of my rights under the Agreement and this General Release; (ii) any vested benefits under any Company-sponsored benefit plans; (iii) any rights under COBRA or similar state law; (iv) any recovery to which I may be entitled pursuant to workers' compensation and unemployment insurance laws; (v) any rights or claims under federal, state, or local law that cannot, as a matter of law, be waived by private agreement and (vi) any vested and accrued rights as an equity or security holder in the Company or its Affiliates, including under any contracts related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; <u>provided</u>, <u>however</u>, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving (i) any right to the Accrued Benefits or any severance benefits to which I am entitled under the Agreement, (ii) any claim relating to directors' and officers' liability insurance coverage or any right of indemnification under the Company's organizational documents or otherwise or (iii) my vested and accrued rights as an equity or security holder in the Company or its Affiliates, including under any contracts related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I agree that if I violate this General Release by suing the Company or the other Released Parties as determined in a final judgment no longer subject to appeal, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys' fees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. I agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any non-disclosure or confidentiality provision in this General Release does not prohibit or restrict me (or my attorney) from responding truthfully and completely to any inquiry about this General Release or the Agreement, or their underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. I hereby acknowledge that the Agreement shall survive my execution of this General Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it.

Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I HAVE READ IT CAREFULLY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I HAVE HAD AT LEAST [21/45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE CHANGES
MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21/45]-DAY PERIOD;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

---

| | | |
|:---|:---|:---|
| SIGNED: | /s/ Charles R Wells IV | DATED: 3/9/2025 |

---

## Exhibit 10.13

**Exhibit 10.13** 

**Form of** 

**AEVEX CORP.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**ARTICLE I** 

**PURPOSE** 

The purpose of this AEVEX Corp. 2026 Omnibus Incentive Plan (this "**<u>Plan</u>**") is to promote the success of the Company's business for the benefit of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain, and reward such individuals and strengthen the mutuality of interests between such individuals and the Company's stockholders. This Plan is effective as of the date set forth in Article XIV.

**ARTICLE II** 

**DEFINITIONS** 

For purposes of this Plan, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 "<u>Affiliate</u>"** means a corporation or other entity controlled by, controlling, or under common control with the Company. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 "<u>Applicable Law</u>"** means the requirements relating to the administration of equity-based awards and the related shares under U.S. state corporate law, U.S. federal and state securities laws, the rules or requirements of any stock exchange or quotation system on which the shares are listed or quoted, and any other applicable laws, including tax laws, of any U.S. or non-U.S. jurisdictions where Awards are, or will be, granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 "<u>Award</u>"** means any award under this Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Units, Performance Award, Other Stock-Based Award, or Cash Award. All Awards shall be evidenced by and subject to the terms of an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 "<u>Award Agreement</u>"** means the written or electronic agreement, contract, certificate, or other instrument or document evidencing the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 "<u>Board</u>"** means the Board of Directors of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 "<u>Cash Award</u>"** means an Award granted to an Eligible Individual pursuant to Section 9.3 of this Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 "<u>Cause</u>"** means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's Termination of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such agreement in effect but it does not define "cause" (or words of like import)), the Participant's (i) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) substantial and repeated failure to perform duties as reasonably directed by the person to whom the Participant reports; (iii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment, or disrepute; (iv) gross negligence or willful misconduct with respect to the Company or an Affiliate; (v) material violation of the Company's policies or codes of conduct, including policies related to discrimination, harassment, performance of illegal or unethical activities, or ethical misconduct; or (vi) any breach of any non-competition, non-solicitation, no-hire, or confidentiality covenant between the Participant and the Company or an Affiliate; or (b) in the case where there is an employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines "cause" (or words of like import), "cause" as defined under such agreement; provided, however, that with regard to any agreement under which the definition of "cause" only applies on occurrence of a change in control, such definition of "cause" shall not apply until a change in control (as defined in such agreement) actually takes place and then only with regard to a termination thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 "<u>Change in Control</u>"** means and includes each of the following, unless otherwise determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities, excluding for purposes herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute a Change in Control as defined in Section 2.8(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a merger, reorganization, or consolidation of the Company or in which equity securities of the Company are issued (each, a "<u>Business Combination</u>"), other than a merger, reorganization or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its direct or indirect parent) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or

------

such surviving entity (or, as applicable, a direct or indirect parent of the Company or such surviving entity) outstanding immediately after such merger, reorganization or consolidation; *provided, however*, that a merger, reorganization or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of the combined voting power of the Company's then outstanding securities shall not constitute a Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) during the period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in Sections 2.8(a) or (b)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two (2) year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially all of the Company's assets other than the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, fifty percent (50%) or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of this Section 2.8, acquisitions of securities of the Company by Madison Dearborn Partners, LLC, any of its affiliates, or any investment vehicle or fund controlled by or managed by, or otherwise affiliated with Madison Dearborn Partners, LLC shall not constitute a Change in Control. Notwithstanding the foregoing, with respect to any Award that is characterized as "nonqualified deferred compensation" within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under this Plan for purposes of payment of such Award unless such event is also a "change in ownership," a "change in effective control," or a "change in the ownership of a substantial portion of the assets" of the Company within the meaning of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 "<u>Change in Control Price</u>"** means the highest price per Share paid in any transaction related to a Change in Control as determined by the Committee in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 "<u>Code</u>"** means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 "<u>Committee</u>"** means any committee of the Board duly authorized by the Board to administer this Plan; *provided*, *however*, that unless otherwise determined by the Board, the Committee shall consist solely of two or more members of the Board who are each (a) a "non-employee director" within the meaning of Rule 16b-3(b), and (b) "independent" under the listing standards or rules of the securities exchange upon which the Common Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. If no committee is duly authorized by the Board to administer this Plan, the term "Committee" shall be deemed to refer to the Board for all purposes under this Plan. The Board may abolish any Committee or re-vest in itself any previously delegated authority from time to time, and will retain the right to exercise the authority of the Committee to the extent consistent with Applicable Law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 "<u>Common Stock</u>"** means the Class A common stock, $0.0001 par value per share, of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 "<u>Company</u>"** means AEVEX Corp., a Delaware corporation, and its successors by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14 "<u>Consultant</u>"** means any natural person who is an advisor or consultant or other service provider to the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15 "<u>Detrimental Conduct</u>"** means, as determined by the Company, a Participant's serious misconduct or unethical behavior, including any of the following: (a) any violation by the Participant of a restrictive covenant agreement that the Participant has entered into with the Company or an Affiliate (covering, for example, confidentiality, non-competition, non-solicitation, non-disparagement, etc.); (b) any conduct by the Participant that could result in the Participant's Termination of Service for Cause; (c) the commission of a criminal act by the Participant, whether or not performed in the workplace, that subjects, or if generally known would subject, the Company or an Affiliate to public ridicule or embarrassment, or other improper or intentional conduct by the Participant causing reputational harm to the Company, an Affiliate, or a client or former client of the Company or an Affiliate; (d) the Participant's breach of a fiduciary duty owed to the Company or an Affiliate or a client or former client of the Company or an Affiliate; (e) the Participant's intentional violation, or grossly negligent disregard, of the Company's or an Affiliate's policies, rules, or procedures; or (f) the Participant taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that result in a significant financial loss to the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16 "<u>Disability</u>"** means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's Termination of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment, after accounting for reasonable accommodations (if applicable and required by Applicable Law); *provided, however*, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined by the Committee, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant participates that is maintained by the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17 "<u>Dividend Equivalent Rights</u>"** means a right granted to a Participant under this Plan to receive the equivalent value (in cash or Shares) of dividends paid on Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18 "<u>Effective Date</u>"** means the effective date of this Plan as defined in Article XIV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19 "<u>Eligible Employee</u>"** means each employee of the Company or any of its Affiliates. An employee on a leave of absence may be an Eligible Employee.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20 "<u>Eligible Individual</u>"** means an Eligible Employee, Non-Employee Director, or Consultant who is designated by the Committee in its discretion as eligible to receive Awards subject to the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21 "<u>Exchange Act</u>"** means the Securities Exchange Act of 1934, as amended from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22 "<u>Fair Market Value</u>"** means, for purposes of this Plan, unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal national securities exchange in the United States on which it is then traded, listed or otherwise reported or quoted or (b) if the Common Stock is not traded, listed, or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate, taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a date on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing, with respect to any Award granted on the pricing date of the Company's initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company's final prospectus relating to its initial public offering filed with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23 "<u>Family Member</u>"** means "family member" as defined in Section A.1.(a)(5) of the general instructions of Form S-8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.24 "<u>Incentive Stock Option</u>"** means any Stock Option granted to an Eligible Employee who is an employee of the Company, its Parents or its Subsidiaries under this Plan and that is intended to be, and is designated as, an "Incentive Stock Option" within the meaning of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.25 "<u>Non-Employee Director</u>"** means a director on the Board who is not an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26 "<u>Non-Qualified Stock Option</u>"** means any Stock Option granted under this Plan that is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27 "<u>Other Stock-Based Award</u>"** means an Award granted under Article IX of this Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Shares, but may be settled in the form of Shares or cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.28 "<u>Parent</u>"** means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29 "<u>Participant</u>"** means an Eligible Individual to whom an Award has been granted pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.30 "<u>Performance Award</u>"** means an Award granted under Article VIII of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.31 "<u>Performance Goals</u>"** means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.32 "<u>Performance Period</u>"** means the designated period during which the Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.33 "<u>Person</u>"** means any "person" as such term is used in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.34 "<u>Restricted Stock</u>"** means an Award of Shares granted under Article VII of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.35 "<u>Restricted Stock Unit</u>**" means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to certain vesting conditions and other restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.36 "<u>Rule 16b-3</u>"** means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.37 "<u>Section</u> <u>409A of the Code</u>"** means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38 "<u>Securities Act</u>"** means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.39 "<u>Shares</u>"** means shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.40 "<u>Stock Appreciation Right</u>"** means a stock appreciation right granted under Article VI of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.41 "<u>Stock Option</u>"** or **"<u>Option</u>"** means any option to purchase Shares granted pursuant to Article VI of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.42 "<u>Subsidiary</u>"** means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.43 "<u>Ten Percent Stockholder</u>"** means a Person owning stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, its Parent or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44 "<u>Termination of Service</u>"** means the termination of the applicable Participant's employment with, or performance of services for, the Company and its Affiliates. Unless otherwise determined by the Committee, (a) if a Participant's employment or services with the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Service with the Company and its Affiliates and (b) a Participant employed by, or performing services for an Affiliate that ceases to be an Affiliate shall also be deemed to have incurred a Termination of Service provided the Participant does not immediately thereafter become an employee of the Company or another Affiliate. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code, a Participant shall not be considered to have experienced a "Termination of Service" unless the Participant has experienced a "separation from service" within the meaning of Section 409A of the Code.

**ARTICLE III** 

**ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Authority of the Committee</u>**. This Plan shall be administered by the Committee. Subject to the terms of this Plan and Applicable Law, the Committee shall have full authority to grant Awards to Eligible Individuals under this Plan. In particular, the Committee shall have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine the number of Shares to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares, if any, relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) determine the amount of cash to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) determine whether, to what extent, and under what circumstances grants of Options and other Awards under this Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) determine whether and under what circumstances an Award may be settled in cash, Shares, other property, or a combination of the foregoing;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) determine whether, to what extent and under what circumstances cash, Shares, or other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) modify, waive, amend, or adjust the terms and conditions of any Award, at any time or from time to time, including but not limited to Performance Goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award or Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) modify, extend, or renew an Award, subject to Article XI and Section 6.8(g) of this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) determine how the Disability, death, retirement, authorized leave of absence or any other change or purported change in a Participant's status affects an Award and the extent to which, and the period during which, the Participant, the Participant's legal representative, conservator, guardian or beneficiary may exercise rights under the Award, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Guidelines</u>**. Subject to Article XI of this Plan, the Committee shall have the authority to adopt, alter, and repeal such administrative rules, guidelines, and practices governing this Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and applicable stock exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of this Plan and any Award issued under this Plan (and any agreements or sub-plans relating thereto); and to otherwise supervise the administration of this Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in this Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of this Plan. The Committee may adopt special rules, sub-plans, guidelines, and provisions for persons who are residing in or employed in, or subject to, the taxes of any domestic or foreign jurisdictions to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of such domestic or foreign jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 <u>Decisions Final</u>**. Any decision, interpretation, or other action made or taken in good faith by or at the direction of the Company, the Board, or the Committee (or any of its members) arising out of or in connection with this Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding, and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 <u>Designation of Consultants/Liability; Delegation of Authority</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant, or agent shall be paid by the Company. The Committee, its members, and any person designated pursuant to this Section 3.4 shall not be liable for any action or determination made in good faith with respect to this Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to this Plan or any Award granted under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee may delegate any or all of its powers and duties under this Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions (including executing agreements or other documents on behalf of the Committee) and grant Awards; <u>provided</u>, that such delegation does not (i) violate Applicable Law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in this Plan to the "Committee," shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; <u>provided</u>, <u>however</u>, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also designate employees or professional advisors who are not executive officers of the Company or members of the Board to assist in administering this Plan, <u>provided</u>, <u>however</u>, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 <u>Indemnification</u>**. To the maximum extent permitted by Applicable Law and to the extent not covered by insurance directly insuring such person, each current and former officer or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including reasonable fees of counsel acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of this Plan, except to the extent arising out of such officer's, employee's, member's, or former member's own fraud or bad faith. Such indemnification shall be in addition to any right of indemnification that the current or former employee, officer or member may have under Applicable Law or under the by-laws of the Company or any of its Affiliates. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to such individual under this Plan.

------

**ARTICLE IV** 

**SHARE LIMITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Shares</u>**. The aggregate number of Shares that may be issued pursuant to this Plan shall not exceed Shares (subject to any increase or decrease pursuant to this Article IV), which may be either authorized and unissued Shares or Shares held in or acquired for the treasury of the Company or both. The number of Shares that may be issued pursuant to this Plan shall be subject to an annual increase on January 1 of each calendar year beginning in 2027, and ending and including 2036, equal to the lesser of (a) % of the aggregate number of Shares outstanding on December 31 of the immediately preceding calendar year and (b) such smaller number of Shares as is determined by the Board. The aggregate number of Shares that may be issued or used with respect to any Incentive Stock Option shall not exceed Shares (subject to any increase or decrease pursuant to Section 4.3). Any Award under this Plan settled in cash shall not be counted against the foregoing maximum share limitations. Notwithstanding anything to the contrary contained herein, Shares subject to an Award under this Plan shall again be made available for issuance or delivery under this Plan if such Shares are (i) Shares delivered, withheld or surrendered in payment of the exercise or purchase price of an Award, (ii) Shares delivered, withheld, or surrendered to satisfy any tax withholding obligation or (iii) Shares subject to a stock-settled Award that expires or is canceled, forfeited, or terminated without issuance of the full number of Shares to which the Award related.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Substitute Awards</u>**. In connection with an entity's merger or consolidation with the Company or the Company's acquisition of an entity's property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate ("<u>Substitute Awards</u>"). Substitute Awards may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on Awards in this Plan. Substitute Awards will not count against the Shares authorized for grant under this Plan (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under this Plan as provided under Section 4.1 above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under this Plan, as set forth in Section 4.1 above. Additionally, in the event that a Person acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grants pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under this Plan and shall not reduce the Shares authorized for grant under this Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under this Plan as provided under Section 4.1 above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Employees or Non-Employee Directors prior to such acquisition or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Adjustments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company's capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate, or (vi) any other corporate act or proceeding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of Section 10.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into a greater number of Shares, or combines (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares, then the respective exercise prices for outstanding Awards that provide for a Participant-elected exercise and the number of Shares covered by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan; provided, that the Committee in its sole discretion shall determine whether an adjustment is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Excepting transactions covered by Section 4.3(b)(i), if the Company effects any merger, consolidation, statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company's assets or business, or other corporate transaction or event in such a manner that the Company's outstanding Shares are converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company, securities or other property of the Company or other entity, then, subject to the provisions of Section 10.1, (A) the aggregate number or kind of securities that thereafter may be issued under this Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted under this Plan (including as a result of the assumption of this Plan and the obligations hereunder by a successor entity, as applicable), or (C) the exercise or purchase price thereof, shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If there shall occur any change in the capital structure of the Company other than those covered by Section 4.3(b)(i) or 4.3(b)(ii), any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of equity securities of the Company, then the Committee shall adjust any Award and make such other adjustments to this Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the Share price, including any securities offering or other similar transaction, for administrative convenience, the Committee may refuse to permit the exercise of any Award for up to sixty (60) days before or after such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company's financial statements, notes to the financial statements, management's discussion and analysis, or other Company public filing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding, and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors, and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.3(b) shall be intended to comply with the requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.3 or in the applicable Award Agreement, a Participant shall have no additional rights under this Plan by reason of any transaction or event described in this Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 <u>Annual Limit on Non-Employee Director Compensation</u>**. In each calendar year during any part of which this Plan is in effect, a Non-Employee Director may not receive Awards for such individual's service on the Board that, taken together with any cash fees paid to such Non-Employee Director during such calendar year for such individual's service on the Board, have a value in excess of $750,000 (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes); *provided*, that (a) the Committee may make exceptions to this limit, except that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous decisions involving compensation for Non-Employee Directors and (b) for any calendar year in which a Non-Employee Director (i) first commences service on the Board, (ii) serves on a special committee of the Board, or (iii) serves as lead director or non-executive chair of the Board, such limit shall be increased to $1,000,000; *provided, further*, that the limit set forth in this Section 4.4 shall be applied without regard to Awards or other compensation, if any, provided to a Non-Employee Director during any period in which such individual was an employee of the Company or any Affiliate or was otherwise providing services to the Company or to any Affiliate other than in the capacity as a Non-Employee Director.

**ARTICLE V** 

**ELIGIBILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>General Eligibility</u>**. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee in its sole discretion. No Eligible Individual will automatically be granted any Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Incentive Stock Options**. Notwithstanding the foregoing, only Eligible Employees who are employees of the Company, its Parents or its Subsidiaries are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in this Plan shall be determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>General Requirement</u>**. The vesting and exercise of Awards granted to a prospective Eligible Individual are conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee Director, as applicable.

------

**ARTICLE VI** 

**STOCK OPTIONS; STOCK APPRECIATION RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>General</u>**. Stock Options or Stock Appreciation Rights may be granted alone or in addition to other Awards granted under this Plan Each Stock Option granted under this Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option. Stock Options and Stock Appreciation Rights granted under this Plan shall be evidenced by an Award Agreement and subject to the terms, conditions and limitations in this Plan, including any limitations applicable to Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Grants</u>**. The Committee shall have the authority to grant to any Eligible Individual one or more Incentive Stock Options, Non-Qualified Stock Options, and/or Stock Appreciation Rights; *provided*, *however*, that Incentive Stock Options may only be granted to an Eligible Employee who is an employee of the Company, its Parents or its Subsidiaries. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Exercise Price</u>**. The exercise price per Share subject to a Stock Option or Stock Appreciation Right shall be determined by the Committee at the time of grant, *provided* that the per share exercise price of a Stock Option or Stock Appreciation Right shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value at the time of grant. Notwithstanding the foregoing, in the case of a Stock Option or Stock Appreciation Right that is a Substitute Award, the exercise price per Share for such Stock Option or Stock Appreciation Right may be less than the Fair Market Value on the date of grant; provided, that, such exercise price is determined in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Term</u>**. The term of each Stock Option or Stock Appreciation Right shall be fixed by the Committee, *provided* that no Stock Option or Stock Appreciation Right shall be exercisable more than ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years) after the date on which the Stock Option or Stock Appreciation Right, as applicable, is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 <u>Exercisability</u>**. Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.5, Stock Options and Stock Appreciation Rights granted under this Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability upon the occurrence of a specified event. Unless otherwise determined by the Committee, if the exercise of a Non-Qualified Stock Option or Stock Appreciation Right within the permitted time periods is prohibited because such exercise would violate the registration requirements under the Securities Act or any other Applicable Law or the rules of any securities exchange or interdealer quotation system, the Company's insider trading policy (including any blackout periods) or a "lock-up" agreement entered into in connection with the issuance of securities by the Company, then the expiration of such Non-Qualified Stock Option or Stock Appreciation Right shall be extended until the date that is thirty (30) days after the end of the period during which the exercise of the Non-Qualified Stock Option or Stock

------

Appreciation Right would be in violation of such registration requirement or other Applicable Law or rules, blackout period or lock-up agreement, as determined by the Committee; *provided, however*, that in no event shall any such extension result in any Non-Qualified Stock Option or Stock Appreciation Right remaining exercisable after the ten (10)-year term of the applicable Non-Qualified Stock Option or Stock Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 <u>Method of Exercise</u>**. Subject to any applicable waiting period or exercisability provisions under Section 6.5, to the extent vested, Stock Options and Stock Appreciation Rights may be exercised in whole or in part at any time during the term of the applicable Stock Option or Stock Appreciation Right, by giving written notice of exercise (which may be electronic) to the Company specifying the number of Stock Options or Stock Appreciation Rights, as applicable, being exercised. Such notice shall be accompanied by payment in full of the exercise price (which shall equal the product of such number of Shares to be purchased multiplied by the applicable exercise price). The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth in the applicable Award Agreement. Without limiting the foregoing, the Committee may establish payment terms for the exercise of Stock Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant in connection with the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the Participant to deliver cash or Shares with a Fair Market Value equal to the exercise price on the date of payment, or through a simultaneous sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor, as provided herein, has been made or provided for. Upon the exercise of a Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market Value of one (1) Share on the date that the right is exercised over the Fair Market Value of one (1) Share on the date that the right was awarded to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 <u>Non-Transferability</u>**. No Stock Option or Stock Appreciation Right shall be transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options and Stock Appreciation Rights shall be exercisable, during the Participant's lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not transferable pursuant to this Section 6.7 is transferable to a Family Member of the Participant in whole or in part and in such circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock Option that is transferred to a Family Member pursuant to the preceding sentence (a) may not be subsequently transferred other than by will or by the laws of descent and distribution and (b) remains subject to the terms of this Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 <u>Termination</u>**. Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the provisions of the applicable Award Agreement and this Plan, upon a Participant's Termination of Service for any reason, Stock Options and Stock Appreciation Rights may remain exercisable following a Participant's Termination of Service as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by Death or Disability</u>. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is by reason of death or Disability, all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant (or in the case of the Participant's death, by the legal representative of the Participant's estate) at any time within a period of one (1) year from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options and Stock Appreciation Rights; *provided, however*, that, in the event of a Participant's Termination of Service by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options and Stock Appreciation Rights held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one (1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options and/or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Involuntary Termination Without Cause</u>. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is by involuntary termination by the Company without Cause, all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voluntary Resignation</u>. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is voluntary (other than a voluntary termination described in Section 6.8(d) hereof), all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant at any time within a period of thirty (30) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination for Cause</u>. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service (i) is for Cause or (ii) is a voluntary Termination of Service (as provided in Section 6.8(c)) after the occurrence of an event that would be grounds for a Termination of Service for Cause, all Stock Options and Stock Appreciation Rights, whether vested or not vested, that are held by such Participant shall thereupon immediately terminate and expire as of the date of such Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unvested Stock Options</u> <u>and Stock Appreciation Rights</u><u>.</u> Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, Stock Options and Stock Appreciation Rights that are not vested as of the date of a Participant's Termination of Service for any reason shall terminate and expire as of the date of such Termination of Service.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Incentive Stock Option Limitations</u>. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this Plan and/or any other stock option plan of the Company, any Parent or any Subsidiary exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Parent or any Subsidiary at all times from the time an Incentive Stock Option is granted until three (3) months prior to the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option shall be treated as a Non-Qualified Stock Option. Should any provision of this Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may amend this Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Modification, Extension and Renewal of Stock Options</u>. The Committee may (i) modify, extend, or renew outstanding Stock Options granted under this Plan (provided that the rights of a Participant are not reduced without such Participant's consent and *provided*, *further* that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 <u>Automatic Exercise</u>**. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified Stock Option or Stock Appreciation Right on a cashless basis on the last day of the term of such Option or Stock Appreciation Right if the Participant has failed to exercise the Non-Qualified Stock Option or Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the Shares underlying the Non-Qualified Stock Option or Stock Appreciation Right exceeds the exercise price of such Non-Qualified Stock Option or Stock Appreciation Right on the date of expiration of such Option or Stock Appreciation Right, subject to Section 13.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 Dividends**. No dividends or Dividend Equivalent Rights shall be granted with respect to Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 Other Terms and Conditions**. As the Committee shall deem appropriate, Stock Options and Stock Appreciation Rights may be subject to additional terms and conditions or other provisions, which shall not be inconsistent with any of the terms of this Plan.

------

**ARTICLE VII** 

**RESTRICTED STOCK; RESTRICTED STOCK UNITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Awards of Restricted Stock and Restricted Stock Units</u>**. Shares of Restricted Stock and Restricted Stock Units may be granted alone or in addition to other Awards granted under this Plan. The Committee shall determine the Eligible Individuals to whom, and the time or times at which, grants of Restricted Stock and/or Restricted Stock Units shall be made, the number of shares of Restricted Stock or Restricted Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 7.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions for each Award of Restricted Stock and Restricted Stock Units, subject to the conditions and limitations contained in this Plan, including any vesting or forfeiture conditions.

The Committee may condition the grant or vesting of Restricted Stock and Restricted Stock Units upon the attainment of specified Performance Goals or such other factor as the Committee may determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Awards and Certificates</u>**. Restricted Stock and Restricted Stock Units granted under this Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Purchase Price</u>. The purchase price of Restricted Stock shall be fixed by the Committee. The purchase price for shares of Restricted Stock may be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Legend</u>. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, unless the Committee elects to use another system, such as book entries by the Company's transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by Applicable Law, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Custody</u>. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the shares subject to the Award of Restricted Stock in the event that such Award is forfeited in whole or part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Rights as a Stockholder</u>. Except as provided in Section 7.3(a) and this Section 7.2(a) or as otherwise determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of Shares, including, without limitation, the right to receive dividends, the right to vote such shares, and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares; *provided* that the Award Agreement shall specify on what terms and conditions the applicable Participant shall be entitled to dividends payable on the Shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Lapse of Restrictions</u>. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such Shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by Applicable Law or other limitations imposed by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restricted Stock Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Settlement</u>. The Committee may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practical after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant's election, in a manner intended to comply with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Rights as a Stockholder</u>. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and until Shares are delivered in settlement of the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Dividend Equivalent Rights</u>. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend Equivalent Rights. Dividend Equivalent Rights may be paid currently or credited to an account for the Participant, settled in cash or Shares, and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalent Rights are granted and subject to other terms and conditions as set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 <u>Restrictions and Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restriction Period</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Participant shall not be permitted to transfer shares of Restricted Stock awarded under this Plan or vest in Restricted Stock Units during the period or periods set by the Committee (the "<u>Restriction Period</u>") commencing on the date of such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a vesting schedule and any event that would accelerate vesting of the Restricted Stock and/or Restricted Stock Units. Within these limits, based on service, attainment of Performance Goals pursuant to Section 7.3(a)(i), and/or such other factors or criteria as the Committee may determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Award of Restricted Stock or Restricted Stock Units and/or waive the deferral limitations for all or any part of any Award of Restricted Stock or Restricted Stock Units.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the grant of shares of Restricted Stock or Restricted Stock Units or the lapse of restrictions or vesting schedule is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage applicable to each Participant or class of Participants in the applicable Award Agreement prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions), and other similar types of events or circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, upon a Participant's Termination of Service for any reason during the relevant Restriction Period, all Restricted Stock or Restricted Stock Units still subject to restriction will be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter.

**ARTICLE VIII** 

**PERFORMANCE AWARDS** 

The Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals either alone or in addition to other Awards granted under this Plan. The Performance Goals to be achieved during the Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award. The conditions for grant or vesting and the other provisions of Performance Awards (including, without limitation, any applicable Performance Goals) need not be the same with respect to each Participant. Performance Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement.

**ARTICLE IX** 

**OTHER STOCK-BASED AND CASH AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Other Stock-Based Awards</u>**. The Committee is authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not limited to, Shares awarded purely as a bonus and not subject to restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company, stock equivalent units, and Awards valued by reference to the book value of Shares. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under this Plan.

Subject to the provisions of this Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such Other Stock-Based Awards shall be made, the number of Shares to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Shares under such Awards upon the completion of a specified Performance Period. The Committee may condition the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals as the Committee may determine, in its sole discretion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Terms and Conditions</u>**. Other Stock-Based Awards made pursuant to this Article IX shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Transferability</u>. Subject to the applicable provisions of the Award Agreement and this Plan, Shares subject to Other Stock-Based Awards may not be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction, performance, or deferral period lapses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends</u>. Unless otherwise determined by the Committee at the time of the grant of an Other Stock-Based Award, subject to the provisions of the Award Agreement and this Plan, the recipient of an Other Stock-Based Award shall not be entitled to receive, currently or on a deferred basis, dividends or Dividend Equivalent Rights in respect of the number of Shares covered by the Other Stock-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vesting</u>. Any Other Stock-Based Award and any Shares covered by any such Other Stock-Based Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Price</u>. Shares under this Article IX may be issued for no cash consideration. Shares purchased pursuant to a purchase right awarded pursuant to an Other Stock-Based Award shall be priced, as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>Cash Awards</u>**. The Committee may from time to time grant Cash Awards to Eligible Individuals in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by Applicable Law, as it shall determine in its sole discretion. Cash Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a Cash Award shall not require a segregation of any of the Company's assets for satisfaction of the Company's payment obligation thereunder.

**ARTICLE X** 

**CHANGE IN CONTROL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Benefits</u>**. In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in an Award Agreement or any applicable employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant, a Participant's unvested Awards shall not vest automatically and a Participant's Awards shall be treated in accordance with one or more of the following methods as determined by the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards, whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the Committee in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; *provided* that the Committee may decide to award additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company for an amount of cash equal to the excess (if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards; *provided, however*, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may be cancelled for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any Other Stock-Based Award that provides for a Participant-elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such Participant's Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and, *provided* that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time.

**ARTICLE XI** 

**TERMINATION OR AMENDMENT OF PLAN** 

Notwithstanding any other provision of this Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of this Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend or terminate it entirely, retroactively or otherwise; *provided, however*, that, unless otherwise required by Applicable Law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension, or termination may not be materially impaired without the consent of such Participant and, *provided*, *further*, that without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (a) increase the aggregate number of Shares that may be issued under this Plan (except by operation of Section 4.1); or (b) change the classification of individuals eligible to receive Awards under this Plan. In addition, the Board or the Committee shall, without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, have the authority to (i) amend any outstanding Option or Stock Appreciation Right to reduce its exercise price per Share or (ii) cancel any Option or Stock Appreciation Right in exchange for cash or another Award. Notwithstanding anything herein to the contrary, the Board or the Committee may amend this Plan or any Award Agreement at any time without a Participant's consent to comply with Applicable Law, including Section 409A of the Code. The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall materially impair the rights of any Participant without the Participant's consent.

------

**ARTICLE XII** 

**UNFUNDED STATUS OF PLAN** 

This Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the Company.

**ARTICLE XIII** 

**GENERAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 <u>Lock-Up; Legend</u>**. The Committee may require each person receiving Shares pursuant to a Stock Option or other Award under this Plan to represent to and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. The Company may, in connection with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any Shares or other Company securities during any period determined by the underwriter or the Company. In addition to any legend required by this Plan, the certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities exchange system upon whose system the Common Stock is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. If the Shares are held in book-entry form, then the book-entry will indicate any restrictions on such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 <u>Other Plans</u>**. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 <u>No Right to Employment/Directorship/Consultancy</u>**. Neither this Plan nor the grant of any Award hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy, or directorship at any time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 <u>Withholding of Taxes</u>**. A Participant shall be required to pay to the Company or one of its Affiliates, as applicable, or make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other applicable taxes that are required to be withheld in respect of an Award. The Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy all or any portion of the applicable taxes that are required to be withheld with respect to an Award by (a) the delivery of Shares (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such withholding liability (or portion thereof); (b) having the Company withhold from the Shares otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of Shares with an aggregate Fair Market Value equal to the amount of such withholding liability; or (c) by any other means specified in the applicable Award Agreement or otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5 <u>Fractional Shares</u>**. No fractional Shares shall be issued or delivered pursuant to this Plan. The Committee shall determine whether cash, additional Awards, or other securities or property shall be used or paid in lieu of fractional Shares or whether any fractional shares should be rounded, forfeited, or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6 <u>No Assignment of Benefits</u>**. No Award or other benefit payable under this Plan shall, except as otherwise specifically provided in this Plan or under Applicable Law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7 <u>Clawbacks; Detrimental Conduct</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Clawbacks</u>. All awards, amounts, or benefits received or outstanding under this Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any Applicable Law related to such actions. A Participant's acceptance of an Award will constitute the Participant's acknowledgement of and consent to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply to the Participant, whether adopted before or after the Effective Date, and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant's agreement that the Company may take any actions that may be necessary to effectuate any such policy or Applicable Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Detrimental Conduct</u>. Except as otherwise determined by the Committee, notwithstanding any other term or condition of this Plan, if a Participant engages in Detrimental Conduct, whether during or after the Participant's service, in addition to any other penalties or restrictions that may apply under this Plan, Applicable Law or otherwise, the Participant must forfeit or pay to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any and all outstanding Awards granted to the Participant, including Awards that have become vested or exercisable;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any cash or Shares received by the Participant in connection with this Plan within the 36-month period immediately before the date the Company determines the Participant has engaged in Detrimental Conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the profit realized by the Participant from the sale, or other disposition for consideration, of any Shares received by the Participant under this Plan within the 36-month period immediately before the date the Company determines the Participant has engaged in Detrimental Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8 <u>Listing and Other Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such exchange or system. The Company shall have no obligation to issue such Shares unless and until such Shares are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time counsel to the Company advises the Company that any sale or delivery of Shares pursuant to an Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, based on the advice of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon termination of any period of suspension under this Section 13.8, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Participant shall be required to supply the Company with certificates, representations, and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, or approval that the Company deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9 <u>Governing Law</u>**. This Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10 <u>Construction</u>**. Wherever any words are used in this Plan in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so apply.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11 <u>Other Benefits</u>**. No Award granted or paid out under this Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates or affect any benefit or compensation under any other plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12 <u>Costs</u>**. The Company shall bear all expenses associated with administering this Plan, including expenses of issuing Shares pursuant to Awards hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.13 <u>No Right to Same Benefits</u>**. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.14 <u>Death/Disability</u>**. The Committee may in its discretion require the transferee of a Participant to supply it with written notice of the Participant's death or Disability and to supply it with a copy of the will (in the case of the Participant's death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may also require the agreement of the transferee to be bound by all of the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.15 <u>Section 16(b) of the Exchange Act</u>**. It is the intent of the Company that this Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of this Plan would conflict with the intent expressed in this Section 13.15, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.16 <u>Deferral of Awards</u>**. The Committee may establish one or more programs under this Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of Shares or other consideration under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules, and procedures that the Committee deems advisable for the administration of any such deferral program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.17 <u>Section 409A of the Code</u>**. This Plan and Awards are intended to comply with or be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, any provision in this Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with or be exempt from Section 409A of the Code and, to the extent such provision cannot be amended to comply therewith or be exempt therefrom, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the

------

Committee or the Company and, in the event that any amount or benefit under this Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in this Plan or Award Agreement, any payment(s) of "nonqualified deferred compensation" (within the meaning of Section 409A of the Code) that are otherwise required to be made under this Plan to a "specified employee" (as defined under Section 409A of the Code) as a result of such employee's separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, until the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.18 <u>Data Privacy</u>**. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this Section 13.18 by and among, as applicable, the Company and its Affiliates, for the exclusive purpose of implementing, administering, and managing this Plan and Awards and the Participant's participation in this Plan. In furtherance of such implementation, administration, and management, the Company and its Affiliates may hold certain personal information about a Participant, including, but not limited to, the Participant's name, home address, telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the "**<u>Data</u>**"). In addition to transferring the Data amongst themselves as necessary for the purpose of implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan, the Company and its Affiliates may each transfer the Data to any third parties assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan. Recipients of the Data may be located in the Participant's country or elsewhere, and the Participant's country and any given recipient's country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage this Plan and Awards and the Participant's participation in this Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel the Participant's eligibility to participate in this Plan, and in the Committee's discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.19 <u>Successor and Assigns</u>**. This Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator, or trustee of such estate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.20 <u>Severability of Provisions</u>**. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.21 <u>Headings and Captions</u>**. The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan.

**ARTICLE XIV** 

**EFFECTIVE DATE OF PLAN** 

This Plan shall become effective on , which is the date of its adoption by the Board, subject to the approval of this Plan by the stockholders of the Company in accordance with the requirements of the laws of the State of Delaware.

**ARTICLE XV** 

**TERM OF PLAN** 

No Award shall be granted pursuant to this Plan on or after the tenth (10th) anniversary of the earlier of the date that this Plan is adopted by the Board or the date of stockholder approval, but Awards granted prior to such tenth (10th) anniversary may extend beyond that date.

**\* \* \* \* \***

## Exhibit 10.14

**Exhibit 10.14** 

**FORM OF** 

**INDEMNIFICATION AGREEMENT** 

THIS INDEMNIFICATION AGREEMENT (this "<u>Agreement</u>") is made and entered into as of , 2026 between AEVEX Corp., a Delaware corporation (the "<u>Company</u>"), and (the "<u>Indemnitee</u>"). Capitalized terms used but not otherwise defined herein shall have the meaning set forth in <u>Section</u> <u>14</u> hereof.

WHEREAS, highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Amended and Restated Bylaws of the Company (as amended, restated, modified and/or supplemented from to time, the "<u>Bylaws</u>") require indemnification of the directors and officers of the Company;

WHEREAS, the certificate of incorporation of the Company (as amended, restated, modified and/or supplemented from time to time, the "Charter"), Bylaws and the General Corporation Law of the State of Delaware (the "<u>DGCL</u>") expressly contemplate that contracts may be entered into between the Company and members of the Board of Directors of the Company (the "<u>Board</u>"), officers of the Company and other persons with respect to indemnification and advancement of Expenses;

WHEREAS, the uncertainties relating to insurance and indemnification have increased the difficulty of attracting and retaining directors and officers;

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining directors and officers is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company to indemnify, and to advance Expenses on behalf of, the Company's directors and officers to the Fullest Extent Permitted By Applicable Law; [and]<sup>1</sup>

[WHEREAS, the Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided by MDP, which the Indemnitee, the Company and MDP intend to be secondary to the primary obligation of the Company to indemnify the Indemnitee as provided herein, with the Company's acknowledgment of and agreement to the foregoing being a material condition to the Indemnitee's willingness to serve as a director and/or officer of the Company; and]<sup>2</sup>

<sup>1</sup> Note to Draft: Bracketed language to be included for officers and non-MDP-affiliated directors.

<sup>2</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

------

WHEREAS, the Indemnitee may not be willing to serve or continue to serve as an officer or director without adequate protection, and the Company desires the Indemnitee to serve or continue to serve in such capacity.

NOW, THEREFORE, each party hereto, intending to be legally bound hereby, agrees as follows:

1. <u>Indemnity of the Indemnitee</u>. On the terms and subject to the conditions set forth in this Agreement, the
Company hereby agrees to hold harmless and indemnify the Indemnitee to the Fullest Extent Permitted By Applicable Law. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Proceedings Other Than Proceedings by or in the Right of the Company</u>. The Indemnitee shall be entitled
to the rights of indemnification provided in this <u>Section</u> <u>1(a)</u> if the Indemnitee has been or is, or is threatened to be made, a party to or participant in, or otherwise becomes involved in, any Proceeding other than a
Proceeding by or in the right of the Company. Pursuant to this <u>Section</u> <u>1(a)</u>, the Indemnitee shall be indemnified to the Fullest Extent Permitted By Applicable Law against all Losses and Expenses actually and reasonably
incurred by the Indemnitee or on the Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings by or in the Right of the Company</u>. The Indemnitee shall be entitled to the rights of
indemnification provided in this <u>Section</u> <u>1(b)</u> if the Indemnitee has been or is, or is threatened to be made, a party to or participant in, or otherwise becomes involved in, any Proceeding brought by or in the right of the
Company. Pursuant to this <u>Section</u> <u>1(b)</u>, the Indemnitee shall be indemnified to the Fullest Extent Permitted By Applicable Law against all Expenses actually and reasonably incurred by the Indemnitee, or on the
Indemnitee's behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company; <u>provided</u>, <u>however</u>, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been adjudged to be
liable to the Company unless and only to the extent that the Chancery Court of the State of Delaware (the " <u>Delaware Court</u> ") or the court in which such Proceeding was brought shall determine that the Indemnitee is fairly and
reasonably entitled to such indemnification.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification for Expenses of a Party Who is Wholly or Partly Successful</u>. Notwithstanding any other
provision of this Agreement (other than <u>Section</u> <u>9</u>), to the extent that the Indemnitee is successful, on the merits or otherwise, in defense of any Proceeding, the Indemnitee shall be indemnified to the Fullest Extent
Permitted By Applicable Law against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection therewith. If the Indemnitee is not wholly successful in such Proceeding but is successful, on
the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee, or on the
Indemnitee's behalf, in connection with each successfully resolved claim, issue or matter. For purposes of this <u>Section</u> <u>1(c)</u> and without limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, on substantive or procedural grounds, shall be deemed to be a successful result as to such claim, issue or matter.

2. <u>Additional Indemnity</u>. Notwithstanding any limitations in <u>Section</u> <u>1</u> of this
Agreement, the Company shall indemnify the Indemnitee to the Fullest Extent Permitted By Applicable Law if the Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of
the Company to procure a judgment in its favor) for all Losses and Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf.

3. <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whether or not the indemnification provided in <u>Sections</u> <u>1</u> and <u>2</u> hereof is available,
in respect of any threatened, pending or completed Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), to the Fullest Extent Permitted By Applicable Law, the Company shall pay, in the
first instance, the entire amount of any judgment or settlement of such Proceeding without requiring the Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against the
Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding) unless such settlement (i) provides for a full and final release
of all claims asserted against the Indemnitee and (ii) does not impose any Loss, Expense or limitation on the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without diminishing or impairing the obligations of the Company set forth in the preceding subsection, if, for
any reason, the Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in
such Proceeding), to the Fullest Extent Permitted By Applicable Law, the Company shall contribute to the amount of Losses and Expenses actually and reasonably incurred and paid or payable by the Indemnitee in proportion to the relative benefits
received by the Company and all officers, directors or employees of the Company, other than the Indemnitee, who

------

are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, from the transaction or events from which such Proceeding arose; <u>provided</u>, <u>however</u>, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, in connection with the transaction or events that resulted in such Losses or Expenses, as well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Fullest Extent Permitted By Applicable Law, the Company hereby agrees to fully indemnify and hold the
Indemnitee harmless from any claims of contribution that may be brought by officers, directors or employees of the Company, other than the Indemnitee, who may be jointly liable with the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Fullest Extent Permitted By Applicable Law, if the indemnification provided for in this Agreement is
unavailable to the Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee, whether for Losses and/or for Expenses, in connection with any claim relating to
an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and the Indemnitee as
a result of the event(s) and/or transaction(s) giving cause to such Proceeding, and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and the Indemnitee in connection with such event(s) and/or
transaction(s).

4. <u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement (other
than <u>Section</u> <u>9</u>), to the Fullest Extent Permitted By Applicable Law and to the extent that the Indemnitee is a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which the Indemnitee is not
a party, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection therewith.

------

5. <u>Advancement of Expenses</u>. Notwithstanding any other provision of this Agreement, the Company shall
advance, to the Fullest Extent Permitted By Applicable Law, all Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding within 30 days after the receipt by the Company of a statement or statements from the Indemnitee
requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee. The Indemnitee's execution
and delivery to the Company of this Agreement shall constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced by the Company pursuant to this Agreement, if and only to the extent that it is ultimately
determined that the Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. Any advances and undertakings to repay pursuant to this Agreement shall be
unsecured and interest free.

6. <u>Procedures and Presumptions for Determination of Entitlement to Indemnification</u>. It is the intent of
this Agreement to secure for the Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and the public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions
shall apply in the event of any question as to whether the Indemnitee is entitled to indemnification under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request,
including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. The Secretary of the
Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of the Indemnitee to provide such a request to the
Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to the Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by the Indemnitee for indemnification pursuant to the first sentence of <u>Section</u> <u>6(a)</u> hereof, a determination with respect to the Indemnitee's entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board:
(i) by a majority vote of the Disinterested Directors, even though less than a quorum, (ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum,
(iii) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iv) if so directed by the Board,
by the stockholders of the Company; <u>provided</u>, <u>however</u>, that if a Change in Control has occurred, the determination with respect to the Indemnitee's entitlement to indemnification shall be made by Independent Counsel.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to <u>Section</u> <u>6(b)</u> hereof, the Independent Counsel shall be selected as provided in this <u>Section</u> <u>6(c)</u>. If a Change in Control has not occurred, the Independent Counsel shall be selected by the Board, and
the Company shall give written notice to the Indemnitee advising the Indemnitee of the identity of the Independent Counsel so selected. The Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the
Company a written objection to such selection; <u>provided</u>, <u>however</u>, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as
defined in <u>Section</u> <u>14</u> of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent
Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If a Change
in Control has occurred, the Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee requests that such selection be made by the Board, in which event the preceding sentence shall apply) and approved by the Board (which
approval shall not be unreasonably withheld). If (i) an Independent Counsel is to make the determination of entitlement pursuant to this <u>Section</u> <u>6</u>, and (ii) within 20 days after submission by the Indemnitee of a
written request for indemnification pursuant to <u>Section</u> <u>6(a)</u> hereof, no Independent Counsel shall have been selected (and not objected to), either the Company or the Indemnitee may petition the Delaware Court or other court
of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by
such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under <u>Section</u> <u>6(b)</u> hereof. The Company shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to <u>Section</u> <u>6(b)</u> hereof, and the Company shall pay all reasonable fees and expenses
incident to the procedures of this <u>Section</u> <u>6(c)</u>, regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or
entity making such determination shall, to the Fullest Extent Permitted By Applicable Law, presume that the Indemnitee is entitled to indemnification under this Agreement, and the burden of proof and the burden of persuasion by clear and convincing
evidence to overcome this presumption shall be on the Company. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that the Indemnitee has not met
such applicable standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of conduct.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indemnitee shall be deemed to have acted in good faith if the Indemnitee's action is based on the
records or books of account of the Enterprise, including financial statements, on information supplied to the Indemnitee by the officers of the Enterprise in the course of their duties, on the advice of legal counsel for the Enterprise, or on
information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to
act, of any other director, officer, agent or employee of the Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this <u>Section</u> <u>6(e)</u> are satisfied, it shall in any event be presumed that the Indemnitee has at all times acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company and the burden of proof and the burden of persuasion by clear and convincing evidence to overcome this presumption shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the person, persons or entity empowered or selected under <u>Section</u> <u>6</u> to determine
whether the Indemnitee is entitled to indemnification shall not have made a determination within 60 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the Fullest Extent
Permitted By Applicable Law, be deemed to have been made and the Indemnitee shall be entitled to such indemnification absent (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the
Indemnitee's statement not materially misleading, in connection with the request for indemnification, (ii) a prohibition of such indemnification under applicable law or (iii) if the determination of entitlement to indemnification is
to be made by Independent Counsel pursuant to <u>Section</u> <u>6(b)</u> of this Agreement; <u>provided</u>, <u>however</u>, that such 60-day period may be extended for a reasonable time, not to
exceed an additional 30 days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating
thereto; and <u>provided</u>, <u>further</u>, that the foregoing provisions of this <u>Section</u> <u>6(f)</u> shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to <u>Section</u> <u>6(b)</u> of this Agreement and if (A) within 15 days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such
determination to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within 15 days after
such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made thereat.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the
Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is
reasonably available to the Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the
Indemnitee's entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys' fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to the Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company acknowledges that a settlement or other disposition of any action, claim or Proceeding to which the
Indemnitee is a party or potential party short of final judgment may be successful on the merits or otherwise if it permits the Indemnitee to avoid the expense, delay, distraction, disruption and uncertainty of litigation. In the event that any
action, claim or Proceeding to which the Indemnitee is a party is resolved in any manner other than by adverse judgment against the Indemnitee (including, without limitation, settlement of such action, claim or Proceeding with or without payment of
money or other consideration), it shall to the Fullest Extent Permitted By Applicable Law be presumed that the Indemnitee has been successful on the merits or otherwise in such Proceeding, and the burden of proof and the burden of persuasion by
clear and convincing evidence to overcome this presumption shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create a presumption that the
Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to
believe that the Indemnitee's conduct was unlawful.

7. <u>Remedies of the Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that (i) a determination is made pursuant to <u>Section</u> <u>6</u> of this
Agreement that the Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to <u>Section</u> <u>5</u> of this Agreement, (iii) no determination of entitlement
to indemnification is made pursuant to <u>Section</u> <u>6(b)</u> of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) if no determination is required to be made by the Company
pursuant to <u>Section</u> <u>1(c)</u> of this Agreement, payment of indemnification is not made pursuant to <u>Section</u> <u>1(c)</u> of this Agreement within 30 days after receipt by the Company of a written request
therefor or (v) payment of indemnification is not made within 30 days after a determination has been made that the Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to <u>Section</u> <u>6</u> of this Agreement, the Indemnitee shall be entitled to an adjudication in an appropriate court, pursuant to <u>Section</u> <u>22</u> of this Agreement, of the Indemnitee's entitlement to such
indemnification, contribution or advancement of Expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a determination shall have been made pursuant to <u>Section</u> <u>6(b)</u> of
this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this <u>Section</u> <u>7</u> shall be conducted in all respects as a de novo trial, or arbitration, on
the merits, and the Indemnitee shall not be prejudiced by reason of the adverse determination under <u>Section</u> <u>6(b)</u>. In any judicial proceeding or arbitration commenced pursuant to this <u>Section</u> <u>7</u>, the
Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proving the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. If the Indemnitee
commences a judicial proceeding or arbitration pursuant to this <u>Section</u> <u>7</u>, the Indemnitee shall not be required to reimburse the Company for any advances pursuant to <u>Section</u> <u>5</u> until a final
determination is made with respect to the Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to <u>Section</u> <u>6(b)</u> of this Agreement
that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this <u>Section</u> <u>7</u>, absent (i) a misstatement by the
Indemnitee of a material fact, or an omission of a material fact, necessary to make the Indemnitee's misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such
indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Indemnitee, pursuant to this <u>Section</u> <u>7</u>, incurs costs in a
judicial or arbitration proceeding or otherwise seeking to enforce the Indemnitee's rights under, or to recover damages for breach of, this Agreement, or to recover under any directors' and officers' liability insurance policies
maintained by the Company, the Company shall, to the Fullest Extent Permitted By Applicable Law, indemnify the Indemnitee against any and all Expenses and, if requested by the Indemnitee, shall (within 10 days after receipt by the Company of a
written request therefor) advance, to the Fullest Extent Permitted By Applicable Law, such Expenses to the Indemnitee that are incurred by or on behalf of the Indemnitee in connection with any action brought by the Indemnitee for indemnification or
advancement of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company.

------

In the case of any action brought by the Indemnitee for indemnification, if the Indemnitee (i) is wholly successful, on the merits or otherwise, on the underlying claims, the Company shall indemnify the Indemnitee to the Fullest Extent Permitted By Applicable Law, against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection therewith, or (ii) is not wholly successful on the underlying claims but is successful, on the merits or otherwise, as to one or more but less than all claims, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection with each successfully resolved claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company agrees that it shall not assert in any judicial or arbitral proceeding commenced pursuant to this <u>Section</u> <u>7</u> that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to
indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

8. <u>Non-Exclusivity; Survival of Rights; Insurance; Subrogation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be
deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Charter, any agreement, a vote of stockholders, a resolution of directors of the Company, or otherwise; <u>provided</u>, <u>however</u>, that this Agreement shall supersede and replace any rights and obligations of the Company and the Indemnitee with respect to indemnification and the advancement of Expenses that are granted pursuant to the Bylaws, and, for so long as
this Agreement is in effect, the Indemnitee waives any right to indemnification or advancement of Expenses from the Company under the Bylaws that is not permitted or provided by this Agreement. No amendment, alteration or repeal of this Agreement or
of any provision hereof shall eliminate, reduce or otherwise adversely affect any right or protection of the Indemnitee under this Agreement with respect to any Proceeding involving any action or omission that occurred or allegedly occurred prior to
such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Charter, the Bylaws and this Agreement, it is the
intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, and the scope of indemnification provided by this Agreement shall be automatically extended to include such greater
indemnification rights. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall make commercially reasonable efforts to obtain and maintain in effect during the entire
period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the directors and officers of the Company with commercially reasonable
coverage for losses from wrongful acts and omissions and to ensure the Company's performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same
rights and benefits as are accorded to the most favorably insured of the Company's directors and officers. At the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company shall give prompt notice of the commencement
of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts
payable as a result of such proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The Company hereby acknowledges that the Indemnitee has certain rights to indemnification, advancement of
Expenses and/or insurance provided by MDP. With respect to any amounts that are subject to indemnity under this Agreement and also subject to an indemnity obligation owed by MDP, the Company hereby agrees (i) that, as compared to MDP, the
Company is the indemnitor of first resort with respect to any rights to indemnification provided to the Indemnitee herein (i.e., its obligations to the Indemnitee are primary and any obligation of MDP to advance Expenses or to provide
indemnification for the same Expenses or liabilities incurred by the Indemnitee is secondary), (ii) that the Company shall be required to advance the full amount of Expenses incurred by the Indemnitee and shall be liable for the full amount of all
Losses and Expenses to the extent legally permitted and as required by the terms of this Agreement and the Charter or Bylaws of the Company (or any other agreement between the Company and the Indemnitee), without regard to any rights the Indemnitee
may have against MDP, and (iii) that the Company irrevocably waives, relinquishes and releases MDP from any and all claims against MDP for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by MDP on behalf of the Indemnitee with respect to any claim for which the Indemnitee has sought indemnification from the Company shall affect the foregoing and MDP shall have a right of contribution and/or be
subrogated to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the Company. The Company and the Indemnitee agree that MDP is an express third-party beneficiary of the terms of this
Section 8(c).]<sup>3</sup>

<sup>3</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Except as provided in Section 8(c) above,]<sup>4</sup> in the
event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee [other than against MDP]<sup>5</sup>, who shall
execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Except as provided in Section 8(c) above, ]<sup>6</sup>the
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement of Expenses is provided) hereunder if and to the extent that the Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

9. <u>Exception to Right of Indemnification</u>. Notwithstanding any provision in this Agreement, the Charter or
the Bylaws, the Company shall not be obligated under this Agreement, the Charter or the Bylaws to make any indemnity or advancement of Expenses in connection with any claim made against the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other
indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; [provided, that the foregoing shall not affect the rights of the Indemnitee or MDP set forth in Section 8(c)
above;]<sup>7</sup> or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of
securities of the Company within the meaning of Section 16(b) of the Exchange Act, or similar provisions of state statutory law or common law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for reimbursement to the Company of any bonus or other incentive-based or equity-based compensation or of any
profits realized by the Indemnitee from the sale of securities of the Company, in each case as required under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304
of the Sarbanes-Oxley Act of 2002, as amended (the " <u>Sarbanes-Oxley Act</u> "), or Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in connection with an accounting restatement of the Company or the
payment to the Company of profits arising from the purchase and sale by the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

<sup>4</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

<sup>5</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

<sup>6</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

<sup>7</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with any Proceeding (or any part of any Proceeding) initiated by the Indemnitee, including any
Proceeding (or any part of any Proceeding) initiated by the Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any such part of any Proceeding) prior to
its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, or (iii) the Proceeding is one to enforce the Indemnitee's rights under this
Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for reimbursement to the Company (such Proceeding, a " <u>Clawback</u> <u>Proceeding</u> ") by the
Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing
requirements implementing Section 10D of the Exchange Act (a " <u>Clawback</u> <u>Policy</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In furtherance of paragraph (e) of this <u>Section</u> <u>9</u>, the Indemnitee hereby agrees
to abide by the terms of any Clawback Policy, including, without limitation, by returning any compensation to the Company to the extent required by, and in a manner permitted by, the Clawback Policy, and hereby understands and agrees that Indemnitee
shall not be entitled to any (x) indemnification for any liability (including any amounts owed by the Indemnitee in a judgment or settlement of any Clawback Proceeding) or Losses incurred by the Indemnitee in connection with any Clawback
Proceeding or (y) indemnification or advancement of Expenses from the Company or any subsidiary of the Company incurred by the Indemnitee in connection with any Clawback Proceeding; <u>provided</u>, <u>however</u>, that if the Indemnitee is
successful on the merits in the defense of any claim asserted against the Indemnitee in a Clawback Proceeding, the Indemnitee shall be indemnified for the Expenses that the Indemnitee reasonably incurred to defend such claim. The Indemnitee hereby
knowingly, voluntarily and intentionally waives, and agrees not to assert any claim regarding, all indemnification, advancement of Expenses and other rights to which the Indemnitee is now or becomes entitled to under this Agreement, the Charter, the
Bylaws, the governing documents of each subsidiary of the Company and the DGCL, in each case to the extent such waiver and agreement is necessary to give effect to the preceding sentence of this paragraph. The Indemnitee agrees and acknowledges that
the compensation the Indemnitee has or will receive from the Company or any of its subsidiaries constitutes fair and adequate consideration in exchange for the waiver and agreement provided by the Indemnitee in this paragraph.

------

10. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue
after the Indemnitee has ceased to be a director, officer, partner, trustee, member, manager, employee, agent or fiduciary of the Company or of any other Enterprise. This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all, substantially all or a substantial part of the business and/or assets of the Company), assigns,
spouses, heirs, executors, administrators and personal and legal representatives.

11. <u>Security</u>. To the extent requested by the Indemnitee and approved by the Board, the Company may at any
time and from time to time provide security to the Indemnitee for the Company's obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to the Indemnitee, may not be
revoked or released without the prior written consent of the Indemnitee.

12. <u>[Indemnification of MDP</u>. If (i) the Indemnitee is or was affiliated with MDP, (ii) MDP is, or
is threatened to be made, a party to or a participant in any Proceeding, and (iii) MDP's involvement in the Proceeding results from any claim based on the Indemnitee's service to the Company as a director or other fiduciary of the
Company, MDP will be entitled to indemnification and advancement of Expenses hereunder to the same extent, and upon the same terms and conditions, as the Indemnitee. The Company and the Indemnitee agree that MDP is an express third-party beneficiary
of the terms of this Section 12.]<sup>8</sup>

13. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations
imposed on it hereby in order to induce the Indemnitee to serve and to continue to serve as a director and/or officer of the Company, and the Company acknowledges that the Indemnitee is relying upon this Agreement in serving and continuing to serve
as a director and/or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not seek from a court, or agree to, a "bar order" that would have the effect of
prohibiting or limiting the Indemnitee's rights to receive advancement of Expenses under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall require and cause any successor (including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all, substantially all or a substantial part of the business and/or assets of the Company) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place.

<sup>8</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company and the Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later
date, may be inadequate, impracticable and difficult to prove, and further agree that such breach may cause the Indemnitee irreparable harm. Accordingly, the parties hereto agree that the Indemnitee may enforce this Agreement by seeking injunctive
relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, the Indemnitee shall not be precluded from seeking or obtaining any
other relief to which the Indemnitee may be entitled. The Company and the Indemnitee further agree that the Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of the Indemnitee by the
court, and the Company hereby waives any such requirement of such a bond or undertaking.

14. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Beneficial Owner</u> " shall have the meaning given to such term in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Change in Control</u> " shall be deemed to occur upon the earliest to occur after the date of
this Agreement of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a change in ownership or control of the Company effected through a transaction or series of transactions (other
than an offering of shares to the general public through a registration statement filed with the U.S. Securities and Exchange Commission or similar non-U.S. regulatory agency) whereby any "person,"
as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of the Company), becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of
the Company's then-outstanding securities, excluding for purposes herein, acquisitions pursuant to a Business Combination that does not constitute a Change in Control as defined in <u>Section</u> <u>14(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a merger, reorganization or consolidation of the Company with or into the Company or in
which equity securities of the Company are issued (each, a " <u>Business Combination</u> "), other than a merger, reorganization or consolidation that would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being

------

converted into voting securities of the surviving entity or its direct or indirect parent) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity (or, as applicable, a direct or indirect parent of the Company or such surviving entity), outstanding immediately after such merger, reorganization or consolidation; <u>provided</u>, <u>however</u>, that a merger, reorganization or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in <u>Section</u> <u>14(b)(i)</u>) acquires more than 50% of the combined voting power of the Company's then-outstanding securities shall not constitute a Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date, within any consecutive two-year period commencing on or after
the date of this Agreement, upon which individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who has entered into an agreement with the Company to
effect a transaction described in <u>Section</u> <u>14(b)(</u> <u>i</u> <u>)</u>, <u>14(b)(ii)</u> or <u>14(b)(iv)</u> of this Agreement) whose election by the Board or nomination for election by the Company's stockholders was
approved by a vote of at least two-thirds of the directors then in office who either were directors at the beginning of the two-year period or whose election or
nomination for election was previously so approved, cease for any reason to constitute a majority thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the
Company of all or substantially all of the Company's assets other than the sale or disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, 50% or more of the
combined voting power of the outstanding voting securities of the Company at the time of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the occurrence of any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement, except the completion of the
Company's initial public offering shall not be considered a Change in Control.

Notwithstanding anything contained herein, a transaction shall not constitute a "Change in Control" for the purposes of this definition if (1) the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (2) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Company's voting stock immediately prior to that transaction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Corporate Status</u> " describes the status of a person who is or was a director, officer,
partner, trustee, member, manager, employee, agent or fiduciary of the Company or of any other Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Disinterested Director</u> " means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Enterprise</u> " shall mean the Company and any corporation, partnership, joint venture, trust,
limited liability company, employee benefit plan or other enterprise that the Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, member, manager, employee, agent or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) " <u>Exchange Act</u> " means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) " <u>Expenses</u> " shall mean all reasonable direct and indirect costs, fees and expenses of any
type or nature whatsoever and shall specifically include, without limitation, all reasonable attorneys' fees, retainers, court costs, transcript costs, fees and costs of experts and other professionals, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, participating, or being or preparing to be a witness in, or otherwise participating in, a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred
in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and any federal, state, local
or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, as well as all reasonable attorneys' fees and all other expenses incurred by or on behalf of the Indemnitee in
connection with preparing and submitting any requests or statements for indemnification, advancement, contribution or any other right provided by this Agreement. Expenses, however, shall not include amounts paid in settlement by the Indemnitee or
the amount of judgments or fines against the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) " <u>Fullest Extent Permitted By Applicable Law</u> " includes, but is not limited to: (a) to
the fullest extent permitted by the applicable provision of the DGCL, or the corresponding provision of any amendment to or replacement of the DGCL, and (b) to the fullest extent authorized or permitted by any amendments to or replacements of
the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its directors and officers.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Independent Counsel</u> " means a law firm, or a member of a law firm, that is experienced in
matters of Delaware corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters
concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action
to determine the Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) " <u>Losses</u> " means all liabilities, judgments, fines, penalties, costs, losses, excise taxes or
penalties under the Employee Retirement Income Security Act of 1974, as amended from time to time, amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect of such liabilities,
losses, judgements, fines, excise taxes, penalties and costs) and other amounts that the Indemnitee reasonably incurs and that result from, arise in connection with or are by reason of the Indemnitee's Corporate Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) " <u>Proceeding</u> " includes any threatened, pending or completed action, suit, claim,
counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative or investigative, in which the Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise, by reason of the
Indemnitee's Corporate Status or by reason of any action taken by the Indemnitee or of any inaction on the Indemnitee's part while acting in the Indemnitee's Corporate Status, in each case whether or not the Indemnitee is acting or
serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement, and including one pending on or before the date of this Agreement, but excluding one initiated by an
Indemnitee pursuant to <u>Section</u> <u>7</u> of this Agreement to enforce the Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) ["MDP" means, collectively, Madison Dearborn Partners, LLC and any entity that controls, is
controlled by or under common control with Madison Dearborn Partners, LLC (other than the Company and any entity that is controlled by the Company) and any investment vehicles or funds managed or controlled, directly or indirectly, by or otherwise
affiliated with Madison Dearborn Partners, LLC.]<sup>9</sup>

15. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and

<sup>9</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

------

shall remain enforceable to the Fullest Extent Permitted By Applicable Law, (ii) such provision or provisions shall be deemed reformed to the fullest extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto, and (iii) to the Fullest Extent Permitted By Applicable Law, the provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to confer upon the Indemnitee [and MDP]<sup>10</sup> indemnification rights to the Fullest Extent Permitted By Applicable Law.

16. <u>Modification and Waiver</u>. No supplement, modification, termination or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver.

17. <u>Notice By the Indemnitee</u>. The Indemnitee agrees to promptly notify the Company in writing upon being
served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The
failure to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the interests of
the Company.

18. <u>Notices</u>. All notices and other communications given or made pursuant to this Agreement shall be in
writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed,
then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications shall be sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the Indemnitee at the address set forth below the Indemnitee's signature hereto.

<sup>10</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Company at:

AEVEX Corp.

440 Stevens Avenue, Suite 150

Solana Beach, California 92075

Attention: Christi Morrison, Chief Legal Officer

E-mail: [\*\*\*]

or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

19. <u>Construction</u>. Whenever required by the context, as used in this Agreement the singular number shall
include the plural, the plural shall include the singular, and all words herein in any gender shall be deemed to include (as appropriate) the masculine, feminine and neuter genders. References to "day" shall mean a calendar day unless
expressly stated to the contrary. Whenever the words "include," "includes," or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation."

20. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

21. <u>Headings</u>. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof.

22. <u>Governing Law and Consent to Jurisdiction</u>. This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and the Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall, unless the Company consents in writing to the selection of an alternate forum, be brought only in the Delaware Court (or, if and only if the Delaware Court lacks subject
matter jurisdiction, any state court located within the State of Delaware or, if and only if all such state courts lack subject matter jurisdiction, the federal district court for the District of Delaware), (ii) generally and unconditionally consent
to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) irrevocably appoint, to the extent such party is not otherwise subject to service
of process in the State of Delaware, National Registered Agents, Inc., 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801, as its agent in the State of Delaware as such party's agent for acceptance of legal
process in connection with any such action or proceeding against such party with the same legal force and validity as if such party had been personally served within the State of Delaware, (iv) waive any objection to the laying of venue of any
such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

------

23. <u>[Non-Exclusive Capacities of Indemnitee</u>. The Company
acknowledges and agrees that Indemnitee provides services to entities other than the Company. The Company further acknowledges and agrees that MDP invests in entities other than the Company, and may also provide financial, operational and other
advisory services to such entities in connection with such investments.]<sup>11</sup>

**[SIGNATURE PAGE FOLLOWS]** 

<sup>11</sup> Note to Draft: Bracketed language to be included for MDP-affiliated directors.

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement on and as of the day and year first written above.

---

| | |
|:---|:---|
| **AEVEX CORP.** | **AEVEX CORP.** |
| By: |  |
|  | Name: |
|  | Title: |
| **INDEMNITEE** | **INDEMNITEE** |
| Name: | Name: |
| Address: | Address: |

---

[*Signature Page to Indemnification Agreement*]

## Exhibit 10.15

**Exhibit 10.15** 

**Form of** 

**DIRECTOR DESIGNATION AGREEMENT** 

THIS DIRECTOR DESIGNATION AGREEMENT (this "<u>Agreement</u>") is made and entered into as of , 2026, by and among (a) AEVEX Corp., a Delaware corporation (the "<u>Company</u>"), (b) ATS PubCo Holdings, L.P., a Delaware limited partnership, (c) ATS Investment Holdings, LLC, a Delaware limited liability company, and (d) Madison Dearborn Capital Partners VII-B, L.P., a Delaware limited partnership, Madison Dearborn Capital Partners VII-C, L.P., a Delaware limited partnership, and Madison Dearborn Capital Partners VII Executive-B, L.P., a Delaware limited partnership (collectively, "<u>MDP</u>"). This Agreement shall become effective (the "<u>Effective Date</u>") upon the closing of the Company's proposed initial public offering (the "<u>IPO</u>") of shares of its Common Stock (as defined below).

WHEREAS, as of the date hereof, MDP Beneficially Owns (as defined below) a majority of the equity interests in the Company;

WHEREAS, MDP is contemplating causing the Company to effect an IPO;

WHEREAS, MDP currently has the authority to appoint all Directors (as defined below) of the Company; and

WHEREAS, in consideration of MDP agreeing to undertake the IPO, the Company has agreed to permit MDP to designate Directors to the board of directors of the Company (the "<u>Board</u>") following the Effective Date on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the parties to this Agreement agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Board Designation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the Effective Date, MDP shall have the right, but not the obligation, to designate to the Board a number of designees equal to at least: (i) 100% of the Total Number of Directors (as defined below), so long as MDP continuously from the time of the IPO Beneficially Owns shares of Class A common stock, par value $0.0001 per share (the "<u>Common Stock</u>"), representing at least 40% of the Original Amount of MDP (as defined below); (ii) 40% of the Total Number of Directors, in the event that MDP continuously from the time of the IPO Beneficially Owns shares of Common Stock representing at least 30% but less than 40% of the Original Amount of MDP; (iii) 30% of the Total Number of Directors, in the event that MDP continuously from the time of the IPO Beneficially Owns shares of Common Stock representing at least 20% but less than 30% of the Original Amount of MDP; (iv) 20% of the Total Number of Directors, in the event that MDP continuously from the time of the IPO Beneficially Owns shares of Common Stock representing at least 10% but less than 20% of the Original Amount of MDP; and (v) one Director, in the event that MDP continuously from the time of the IPO Beneficially Owns shares of Common Stock representing at least 5% of the Original Amount of MDP (such persons, the "<u>Nominees</u>"). For purposes of calculating the number of Directors that MDP is entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the nearest whole number (e.g., 1.25 Directors shall equate to 2 Directors) and any such calculations shall be made after taking into account any increase in the Total Number of Directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that MDP has designated less than the total number of designees MDP shall be entitled to designate pursuant to <u>Section</u> <u>1(a)</u>, MDP shall have the right, at any time, to designate such additional designees to which it is entitled, in which case, the Company shall take, and the Company hereby covenants that the Directors shall take, all necessary corporate action to (i) enable MDP to designate and effect the election or appointment of such additional individuals, whether by increasing the size of the Board or otherwise, and (ii) appoint such additional individuals designated by MDP to fill such newly created directorships or to fill any other existing vacancies in accordance with <u>Section</u> <u>1(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the size of the Board is expanded, MDP shall be entitled to designate a number of Nominees to fill the newly created directorships such that the total number of Nominees serving on the Board following such expansion will be equal to that number of Nominees that MDP would be entitled to designate in accordance with <u>Section</u> <u>1(a)</u> if such expansion occurred immediately prior to any meeting of the stockholders of the Company called with respect to the election of members of the Board. The Company shall take, and the Company hereby covenants that the Directors shall take, all necessary corporate action to (i) enable MDP to designate and effect the election or appointment of additional designees in accordance with the preceding sentence and (ii) appoint such additional designees in accordance with <u>Section</u> <u>1(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that any Nominee shall cease to serve as a Director for any reason, MDP shall be entitled to designate such person's successor in accordance with this Agreement (regardless of the number of shares of Common Stock Beneficially Owned by MDP at the time of such vacancy). The Company shall take, and the Company hereby covenants that the Directors shall take, all necessary corporate action to (i) enable MDP to designate and effect the election or appointment of successor designees in accordance with the preceding sentence and (ii) appoint such successor designees in accordance with <u>Section</u> <u>1(e)</u>. It is understood that any such designee shall serve the remainder of the term of the Director whom such designee replaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In each case where the Company has covenanted that the Directors shall take action to appoint a Nominee as a Director pursuant to any of <u>Sections 1(a)</u> through <u>1(d)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Directors shall appoint such Nominee unless the Board determines, in good faith, that appointing such
Nominee would cause the Directors to breach their fiduciary duties to the Company or its stockholders, in which case the Company shall provide MDP with a notice explaining in reasonable detail the basis for the Board's determination, and MDP
shall have the right to designate an alternative Nominee in accordance with <u>Sections 1(a)</u> through <u>1(d)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company hereby covenants that the Directors shall not fill any vacant or newly created directorship for
which MDP is entitled to designate a Nominee other than in accordance with <u>Sections 1(a)</u> through <u>1(d)</u>.

Without limiting the remedies available against the Company for breach of its covenants set forth in this Agreement, during any time that the Directors have failed to appoint a Nominee as a Director (including without limitation for the reasons set forth in the foregoing clauses (i) or (ii)), or if the Directors have appointed a person as a Director in lieu of a Nominee that MDP has designated in accordance with this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Company shall not, without the prior written consent of MDP, consummate (and, to the fullest extent
permitted by applicable law shall not enter into) any transaction that would constitute a "Business Combination" under any of clauses (i) through (iii) of Section 4(c) of Article Nine of the Company's Certificate of
Incorporation, except for purposes of applying this sentence the term "Interested Stockholder" shall mean any person or entity, whether or not a record or beneficial owner of stock of the Company, other than MDP; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Company shall, promptly following a written request from MDP, (i) call a special meeting of
stockholders for the purpose of appointing a nominee to fill the vacant or newly created directorship that has resulted in MDP's right to designate a Nominee pursuant to this Agreement; (ii) shall prepare a proxy statement and proxy card
in connection with such special meeting, and shall include each Nominee in such proxy statement (together with a supporting statement provided by MDP), including in the notice of meeting transmitted therewith, and proxy card as a nominee for
Director; and (iii) reimburse MDP for any expenses it reasonably incurs in connection with preparing its own proxy statement and proxy card and soliciting proxies or votes to appoint one or more Nominees as Directors in connection with such
meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In addition to the nomination rights set forth in <u>Section</u> <u>1(a)</u>, from the Effective Date, for so long as MDP continuously from the time of the IPO Beneficially Owns shares of Common Stock representing at least 5% of the Original Amount of MDP, MDP shall have the right, but not the obligation, to designate a person (a "<u>Non-Voting Observer</u>") to attend meetings of the Board (including any meetings of any committees thereof) in a non-voting observer capacity. Any such Non-Voting Observer shall be permitted to attend all meetings of the Board and each committee thereof. MDP shall have the right to remove and replace its Non-Voting Observer for any reason at any time and from time to time. The Company shall furnish to any Non-Voting Observer (i) notices of Board and Board committee meetings no later than, and using the same form of communication as, notice of such meetings are furnished to Directors and (ii) copies of any materials prepared for meetings of the Board or any committee thereof that are furnished to the Directors no later than the time such materials are furnished to the Directors; provided that failure to deliver notice or materials to such Non-Voting Observer in connection with such Non-Voting Observer's right to attend and/or review materials with respect to any such meeting shall not, by itself, impair the validity of any action taken at such meeting. Such Non-Voting Observer shall be required to execute or otherwise become subject to any codes of conduct or confidentiality agreements of the Company generally applicable to Directors of the Company or as the Company reasonably requests. Notwithstanding the foregoing, the Company reserves the right to withhold any information and to exclude the Non-Voting Observer from receiving any materials and/or attending any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall pay all reasonable out-of-pocket expenses incurred by the Nominees and the Non-Voting Observer in connection with the performance of his or her duties as a Director or his or her service as a Non-Voting Observer, as applicable, and in connection with his or her attendance at any meeting of the Board or a committee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Affiliate</u> " of any person shall mean any other person controlled by, controlling, or under
common control with such person; where " <u>control</u> " (including, with its correlative meanings, " <u>controlling</u>," " <u>controlled by</u>," and " <u>under common control with</u> ") means
possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>Beneficially Own</u> " shall mean that a specified person has or shares the right, directly or
indirectly, through any contract, arrangement, understanding, relationship, or otherwise, to vote shares of capital stock of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Director</u> " means any member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) " <u>Original Amount of MDP</u> " means the aggregate number of shares of Common Stock Beneficially
Owned by MDP upon completion of the IPO, as such number may be adjusted from time to time for any reorganization, recapitalization, stock dividend, stock split, reverse stock split, or other similar changes in the Company's capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) " <u>Total Number of Directors</u> " means the total number of Directors comprising the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No reduction in the number of shares of Common Stock that MDP Beneficially Owns shall shorten the term of any incumbent Director. At the Effective Date, the Board shall be comprised of seven members and the initial Nominees shall be Brian Raduenz, Roger Wells, Matt Norton, Brandon Levitan, Ben Spacapan, Brad Feldmann and Matthew Klein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) So long as MDP has the right to designate Nominees under <u>Sections 1(a)</u> through <u>1(d)</u> or any such Nominee is serving on the Board, the Company shall use its reasonable best efforts to maintain in effect at all times Directors and officers indemnity insurance coverage reasonably satisfactory to MDP, and the Company's Certificate of Incorporation and Bylaws (each as may be further amended, supplemented, or waived in accordance with its terms) shall at all times provide for indemnification, exculpation, and advancement of expenses to the fullest extent permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) At such time as the Company ceases to be a "controlled company" and is required by applicable law or New York Stock Exchange (the "<u>Exchange</u>") listing standards to have a majority of the Board comprised of "independent directors" (subject in each case to any applicable phase-in periods), MDP's Nominees shall include a number of persons that qualify as "independent directors" under applicable law and the Exchange listing standards such that, together with any other "independent directors" then serving on the Board that are not Nominees, the Board is comprised of a majority of "independent directors."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) At any time that MDP shall have any designation rights under <u>Section</u> <u>1</u>, the Company shall not take any action and the Company hereby covenants that the Directors shall not take any action, (including in each case effecting any amendment to the Company's Certificate of Incorporation or Bylaws), that could reasonably be expected to adversely affect MDP's rights under this Agreement, in each case without the prior written consent of MDP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Company Obligations</u>. The Company agrees to take all necessary corporate action to ensure that, prior to the date that MDP and its Affiliates cease to Beneficially Own shares of Common Stock representing at least 5% of the Original Amount of MDP, (i) each Nominee is included in the Board's slate of Nominees to the stockholders (the "<u>Board's Slate</u>") for each election of Directors, unless the Board determines, in good faith, that the inclusion of a Nominee in the Board's Slate would not be in the best interest of the Company and its stockholders (other than MDP), in which case, MDP shall have the right to designate an alternate Nominee for inclusion in the Board's Slate; and (ii) whether or not a Nominee is included in the Board's Slate, each Nominee shall be included in the proxy statement (together with a supporting statement provided by MDP) and proxy card prepared by management of the Company in connection with soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of the Board (each, a "<u>Director Election Proxy Statement</u>"), and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company or the Board with respect to the election of members of the Board. MDP will promptly provide reporting to the Company after MDP ceases to Beneficially Own at least 5% of the

------

Original Amount of MDP, such that Company is informed of when this obligation terminates. The calculation of the number of Nominees that MDP is entitled to designate to the Board's Slate for any election of Directors shall be based on the percentage of the Original Amount of MDP immediately prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the U.S. Securities and Exchange Commission (the "<u>SEC</u>")). Unless MDP notifies the Company otherwise prior to the mailing to shareholders of the Director Election Proxy Statement relating to an election of Directors, the Nominees for such election shall be presumed to be the same Nominees currently serving on the Board, and no further action shall be required of MDP for the Board to include such Nominees on the Board's Slate as contemplated by clause (i) of this <u>Section</u> <u>2</u>; <u>provided</u> that, in the event MDP is no longer entitled to designate the full number of Nominees then serving on the Board, MDP shall provide advance written notice to the Company of which currently serving Nominee(s) shall be excluded from the Board's Slate and of any other changes to the list of Nominees. If MDP fails to provide such notice prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the SEC), a majority of the independent Directors then serving on the Board shall determine which of the Nominees of MDP then serving on the Board will be included in the Board's Slate as contemplated by clause (i) of this <u>Section</u> <u>2</u>. Furthermore, the Company agrees for so long as the Company qualifies as a "controlled company" under the rules of the Exchange, the Company will elect to be a "controlled company" for purposes of the Exchange and will disclose in its annual meeting proxy statement that it is a "controlled company" and the basis for that determination. The Company and MDP acknowledge and agree that, as of the Effective Date, the Company is a "controlled company."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Committees</u>. From and after the Effective Date hereof until such time as MDP and its Affiliates cease to Beneficially Own shares of Common Stock representing at least 5% of the Original Amount of MDP, the Company hereby covenants that the Board shall not form or designate any committee of the Board unless MDP has consented to such formation or designation. Notwithstanding the preceding sentence, the consent of MDP shall not be required if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MDP has been provided the opportunity to designate a number of members of each committee of the Board equal to the nearest whole number greater than the product obtained by multiplying (i) the percentage of the Original Amount of MDP then Beneficially Owned by MDP and (ii) the number of positions, including any vacancies, on the applicable committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none of the Directors designated by MDP pursuant to this Agreement are eligible to serve on the applicable committee under applicable law or listing standards of the Exchange, including any applicable independence requirements (subject in each case to any applicable exceptions, including those for newly public companies and for "controlled companies," and any applicable phase-in periods).

The Company hereby covenants that the Nominees designated to serve on a Board committee shall have the right to remain on such committee until the next election of Directors, regardless of the percentage of the Original Amount of MDP Beneficially Owned by MDP following such designation. Unless MDP notifies the Company otherwise prior to the time the Board takes action to change the composition of a Board committee, and to the extent MDP has the requisite percentage of the Original Amount of MDP to designate a Board committee member at the time the Board takes action to change the composition of any such Board committee, any Nominee currently designated by MDP to serve on a committee shall be presumed to be re-designated for such committee. Without limiting the remedies available to MDP, the Company shall not consummate any act or transaction approved or recommended by a committee of the Board formed or designated in a manner inconsistent with this <u>Section</u> <u>3</u> without the prior written consent of MDP.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendment and Waiver</u>. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by the Company and MDP, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. MDP shall not be obligated to designate all (or any) of the Nominees it is entitled to designate pursuant to this Agreement for any election of Directors, but the failure to do so shall not constitute a waiver of its rights hereunder for any purpose; <u>provided</u>, <u>however</u>, that, subject to <u>Section</u> <u>2</u>, in the event MDP fails to designate all (or any) of the Nominees it is entitled to designate pursuant to this Agreement prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the SEC), the Compensation and Nominating Committee of the Board shall be entitled to nominate individuals in lieu of such Nominees for inclusion in the Board's Slate and the applicable Director Election Proxy Statement with respect to the election for which such failure occurred, and MDP shall be deemed to have waived its rights hereunder solely with respect to such election. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Benefit of Parties</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns. Notwithstanding the foregoing, the Company may not assign any of its rights or obligations hereunder without the prior written consent of MDP. Except as otherwise expressly provided in <u>Section</u> <u>6</u>, nothing herein contained shall confer or is intended to confer on any third party or entity that is not a party to this Agreement any rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Assignment</u>. Upon written notice to the Company, MDP may assign to any Affiliate of MDP (other than a portfolio company) all of its rights hereunder and, following such assignment, such assignee shall be deemed to have the rights and obligations of "<u>MDP</u>" for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall defend, indemnify and hold harmless MDP, its Affiliates, partners, employees, agents, Directors, managers, officers, and controlling persons (collectively, the "<u>Indemnified Parties</u>") from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages, costs, expenses, or obligations of any kind or nature (whether accrued or fixed, absolute or contingent) in connection therewith (including reasonable attorneys' and experts' fees and expenses) incurred by the Indemnified Parties before or after the date of this Agreement (each, an "<u>Action</u>") arising directly or indirectly out of or in any way relating to (i) MDP's or its Affiliates' Beneficial Ownership of Common Stock or other equity securities of the Company or control or ability to influence the Company or any of its subsidiaries (other than any such Actions (x) to the extent such Actions arise out of any breach of this Agreement by an Indemnified Party or its Affiliates or the breach of any fiduciary or other duty or obligation of such Indemnified Party to its direct or indirect equity holders, creditors, or Affiliates or (y) to the extent such Actions are directly caused by such person's willful misconduct), (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its subsidiaries or (iii) any services provided prior to, on or after the date of this Agreement by any Indemnified Party to the Company or any of its subsidiaries. The Company shall defend at its own cost and expense in respect of any Action which may be brought against the Company and/or its Affiliates and the Indemnified Parties. The Company shall defend at its own cost and expense any and all Actions which may be brought in which the Indemnified Parties may be impleaded with others upon any Action by the Indemnified Parties, except that if such damage shall be proven to be the direct result of gross negligence, bad faith, or willful misconduct by any of the Indemnified Parties, then such Indemnified Party shall reimburse the Company for the costs of

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby acknowledges that certain of the Indemnified Parties have certain rights to indemnification, advancement of expenses, and/or insurance provided by investment funds managed by MDP and certain of their Affiliates (collectively, the "<u>Fund Indemnitors</u>"). The Company hereby agrees with respect to any indemnification, hold harmless obligation, expense advancement, reimbursement provision, or any other similar obligation whether pursuant to or with respect to this Agreement, the organizational documents of the Company or any of its subsidiaries, or any other agreement, as applicable, (i) that the Company and its subsidiaries are the indemnitor of first resort (i.e., their obligations to the Indemnified Parties are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for claims, expenses, or obligations arising out of the same or similar facts and circumstances suffered by any Indemnified Party are secondary), (ii) that the Company shall be required to advance the full amount of expenses incurred by any Indemnified Party and shall be liable for the full amount of all expenses, liabilities, obligations, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, the organizational

------

documents of the Company or any of its subsidiaries, or any other agreement, as applicable, without regard to any rights any Indemnified Party may have against the Fund Indemnitors, and (iii) that the Company, on behalf of itself and each of its subsidiaries, irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all Actions against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any Indemnified Party with respect to any Action for which any Indemnified Party has sought indemnification from the Company shall affect the foregoing, and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of any Indemnified Party against the Company. The Company agrees that the Fund Indemnitors are express third-party beneficiaries of the terms of this <u>Section</u> <u>7(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Headings</u>. Headings are for ease of reference only and shall not form a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Agreement shall be construed in accordance with and governed by the law of the State of Delaware without giving effect to the principles of conflicts of laws of any jurisdiction that would result in the application of any other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Jurisdiction</u>. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, the construction, interpretation, validity, performance or enforceability of this Agreement shall be brought against any of the parties only in any federal court located in the State of Delaware or any Delaware state court, and each of the parties hereby consents to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each of the parties agrees that service of process upon such party at the address referred to in <u>Section</u> <u>17</u>, together with written notice of such service to such party, shall be deemed effective service of process upon such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>WAIVER OF JURY TRIAL</u>. TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, and negotiations, both written and oral, among the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Counterparts; Effectiveness</u>. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original. This Agreement shall become effective when each party shall have received a counterpart hereof signed by each of the other parties. An executed copy or counterpart hereof delivered by facsimile shall be deemed an original instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>. If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Further Assurances</u>. Each of the parties hereto shall execute and deliver such further instruments and do such further acts and things as may be required to carry out the intent and purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Specific Performance</u>. Each of the parties hereto agree that, notwithstanding any other provision of this Agreement, irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any federal or state court located in the State of Delaware, in addition to any other remedy to which they are entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices</u>. All notices, requests, and other communications to any party or to the Company shall be in writing (including telecopy or similar writing) and shall be given,

<u>If to the Company</u>:

AEVEX Corp.

440 Stevens Ave #150 Solana Beach, California, 92075

Attention: Christi Morrison, Chief Legal Officer

Email: [\*\*\*]

<u>If to any member of MDP or any Nominee</u>:

c/o Madison Dearborn Partners, LLC

70 W. Madison St., Suite 4600

Chicago, Illinois 60602

Attention:

Email: [\*\*\*]

<u>In each case, with a copy to (which shall not constitute notice)</u>:

c/o Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attention: Robert M. Hayward, P.C.

Michael P. Keeley, P.C.

Kevin Frank

Email: [\*\*\*]

[\*\*\*]

[\*\*\*]

or to such other address or telecopier number as such party or the Company may hereafter specify for the purpose of notice to the other parties and the Company. Each such notice, request, or other communication shall be effective when delivered at the address specified in this <u>Section</u> <u>17</u> during regular business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Enforcement</u>. Each of the parties hereto covenant and agree that the disinterested members of the Board have the right to enforce, waive, or take any other action with respect to this Agreement on behalf of the Company.

\* \* \* \* \*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

---

| | |
|:---|:---|
| AEVEX, CORP. | AEVEX, CORP. |
| By: |  |
| Name: | Name: |
| Title: | Title: |
| MADISON DEARBORN CAPITAL PARTNERS VII-B, L.P. | MADISON DEARBORN CAPITAL PARTNERS VII-B, L.P. |
| By: | Madison Dearborn Partners VII-B, L.P. |
| Its: | General Partner |
| By: | Madison Dearborn Partners, LLC |
| Its: | General Partner |
| By: |  |
| Name: | Name: |
| Its: |  |
| MDCP VII-C ATS SPLITTER, L.P. | MDCP VII-C ATS SPLITTER, L.P. |
| By: | Madison Dearborn Partners VII-B, L.P. |
| Its: | General Partner |
| By: | Madison Dearborn Partners, LLC |
| Its: | General Partner |
| By: |  |
| Name: | Name: |
| Its: |  |
| MADISON DEARBORN CAPITAL PARTNERS VII EXECUTIVE-B, L.P. | MADISON DEARBORN CAPITAL PARTNERS VII EXECUTIVE-B, L.P. |
| By: | Madison Dearborn Partners VII-B, L.P. |
| Its: | General Partner |
| By: | Madison Dearborn Partners, LLC |
| Its: | General Partner |
| By: |  |
| Name: | Name: |
| Its: |  |

---

*[Signature Page to Director Designation Agreement]*

## Exhibit 21.1

**Exhibit 21.1** 

**SUBSIDIARIES OF AEVEX CORP.** 

1. AEVEX Aerospace, LLC (Florida)

2. AEVEX Holdings, LLC (Delaware)

3. AEVEX Intermediate, LLC (Delaware)

4. Athena Solutions Corporate Holdings, Inc. (Delaware)

5. Athena Technology Solutions Holdings, LLC (Delaware)

6. Athena Technology Solutions Intermediate Holdings, LLC (Delaware)

7. Athena Technology Solutions Purchaser, LLC (Delaware)

8. Geodetics, Inc. (California)

9. GeoOpsis Software Services Private Limited (India)

10. Ikhana Aircraft Canada, Inc. (Ontario, Canada)

11. Ikhana Aircraft Holdings, LLC (Delaware)

12. Ikhana Group, LLC (California)

13. Matrix International Security Training Intelligence Center, Inc. (New Mexico)

14. Matrix International, Inc. (Louisiana)

15. Spark Aerospace, LLC (Delaware)

16. TCFI Aircraft Lease LLC (Delaware)

17. TCFI CSG LLC (Delaware)

18. TCFI SOS LLC (Delaware)

19. The Matrix Operating Group, Inc. (Virginia)

20. Triple M Worldwide Solutions, LLC (Delaware)

21. Veth Research Associates, LLC (Florida)

## Exhibit 23.2

**Exhibit 23.2** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of AEVEX Corp. of our report dated March 23, 2026 relating to the financial statement of AEVEX Corp., which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

San Diego, California

March 23, 2026

## Exhibit 23.3

**Exhibit 23.3** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of AEVEX Corp. of our report dated March 23, 2026 relating to the financial statements of Athena Technology Solutions Holdings, LLC, which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

San Diego, California

March 23, 2026

## Exhibit 99.1

**Exhibit 99.1** 

**Consent of Director Nominee** 

AEVEX Corp. is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of AEVEX Corp. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Bradley Feldmann |
| Name: | Bradley Feldmann |
| Date: | March 23, 2026 |

---

## Exhibit 99.2

**Exhibit 99.2** 

**Consent of Director Nominee** 

AEVEX Corp. is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of AEVEX Corp. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Matthew Klein |
| Name: | Matthew Klein |
| Date: | March 23, 2026 |

---

## Exhibit 99.3

**Exhibit 99.3** 

**Consent of Director Nominee** 

AEVEX Corp. is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of AEVEX Corp. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Brandon Levitan |
| Name: | Brandon Levitan |
| Date: | March 23, 2026 |

---

## Exhibit 99.4

**Exhibit 99.4** 

**Consent of Director Nominee** 

AEVEX Corp. is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of AEVEX Corp. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Matthew Norton |
| Name: | Matthew Norton |
| Date: | March 23, 2026 |

---

## Exhibit 99.5

**Exhibit 99.5** 

**Consent of Director Nominee** 

AEVEX Corp. is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of AEVEX Corp. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Benjamin Spacapan |
| Name: | Benjamin Spacapan |
| Date: | March 23, 2026 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**AEVEX Corp.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation or Carry Forward Rule**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Class A common stock, par value $0.0000001 per share | 457(o) | $100000000.00 | 0.0001381 | $13810.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $100000000.00  |  | $13810.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $13810.00  |

---

 **Offering Note** <br>

<sup>1</sup> (1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. (2) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase.

---

| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---